Board approval revives Mexichem VCM joint venture with Pemex

Mexichem (Mexico City) says the board of the state oil company Petroleos Mexicanos  (Pemex) has a approved a joint venture that will double vinyl chloride monomer capacity at Pajaritos, Mexico, according to a notice sent to Mexico’s stock market Bolsa de Valores. Mexichem last November said it was pulling out of the $556-million VCM manufacturing joint venture with Pemex due to a delay by Pemex’s board in providing the necessary approvals. The jv with Pemex is intended to reduce Mexichem’s dependence on third-party suppliers of VCM and...

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