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Braskem to Maintain All Approved Projects, Vice President Says

July 16 (Bloomberg) -- Braskem SA, a Brazilian petrochemicals company, is maintaining all investments approved for 2012, which amount to approximately 1.7 billion reais ($835.4 million), investor relations vice-president Marcelo Lyra said.

Newspaper Valor Economico reported today that Braskem would postpone the construction of three plants worth about 1 billion reais as the global petrochemical industry is only expected to start improving in 2013, citing Chief Executive Officer Carlos Fadigas.

“We are not postponing any project our board approved for 2012,” Lyra said in a phone interview from Sao Paulo. “The plants the newspaper mentions are still in a very preliminary stage, and the studies continue.”

Braskem fell 3.1 percent to 11.65 reais while Brazil’s benchmark Bovespa index lost 1.7 percent to 53,401.80 today.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net

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