Pemex, Mexichem Form Vinyl JV

Mexican state-owned oil company Pemex and petrochemical Mexichem plan to form a $556m vinyl chloride joint venture. Mexichem says it hopes to increase its production of vinyl chloride by 24,000 tons in the first year of operation, 146,000 in the second year and 217,000 in the third. Mexichem is thought to be seeking up to $3bn through a 3-5 year revolving loan facility for targets in the chlorine, fluorine and high-end plastics sectors.