About Braskem

Braskem S.A. (Braskem) operates as a producer of plastics in the Americas. The company is the only integrated petrochemical company producing basic chemicals and polymers in Brazil, and the largest producer of PE in Mexico and of PP in the United States according to CMA, serving customers in 70 countries. The company’s customers use its plastics and chemicals to manufacture a wide range of products that people use in their everyday lives to address their essential needs related to food packaging, home furnishings, industrial and automotive components, paints, and coatings. The company is the global leader in green PE production and benefit from the company’s proximity to Brazil, which is one of the largest renewable energy producers in the world. As of December 31, 2022, the company’s business operations were organized into three segments, which corresponded to the company’s principal production processes, products and services. The company’s reportable segments were as follows: The company’s Brazil Segment includes production and sale of chemicals at the chemical complex located in Camaçari, in the state of Bahia, or the Northeastern Complex, the chemical complex located in Triunfo, in the state of Rio Grande do Sul, or the Southern Complex, the chemical complex located in Capuava, in the state of São Paulo, or the São Paulo Complex and the chemical complex located in Duque de Caxias, in the state of Rio de Janeiro, or the Rio de Janeiro Complex; supply of electricity and other inputs produced in these complexes to second-generation producers located in the petrochemical complexes; production and sale of PE, including the production of ‘green PE’ from renewable resources, and PP produced by the company in Brazil; and the company’s production and sale of PVC and caustic soda. The company’s USA and Europe Segment includes its production, operations, and sale of polypropylene in the United States and Germany. The company’s Mexico Segment includes its production, operations and sale of ethylene, HDPE (high-density polyethylene) and LDPE (low-density polyethylene) in Mexico. Global Strategy In 2022, the company reviewed and consolidated the company’s global strategy for the period ending in 2030. The company’s global strategy is anchored in strategic pillars and foundations with a focus on creating value through balanced capital allocation, prioritization of investments in growth avenues, and the objective of returning value to the company’s shareholders over the petrochemical cycles. Strategic Pillars The strategic pillars of the company’s global strategy include productivity and competitiveness; sustainability; growth and diversification; and innovation. Growth Avenues Pursuant to the company’s global strategy, the principal growth avenues the company intends to pursue are: Traditional Businesses: To grow the company’s current businesses through selective investments, including improvements in productivity and competitiveness, without impacting the continuous implementation of the decarbonization of the company’s assets, in line with the commitments for achieving carbon neutrality by 2050 and reducing scope 1 and 2 emissions by 15% by 2030. With respect to this growth avenue, the following projects are examples of focus areas, among others: Ethane Import Terminal Construction Project in Mexico: To advance the construction of an ethane import terminal in Mexico, which will allow the diversification of the feedstock supply and operation of Braskem Idesa at full capacity; Transform for Value Program: To advance the global efficiency program to accelerate improvement initiatives in different areas of the Company, generating value through process optimization; and Industrial De-carbonization Program: To advance initiatives that aim to reduce scope 1 and 2 carbon emissions in line with the commitments the company expects to be fulfilled by 2030. Bio-based: To continue to grow in bio-based resins and chemical products and expand the use of renewable feedstocks, in line with the company’s commitment to increase the company’s Green products production capacity to one million tons by 2030. With respect to this growth avenue, the following projects are examples of focus areas, among others: Expand the current production capacity of green ethylene at the Triunfo Petrochemical Complex in the State of Rio Grande do Sul: to conclude the expansion of current green ethylene production capacity from 200 thousand tons per year to 260 thousand tons per year, using feedstock derived from sugarcane ethanol; Build a new green ethylene plant in Thailand (MOU with SCG Chemicals): to move forward with feasibility studies to invest jointly with SCG Chemicals in the construction of a new green ethylene plant in Thailand; Joint licensing of green ethylene technology: to advance the partnership to develop and license Braskem’s technology to produce green ethylene in partnership with Lummus Technology; and Joint-venture for the production and commercialization of bioMEG and bioMPG: to move forward with the joint-venture formed by Sojitz and Braskem to produce monoethylene glycol (‘bioMEG’) and monopropylene glycol (‘bioMPG’) from sustainable raw materials. Recycling: to grow the company’s circular products portfolio through mechanical recycling, and to increase the use of circular feedstocks through chemical recycling, in line with the commitment to grow to one million tons of resins