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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Braskem S.A.    BRKM5   BRBRKMACNPA4

BRASKEM S.A.

(BRKM5)
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Mexican president wants to cancel 'unfair' Odebrecht-backed energy deal

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08/17/2020 | 11:53am EDT

MEXICO CITY, Aug 17 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Monday an ethane supply contract signed under the administration of one of his predecessors with a consortium backed by Brazilian company Odebrecht was unfair and should be canceled.

The contract, between state oil company Petroleos Mexicanos (Pemex) and the consortium made up of Odebrecht-controlled Braskem and Mexico's Grupo Idesa, was agreed during the tenure of President Felipe Calderon, who governed from 2006-2012.

"That contract has to be canceled in my opinion because it's unfair," Lopez Obrador said at a news conference. "It has to be reviewed."

In a lengthy response to questions from Reuters, Braskem Idesa rejected any wrongdoing and said its own investigations showed it had not participated in any illegal activity or corruption in Mexico.

"We trust that any dialog with the authorities will take place within the framework of the rule of law and legality, an essential condition for investor confidence," it said.

A hydrocarbon that comes from natural gas or is a byproduct of petroleum refining, ethane is used to manufacture ethylene, which is used to make the common plastic polyethylene at the Braskem Idesa plant known as Etileno XXI near the Gulf coast port of Coatzacoalcos.

Under the terms of the contract, which the company said was won fairly and approved by Mexican authorities, Pemex has had to supply ethane at below current market prices.

Braskem Idesa said the price formula had "no preference or advantage" and was typical of long-term raw material contracts and consistent with prices Pemex charged in the 16 years before. Braskem Idesa said it had invested $5.2 billion in the plant.

Lopez Obrador, who has sought to discredit the governments of Calderon and his successor Enrique Pena Nieto, said in February that authorities were analyzing canceling the contract.

Pemex did not respond to a request for comment. (Reporting by Dave Graham, Stefanie Eschenbacher and Raul Cortes Fernandez; Editing by Nick Zieminski and Steve Orlofsky)


Stocks mentioned in the article
ChangeLast1st jan.
BRASKEM S.A. -3.39% 23.4 End-of-day quote.-21.61%
LONDON BRENT OIL -1.35% 38.81 Delayed Quote.-38.33%
WTI -1.30% 37.135 Delayed Quote.-36.69%
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Financials
Sales 2020 53 253 M 9 291 M 9 291 M
Net income 2020 -3 506 M -612 M -612 M
Net Debt 2020 38 646 M 6 743 M 6 743 M
P/E ratio 2020 -5,19x
Yield 2020 0,01%
Capitalization 18 263 M 3 185 M 3 186 M
EV / Sales 2020 1,07x
EV / Sales 2021 0,98x
Nbr of Employees 4 700
Free-Float 25,4%
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Technical analysis trends BRASKEM S.A.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 28,36 BRL
Last Close Price 23,40 BRL
Spread / Highest target 70,9%
Spread / Average Target 21,2%
Spread / Lowest Target 0,43%
EPS Revisions
Managers
NameTitle
Roberto Lopes Pontes Simões President & Chief Executive Officer
José Mauro Mettrau da Cunha Chairman
Pedro van Langendonck de Freitas CFO & Investor Relations Officer
João Cox Neto Vice Chairman
Gesner José de Oliveira Filho Independent Director
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