Mexico's Pemex board OKs venture with Mexichem

MEXICO CITY Wed Jan 16, 2013 9:12pm EST

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MEXICO CITY Jan 16 (Reuters) - The board of Mexico's Pemex approved on Wednesday a venture between the oil monopoly and conglomerate Mexichem to produce vinyl chloride monomer, a key component of PVC which is used to to make pipes, resins and paints.

The venture, originally announced in 2011, puts an end to months of uncertainty about whether the two companies could reach an agreement and move ahead with the project.

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