Pemex Mexichem form $ 556 million vinyl chloride joint venture

Pemex and Mexichem form $ 556 million vinyl chloride joint venture

11:47 AM, 30th June 2011
Pemex and Mexichem form $ 556 million vinyl chloride joint venture

MEXICO CITY, MEXICO: Pemex will form a joint venture with Mexichem to produce vinyl chloride. In order to be more competitive in the domestic oil industry, Pemex submitted to the Federal Competition Commission (Cofeco) a request to create a company in charge of integrating the production chain of vinyl chloride.

Petroleos Mexicanos (Pemex) said in a statement that the creation of this new company will require an investment of $ 556 million, which would be made between Pemex and Mexichem. It will capitalize on the strengths from Pemex’s Petrochemical, to increase their competitive advantage through a strategic alliance and technological modernization with Mexichem, to achieve a more efficient operation of the production chain of this product.

With this joint venture the oil company expects to increase in the production of vinyl chloride to 216 per cent for the next few years In order to achieve a total volume of just over 400,000 tonne annually, which will result in a significant improvement in the company’s financial results.

Pemex said the new company will allow promotion of regional development processes and provide the local industry new opportunities.

(C) WOC News

 

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