Monterrey, Mexico. July 28, 2016
Alpek, S.A.B. de C.V. (“Alpek”) announced today that it received an exclusive 60-day period to conduct negotiations with Petróleo Brasileiro S.A. (“Petrobras”) for its stake in Companhia Petroquímica de Pernambuco (“Petroquímica Suape”) and Companhia Integrada Têxtil de Pernambuco (“Citepe”). The 60-day exclusive negotiation period may be extended an additional 30 days.
Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 700 and 450 thousand tons per year PTA and PET, respectively. Citepe also operates a 90 thousand ton per year texturized polyester filament plant on site.
In the event the parties reach an agreement, the closing of this transaction will require further corporate approvals and approval by the appropriate governmental authorities. Alpek will provide a public update on any news related to this matter.