Mexican petrochemical producer Braskem Idesa is planning to invest in building a new ship-unloading pier that will allow the company to increase ethane imports. This investment is part of the company’s “fast track” project aimed at providing imported ethane to Braskem Idesa’s Veracruz complex in Mexico. Braskem’s CFO Pedro Freitas said the company expected to begin importing 25% of its ethane requirements by early 2021.
Currently, Braskem Idesa received most of its ethane requirements from Pemex. However, the state-run firm has been struggling to meet its contractual obligations. Besides, the ethane contract between Pemex and Braskem Idesa is under an investigation for alleged corruption. Mexican President Andrés Manuel López Obrador said the ethane prices in the contract were too low, creating a loss of millions of dollars for Pemex.
