Neo Group restarts Lithuania PET unit after shutdown

02 June 2009 15:51  [Source: ICIS news]

LONDON (ICIS news)--Lithuania’s Neo Group has restarted its polyethylene terephthalate (PET) unit at Klaipeda, Lithuania, following an unexpected shutdown, a company source said on Tuesday.

The unit, which was taken off line on 26 May due to a gasket leak, was now expected to be fully operational on 3 June, the source said.

Repairs had originally been expected to take one night, but the restart was delayed until 1 June, the source said.

European May PET contract prices increased by €50-100/tonne ($70-141/tonne) from April to €960-980/tonne due to less domestic availability, sources said on 29 May.

There have been several PET outages across Europe in recent weeks, which were mostly related to poor market conditions, according to sources.

European PET operating rates were estimated at 75-80%, according to market sources.

Neo Group has a PET nameplate capacity of almost 155,000 tonnes/year.

($1 = €0.71)

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By: Mark Victory
+44 208 652 3214

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