Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ______       No ___X___

BRASKEM S.A.
C.N.P.J No. 42.150.391/0001 -70 - NIRE 29300006939
MINUTES OF THE 535th MEETING OF THE BOARD OF DIRECTORS
HELD ON NOVEMBER 6, 2007

On November 6, 2007, at 2:00 p.m., at the Company’s offices located at Avenida das Nações Unidas, 4.777, in the City of São Paulo, State of São Paulo, CEP 05.477 -000, the five hundred and thirty-fifth (535^th) Meeting of the Board of Directors of BRASKEM S.A. was held with the presence of the undersigned Board Members. The Board Members Alvaro Fernandes da Cunha Filho, Luiz Fernando Cirne Lima and Patrick Horbach Fairon, as well as the respective alternates, did not attend the Meeting, and were represented, respectively, by Messrs. Alvaro Pereira Novis, Ruy Lemos Sampaio and Edmundo José Correia Aires, according to the representation letters previously submitted in compliance with the procedure set out in the Bylaws of the Company. The representative of the Company’s Fiscal Board Mr. Ismael Abreu, the Chief Executive Officer José Carlos Grubisich, Officers Carlos Fadigas and Mauricio Ferro, Mr. Nelson Raso and Ms. Ana Patrícia Soares Nogueira were also present at the Meeting. The Chairman of the Board of Directors, Pedro Augusto Ribeiro Novis, presided the meeting and Ms. Ana Patrícia Soares Nogueira acted as secretary. AGENDA: I) Subject for Deliberation: The following deliberations were unanimously taken: 1) PROPOSALS FOR DELIBERATION (“PD”) – after the due analysis of the respective terms and related documentation, the following Proposals for Deliberation were approved, copies of which were previously forwarded to the Board Members for cognizance and will remain filed at the Company’s headquarters: a) PD.CA/BAK-22/2007 – Chemical III – Credit Rights Investment Fund, in order to authorize the Board of Executive Officers to perform all the acts required to implement the Receivables Fund, pursuant to the terms and conditions described in the respective PD; b) PD.CA/BAK-23/2007 – Credit Facility by the National Economic and Social Development Bank (Banco Nacional de Desenvolvimento Econômico e Social – BNDES) (“BNDES”) and Mortgage Guarantee, to authorize the Board of Executive Officers (i) to enter into the BNDES Credit Facility, pursuant to the terms and conditions described in the respective PD; (ii) to perform all the acts necessary to establish a mortgage guarantee in favor of BNDES, according to the characteristics also described in such PD; and (iii) to enter into all documents and agreements required for implementation of the transaction under this deliberation. II) Subjects for Acknowledgment: The respective Officers and/or the parties responsible for the matters set out in this item of the agenda made the presentations and have provided the clarifications, namely: 1) the Company’s Results for the 3^rd quarter of 2007; 2) Update on the Financial Transactions; 3) Contribution of the Company’s ownership interest in CPP – Companhia Petroquímica Paulista to pay up the corporate capital subscribed by the Company in Petroquímica Paulínia S.A.; and 4) Updating on the Venezuela Project. III) Subjects of Interest of the Company: Updating on the restructuring process of Petroquímica (Sudeste e Integração Sul). IV) Adjournment- As there were no further subjects to be discussed, these minutes were drawn up, which, after read, discussed and found to be in order, are signed by all the Board Members present at the meeting, by the Chairman and by the Secretary. São Paulo/SP, November 06, 2007. [Signatures: Pedro Augusto Ribeiro Novis – Chairman; Ana Patrícia Soares Nogueira – Secretary; Alvaro Fernandes da Cunha Filho – Vice Chairman (by Alvaro Pereira Novis); Alvaro Pereira Novis; Antonio Britto Filho; Francisco Teixeira de Sá; José de Freitas Mascarenhas; José Lima de Andrade Neto; José Mauro Mettrau C. da Cunha; Luiz Fernando Cirne Lima (by Ruy Lemos Sampaio); Newton Sergio de Souza; Patrick Horbach Fairon (by Edmundo José Correia Aires)].

The above matches the original recorded on its own.

Ana Patrícia Soares Nogueira
Secretary

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 07, 2007