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

Textiles | On 30th Aug 2016

Maharashtra, Telangana ratify GST Bill; tally 11

The state legislative assemblies of Maharashtra and Telangana today...

Courtesy: Da Milano

Fashion | On 30th Aug 2016

‘Luxury market place expanding at accelerating pace’

The rise of emerging economies and the growing global middle class...

Textiles | On 30th Aug 2016

CAI predicts 2016-17 cotton output at 336 lakh bales

Cotton Association of India (CAI) has predicted that cotton...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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
August 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search