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Pemex, Mexichem Plan $556M JV

Mexican state oil company Pemex is seeking to form a joint venture with Mexichem.

    Mexican state oil companyPemexis seeking to form a joint venture withMexichem,The Wall Street Journalreports. The proposal involves a joint investment of $556 million in a new company.

    The new venture will produce vinyl chloride, a raw material for PVC plastics. Mexichem, a Latin American chemical producer, will contribute about 60% of the investment to form the new company, addsBloomberg.

    Click here for the story fromThe Wall Street Journal.

    Click here for additional coverage fromBloomberg.

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