Braskem as standout competitor in global petrochemical industry
26 Dec '07
3 min read
Braskem announces an investment agreement with Petrobras, Petroquisa and Odebrecht S.A. aiming at the integration at Braskem of petrochemical assets held by Petrobras and Petroquisa, which shall result in a global-scale and more competitive company, with a strong strategic alignment between Braskem and Petrobras.
Such movement represents a new and important phase in the Brazilian petrochemical industry consolidation process with the purpose to strengthen the sector through more integrated and competitive companies under the private sector's leadership, in conditions to meet the Brazilian market's accelerated growth and exert a relevant role in the international market.
"This effort ranks Braskem as a standout competitor in the global petrochemical industry and with a strong cash generation capacity, which shall allow it to accelerate its growth and internationalization plans", said José Carlos Grubisich, the Braskem's President.
"Moreover, the agreement with Petrobras sets a new corporate governance paradigm within the Brazilian business context", added Grubisich.
The corporate governance model agreed upon consolidates the principle of professionalism in management and the relevant shareholders' proportional interest in the Supervisory Board.
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