Brazil Petrobras to sell PQS to Alpek for $385m – Brazil Petrobras Alpek - Arhive

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Source:ICIS News Brazil Petrobras Alpek

HOUSTON (ICIS)–The board of Petrobras approved the sale of the company’s polyester complex to Mexican firm Alpek for $385m, the Brazilian state energy producer said on Wednesday.Brazil Petrobras Alpek

Brazil Petrobras AlpekThe complex is made up of two companies: Companhia Petroquimica de Pernambuco – or Petroquimica Suape (PQS) – and Companhia Integrada Textil de Pernambuco (Citepe).

The complex is in Ipojuca, Pernambuco state, in northeastern Brazil, and it makes purified terephthalic acid (PTA), polyethylene terephthalate (PET) and polyester filament. The PET capacity is 425,000 tonnes/year.Brazil Petrobras Alpek

Alpek will pay the $385m in Brazlian reais on the closing date, which was not disclosed.

Alpek is among the major polyester producers in the Americas. It is part of the Mexican conglomerate Grupo Alfa.

TOP IMAGE: Water bottles are made of PET (WestEnd61/REX/Shutterstock)

By Al Greenwood