White & Case Advises Braskem Idesa on the Sale of Its 50 Per Cent Interest in Terminal Química Puerto México to Advario
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Global law firm White & Case LLP has advised Braskem Idesa, S.A.P.I., the owner and operator of the US$5.2 billion Etileno XXI petrochemical complex in Mexico, on the sale of its 50 per cent interest in Terminal Química Puerto México S.A.P.I. de C.V. (TQPM) to Advario B.V., a subsidiary of Oiltanking GmbH, a leading storage industry company.
TQPM will develop, finance, design, construct and operate an ethane import terminal for the receipt and storage of imported cryogenic ethane to be located in the Pajaritos Lagoon in the State of Veracruz, Mexico, and a pipeline to deliver ethane to Braskem Idesa’s petrochemical complex 12 km away.
The ethane import terminal and pipeline will have a capacity to deliver 80,000 barrels per day of ethane, which would allow Braskem Idesa to import 100 per cent of its feedstock needs.
Closing of the transaction is subject to regulatory approvals and the satisfaction of customary conditions.
The White & Case team was led by partner Juan Ruenes (Mexico City) and included partners Jeannine Acevedo, Sean Goldstein (both in Miami), Rodrigo Dominguez (Houston), Rafael Llano and Henri Capin (both in Mexico City), and associates Roman Gonzalez, Marta Loubet, Mariana Montemayor, Ángeles Femenía and Gustavo Neyra López (all in Mexico City).
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