Mexichem pulls out of planned VCM venture with Pemex

Mexichem says it has abandoned a planned vinyl chloride monomer (VCM) manufacturing joint venture with Mexico’s state oil company Petróleos Mexicanos (Pemex; Mexico City) because of Pemex's repeated delays approving the deal. Mexichem’s announcement, made in a filing with Mexico’s Bolsa Mexicana de Valores, says Mexichem will abandon the Pemex venture and continue to focus on “vertical integration outside of Mexico.” Mexichem’s jv with Pemex was intended to reduce Mexichem’s dependence on third-party suppliers of...

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