By Mark Beresford?/?Business News Americas
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Brazilian petrochemical company Braskem (NYSE: BAK) has increased its stake in its U$3.2bn ethane polyethylene (PE) joint venture in Mexico, Etileno XXI.
According to a report in Valor Econ?mico, Braskem has increased its shareholding to 75% from 65%. Mexican industrial company Idesa has cut its stake to 25% from 35%.
Etileno XXI, which will have capacity to produce over 1Mt/y of PE, is due to start operating in July 2015. Mexican national oil company Pemex's gas and basic petrochemicals subsidiary PGPB will supply the ethane feedstock for the cracker.
According to the report, the change in shareholding is due to the smaller scale and weaker financial position of Idesa.
At the end of 2012, Braskem completed US$3.2bn in project financing for the Etileno XXI project.
Over 65% of demand for PE in Mexico is currently met by imports. Total demand for PE in Mexico is around 1.9Mt/y.
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