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Brazil court approves Petrobras' $385m sales to Alpek
24
Feb '17
Courtesy: Petrobras
Courtesy: Petrobras
A regional federal court in Brazil has given green signal for sale of petrochemical and textile divisions of Petróleo Brasileiro SA (Petrobras) for $385 million to Mexico based Alpek. The sale is one of the five transactions that Brazil’s federal tribunal audit TCU has allowed Petrobras to carry out as part of its 2015-2016 divestment programme.

In last week of December 2016, Petrobras had announced the sale of its 100 per cent stake in Companhia Petroquímica (Petroquímica Suape) and Companhia Integrada (Citepe) to Mexican petrochemical producer Alpek. However, an injunction issued on January 31 blocked the divestment initiative of Petrobras, which is now overturned by the court.

Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Brazil with an installed capacity of 700,000 and 450,000 tons per year of PTA and PET, respectively. Citepe also operates a 90,000 tons per year texturised polyester filament plant at the same site.

Alpek is an integrated producer of PTA and PET in North America, the largest expandable polystyrene manufacturer in the Americas, and the only producer of Caprolactam in Mexico, while also operating one of the largest polypropylene facilities in North America. (RKS)

Fibre2Fashion News Desk – India


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