24 April 2013 15:34 [Source: ICIS news]
MOSCOW (ICIS)--Authorities in Russia, Belarus and Kazakhstan announced on Wednesday the approval of a joint measure to exempt purified terephthalic acid (PTA) from an import duty for one year.
The Council of the Eurasian Economic Commission (EEC), the governing body of the Customs Union of Russia, Belarus and Kazakhstan, released its final decision to lift the import duty levied on PTA.
According to a statement dated 23 April and released on Wednesday, the duty will be lifted from 1 May 2013 until 30 April 2014.
Russia, Belarus and Kazakhstan have only one PTA producer, Polyef, based in Blagoveschensk, Russia's Bashkortostan region. It operates Russia's only 230,000 tonne/year PTA unit.
Some of Russia's leading producers of bottle-grade PET have long urged the authorities to lift the PTA import duty which currently amounts to 5%.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections