Nov. 9 (Bloomberg) -- Braskem SA, Latin America’s biggest petrochemicals producer, and Mexico’s Grupo Idesa SA are discussing financing a $2.5 billion venture with the International Finance Corp., Inter-American Development Bank and U.S. Export-Import Bank, Idesa’s chief executive said.

Financing talks have also occurred with state financing banks BNDES in Brazil and Nacional Financiera SA in Mexico, Grupo Idesa Chief Executive Officer Jose Luis Uriegas said today at a press conference in Mexico City.

Sao Paulo-based Braskem hopes to attain financing for the project by the second-half of next year, he said. Braskem will finance 70 percent of the project with debt, the company’s Vice President Roberto Ramos said at the conference. The remainder will be funded with cash on hand.

Braskem said earlier today it plans to join Mexico’s Idesa to supply polyethylene to the Mexican market. Petroleos Mexicanos, the state-owned oil company, has an option to join the venture to supply ethane under a 20-year contract, Uriegas said.

Mexichem SAB, the largest maker of plastic pipes in Latin America, is interested in the ethylene supply from the venture, according to Ramos.

The project is subject to Braskem board approval by December 2010. Mexico currently imports more than 1 million tons of polyethylene a year.

With assistance from Diana Kinch in Rio de Janeiro. Editor: Robin Saponar, Carlos Caminada

To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28@bloomberg.net;

Last Updated: November 9, 2009 16:09 EST