23 September 2011 11:55 [Source: ICIS news]
MOSCOW (ICIS)--Russian petrochemical company SIBUR has concluded an agreement to invest in raising the polyethylene terephthalate (PET) capacity of the country’s major producer Polyef, SIBUR said on Friday.
SIBUR CEO Dmitry Konov and the head of the Russian republic of Bashkortostan, Rustem Khamitov, signed an agreement for the company to invest in an increase of Polyef’s capacity, SIBUR said in a statement. By 2013, Polyef bottle-grade PET capacity is due to be increased to 200,000 tonnes/year from the current 130,000 tonnes/year, it said.
No financial details of the agreement were released.
As a producer of light hydrocarbons, SIBUR also aims to improve feedstock supplies to other petrochemical companies in Bashkortostan, according to the statement.
It will also consider building new petrochemical production facilities in Bashkortostan.
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Polyef has for long considered increasing PET and PTA capacities. In 2007, the company’s shareholders pledged to raise the capacities to 600,000 tonnes/year of PTA and 400,000 tonnes/year of PET, but the plans failed to come to fruition.
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