Braskem, Latin America's largest petrochemical company, plans to delay by as much as two years of investments worth $4.5 billion in Venezuela, the Valor Economico newspaper said, citing the company's vice president of international operations.

The company and Venezuela's state-owned Pequiven reached an accord to delay the investments because of a slump in global demand that created excess supply of plastics, Braskem's Roberto Ramos told Valor in an interview.

The companies' Propilsur joint venture is expected to go on stream in 2013, compared with late 2011 as previously planned, while the Poliamerica plant will begin production in 2014, two years later than expected, the daily newspaper said.

Braskem also wants to cut the planned investment costs as the initial figures took into account a heated market, which is no longer the case, Ramos told Valor.

(Reporting by Elzio Barreto; Editing by Derek Caney)