13 January 2011 16:20 [Source: ICIS news]
PRAGUE (ICIS)--A soon-to-be-concluded bid for Vinyls Italia could lead to the restart of polyvinyl chloride (PVC) production at the company’s three closed sites in ?xml:namespace>
Paolo Romani, Italy’s minister for economic development, was inclined to accept the offer for Vinyls Italia from Russian-Swiss investment fund Gita if the final details currently under discussion in a second round of talks with the investor can be successfully agreed upon, sources at the ministry said.
The offer from Gita, which is based in
Vinyls Italia closed its three PVC production sites and two vinyl chloride monomer (VCM) sites in Italy in May 2009 after the company went into receivership.
The PVC sites are: Porto Marghera, which has a capacity of 185,000 tonnes/year;
The VCM sites are at Porto Torres (120,000 tonnes/year) and Porto Marghera (250,000 tonnes/year).
According to sources, Sartor deemed Vinyls Italia’s production to be unprofitable due to high feedstock costs from principal raw material supplier Eni and low returns on PVC.
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