Indorama Ventures which has been on an acquisition spree since the last few months has now acquired the Montreal; Canada based PTA business of Cepsa Química SA.
“The plant is the only PTA facility in Canada and one of only three PTA suppliers in North America,” Indorama ventures said in a press release.
“The acquisition, subject to usual regulatory approvals, will allow the company to expand its footprint into Canada,” the Thailand based producer of intermediate petrochemicals added.
Aloke Lohia, Group CEO said, “Cepsa provides us the unique opportunity to acquire assets that will consolidate our North American polyester value chain businesses for added feedstock security.”
“The acquisition is in line with our announced strategy to expand in our core businesses, primarily in the West,” he too added by saying.
Cepsa produces approximately 600,000 tons of PTA per annum at this plant and receives piped supply of its feedstock, Paraxylene from an adjacent refinery.
According to Indorama, the plant is logistically well placed to economically serve customers via rail access or via the St. Lawrence River.
Cepsa is an energy group fully owned by the International Petroleum Investment Company (IPIC) and employs more than 10,000 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 high value added components.
It also has a prominent position in Spain and, through the continuing international expansion of its business; it also operates in 15 countries, marketing its products all over the world.