and chemicals products with recycled content by 2030. With respect to this growth avenue, the following projects are examples of focus areas, among others: Construction of the first chemical recycling unit in Brazil: to advance the partnership with Valoren for the construction of the first chemical recycling unit in Brazil; Partnership for the development of recycling technology: to move forward with the joint-venture with Terra Circular to develop technology capable of converting low-quality plastic waste into final products; Acquisition of equity interest in a recycling company: to move forward with the strategic plan for doubling the production capacity of Wise Plásticos S.A., reaching around 50 thousand tons by 2026. In 2023, the company intend to maintain its focus on initiatives to optimize and maximize the operation of the company’s industrial assets as a way to capture commercial opportunities and synergies between the company’s businesses; initiatives related to cost discipline through the reduction of fixed and variable costs and the implementation of the Transform for Value program; prioritizing and executing high-value investments and projects, aligned with the company’s growth avenues in traditional businesses, renewables and recycling; and progress on the fronts related to the geological event in Alagoas, including the Financial Compensation and Relocation Support Program and the stabilization of salt wells. In 2022, the company formed Sustainea, a joint venture between Sojitz and Braskem, which will provide cutting-edge plant-based chemicals with lower CO2 production footprints. The joint venture offers two products: bioMEG, a raw material used to produce PET, a product used to create bottles, textiles, and other types of packaging; and bioMPG, a raw material utilized in industrial, cosmetic, and personal care goods. Reportable Segments Brazil Segment The company has four petrochemical complexes in the Brazil Segment that mainly use naphtha, ethane/propane and refinery light hydrocarbons (RLH) as feedstock to produce ethylene, propylene, and its respective chemical products, which subsequently are used as feedstock to make thermoplastic resins (PE, PP and PVC) or sold to third parties. As of December 31, 2022, the company’s Brazil Segment had the largest annual PE, PP and PVC production capacity in South America, according to CMA. Chemicals Operations that are Part of the company’s Brazil Segment The company’s chemicals operations that are part of the company’s Brazil Segment comprised the chemical’s operations conducted by the company in the Northeastern Complex, the Southern Complex, the São Paulo Complex and the Rio de Janeiro Complex. The company’s chemicals operations that are part of the company’s Brazil Segment produce olefins, such as ethylene, polymer and chemical grade propylene, butadiene and butene-1; BTX products; fuels, such as automotive gasoline, liquefied petroleum gas, or LPG, ethyl tertiary-butyl ether, or ETBE, and methyl tertiary-butyl ether, or MTBE; intermediates, such as cumene; aliphatics, aromatics and hydrogenated solvents; and specialties such as isoprene, dicyclopentadiene, or DCPD, piperylene, nonene, tetramer, polyisobutylene, or PIB, and hydrocarbon resins. The products of the company’s chemicals operations that are part of the company’s Brazil Segment are used primarily in the manufacture of intermediate second-generation petrochemical products, including those manufactured by the company’s polyolefins and vinyls operations that are part of the company’s Brazil Segment. The company’s chemicals operations that are part of the company’s Brazil Segment also supply other second-generation producers in each of the petrochemical complexes in which the company operate, and other companies located outside of these complexes, and renders services to those producers. Products of The company’s Chemicals Operations that are Part of the company’s Brazil Segment The company’s other business units and third-party petrochemical producers use ethylene and propylene produced by the company’s chemicals operations that are part of the company’s Brazil Segment to produce second generation products such as polyethylene, polypropylene, and PVC. The company also sells butadiene, a variety of aromatics, including BTX products, and intermediates, such as cumene, to third-party petrochemical producers for use as raw materials in the production of a variety of second generation products, including synthetic rubber, elastomers, resins, nylon fibers, ethyl benzene (which is used to make styrene monomer/polystyrene), linear alkyl benzene, purified terephthalic acid, dimethyl terephthalate, bisphenol A, a feedstock for the production of polycarbonate resins, phthalic anhydride, plasticizers and paint. Supply Contracts with Petrobras Throughout 2022, Braskem and Petrobras (Petrobras – Petróleo Brasileiro S.A.) had existing naphtha supply contracts to provide naphtha for the company’s plants in the Southern Complex, the Northeastern Complex, and the São Paulo Complex. All contracts have a term of five years until the end of 2025. Other Supply Contracts As part of the company’s strategy to diversify its sources of supply of naphtha, the company is acquiring naphtha and condensate under annual supply arrangements with international suppliers. Electricity To supply the company’s industrial operations in Brazil, which represented 76.4% of the company’s global electric consumption in 2022, the company self-generated 24.2% of the company’s electrical energy consumption. 