- Brazilian oil producer Petroleo Brasileiro SA (Petrobras) and textile firm Companhia Integrada Textil do Nordeste (Citiene) will invest 490 mln usd in a PTA plant in north-east Brazil.
In a statement, Petrobras said from 2009 the plant will produce 550,000 tonnes of PTA per year. PTA, or purified terephthalic acid, is the main raw material for manufacturing polyester, widely used in the textile industry.
Petrobras and Citiene will hold equal stakes in Companhia Petroquimica de Pernambuco-PetroquimicaSuape, the company set up to run the plant. newsdesk@afxnews.com afp/ak COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited