Indorama Ventures (Bangkok) says that it has completed the previously announced acquisition of the polyethylene terephthalate (PET), purified terephthalic acid (PTA), and purified isophthalic acid (PIA) facilities of Cepsa Química (Madrid), the chemicals subsidiary of energy company Cepsa (Madrid).
The plants are located at San Roque, Spain. Plans for the acquisition were announced in November 2015. Indorama says that it has completed all the formalities for closing the transaction and has taken over the operations effective 7 April. The company that operates the acquired assets will be renamed Indorama Ventures Química. This acquisition follows Indorama’s purchase of Cepsa’s 600,000-m.t./year PTA facility at Montreal, last year.
The acquired assets at San Roque produce 220,000 m.t./year of PIA; 325,000 m.t./year of PTA; and 175,000 m.t./year of PET and employ 230 people. The site is integrated with a Cepsa refinery that supplies para -xylene and meta -xylene feedstock by pipeline, Indorama says. PIA is used together with PTA for producing PET resin; half of the PIA produced at San Roque is used to produce PET, and the rest is used in other end uses, such as paints, Indorama says.
“The acquisition provides Indorama Ventures with a stronger base in Europe and will allow us to simplify logistics costs in the region,” says Aloke Lohia, CEO of Indorama Ventures. “The addition of the key chemical, isopthalic acid, provides us with a high value-added business that is a good fit in our international strategy. Our Spanish assets will complement Indorama Ventures’ existing portfolio in Europe with consolidation of PTA and PET assets and with the addition of PIA. We see some debottlenecking opportunities at the plant that will increase efficiency,” Lohia says.
The completion of this deal follows the completion of Indorama’s purchase of BP’s petrochemical complex at Decatur, AL, on 31 March. The complex produces PTA, para –xylene, and naphthalene dicarboxylate. The acquired assets are adjacent to Indorama’s AlphaPet PET plant at Decatur.
By Deepti Ramesh
Source: Chemical Week
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