Petrobras to sell PET, PTA plants to Alpek

According to media reports, Brazil’s Petrobras will sell its two petrochemical units, Petroquimica Suape and Citepe, to Mexican petrochemical company Alpek for $385 million in efforts to reduce its debt. Alpek reportedly said they are waiting for government approval for the deal to be completed.

The subsidiaries to be sold have a combined production capacity of 700,000 tons/year of PTA and 450,000 tons/year of PET.

Alpek, which is based in Mexico and has a production capacity of 5.6 million tons/year, is expected to obtain a stronger position in Brazil with this acquisition, along with the polystyrene plant it operates in the country.

The talks between Petrobras and Alpek about the sales of these petrochemical units had started last August.