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Cepsa closes sale of its PTA business in Canada to Indorama

June 03/2015

MOSCOW (MRC) -- Cepsa concluded the sale of its purified terephtalic acid (PTA, raw material used to produce polyester) industrial plant in Montreal  to Thailand-based Indorama as part of its strategy to focus on higher growth petrochemical areas where it is a leader, said the producer in its press release.

The sale, which was first announced in March, has been concluded following regulatory approval by the competition authorities.

Cepsa?s main aim during the sale process is to guarantee that its PTA business, which makes the raw material used to produce polyester, is sold to a world leader in the sector, and that workers' rights are not affected. The sale of the Canadian PTA plant will allow Indorama to become an integrated player in the PET market in North America.

Meanwhile, the sale allows Cepsa to focus its plans on those markets where it has a strong presence and ability to develop to their full potential the assets that it has, such as in its phenol, acetone and LAB/LABSA (raw material used to produce detergents) businesses in Spain, Canada, Brazil, China, and Indonesia.

Indorama is a world leader in the production of polyester and the acquisition gives it a stronger position in the North American market. Indorama consumes around 1.1 million tons of PTA a year in North America, for the subsequent production of PET. The company has 14,000 staff and an annual turnover of USD7.5 billion.

CEPSA is an energy group fully owned by the International Petroleum Investment Company (IPIC). It employs more than 10,500 people and operates at every stage of the hydrocarbon value chain. It is engaged in petroleum and natural gas prospecting and production activities, refining, transport and sale of crude oil and natural gas derivatives, biofuels, co-generation and electricity sales. CEPSA has developed a world-class chemicals division that is tightly integrated with its oil refining segment, where feedstock is manufactured and sold for the production of components with high value-added, chiefly used in making new-generation plastics and biodegradable detergents.
Author:Anna Larionova
Tags:polyether, PET, terephthalic acid, fibers/filaments, packaging, Indorama Polyester Industries, Canada.
Category:General News
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