Related content
Companies / Entities
Keywords
Plastic resins | Engineering/Construction | Financing | Raw materialsResearch Reports
Facebook
Delicious
Digg
Yahoo
MeneameBrazilian petrochemical company Braskem (NYSE: BAK) is studying financing options with Brazil's federal development bank BNDES and Venezuela's state-owned development bank Bandes for its Venezuelan project Propilsur, and a decision is likely in the first quarter 2010, Braskem CEO Bernardo Gradin told journalists at a press conference in São Paulo.
Braskem is also negotiating loans with export credit agencies and other financial institutions.
Propilsur, a JV with Venezuelan state petrochemical firm Pequiven, is expected to require investments of US$1.2bn. According to Braskem, 30% of the investment will come from the company's own resources, with the remainder to be financed through loans.
Braskem is currently revising the project's costs and concluding the EPC contract with consortium Constructora Norberto Odebrecht-Tecnimont-Shaw Stone & Webster.
The project entails construction of a propane dehydrogenation plant to generate 455,000t/y of propylene for the production of 450,000t/y of polypropylene.
"The schedule is being maintained and in accordance with what we announced last quarter," Gradin said. Propilsur is forecast to come online in 2013.
Braskem and Pequiven's other JV project Polimérica - to produce 1.3Mt/y of ethylene and 1.1Mt/y of polyethylene - has concluded 79% of the project design packages, Braskem said.
Negotiations with Technip for the license agreement, FEED and EPC contracts for the cracker have also been finalized. Investments in Polimérica are expected to total US$3.25bn and operations are projected to start up in 2014.
According to Gradin, Braskem has also advanced with negotiations to acquire petrochemical assets in the US, which is part of the company's strategy to become a "leader in the Americas."
0
Comentarios