Pennsylvania to fund Braskem’s Marcus Hook refinery acquisition
The US state of Pennsylvania will fund Braskem America's acquisition of parts of Sunoco's idled Marcus Hook refinery.
Pennsylvania Governor Tom Corbett was reported by Reuters as saying that the state will provide $15m in financing for Braskem's purchase of propylene splitters from the shutdown refinery, so long as the company invests at least $56m at the project site.
"This purchase will save manufacturing jobs and it secures the Philadelphia region's standing as a centre of the petrochemical industry," Corbett added.
As part of the deal, the Brazilian chemical producer is expected to create a minimum of 28 new jobs and retain 119 current employees for at least five years.
In early July 2012, Braskem announced the acquisition of splitters and its plans to use them in its nearby polypropylene facility.
The company, however, has not disclosed the financial details of the acquisition. In December 2011, Sunoco shutdown the 178,000bpd Marcus Hook refinery to quit the refining business.