30 January 2012 13:16 [Source: ICIS news]
LONDON (ICIS)--Indorama Ventures expects to start up its joint venture purified terephthalic acid (PTA), polyethylene terephthalate (PET) and fibres project in ?xml:namespace>
The size of the $700m (€532m) project is still under negotiation but it is expected to have the capacity to produce approximately 1m tonnes/year of PTA and 500,000 tonnes/year of PET.
It will be fully integrated with a third-party paraxylene (PX) producer, and will also produce polyester staple fibre (PSF).
Aloke Lohia, Indorama Ventures’ founder and CEO, said the plant will supply the fast-growing Indian market.
It will be a joint venture with polyester fibres company Indo Rama Synthetics (India), which owns an approximately 2% stake in Indorama Ventures and is led by Aloke Lohia’s brother, OP Lohia.
“We are working on the ownership structure,” Aloke Lohia said. The location of the project, and precise capacity details, will be revealed when negotiations have been completed.
($1 = €0.76)
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