July 6, 2018 / 5:22 PM / 2 months ago

Mexichem agrees to buy Pemex's Petroquimica Mexicana de Vinilo stake

MEXICO CITY (Reuters) - Mexican chemicals and plastic pipe maker Mexichem said on Friday it had agreed to buy state oil firm Pemex’s stake in chemical manufacturer Petroquimica Mexicana de Vinilo.

Mexichem MEXCHEM said it would pay roughly $178.7 million for Pemex’s 44.09 percent stake in the company, while Pemex separately said that the sale would help it consolidate its finances.

Reporting by Daina Beth Solomon

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