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Braskem Idesa signed an agreement with Advario BV and intends to ensure the importation of ethane, its raw material, from the terminal
Braskem announced, this Tuesday (the 14th), that Braskem Idesa (BI), its indirect subsidiary in Mexico, entered into an agreement with Advario BV, a Dutch storage company, for the transfer of 50% of its share capital of Terminal Química Puerto Mexico (TQPM), a BI subsidiary in charge of developing and operating the ethane import terminal project in Mexico.
The petrochemical company informs that the operation is still subject to the applicable approvals and that, when approved, Braskem Idesa and Advario will each be responsible for 50% of TQPM's share capital. Transaction amounts were not disclosed.
According to a statement sent to the Brazilian Securities and Exchange Commission (CVM) by Braskem, Advario, a global leader in the storage sector headquartered in the Netherlands, has expertise in designing, building and operating storage and logistics infrastructure for liquid bulk products, such as petrochemicals and gases cryogenic systems, currently present all over the world.
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Terminal operated by TQPM will have a capacity of 80 barrels of ethane per day
O terminal The ethane import facility operated by TQPM will have a capacity of 80 barrels of ethane per day, in order to ensure that Braskem Idesa will be able to import all of its raw material needs.
In addition, Advario and Braskem Idesa are expected to invest US$400 million in installing the import terminal, which will be located in the state of Veracruz, Mexico.
The construction of this undertaking, which is extremely important for ensuring the competitiveness of Braskem Idesa's petrochemical complex, since, as already mentioned, it ensures the supply of raw materials for the company, will begin in July and is expected to it is expected to be completed by the end of 2024. The ethane import terminal will be linked to the BI complex through an 11-kilometer pipeline.
Undertaking will make it possible to increase the availability of ethane and the competitiveness of the entire petrochemical industry in Mexico
In a statement, the companies stated that the undertaking will provide the additional raw material that Braskem Idesa needs to operate at full capacity, increasing the availability of ethane and the competitiveness of the entire petrochemical industry and plastic in Mexico.
The agreement is being signed after a long period of uncertainty regarding the future of the petrochemical complex, given the difficulties in supplying raw materials.
Braskem Idesa started operations at what it calls “the largest petrochemical complex in Latin America”, dedicated to the production of ethylene and high and low density polyethylene, in 2016, having invested the equivalent of US$5,2 billion .
At the time the agreement for the complex was signed, the raw material chosen had been natural gas supplied by the Mexican state oil company Pemex, but the company ended up having conflicts with the joint venture due to the gas supply contract, which was resolved in September last year.
About Braskem Idesa
Braskem Idesa corresponds to an association created in 2010, consisting of Braskem, a leading Brazilian petrochemical company in America, which has a 75% stake in the agreement, and Grupo Idesa, one of the main business companies in Mexico, with 25% of participation.
The aggregation led the development and implementation of a petrochemical complex in Mexico, intended for the production of polyethylene and located in the city of Coatzacoalcos, in the state of Veracruz.
