Mexican petrochemicals project secures $3.2 billion

Brazilian-Mexican consortium Braskem-Idesa said Wednesday that it has secured $3.2 billion in financing for a major petrochemicals project in southeastern Mexico.

The consortium formed in 2010 by Brazil's Braskem SA and Mexico's Grupo Idesa said the loan package for the Etileno XXI complex is the largest project finance transaction ever in Latin America.

The project involves construction of a complex in Mexico's Veracruz state that will produce ethylene and polyethylene to supply the country's market, replacing polyethylene imports of an estimated $1.5 billion to $2 billion a year.

Source: The Wall Street Journal