Russia-Korea JV plans 300,000 t/y PET plant

27 February 2008 15:25  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's AK Bars Bank and South Korea's KP Chemical have formed a joint venture to build a new 300,000 tonne/year polyethylene terephthalate (PET) plant in Tatarstan, the bank said on Wednesday.

The new PET production facility, to be based in the special economic zone of Alabuga in central Russia, would require investment of €100 million ($149m), the bank's statement said.

The partners are considering technological solutions by Switzerland's Buhler and Uhde Inventa Fischer and Lurgi Zimmer, both Germany-based, and construction may start in late 2008, it said.

The JV would join Sibur-PETF, which has a capacity of 52,000 tonnes/year at its Senezh line near Moscow, and Polyef, based at Blagoveschensk in the Bashkortostan region, as Russian PET producers.

Polyef produces 230,000 tonnes/year of purified terephthalic acid (PTA) and now planned to launch its 120,000 tonne/year PET facility in the second quarter after planning to start production in late 2007.

Moscow is encouraging the creation of industrial and other types of special economic zones, where resident companies are eligible to preferential tax regime.

($1 = €0.67)

For more on PET visit ICIS chemical intelligence

By: Sergei Blagov
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly