05 April 2013 08:25 [Source: ICIS news]
LONDON (ICIS)--Thailand-based Indorama Ventures shut down its 198,000 tonne/year polyethylene terephthalate (PET) plant in Klaipeda, Lithuania, at the end of March for a month of planned maintenance, a company source said late on Thursday.
"[PET plant in] Klaipeda is down from weekend [of 30-31 March] and will be down through April," the source said.
Indorama's 140,000 tonne/year PET operations at Wloclawek in Poland are running at full capacity to compensate for the Klaipeda plant outage, the source added.
The shutdown coincides with the outage at Spain-based CEPSA Quimica’s 175,000 tonne/year PET plant at its site in San Roque. The plant will be down for maintenance for the first two weeks of April, a Cepsa source said at the end of March.
Discounting the campaign runs, the Thai producer’s 155,000 tonne/year unit in Workington, UK, is still operating at reduced levels and its 150,000 tonne/year Ottana plant in Italy is running at lower rates to balance inventories, where demand has been poor.
Meanwhile, the fate of Artenius' 80,000 tonne/year PET plant at Volos in Greece is still unknown, as no official comment has been made.
Having been shut for maintenance since late 2012, it is now under threat of permanent closure, pending decisions made at the board level.
Artenius’ holding company, La Seda de Barcelona, is still renegotiating the company's debt, following the most recent failed talks.
Despite the prevailing bearish sentiment, the European market is relatively balanced, helped by plant shutdowns and reduced production capacities for technical or market reasons.
($1 = €0.77)
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