33.1% of the company’s demand in 2022 was supplied by Companhia Hidrelétrica do São Francisco, or CHESF, a Brazilian government-owned electric power generation company, pursuant to a power purchase agreement that will remain valid until 2037. The remaining energy is supplied primarily under long-term contracts with several suppliers in the free energy market (Mercado Livre de Energia). Sales and Marketing of The company’s Chemicals Operations that are Part of the company’s Brazil Segment The company sells most of its chemical products in Brazil to third-party petrochemical producers. The company sells the remainder of its chemical products to customers in the United States, Europe, South America, and Asia. Domestic Sales of Chemicals As part of the company’s commercial strategy, the company’s chemicals operations that are part of its Brazil Segment focuses on developing long-term relationships with the company’s customers and entering into long-term supply contracts that provide for minimum and maximum quantities to be purchased on a monthly basis. Export Sales of Chemicals The company is focused on maintaining the company’s leading position in the Brazilian market, while continuing to use the company’s exports to optimize the company’s operations and adjust the imbalances between demand and production. Since the company export large volumes of certain products, the company also develop long-term relationships with international customers through contracts that minimize the company’s exposure to market conditions and mitigate risk. Polyolefins Operations that are Part of the company’s Brazil Segment As of December 31, 2022, the company’s polyolefins production facilities had the largest annual production capacity of all second-generation producers of polyolefins products in Latin America. The company’s polyolefins operations that are part of the company’s Brazil Segment comprised the operations conducted by the company at nine polyethylene plants and five polypropylene plants located in the Northeastern Complex, the Southern Complex, the São Paulo Complex and the Rio de Janeiro Complex. Products of The company’s Polyolefins Operations that are Part of the company’s Brazil Segment The company’s polyolefins operations that are part of the company’s Brazil Segment produce polyethylene, including LDPE, LLDPE, HDPE, UHMWPE, EVA and ‘green polyethylene’ from renewable resources; and polypropylene. The company manufactures a broad range of polyolefins for use in consumer and industrial applications, including plastic films for food, agricultural and industrial packaging; bottles, shopping bags and other consumer goods containers; automotive parts; engineering and infra-structure goods; and household appliances. The company provides technical assistance to its customers to meet their specific needs by adapting and modifying the company’s polyethylene and polypropylene products. Other Materials and Utilities The company’s Unipol polyethylene plants in the Northeastern Complex and Rio de Janeiro Complex use catalysts supplied by Univation Technologies. The company’s HDPE plant in the São Paulo Complex uses catalysts supplied by W.R. Grace & Co. The catalysts for the company’s swing line LLDPE/HDPE plants are purchased from Basell Poliolefine Italia S.R.L. and Equistar Chemicals, L.P (collectively, ‘Basell’). The company produces its own catalysts for its HDPE slurry plants in the Southern and Northeastern Complexes, and the company purchases the inputs that the company need to produce these catalysts from various suppliers at market prices. The company’s polypropylene plants use catalysts primarily supplied by Basell, while the company imports certain catalysts from suppliers in the United States and Europe. Supply of The company’s Polyolefins Operations that are Part of the company’s Brazil Segment Propylene Contracts with Petrobras and its Subsidiaries In December 2021, Petrobras and Braskem entered into five new propylene contracts, to be supplied by REPLAN, REVAP, REPAR, REDUC and RECAP, which replaced the existing contracts. These contracts expire between 2026 and 2029 and are priced on international references to assure the competitiveness of feedstock. Other Materials and Utilities The company’s polyolefins operations that are part of the company’s Brazil Segment use butene and n-hexane as raw materials in the production of HDPE and LLDPE. Butene is consumed from the company’s chemicals operations that are part of the company’s Brazil Segment, and the company imports n-hexane from suppliers located in U.S. Gulf Coast. The company’s Unipol polyethylene plants in the Northeastern Complex and Rio de Janeiro Complex use catalysts supplied by Univation Technologies. The company’s HDPE plant in the São Paulo Complex uses catalysts supplied by W.R. Grace & Co. The catalysts for the company’s swing line LLDPE/HDPE plants are purchased from Basell Poliolefine Italia S.R.L. and Equistar Chemicals, L.P, or, collectively, Basell. The company produces its own catalysts for its HDPE slurry plants in the Southern and Northeastern Complexes, and the company purchases the inputs that the company needs to produce these catalysts from various suppliers at market prices. The company’s polypropylene plants use catalysts primarily supplied by Basell, while the company imports