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Mexico, Braskem sign supply pact for ethlyene plant

Fri Nov 6, 2009 8:09pm EST

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MEXICO CITY, Nov 6 (Reuters) - Mexico's state oil company Pemex said it signed a letter of intent with a consortium led by Brazil's Braskem SA to supply raw materials for a proposed petrochemicals plant the consortium may build in Mexico.

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Pemex [PEMX.UL] said it would supply 66,000 barrels per day of ethane to the project which would allow the consortium to build a world-scale 1 million tonnes per year ethylene cracker on the coast of the Gulf of Mexico.

Braskem (BRKM5.SA) will partner with privately-held Mexican petrochemicals firm Grupo IDESA in the proposed cracker.

The Mexican government has been trying to launch the so-called Ethylene 21 project for some time as a means of revitalizing its petrochemicals industry. (Reporting by Robert Campbell; editing by Carol Bishopric)

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