Braskem SA, Latin America’s biggest petrochemical company, said on Wednesday its Mexican subsidiary Braskem Idesa has obtained shareholder and creditor approval for support measures to build an ethane import terminal in Mexico.
The terminal will be built with Mexican state-owned oil company Petroleos Mexicanos, better known as Pemex, along with Pemex’s logistical arm and other government entities in Mexico.
Additionally, Braskem Idesa has completed its debt refinancing plan, it said in a securities filing. The remaining balance of $1.35 billion in project finance will be replaced by new debts with an extended profile, increasing its average debt term to nine years.
Braskem’s $358 million in guarantees to its subsidiary will extinguish, in line with the company’s long-term sustainable development strategy, the filing said.
Expanding the ethane import operation, Braskem said, reinforces its commitment to Mexico and the search for more raw materials for the Mexican plastics industry.
Source: El Economista