Petroquisa to take up 40% stake in Petrobras polyester unit
12 Jul '06
1 min read
During an extraordinary meeting held today, July 10, Petroquisa's Board of Directors approved this Petrobras subsidiary's participation in Citepe to produce, in the State of Pernambuco, Continuous, Partially Oriented Polyester Yarn (POY), a basic raw material to manufacture polyester thread for the textile industry.
The investment is estimated at $320 million and production is expected to begin in the end of 2008.
Citepe's shareholding composition will be formed by Petrobras Química S.A. (Petroquisa) and by the Companhia Integrada Têxtil do Nordeste (Citene) who subscribe, respectively, 40 percent and 60 percent of the joint stock.
Petrobras, headquartered at Rio de Janeiro, boasts 93 production platforms, ten refineries, almost 10,000 miles (around 16,000 kilometers) of pipeline, and around 7000 service stations.
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