Lithuania's Neo Group lifts force majeure on PET, feedstock purchases

20 September 2012 09:06  [Source: ICIS news]

LONDON (ICIS)--Lithuania's Neo Group has lifted a force majeure on polyethylene terephthalate (PET) sales and feedstock purchases, a company source said late on Wednesday.

"We cancelled [force majeure]," the source wrote in an email to ICIS.

The force majeure on PET from Neo Group’s two 160,000 tonne/year PET lines in Klaipeda, Lithuania, was announced on 17 May.

Operating rates were cut to 50% because of a problem with the biological waste water treatment facility which came to light in the first half of the month, and resulted in the closure of one of the two tanks for maintenance.

The company’s purchases of feedstocks purified terephthalic acid (PTA), monoethylene glycol (MEG) and purified isophthalic acid were also affected.

By June, PET operating rates had risen to 80% of capacity, and full rates had been expected by the middle of August.

Meanwhile, Spain's Novapet is due to close its 130,000 tonne/year PET line in Barbastro on 27 September for 41 days of maintenance.

Novapet has three lines at Barbastro, with a total capacity of 260,000 tonnes/year.

($1 = €0.77)


By: Caroline Murray
44208 652 3214



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