18 July 2013 16:57 [Source: ICIS news]
LONDON (ICIS)--Artenius Italy has declared force majeure on polyethylene terephthalate (PET) produced at its plant in San Giorgio di Nogaro, Italy, due to a lack of funds for raw materials, a company source said on Thursday.
"We can't do monetary transfers between one entity and another because of the insolvency case," the source said, speaking in Spanish.
Force majeure on all PET was declared internally on 16 July and customers were informed on Wednesday.
Artenius Italy has the capacity to produce 200,000 tonnes/year of PET, most of which is technical polymer grade.
Those customers of standard PET from the Italian plant will be serviced from Artenius' plants in Turkey and Spain.
"We are looking into back-up plans for the force majeure, and cross our fingers. It is less complex for standard PET because we have El Prat and Turkey. The most difficult back-up plan is for technical PET," the source said.
More decisions can be taken in the coming week when the administrator will arrive at LSB's Spanish LSB offices, the source surmised.
The company was forced to file for insolvency on 17 June after failing to renegotiate its debts.
Artenius operates a 140,000 tonne/year unit at Adana in Turkey and a 170,000 tonne/year site at El Prat de Llobregat, Spain, both of which are running at full capacity.
In May, LSB subsidiary Artenius announced it would not be restarting its PET plant in Volos, Greece, which had been idled since December last year.
Artenius' new 150,000 tonne/year PET Simpe plant at Acerra, Italy, is near completion.
Artenius’s Erreplast recycling plant is located in Caserta, Italy. The facility has a treatment capacity of 2,700 kg/h in input or 20,500 tons/year of end-use PET bottles, according to the company website.
IQA has capacity to operate 100,000 tonnes/year of EG and 135,000 tonnes/year of EO at the site, according to ICIS data.
($1 = €0.76)
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