Brazil’s Braskem SA and Mexico-based Grupo Idesa’s joint venture Grupo Idesa has received a USD$700 million line of credit approval by the Brazilian National Economic and Social Development Bank. The funds will finance the construction of what will be the Americas’ largest petrochemical complex.
The Etileno XXI Project will be located in Nanchital, Veracruz, Mexico and will have a capacity of 1 million tons of polyethylene through an ethane cracker, two high density polyethylene plants and one low density polyethylene plant.
Civil construction started on May 18th, with land movement and site preparation works are 70% completed. The project is progressing within schedule and is expected to generate over 9,000 jobs during its peak construction period in 2013 and 2014.