Commenting on the announcement that Indorama have joined forces with India’s Dhunseri Petrochem to buy and operate the Egyptian Indian Polyester Company (EIPET) PET asset in Egypt, Phil Marshall, PCI Wood Mackenzie Head of PET, said:
"The 50:50 joint venture comes as little surprise given the tightness of the current market. This will offer an outlet for PTA from the Indorama IVPP PTA plant in Portugal, which Indorama expect to be restarted in July.
"Dhunseri Petrochem had an interest in the Egypt plant previously but it was excluded from the joint venture they formed with Indorama back in 2016 to manufacture PET in India. Indorama have said the restart of the PET plant has commenced and that PTA will be shipped from Portugal in July, assuming the plant comes on line as forecast. EIPET, a 540 kt 2-line plant, is a major asset in the Middle East, but it has not been operational since mid 2015."