Braskem scales back Venezuela petrochems project

* Cuts polypropylene project investment by $500 mln

* Moves project to new location, delays second project

SAO PAULO, April 28 (BestGrowthStock) – Brazilian petrochemicals
company Braskem (BRKM5.SA: ) said on Wednesday it agreed with
Venezuelan state oil company PDVSA to cut investments in a
petrochemicals plant in Venezuela and to delay a second one.

Braskem said it agreed with PDVSA to lower investment in
the 450 million tonne per year Propilsur polypropylene joint
venture by $500 million, from an initial $1 billion.

It also said it would consider relocating the project to be
closer to the Paraguana Refining Complex in western Venezuela.

The two companies also agreed to delay the construction of
the Poliamerica polyethylene project by one year to review
cheaper feedstock options, Braskem said.

Stock Market

(Reporting by Cesar Bianconi, writing by Brian Ellsworth;
Editing by Tim Dobbyn)

Braskem scales back Venezuela petrochems project