New production plant will increase Indomar's existing global PET production capacity by 10%
Thailand’s chemical giant Induramar has signed a joint venture agreement with India’s Dhunseri Petrochemicals to acquire its PET production facility in Egypt. The plant is part of Egypt’s Indian polyester company SAE (EIPET), located in the northwest of the Gulf of Suez. Ain Sokhna Free Trade Zone, with an annual production capacity of 540,000 tons.
Indolama stated that the new joint venture will allow 'continuous supply of recyclable PET' and will become one of the largest projects in Europe, the Middle East and Africa (EMEA). By then, Doramar's production will range from From Lithuania in the northeast to Nigeria in West Africa. Prior to the acquisition of an Egyptian joint venture, Indolamar, headquartered in Bangkok, also acquired the PET manufacturer M&G Group in Brazil.
Phil Marshall, head of PET, consulting group PCI, commented on the deal and said the deal was not surprising. Given the current market tension, more than half of the joint venture’s performance is not Satisfactory. This will provide an outlet for Indolama's factory in Portugal.