Braskem and Pequiven Announce Joint Venture to Install Petrochemical Projects

(PRNewswire, Sao Paulo, 13 December 2007) In a move highlighting the growing importance of BRIC based exports and export credits, BRASKEM , a leading Latin American thermoplastic resins company and 3rd-largest Brazilian private sector industrial company, announced in partnership with state-owned PetroquĂ­mica de Venezuela, the creation of 2 companies to install the most modern and competitive integrated petrochemical project in the Americas in Venezuela. A financial advisor has already started contacting multilateral organizations, export credit agencies, development banks and private banks for structuring financing for 70% of the total investment through project finance and the remaining 30% through transfers in equal proportions by the partners.