Mexichem pulls out of planned VCM deal with Pemex

Mexichem 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 (BMV; Mexico City), 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...

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