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Indorama starts production at acquired PTA & PET assets in Portugal and Egypt

February 08/2019

MOSCOW (MRC) -- Indorama Ventures (IVL) has commenced production of purified terephthalic acid (PTA) and polyethylene terephthalate (PET) at plants it acquired from Artlant PTA in Portugal and EIPET in Egypt, respectively, as per Apic-online.

IVL completed the acquisition of the 700,000-t/y PTA facility, located at the Sines industrial complex, in Late 2017.  Value of the transaction, which included all equipment, surface rights and employment contracts, was not disclosed.

As MRC wrote before, in June 2018, IVL, through its indirect subsidiary Indorama Netherlands, entered into an agreement with Dhunseri Petrochem to acquire and restart the 540,000-t/y PET plant in Ain Sokhna, Egypt.

IVL agreed to purchase up to a 50% equity stake in EIPET and entered into a 50-50 joint venture partnership with Dhunseri. Financial details were not given.

Indorama Ventures Public Company Limited, listed in Thailand, is one of the world's leading petrochemicals producers, a global manufacturing footprint with 59 sites in 20 countries across Africa, Asia, Europe and North America. The company's portfolio is comprises necessities and high value-added (HVA) categories of polymers, fibers, and packaging. Indorama Ventures has approx. 15,000 employees worldwide and consolidated revenue of USD 8.4 billion in 2017. The company is listed in the Dow Jones Sustainability Index (DJSI).
Author:Margaret Volkova
Tags:PET-granulate, terephthalic acid, packaging, Dhunseri Petrochem, EIPET, Indorama Ventures PLC, Egypt, India, Portugal.
Category:General News
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