Braskem Idesa and Advario formalise ethane partnership in Veracruz
Brazilian petchem firm Braskem Idesa (BI) and Advario have formalised their partnership, of which Advario acquired 50% of the capital of Terminal Química Puerto México (TQPM). Advario will support Braskem in the construction and operation of a new ethane import terminal in Coatzacoalcos, Veracruz with a total estimated investment of US$400 million for the project.
The new terminal will have an area of around 25 acres for ethane storage connected to the BI petrochemical complex through an ethane pipeline of approximately 10 km; it will have a storage capacity of 100,000 m3 and will supply the ethane required by the BI plant to operate at full capacity. The project will also have a positive impact on the southern region of Veracruz through the generation of approximately 2,000 direct jobs, contracting suppliers, and the creation of a new logistics infrastructure for the area and state.
The formalisation of this partnership is a clear example of Braskem and Advario’s commitment to focus on growth opportunities in the petrochemical sector, thus supporting the Mexican petrochemical and plastics industry.
“This agreement not only demonstrates the positive work we are doing with Advario, a partner that adds technology, knowledge, and quality to TQPM’s operations, it also ensures that this investment will have a direct impact to strengthen the petrochemical industry in Mexico, a sector that generates competitiveness, innovation, and jobs for the country,” commented Stefan Lepecki, CEO of Braskem Idesa.
The construction of the TQPM began in July 2022 and is expected to be completed in the second half of 2024. The works are approximately 30% complete at present.