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PBR » Topics » PETROCHEMICAL ASSETS TO BE INTEGRATED AT BRASKEM

This excerpt taken from the PBR 6-K filed Dec 3, 2007.

PETROCHEMICAL ASSETS TO BE INTEGRATED AT BRASKEM

The Petrochemical Assets Petrobras and Petroquisa will integrate at Braskem are:

(i) 37.30% of the voting shares and total capital of Copesul – Companhia Petroquímica do Sul (“Copesul”); 
 
(ii) 40% of the voting shares and total capital of Ipiranga Petroquímica S.A. (“IPQ”); 
 
(iii) 40% of the voting shares and total capital of Ipiranga Química S.A. (“IQ”); 
 
(iv) 100% of the voting shares and total capital of Petroquímica Triunfo S.A. (“Triunfo”). Petrobras and Petroquisa will have the option to integrate up to 100% of Triunfo’s voting shares and total capital at Braskem. In the event such integration does not occur, Petrobras and Petroquisa may integrate a cash flow equivalent to this asset’s economic value; and 
 
 
(v) 40% of the voting shares and total capital of Petroquímica Paulínia S.A. (“PPSA”). 

Copesul is the raw material central for the Triunfo Petrochemical Pole, in Rio Grande do Sul. Braskem already holds, directly and indirectly, 62.70% of Copesul’s total capital.

IPQ is a second generation petrochemical company located in the Triunfo Petrochemical Pole, in Rio Grande do Sul, that produces thermoplastic resins. Braskem already holds, directly and indirectly, 60% of IPQ’s total capital.

IQ is a company that distributes and markets chemical and petrochemical products and is located in the State of São Paulo. Braskem already holds, directly and indirectly, 60% of IQ’s total capital.

Triunfo is a second generation petrochemical company located in the Triunfo Petrochemical Pole, in Rio Grande do Sul, that produces thermoplastic resins. Petrobras holds, via Petroquisa, 85% of Triunfo’s total capital.

PPSA is a Braskem and Petroquisa joint venture aimed at deploying a polypropylene unit in the city of Paulínia, São Paulo, with capacity to produce up to 350 kt/year and expected to go online in beginning of the second quarter of 2008. Braskem already holds 60% of PPSA’s voting shares and total capital.

The Petrochemical Assets were evaluated based on the discounted cash flow criterion, without control premium.

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