Brazil's petrochemical industry 'to take a giant leap forward'
Date added: 15th July, 2009 at 17:12
(view all articles from July, 2009)
Categories: Natural Resources
In good news for those with investments in Brazil, a publication from the petrochemicals industry has predicted that this sector of the country's industry is to grow significantly in the coming years.
ICIS.com suggested that the Latin American country has a stable government with business-friendly policies that will allow the industry to prosper.
It cites figures from Abiplast which show that Brazil produced 5.14 million tons of processed plastic products in 2008, up by 5.4 per cent from 2007. Since these are exportable, it helps in generating wealth that will then in turn benefit the Brazilian people.
Substantial resource discoveries such as that in the Tupi Basin in May - which is believed to hold five to eight billion barrels of oil and natural gas - will also help Brazil progress towards being self-sufficient and developed through petrochemicals.
Jorge Buhler-Vidal, director of Polyolefins Consulting, agreed, telling ICIS.com: "Brazil now will be able to support its mature economy with abundant hydrocarbons."
Energy giant Petrobras announced the Tupi find on May 1st and president Luiz Inacio Lula da Silva called it "an historic moment" for Brazilian industry.
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