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Braskem Idesa to go ahead with ethane terminal in Mexico

October 25/2021

MOSCOW (MRC) -- Braskem SA, Latin Americas biggest petrochemical company, said on Wednesday its Mexican subsidiary Braskem Idesa has obtained shareholder and creditor approval for support measures to build an ethane import terminal in Mexico, reported Reuters.

The terminal will be built with Mexican state-owned oil company Petroleos Mexicanos , better known as Pemex, along with Pemexs logistical arm and other government entities in Mexico.

Expanding the ethane import operation, Braskem said, reinforces its commitment to Mexico and the search for more raw materials for the Mexican plastics industry.

Additionally, Braskem Idesa has completed its debt refinancing plan, it said in a securities filing. The remaining balance of US1.35 billion in project finance will be replaced by new debts with an extended profile, increasing its average debt term to nine years.

Braskems USD358 million in guarantees to its subsidiary will extinguish, in line with the companys long-term sustainable development strategy, the filing said.

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 the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,638,370 tonnes in the first eight months of 2021, up by 10% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 989,570 tonnes in the first eight months of 2021, up by 30% year on year. Deliveries of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas shipments of injection moulding PP random copolymers decreased significantly.

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, crude and gaz condensate, propylene, ethylene, petrochemistry, Braskem, Pemex Petrochemicals, Brazil, Mexico, USA.
Category:General News
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