certain catalysts from suppliers in the United States and Europe. Sales and Marketing of The company’s Polyolefins Operations that are Part of the company’s Brazil Segment Through the company’s polyolefins operations that are part of the company’s Brazil Segment, the company sells polyethylene and polypropylene products to 1,475 customers worldwide. The company has a diversified product mix that allows the company to serve a broad range of end users in several industries. The customers of the company’s polyolefins operations that are part of the company’s Brazil Segment generally are third generation petrochemical producers that manufacture a wide variety of plastic-based consumer and industrial goods. Domestic Sales The company is focused on developing long-term relationships with the company’s customers. The company works closely with its customers to provide technical assistance and to coordinate the production and delivery of the company’s products. In addition to direct sales of polyolefins to the company’s customers, through the company’s polyolefins operations that are part of the company’s Brazil Segment the company sells products in Brazil through exclusive independent distributors. The company’s polyolefins operations that are part of the company’s Brazil Segment is served by five distributors, through which the company distributes its products pursuant to formal agreements and spot market transactions. The company has selected its distributors based on their ability to provide full service to their customers, and also based on their background. These distributors sell the company’s polyethylene and polypropylene products to manufacturers with lower volume requirements and are able to aggregate multiple orders for delivery. They have a wide coverage network in Brazil and, as a result, expand the Braskem brand. Furthermore, by providing customized services and serving smaller customers through a network of distributors, the company’s account managers focus their efforts on delivering high quality service to a smaller number of large and medium direct customers. Export Sales The company’s volume of polyolefins export sales has generally varied based upon the level of domestic demand and the total production availability for the company’s products. The company’s polyolefins operations that are part of the company’s Brazil Segment has sales office in Argentina, Chile, Peru and Colombia. These offices are used to consolidate the company’s marketing efforts in South America, one of the company’s key markets outside of Brazil for this business unit. The company’s polyolefins operations that are part of the company’s Brazil Segment also uses the company’s European, Mexican and the U.S. sales force in order to improve the profitability of the company’s sales. In each of these regions, the company has specific commercial strategies in connection with exports coming from Brazil, which complements the company’s local product availability. The company has established a strategic position in the polyolefins business in South America, North America, Europe and Asia through regular direct sales, local distributors and agents who understand their respective markets. The company’s strategy to increase its presence in these foreign markets is intended, among other things, to reduce the company’s exposure to the cyclicality of the international spot market for polyolefins through the development of long-term relationships with customers in neighboring countries. The company’s local presence allows the company to further enhance the company’s position in those markets and sell the company’s polyolefins operations that are part of the company’s Brazil Segment’s products through the company’s USA and Europe Segment. The main focus of the company’s polyolefins operations that are part of the company’s Brazil Segment is to maintain the company’s leading position in the Brazil and South America reinforcing the company’s commitment to the plastic industry chain in the region, maintaining the company’s position as a leader in polyolefins through a continued local presence and regular product supply. Vinyls Operations that are Part of the company’s Brazil Segment The company was the leading producer of PVC in Brazil, based on sales volumes and installed capacity in 2022. As of December 31, 2022, the company’s PVC production facilities had the largest annual production capacity in South America, according to CMA. The company’s PVC production is integrated through the company’s production of chlorine, ethylene and other raw materials. The main use of PVC is for pipes and fittings and other products related to the civil construction market. The company’s vinyls operations that are part of its Brazil Segment also manufacture caustic soda, which is mainly used by producers of alumina, pulp and paper, and in the soap industry. In 2022, the company had an approximate 51.0% share of the Brazilian PVC market and 29.5% of market share of the Brazilian caustic soda market (excluding consumption of alumina by companies located in the North and Northeast of Brazil), based on sales volumes of the company’s vinyls operations that are part of the company’s Brazil Segment. Sales and Marketing of The company’s Vinyls Operations that are Part of the company’s Brazil Segment The company makes most of its sales of PVC and caustic soda directly to Brazilian customers, but the company uses third-party