Pemex, Mexichem Announce Joint Venture Worth $556 Million
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Petroleos Mexicanos, Latin America’s largest oil producer and Mexichem SAB plan to invest $556 million to create a petrochemical company in a joint venture to increase production of vinyl chloride monomer.
Pemex, as the state-owned company is known, is requesting approval for the joint venture from the nation’s antitrust agency, the Mexico City-based company said on its website. Vinyl chloride is used to make plastic pipes, packaging and products for wire and cable coatings.