China National Drying Network Co., Ltd. reported that Brazil’s national chemical company (Braskem) suffered losses for the third consecutive quarter in the midst of an internal crisis. Petrobras also lost 1.346 billion reais in the second quarter. However, industry sources pointed out that the Brazilian government's economic stimulus package will gradually become effective, and the performance of the Brazilian chemical industry is expected to improve.
The two major state-owned petrochemical companies attributed the losses to the continued appreciation of the Real, the slowdown in global economic growth that led to a decrease in exports, and the impact of imported petrochemical products on the domestic market. Carlos Faddigas, chief executive of Brazil's National Chemicals, said that higher electricity costs, lack of incentives for innovation, and high taxes have severely hampered investment in the Brazilian chemical industry. However, all this will change with the implementation of a package of economic stimulus plans such as tax cuts, interest rate cuts, and infrastructure construction.
Brazilian Minister of Industry and Trade Development Fernando Pimente said in a meeting with the head of the Brazilian Polyethylene Terephthalate Industry Association (Abipet) on August 21 that the Brazilian government is planning to announce a new target for the plastics industry. Industrial policy.
Pimente said that the new policy may be similar to a series of preferential policies for automakers that have been enacted before, that is, tax cuts to encourage manufacturers to use locally produced Brazilian components and reduce carbon emissions. "The new policy of the plastics industry will also focus on encouraging the reduction of carbon emissions, increasing energy efficiency and introducing new technologies." It is reported that this policy will cover most of the plastics industry.
On August 15, the Brazilian government announced a 25-year investment plan with a total investment of 133 billion reais, including the construction of 7,500 kilometers of highways and 10,000 kilometers of railways, as well as the expansion and expansion of airports and ports. The plan will invest 79.5 billion reais in the first five years.
Carlos Fadygas, chief executive of Brazilian National Chemicals, said on August 21 that the economic stimulus plan will help expand the market demand for company products. Fardigas also stated that the current global economic slowdown will not affect the company’s investment plan for the Comperj petrochemical complex that is being built in Rio de Janeiro. Fardigas is very much looking forward to the policy of Brazilian President Rosoff to reduce the cost of electricity in enterprises. Because the cost of electricity generally accounts for 30% of the total production cost of PVC resin, the implementation of this policy will help improve the company's competitiveness.
Brazil’s state chemical company stated that some economic stimulus policies that will be effective in the second half of this year are expected to reduce the payroll taxes of manufacturers and reduce the investment loan interest rate of enterprises.
In April, Brazilian President Dilma Rousseff announced that it would implement a total of about R$ 65 billion in tax rebates and other stimulus measures. According to this economic stimulus plan, the Brazilian government will cut the R$ 12.1bn payroll tax before 2013. This tax reduction measure is aimed at industries that have suffered severe impact from imported products.
Brazil's National Chemical Company stated that the Brazilian Chemical Industry Competitiveness Committee’s proposal to increase chemical production capacity and develop renewable chemicals will have a more significant boost to Brazil’s chemical industry. The company estimates that the committee’s proposal will encourage companies to invest R$ 80 billion. In addition, the 2014 Football World Cup and the 2016 Olympic Games will also have a huge impetus for the Brazilian economy.
At the same time, Brazil’s two major petrochemical giants have stepped up their domestic investment. On August 17th, Brazil’s National Chemical Corporation invested a total of R$1.0 billion and 200,000 tons/year of the largest PVC plant in Latin America, which was the single largest investment project in the country since its establishment in 10 years. . Petrobras announced on August 29 that by 2016, it will invest US$71.6 billion in downstream operations, focusing on the modernization of refinery industrial parks and capacity expansion. Its downstream business unit is currently stepping up the deployment of 255 projects, focusing on the Afremov and Lima refineries and the Rio de Janeiro petrochemical complex, which is expected to increase the refinery capacity of Petrobras by 400,000 barrels per day.
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