Brazilian petrochemical company Braskem (NYSE: BAK) has suspended its Polimйrica polyethylene (PE) project in Venezuela, which was being carried out in partnership with Venezuelan state petrochemical firm Pequiven, Braskem CEO Carlos Fadigas told a press conference.
The executive said the project is not part of the company’s priorities at the moment.
Startup of Polimйrica, which initially envisaged production of approximately 1Mt/y of ethylene and PE, had been pushed back a couple of times and the latest estimate was that it would come online in 2015.
Meanwhile, Braskem is advancing with its Ethylene XXI PE project in Mexico, as part of a JV with local firm Idesa.
The company’s other Venezuelan JV initiative Propilsur, focused on polypropylene (PP) production, has also been undergoing changes.
Braskem and Pequiven are currently re-evaluating raw material supply, as there is a surplus of propylene in Venezuela that could be used for the project. <
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