Braskem and Pequiven in US$2.5 bln JV

Brazil's largest petrochemical company Braskem plans to invest US$2.5 bln in a joint venture with Venezuela's state-run Pequiven in a polypropylene plant. The unit is projected to come on stream in 2009, and output will be sold in markets of Latin American, USA and Europe. Braskem and Pequiven also plan to jointly produce 1.3 mln tons of ethylene, using natural gas as feedstock. This unit is estimated to come onstream by 2011.