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CEO of Petrobras objects to delay in Braskem sale

December 10/2019

MOSCOW (MRC) -- The chief executive of Brazilian state-run oil firm Petroleo Brasileiro said on Friday he wants to sell the company's stake in petrochemical company Braskem within 12 months, adding that he strongly disagreed with reported plans to delay the sale, as per the company's press release.

On Monday, Reuters reported that creditors of corruption-ensnared construction conglomerate Odebrecht SA, which also has a large stake in Braskem, were in advanced talks to delay a sale for up to two years.

"To me, it means they do not want to sell anything," CEO Roberto Castello Branco said during a meeting with investors in London.

As MRC informed before, Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia. And the company is seeking to sell the land that would have housed the cracker. The project, announced in 2013, had been on Braskem's back burner for several years.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,724,670 tonnes in the first ten months of 2019, up by 7% year on year. Shipments of all PE grades increased. The estimated PP consumption in the Russian market in January-October 2019 totalled 1,066,520 tonnes, up by 7% year on year. Supply of block copolymers of propylene (PP block copolymer) and homopolymer of propylene (homopolymer PP) increased, demand for statistical copolymers (PP random copolymer) decreased.

Braskem S.A. produces petrochemicals and generates electricity. The Company produces ethylene, propylene, benzene, toluene, xylenes, butadiene, butene, isoprene, dicyclopentediene, MTBE, caprolactam, ammonium sulfate, cyclohexene, polyethylene theraphtalat, polyethylene, and polyvinyl chloride (PVC).


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, PP block copolymer, homopolymer PP, PP random copolymer, propylene, ethylene, Braskem, Petrobras, Brazil, Russia, USA.
Category:General News
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