Exclusive: Brazil’s Braskem terminates supply contract with Venezuela’s PDVSA

22 Sep 2017   Brazil, Venezuela

Brazil’s Braskem has terminated a contract to buy light virgin naphtha and natural gasoline from Venezuela’s state-run oil company PDVSA that would expire this month, the petrochemical company said on Thursday. The Sao Paulo-based company declined to comment on the reason for ending the long-term supply agreement, but said the contract represented less than 0.1 percent of its annual naphtha consumption. “Braskem continues regular purchases of raw materials, keeping up its industrial operations in Brazil,” it said in a statement to Reuters. Petróleos de Venezuela, S.A., commonly known as PDVSA, did not reply to a request for comment. The Venezuelan energy company has been struggling to maintain its commercial relationships amid difficulties paying providers and because of sanctions imposed […]

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