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Oil & Gas

Financing approved for largest petrochemical complex in Americas

June 18, 2012
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VERACRUZ, Mexico — Braskem Idesa, a joint venture between Brazil’s Braskem SA and Mexico-based Grupo Idesa, has received approval of a line of credit in the amount of $700 million by the Brazilian National Economic and Social Development Bank to finance the construction of what will be the largest petrochemical complex in the Americas, reported.

The Etileno XXI Project will have a capacity of 1 million tons of polyethylene, through an ethane cracker and three polymerizations plants (two high density polyethylene and one low density polyethylene).

Located in Nanchital, Veracruz, Mexico, the project continues to progress within schedule. Land movement and site preparation works are 70% completed and civil construction started on May 18.

The project is expected to generate over 9,000 jobs during its peak construction point in 2013 and 2014.

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