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Indorama extends completion of Corpus Christi plant to 2023

March 25/2020

MOSCOW (MRC) -- Indorama Ventures Limited has announced that the company decided to extend the pre-construction period of the PTA-PET plant in Corpus Christi, Texas through the end of 2020, reported Kemicalinfo.

Christi Polymers LLC (CCP), a joint venture among certain subsidiaries of Indorama Ventures Holding, Alpek and Far Eastern Investment (Holding) Limited was created to acquire and complete construction of an integrated PTA-PET plant in Corpus Christi.
 
Indorama indicated that the current construction estimate is considerably higher than the estimate at the time of completion of the acquisition, primarily due to higher labor costs prevailing in the Gulf Coast region.

The Board of Directors of the CCP, consisting of members of all three JV partners, have agreed to extend the approval of the project through 2020 to optimize project construction efficiency in order to build a competitive PTA-PET asset at the site.
 
Indorama mentioned that it did not plan to make any additional cash contribution during the year 2020. During this period, the site will be properly maintained for the smooth restart of the construction.

The completion of the project is expected to be in 2023.

As MRC reported previously, in February 2019, IVL commenced production of purified terephthalic acid (PTA) and polyethylene terephthalate (PET) at plants it acquired from Artlant PTA in Portugal and EIPET in Egypt. 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 per MRC's ScanPlast report, the estimated consumption of polyethylene terephthalate (PET) in Russia increased in January 2020 by 9% year on year. Totally, Russia recycled 55,390 tonnes of PET chips in January (excluding shipments of Russian material to the countries of the Customs Union). PET chips production in Russian in January 2020 totalled 43,200 tonnes.

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).


mrcplast.com
Author:Margaret Volkova
Tags:PET-granulate, terephthalic acid, packaging, Indorama Ventures PLC, Egypt, Portugal, Russia, USA.
Category:General News
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