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

Pic: Shutterstock

Apparel/Garments | On 2nd Aug 2021

Vietnam surpasses Bangladesh as 2nd biggest garment exporter: WTO

Bangladesh recently lost its rank as the second largest apparel...

Pic: Shutterstock

Textiles | On 2nd Aug 2021

Euro zone economy expands by 2% in Q2 2021: Eurostat

The 19-member euro zone financial system expanded by 2 per cent in...

Pic: Shutterstock

Textiles | On 2nd Aug 2021

US real GDP increases at annual rate of 6.5% in Q2 2021: BEA

US real gross domestic product (GDP) increased at an annual rate of...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Textile Industry, Head honchos

Textile Industry
Head honchos

Next level is to inject new features:

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

Akram Tariq Khan,

Akram Tariq Khan

E-commerce brand YourLibaas meaning "garment or attire" in Udru, was...

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Rishav Bajoria & Subham Sengupta,

Rishav Bajoria & Subham Sengupta

Launched in October 2020, the Gumti app could not have come at a more...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

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

Leave your Comments


July 2021

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


Advanced Search