Mobil with Venezuelan Pequiven in $ 1.6 bn petrochemical complex

Jan 15, 1997 01:00 AM

Jan. 9, 1997 Mobil Chemical Company and Pequiven, the petrochemical affiliate of Venezuela's PDVSA, signed a previously announced agreement in Caracas to develop a world-scale grassroots olefins complex in Venezuela. The proposed $ 1.6 bn complex, which includes an 830,000 tpy ethane-based ethylene cracker and facilities to convert the ethylene into 480,000 tpy of polyethylene and 430,000 tpy of ethylene glycol, will be located at an existing petrochemicals site at Jose in the Venezuelan state of Anzoategui. Feedstocks for the Jose cracker will be supplied by Corpoven, another PDVSA subsidiary, from associated gas out of the San Joaquin field in eastern Venezuela. Construction of the plant is expected to begin in 1998 with start-up scheduled for 2000.
"This new 50-50 joint venture gives Pequiven and Mobil the opportunity to combine our strengths and resources to help develop the petrochemical potential of Venezuela and to establish a leadership position in polyethylene and ethylene glycol markets in the Americas," said Mobil. Preliminary engineering is under way with Fluor Daniel and Lummus. Selection of the general contractor will be made by mid- 1997. The project is expected to create approximately 4,600 construction jobs at its peak and about 600 new permanent operations jobs in the Jose area.

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