By Jeffrey T. Lewis
SÃO PAULO–Braskem’s shares rose 3.4% after the Brazilian chemical company said it reached an agreement to supply Indorama Ventures IOD-Oxiteno with bio-attributed ethylene.
Shares reached 18.28 reais, the equivalent of $3.73, and were down 22% from the end of last year through Friday’s close. Brazil’s benchmark Ibovespa stocks index was up 0.3% in mid-morning trading.
Braskem didn’t provide information on how much of the reduced-carbon compound Oxiteno would be purchasing. Ethylene is used as a raw material to make polyethylene and other industrial chemicals.
Bio-attributed ethylene is produced from traditional carbon sources, along with recycled or renewable components that give the product a more sustainable profile, Braskem said.
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