distributors to serve smaller caustic soda customers. However, the company’s vinyls operations that are part of the company’s Brazil Segment maintain contractual relationships through five distribution centers that provide logistical support, located in Paulínia and Barueri, both in the state of São Paulo, Joinville, in the state of Santa Catarina, Extrema, in the state of Minas Gerais, and Araucaria, in the state of Paraná. In addition, the company operates 12 warehouse facilities for PVC, on a non-exclusive basis, and five terminal tank facilities for caustic soda strategically located along the Brazilian coast to enable the company to deliver its products to its customers on a ‘just-in-time’ basis. The company’s vinyls operations that are part of the company’s Brazil Segment develops its business through close collaboration with its customers, working together to improve existing products, as well as to develop new applications for PVC. The company’s marketing and technical assistance groups also advise customers that are considering the installation of manufacturing equipment for PVC downstream products. In addition, the company’s vinyls operations that are part of the company’s Brazil Segment supplies the Brazilian market with emulsion PVC and other copolymers with higher value by imports through traders. The company’s primary customers operate in the laminated, shoe and automobile sectors. Competition PVC Braskem competes with Unipar Indupa’s Argentina production facilities and other importers of PVC. USA and Europe Segment The company’s USA and Europe Segment includes the operations of Braskem America, which consist of five polypropylene plants in the United States and one Ultra High Molecular Weight Polyethylene – the UTEC plant; and the operations of two polypropylene plants in Germany. As of December 31, 2022, the company’s USA and Europe Segment’s facilities had the largest annual polypropylene production capacity in the United States. In June 2014, the company announced the construction of an UHMWPE production line in the company’s La Porte, Texas site, which began producing UTEC in the first quarter of 2017. The production of specialized UHMWPE at this line complements the company’s existing portfolio of products and will enable the company to access new markets and to develop close relationships with new and existing clients. In June 2017, the company announced the construction of a Polypropylene Unit (‘Delta’) at the company’s La Porte, Texas site. Aligned with the strategy to diversify the raw materials matrix and geographic expansion in the Americas, this is a new world-class PP production facility with an annual polypropylene production capacity of 450,000 tons. In September 2020, the company announced that after completing the commissioning phase, the company have started commercial production of PP at this new plant. This investment reinforces the company’s PP leadership position in the region, as it will enable the company to replace imported PP volumes in the North American domestic market and also scale up the company’s exports supporting structural global demand with existing global clients. Products of The company’s USA and Europe Segment The company’s USA and Europe Segment produces polypropylene. The sales volume of polypropylene by this unit was 2,156,289 tons in 2022. Raw Materials of The company’s USA and Europe Segment Propylene The company has secured a long-term propylene agreement of 15 years with one such company, Enterprise Products, which completed construction of a PDH plant in Texas in 2017 with an annual capacity of 750,000 tons. Sales and Marketing of The company’s USA and Europe Segment The company’s USA and Europe Segment sells polypropylene products to 407 customers. The company has a diversified product mix that allows the company to serve a broad range of end users in several industries. The customers of the company’s USA and Europe Segment generally are third generation petrochemical producers that manufacture a wide variety of plastic-based consumer and industrial goods. The remainder of the polypropylene production of the USA and Europe Segment is sold through the company’s direct sales force that seeks to establish supply relationships with customers; a select number of distributors authorized to represent the Braskem brand in the U.S. and European markets; resellers that trade these products under private labels in the North American and European markets; and traders that resell these products in the export markets. Mexico Segment Braskem and Idesa, one of Mexico’s leading petrochemical groups, formed Braskem Idesa S.A.P.I. in April 2010, with Braskem holding 75% of the total share capital and Idesa holding the remaining 25%, to develop, construct and operate the Mexico Complex, located in the Mexican state of Veracruz. During April 2016, Braskem Idesa commenced commercial operations of the Mexico Complex. As of December 31, 2022, the company’s Mexico Segment had the largest annual polyethylene production capacity in Mexico. Products of The company’s Mexico Segment The company’s Mexico business unit produces ethylene, HDPE and LDPE at the company’s Mexico Complex. The company uses all of the ethylene produced by the company’s Mexico Complex as raw material for the production of polyethylene by this complex. The sales volume of polyethylene by this unit was 766,558 tons in 2022. The company’s Mexico Complex manufactures a