10 March 2011 12:20 [Source: ICIS news]
VALENCIA, Spain (ICIS)--Lotte Chemical UK (LCUK) is investigating the possibility of expanding its presence in the European polyethylene terephthalate (PET) market, a company source said on Thursday.
“LCUK is committed to PET and [upstream] purified terephthalic acid (PTA) in ?xml:namespace>
It is not known whether LCUK is looking to expand its PET production by acquisition or investment.
On 2 March,
The market is currently tight because of a lack of PTA which caused a reduction in PET output and led to a force majeure at Artenius’ European sites.
“Generally there is no [PET] material in March,” a customer said.
Tightness in the PET market and higher feedstock costs resulted in prices surpassing €1,600/tonne ($2,222/tonne) FD (free delivered)
LCUK already operates a 150,000 tonne/year PET plant and a 500,000 tonne/year PTA plant at
($1 = €0.72)
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