Mexico City, September 28, 2021. Braskem Idesa (BI) announces that it has reached an agreement with Petróleos Mexicanos (PEMEX), adjusting the terms of its supply contract, as well as facilitating the development of a new ethane import terminal. This will allow BI, over time, to produce polyethylene at full capacity for local and international markets, and to facilitate long-term planning.
Subject to final approval by the Boards of Directors of both parties, as well as BI's creditors, the agreement ( resolves long-standing differences that had been under discussion by the parties, and establishes new volume and price commitments for the supply of ethane from PEMEX to BI, in line with the current and future availability of this feedstock in Mexico. The agreement will enable the long-term sustainability of BI's plant, located in Nanchital de Lázaro Cárdenas del Río, Veracruz.
Furthermore, with an investment of approximately US$400 million, Braskem Idesa plans to build a new terminal for the import of ethane on a global scale, , in Laguna de Pajaritos in Coatzacoalcos, Veracruz. This project will be located in the CIIT - Interoceanic Corridor of the Tehuantepec Isthmus - and will be part of the investment plan announced by the Federal Government of Mexico for the development of the southeast of the country and the energy sector. To facilitate this, BI, PEMEX, CIIT and Administración Portuaria Integral de Coatzacoalcos have signed an agreement to work together.
The new agreement thus guarantees BI's future operations, providing certainty to its customers, creditors, shareholders, and employees, and promoting the development of Mexico's domestic petrochemical industry, which is a source of essential raw materials for numerous supply chains in the country.
With the new agreements, BI will continue to contribute to Mexico's social and economic development, as the Ethylene XXI Complex has done since it first started operating in 2016. Braskem Idesa is the product of a US$5.2 billion investment by Braskem and Grupo Idesa, which has positively impacted Mexico's trade balance by more than $4 billion dollars since inception and has boosted the development of the south-eastern region of the country, with thousands of direct and indirect jobs generated.
About Braskem Idesa S. A. P. I:
Founded in 2010, Braskem Idesa is a Mexican company created by the association of Braskem (Brazil), the largest petrochemical company that produces thermoplastics in the continent, and one of the leaders in the Mexican petrochemical industry, Grupo Idesa. Together they developed a petrochemical complex for the production of ethylene and high and low density polyethylene in the municipality of Nanchital, Veracruz, Mexico.
Please visit: www.braskemidesa.com.mx ;
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