broad range of polyethylene grades for use in consumer and industrial applications, including plastic films for food and industrial packaging, bottles, shopping bags and other consumer goods containers, automotive parts, and household appliances. Raw Materials of The company’s Mexico Segment Ethane The company sources ethane, from two main sources. Approximately 50% to 60% of total ethane needs is sourced under the Ethane Supply Agreement with Pemex TRI, a state-owned Mexican entity, while the remaining is complemented with imported ethane coming from the United States and delivered to the company’s Complex through freight trucks that transport cryogenic isocontainers as part of the Fast Track Solution. Braskem Idesa also intends to develop the Ethane Import Terminal, a long-term alternative source of imported ethane, and a pipeline that will connect the terminal directly to the company’s Complex, through its subsidiary Terminal Química Puerto Mexico, S.A.P.I. (‘TQPM’). The expected ethane capacity of the Ethane Import Terminal would be enough to fulfill the total ethane needs for the Mexico Complex. This terminal would provide the capacity to import more ethane than the company requires. As a result, the company’s Mexico Segment will be able to source its total needs towards increasing the company’s polyethylene production and taking advantage of the forecasted demand for polyethylene products in North America and globally. Other Materials and Utilities The company’s Mexico Segment uses natural gas as the main fuel for its production process, which is supplied mainly private suppliers using the pipelines that are the property of the Centro Nacional de Control del Gas Natural (‘Cenagas’). In the first quarter of 2021, Braskem Idesa entered into a natural gas transport service agreement with Cenagas for a term of 15 years, which is in full force and effect. The company’s Mexico Segment uses catalysts supplied by Ineos Europe Limited. Supply Contracts of the Mexico Segment Ethane The primary feedstock in the company’s polyethylene production process is ethane. Braskem Idesa sources ethane from two main sources: locally, pursuant to the Ethane Supply Agreement with Pemex TRI, a state-owned Mexican entity; and imports from the United States and delivered to the company’s Complex through freight trucks that transport cryogenic isocontainers as part of the Fast Track Solution. Ethane Supply Agreement (Pemex TRI) Braskem Idesa is party to an ethane supply agreement with Pemex TRI, a subsidiary of Pemex, dated February 19, 2010, based on commercial conditions (‘BI’s Ethane Supply Agreement’). Ethane Supply Agreement (Fast Track) On February 25, 2020, Braskem Idesa entered into an open order quantity agreement with Braskem Netherlands for the supply of liquid ethane with a minimum purity level of 95% in effect until 2021, the BNL Ethane Supply Agreement. (the ‘BI-BNL Ethane Supply Agreement’). On October 9, 2021, January 24, 2022 and September 27, 2022, the company entered into an amendment to the BI-BNL Ethane Supply Agreement (the ‘BI-BNL Ethane Supply Agreement Amendment’) in order to enhance the alternate ethane supply provided to the company by the Fast-Track Solution. The purpose of the BI-BNL Ethane Supply Agreement Amendment is the additional acquisition of the supply volume of liquid ethane above the maximum amount of the BI-BNL Ethane Supply Agreement loaded from February 2021 to December 31, 2022. Sales and Marketing of The company’s Mexico Segment As of December 31, 2022, the company’s Mexico Segment sold polyethylene products to 213 customers in the Mexican market. The company has a diversified product mix that allows the company to serve a broad range of end users in several industries. The customers of the company’s Mexico Segment generally are third generation petrochemical producers that manufacture a wide variety of plastic-based consumer and industrial goods. Domestic Mexican Sales In addition to direct sales of polyethylene to the company’s customers, the company’s Mexico Segment sells products in Mexico through independent distributors. The company’s Mexico Segment is served by distributors through which the company distributes its products pursuant to formal agreements and spot market transactions. Competition The company competes in Mexico with a subsidiary of Pemex and with importers of polyethylene, primarily producers located in the United States and Canada. Research and Development The company’s research and development expenses included (Brazilian real) R$374.5 million in 2022. Maintenance Most of the company’s maintenance is performed by third-party service providers. For example, the company has contracts with Tenenge – Montagem e Manutenção Ltda. (a subsidiary of Novonor S.A.), Asea Brown Boveri Ltd, Rip Serviços Industriais S.A, In Haus Industrial and other service providers to perform maintenance for the company’s basic petrochemical plants and other units. The company also performs some of its ordinary course maintenance with the company’s small team of maintenance technicians, which also coordinate the planning and execution of maintenance services performed by third parties. History The company was founded in 1972 as Petroquímica do Nordeste Copene Ltda. It was incorporated as a corporation under the laws of Brazil in 1974 and the name was changed to Copene Petroquímica do Nordeste S.A. In 2002, the company changed its name to Braskem S.A.