Issue Date: January 9, 2017
Petrobras sells business at a bargain price
The Brazilian state oil company Petrobras has agreed to sell Petroquimica Suape, an integrated polyester complex in the Brazilian state of Pernambuco, to Mexico’s Alpek for $385 million. The complex started up in 2013 at a cost of $2.3 billion. It has annual capacity to make 700,000 metric tons of purified terephthalic acid (PTA), 450,000 metric tons of polyethylene terephthalate (PET), and 90,000 metric tons of polyester fiber. Plagued by a massive corruption scandal in . . .
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