A group of specialists from both companies will begin to work -the upcoming month - on the completion of the feasibility studies and the definition of other important details of the project.

For Mark Ward, president of ExxonMobil Venezuela, “the petrochemical project will combine the qualities and strengths of Pdvsa Pequiven and ExxonMobil Chemical, in order to create a platform to stimulate a wide economic development of downstream plants in Venezuela”. He expressed that he takes pride in participating in this important project and that he’s “looking forward to advancing in this project with our partners”

Saúl Ameliach, president of Pequiven, said that “we have advanced very successfully on the preliminary conversations, and are confident in our own experience as well as in ExxonMobil’s to develop a great project for the production of olefin and other oil derivatives, according to market expectations”.

He pointed out that, along with the olefin and oil derivatives production project in Jose, Pequiven will promote a plan to develop the national plastics industry, with the purpose of integrating production chains, industrializing hydrocarbons, and generating jobs and economic activity in the country.

Such large projects require estimated investments between 2.5 and 3 billion dollars, since this world level industrial complex, will include a cracking plant with capacity to produce a million metric tons of ethylene and its derivatives per year.

The plan; which is to be carried out by Pequiven and ExxonMobil on an equal partnership basis, is expected to become the main provider of competitive petrochemical products, not only for Latin America, but also for the other markets of the world.

Published in Quantum, issue 27