Nov. 24 (Bloomberg) -- Braskem SA and Petroleos del Peru SA said they will seek to build a $3 billion petrochemical plant on the Peruvian coast.

The plant, which may start producing 1 million metric tons a year of polyethylene by 2017, would be the only petrochemical plant on Latin America’s Pacific Coast, Braskem vice president Luis de Mendonca said today at the signing of a letter of intent in Lima.

To contact the reporter on this story: Alexander Emery in Lima at aemery1@bloomberg.net

To contact the editor responsible for this story: Robin Saponar at rsaponar@bloomberg.net