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Mexichem to Acquire Pemex’s Share in Petroquímica Mexicana de Vinilo
Houston, July 6, 2018 (PCW) -- Mexichem announced today that it has agreed to acquire Pemex’s 44.09% share in Petroquímica Mexicana de Vinilo (PMV) through its subsidiary PPQ Cadena Productiva, SL, after the approval of the boards of directors of Pemex and Mexichem.
The deal is estimated at a value of $178.7 million.
Pemex and Mexichem joined forces in Sep 2013, to integrate the Salt-Chlorine/Caustic-Ethylene-VCM value chain through PMV.
In Dec 2017, the Board of Directors of PMV announced its decision not to rebuild the Clorados III VCM plant in the Pajaritos Petrochemical Complex in Coatzacoalcos, Veracruz. An explosion on Apr 20, 2016 destroyed the plant and left 32 dead and hundreds injured. This decision meant that PMV was exiting ethylene and VCM production in Mexico, but remaining in the salt/chlorine-caustic soda sector. -- Donna Todd