MOSCOW (MRC) -- Alpek, S.A.B. de C.V. announced that it obtained all necessary corporate approvals to acquire 100% of Companhia Petroquimica de Pernambuco and Companhia Integrada Textil de Pernambuco from Petroleo Brasileiro S.A. for USD385 MM, as per Hydrocarbonprocessing.
This amount is payable on the closing date for the two companies on a debt-free basis, and is subject to adjustments in working capital, among others. The closing of this transaction is still dependent on several conditions precedent, including approval by the Administrative Council for Economic Defense (CADE) in Brazil.
On March 27, Petrobras announced that its Shareholders’ Extraordinary General Meeting approved the sale of PetroquimicaSuape and Citepe to Alpek.
Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 640 Mtpy and 450 Mtpy of PTA and PET, respectively. Citepe also operates a 90-Mtpy texturized polyester filament plant on site.
As MRC reported previously, in early May 2017, Alpek completed adding 5,000 mt of propylene storage to its Altamira port terminal. "The mechanical completion is finished and operations should ramp up in the month of May," spokesman Hernan Lozano said. Each of the two spheres has a capacity of 2,500 mt. "The purpose of the project is to make the domestic propylene logistics chain more efficient, as well as to have greater flexibility to import raw material," Lozano said. Indelpro imports monomer on spot and contractual basis and converts it into polypropylene. The completion of the project comes amid the expected startup of Enterprise Products Partners' propane dehydrogenation unit in Mont Belvieu, Texas. Enterprise said the 750,000 mt/year PDH unit is on track to start in Q3 and could double exports year on year.
Alpek is the petrochemicals unit of Mexican conglomerate Alfa.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.