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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 company Pemex is seeking to form a joint venture with Mexichem, The Wall Street Journal reports. 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, adds Bloomberg.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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