Polyprima beset by financial woes, unable to restart PTA

23 March 2009 11:08  [Source: ICIS news]

SINGAPORE (ICIS news)--Indonesia’s Polyprima Karyakesa remains financially strapped and will not be able to restart its 480,000 tonne/year purified terephthalic acid (PTA) facility in Cilegon in the foreseeable future, a company source said on Monday.

“We’re still having problems with working capital,” said the source when ICIS news inquired if the company had plans to restart the unit, which had been idled for the past 16 months.

Demand for PTA in the key China market had been firming recently.

“We’ve been talking a lot, but up to now there are still no concrete ideas,” the source added.

Polyprima used to be one of the most competitive PTA producers in Indonesia, but it ran into serious financial problems during the 1997-1998 Asian financial crisis and has never fully recovered.

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By: Bohan Loh
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