Home / Knowledge / News / Textiles / Braskem Ethylene plant gets $ 700mn credit line
Braskem Ethylene plant gets $ 700mn credit line
14
Jun '12

Braskem Idesa announced on June 5th   the approval of a line of credit in the amount of USD$ 700 million by the Brazlian National Economic and Social Development Bank - BNDES to finance the construction of the largest petrochemical complex being developed in the Americas: Braskem Idesa- Etileno XXI Project.

These funds come in addition to the amounts already approved by the Interamerican Development Bank (IDB) in the month of April, the International Finance Corporation (IFC), an organization that belongs to the World Bank Group, and the Italian credit bureau - SACE, both in May.

The group of financial institutions will also include Mexico's development banks, BANCOMEXT and NAFINSA- Nacional Financiera, and commercial whose loans are subject to the completion and closing of the formal documentation.

The loan will be granted to Braskem IDESA SAPI, the joint venture controlled by the Brazilian Braskem, S.A. and with a relevant participation of the Mexican group IDESA in order to build and operate a petrochemical complex that will have a capacity of 1 million tons of polyethylene, through an ethane cracker and three polymerizations plants (two high density polyethylene and one low density polyethylene).

Etileno XXI Project, located in Nanchital, Veracruz, Mexico, continues to progress within schedule, land movement and site preparation works are 70% completed and the civil construction started on may 18th with the first foundations.

About 50% of the critical equipment was purchased and there are 2,100 people currently working on the project.  It is expected to generate over 9,000 jobs during its peak construction point in the years 2013 and 2014.

Once operations begin in 2015 the creation of 3,000 direct and indirect permanent jobs is foreseen.

Polyethylene (PE) is a key input in the manufacture of a wide range of products from the following industries: construction, automotive, electronics, agricultural, food and beverage, and packaging.

Created in 2009, Braskem Idesa is a joint venture between Braskem SA (Brazil), the largest petrochemical company in the Americas and Grupo Idesa, a leading Mexican petrochemical company. 

Braskem Idesa


Must ReadView All

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search