Braskem is working on the following drivers to create value for its shareholders:
New PP plant in the United States
Consistent with Braskem's strategy to diversify its feedstock profile and to expand geographically in the Americas, strengthening its leadership in PP production in the United States, the Board of Directors approved, on June 21, 2017, the project to build a new 450 kton polypropylene plant at its site in La Porte, Texas. The project is slated to start operations in the first half of 2020.
In the first nine months of the year, Braskem already has invested R$364 million in detailed engineering and initial purchases of equipment. In September, the project completed 45% of engineering and 27% of procurement. Other highlights include:
- contracting, in July, of Linde Group to lead the project's EPC;
- granting, in August, by the Texas Commission for Environmental Quality (TCEQ) of the permit to begin construction.
Over the coming months, efforts will focus on the final detailed engineering and advances in key equipment purchases.
Feedstock flexibility project in Bahia
The project to increase production flexibility at the Bahia cracker to enable it to produce up to 15% of its ethylene using ethane feedstock ended September at 90% completion and investments in the year to date of R$158 million. Since the start of the project, Braskem has invested R$278 million, or 73% of the total estimated for the project. The project's conclusion is scheduled for 4Q17.
Development of Renewable MEG
Braskem, in partnership with Haldor Topsoe, is developing a new technology to produce monoethylene glycol (MEG) from sugarcane. MEG is a raw material used to make PET, an important resin for the textile and packaging industries that is widely used around the world to make bottles. The partnership calls for the construction of a demonstration plant in Denmark, with startup slated for 2019.
Creation of an Ad hoc Committee
To strengthen its focus on pursuing alternatives for creating value for the Company, the Board of Directors decided to create an Ad Hoc Committee, which is formed by four of its independent members. The objective of the Ad Hoc Committee is to assess, jointly with the Company's Executive Board and expert external advisors, strategies for promoting growth and enhancing governance practices, as well as any other alternative that add value to the Company.