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Cepsa set to sell off PET/PTA operations

February 16/2015

MOSCOW (MRC) -- Compania Espanola de Petroleos, S.A.U. (CEPSA), an integrated energy company, through its subsidiary Cepsa Quimica S.A., intends to sell two Polyethylene terephthalate (PET) and purified terephthalic acid (PTA) production plants in southern Spain and Canada, according to Researchviews.

According to the reports, Indorama Ventures PCL will be the bidder for the transaction.

Cepsa Quimica operates one Guadarranque facility near Gibraltar at San Roque, Spain, with capacities of 480,000 tpa of PTA, 175,000 tpa PET and 220,000 tpa of purified isophthalic acid (PIA). The other facility is located in Montreal, Quebec, Canada, with a capacity of 550,000 tpa of PTA.

The Spanish group is reported to be planning greater internationalisation of its overall chemicals business. Cepsa is understood to have informed its San Roque workforce representatives of its ongoing negotiations, according to Spanish media reports.
Cepsa acquired the former Artenius PET line, already fed by its San Roque PTA operation, for ?32m back in January 2011 from the since bankrupt Catalan PET packaging group La Seda de Barcelona.
Indorama group subsidiary Indorama Ventures (IVL) has been building up its PET operations in southern Europe since last year with two recent acquisitions in Turkey. In the second quarter of last year, IVL bought La Sedas local 130,000 tpa Artenius Turkpet PET plant in Adana.
This month, IVL announced it was raising its Turkish capacity to 346,000 tpa by taking over the new 228,000 tpa Istanbul PET facility of Polyplex Europa Polyester Film San ve Ticaret A.S.
Indorama has stated that it aims to consolidate its position in southern Europe to improve its costs and competitiveness in key regional beverage industry markets.
Author:Anna Larionova
Tags:PET, Cepla, Indorama Polymers, Spain.
Category:General News
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