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Braskem near finalizing short-term extension of naphtha contract Petrobras

September 03/2015

MOSCOW (MRC) -- Brazilian petrochemical company Braskem SA said on Tuesday it was finalizing a short-term extension of its contract to buy naphtha from state-run oil company Petrobras, avoiding an interruption to operations, said Reuters.

The contract has been under intense scrutiny after prosecutors charged executives at engineering group Odebrecht SA, Braskem's biggest shareholder, with paying bribes to Petrobras executives to secure naphtha at a price that allegedly cost the oil giant billions of dollars.

Braskem and Odebrecht have denied any wrongdoing, but Petrobras, Braskem's second-largest shareholder, confirmed irregularities in the process of approving the 2009 contract.

Naphtha is the main raw material for many of Braskem's plastic resins and other chemical products.

As MRC informed earlier, Petrobras said it has identified "irregularities" in the 2009 naphtha supply contract with local petrochemicals company Braskem, a sign that a widespread bribery scandal may have tainted the deal.

Braskem is Brazilian main producer of polyethylene and polypropylene. In addition with ongoing plants located in both petrochemical complexes, in April 2008 Braskem opened a 300,000 metric ton polypropylene plant in the city of Paulinia (Sao Paulo).


mrcplast.com
Author:Anna Larionova
Tags:PP, PE, naphta, petrochemistry, Braskem, Petrobas, Brazil.
Category:General News
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