(Pemex, 6.Jul.2018) – Petróleos Mexicanos divested its participation in Petroquímica Mexicana de Vinilo through an agreement with Mexichem.
As part of Pemex’s strategy of maximizing value by focusing its resources on strategic assets, the company announced divestment of its participation in Petroquímica Mexicana de Vinilo S.A. de C.V. (PMV, Mexican Vinyl Petrochemicals), which represents 44.09% of the representative shares of this company’s capital stock.
In September 2013, Pemex and Mexichem became partners to integrate the salt-chlorine-soda ash-ethylene-vinyl monochloride value chain through the corporation PMV, in which Pemex maintained a strong participation through its affiliated company PPQ Cadena Productiva SL.
The interruption of the salt-chlorine-soda ash-ethylene-vinyl monochloride production chain results from the decision made by the PMV Board of Directors to not rebuild the Chlorates III plant within the Pajaritos Petrochemical Complex in the State of Veracruz following the accident that occurred on April 20, 2016. This turns the salt-chlorine-soda ash production chain into PMV’s main activity, which in turn motivates Mexichem into regaining full control of the salt-chlorine-soda ash production process.
The operation adds up to an approximate amount of 3 billion 436 million pesos, which includes the purchase of the share participation held in PMV by PPQ Cadena Productiva SL and the reinstatement of the assets of the Pajaritos Petrochemical Complex to Petróleos Mexicanos, which is a value that ranks within appraisals of similar companies and transactions of this kind in the petrochemical sector.
On the other hand, it is to be noted that the above amount will be adjusted as of the closing date, at which time the rights and obligations of each partner will be recognized. This is also common practice in transactions of this kind.
This transaction has already been signed off by the corresponding corporate areas of both Pemex and Mexichem and it already includes the reinstatement of the assets of the Pajaritos Petrochemical Complex, which were originally signed over to the partnership, to Petróleos Mexicanos.