Indorama Ventures : CCP joint venture partners evaluate options to optimize completion of a PTA-PET plant at Corpus Christi, Texas
September 27, 2023 at 11:05 am EDT
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Bangkok, Thailand - 27 September 2023 - Indorama Ventures Public Company Limited (IVL), a global sustainable chemical producer, has decided, along with its Corpus Christi Polymers (CCP) joint venture partners, to temporarily pause construction at its partly completed integrated PTA-PET plant in Corpus Christi, Texas.
The decision was taken to manage the challenging environment related to cost inflation, high interest rates, and labor shortages. The partnership will also evaluate possible ways to efficiently prioritize or phase completion of the plant, maximize use of invested capital, and minimize excess expenditures to provide an efficient and competitive supply solution to customers.
Indorama Ventures and its joint venture partners will continue to assess options to optimize the project. They will fund costs required to preserve and maintain CCP's assets in preparation for the resumption of construction. In the interim, Indorama Ventures will continue to meet the demand from its customers in a robust manner from its vast network of local and overseas capabilities.
CCP was formed in 2018 as a joint venture between Indorama Ventures Corpus Christi Holdings LLC, a subsidiary of Indorama Ventures; APG Polytech USA Holdings, Inc, a subsidiary of Far Eastern New Century, and Alpek Polyester USA LLC., a subsidiary of Alpek S.A.B. de C.V., following the purchase of an unconstructed PTA-PET facility of M&G Resins in Corpus Christi.
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Indorama Ventures pcl published this content on 27 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2023 15:04:07 UTC.
Indorama Ventures Public Company Limited is a Thailand-based petrochemicals producer. The Company operates through three segments: Combined PET, Integrated Oxides and Derivatives (IO), and Fibers. Its Combine PET segment manufactures and distributes polyethylene terephthalate (PET) value chain comprising Paraxylene (PX), Purified Terephthalic Acid (PTA), PET, and recycling (Integrated PET), PET preforms and packaging and specialty PET-related chemicals comprising PIA and NDC. Its Integrated Oxides and Derivatives segment manufactures and distributes integrated EG, integrated purified EO, PO/MTBE and integrated surfactants comprising EOA, LAB and others. Its Fiber segment manufactures and distributes polyester, rayon, nylon, polypropylene, composites and worsted wool fibers, for mobility, lifestyle and hygiene markets. The Company's products are used in health, personal hygiene, human safety and packaging solutions.