Innova SA Project Summary Of Project Information (SPI)       Project Name    Brazil:  Innova S.A.                                                            Region    Latin America and the Caribbean      Sector   Project No8333   Projected Board DateSeptember 17, 1998   Company NameInnova S.A.   Technical Partner and/or Major Shareholders    	Innova is owned by Perez Companc International, an off-shore holding company for the investment activities of Perez Companc S.A. (PC) of Argentina. PC is involved in oil and gas production and exploration services, refineries and petrochemicals, electricity generation and transmission, and gas transmission and distribution. It is also involved in construction and telecommunications.    Project Cost Including proposed IFC investment    	The total Project cost is US$288.5 million. IFC''s proposed investment is US$185 million, consisting of an A Loan of US$20 million, a B Loan of US$160 million and an equity participation of US$5 million.     Location of project and Description of site    	The Project is located in the Triunfo petrochemical complex (37 miles from Porto Alegre) in the Rio Grande do Sul state in Brazil. The Triunfo complex comprises the Copesul naphtha cracker at the core of the facility and seven second-generation producers, in addition to Innova. The site is well connected by road with the major market centers of the São Paulo/Rio de Janeiro and Montevideo/Buenos Aires areas.    Description of Company and Purpose of Project    	Innova was set up in 1997 to build and operate a styrene/polystyrene production facility in the Triunfo complex. The Project consists of: the purchase and rehabilitation of an existing 190,000 tons ethylbenzene plant located in Triunfo; the construction of a new 180,000 tons styrene monomer unit and two new polystyrene plants with a total capacity of 120,000 tons of polystyrene; and the necessary offsites and utilities. Renewed stability and growth in Brazil and other economies in the region have created increased demand for polystyrene and other styrene derivatives. The region as a whole is a net importer of both products. The Project is expected to fill part of the Brazilian and regional shortfall in styrene and polystyrene production.     Environmental Category and Issues    	This is a Category B Project according to the IBRD''s environmental standards. Innova has efficient air pollution prevention equipment installed on the existing ethylbenzene plant and the new units will also comply with local requirements and IBRD guidelines. The spent catalyst from the ethylbenzene plant will be recycled for use by tanning industries in wastewater treatment. Innova''s wastewater will, after pre-treatment, be transferred to the central wastewater treatment facility (SITEL) within the Triunfo comlex. Innova will have a limited generation of solid wastes, which will be disposed of through the waste handling facilities established within Triunfo. The ethylbenzene unit was designed and certified according to both ISO 9000 and ISO 14000, and Innova will seek re-certification after start-up, with the same certification standard applied to the styrene and polystyrene units. There is some localized ethylbenzene contamination in the ethylbenzene plant site, which is being addressed by Innova under the supervision of FEPAM, the local environmental authority. The Innova project was part of the original petrochemical complex planning, which included public consultation. Innova has also published its plans and applications as part of the construction permitting process.    The  is   from the InfoShop.       Host country location of environmental documents    Innova S.A., Rod. Tabaí/Canoas -BR 386-Km 419-Polo Petroquímico, 95853-000, Triunfo/RS, Brazil      Date SPI sent to InfoShop August 17, 1998   This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporations Board of Directors.  It is provided for the purpose of enhancing the transparency of IFCs activities and should not be construed as presuming the outcome of IFC Board consideration.    For Additional Information contact:  Corporate Relations Unit -   telephone: (202) 473-7711   facsimile: (202) 974-4384  Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).