ADVERTISEMENT
2 /3 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Business

Petrobras sells business at a bargain price

by Alexander H. Tullo
January 9, 2017 | APPEARED IN VOLUME 95, ISSUE 2

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 Brazil, low oil prices, and a Brazilian economy in deep recession, Petrobras has been disposing of non-oil related assets to generate cash. It has also earmarked its 36% stake in the petrochemical maker Braskem for sale. With 4.4 million metric tons per year of PTA and PET capacity, Alpek is among the largest polyester makers in the Americas. It grew over the years with purchases of businesses from DuPont and Eastman Chemical.

X

Article:

This article has been sent to the following recipient:

Leave A Comment

*Required to comment