AN INDUSTRY SIESTA

Abstract

MOTHER NATURE COULD NOT STOP executives from gathering in Mexico City earlier this month for the 25th annual meeting of the Latin American Chemical & Petrochemical Association (APLA). The Mexican government, on the other hand, has proven to be a more formidable obstacle to petrochemical industry progress in that country. The conference was originally planned for Cancun, but Hurricane Wilma slammed into the resort city two weeks before, and organizers had to scramble to relocate the conference to Mexico City. The conference went off without a hitch, and the 645 delegates who attended in Mexico City represented a mere 5% drop from the turnout expected at the original venue. Just like the meeting, the petrochemical industry in Mexico is facing adversity. In particular, the Phoenix Project—a proposed $1.9 billion joint venture between Mexico's state oil company Pemex, Nova Chemicals, Mexico's Grupo Idesa, and polypropylene producer Indelpro—has recently been shelved. The sticking point, Pemex officials ...