Indorama Ventures (IVL, Bangkok / Thailand; www.indoramaventures.com) has formed a joint venture with India’s Dhunseri Petrochem (Haldia, West Bengal; www.dhunseritea.com) to own and operate the 540,000 t/y PET plant of the Indian company’s majority owned Egyptian Indian Polyester (EIPET; www.eipet.com). The currently idled facility in Egypt’s Ain Sokhna free trade zone in the northwest of the Gulf of Suez will use PTA feedstock shipped from the Portuguese facility acquired by the Thai group in November 2017 from the bankruptcy assets of La Seda – see Plasteurope.com of 15.11.2017. IVL said it also will be able to draw on PTA from its plants in Asia as well as isophthalic acid from its facility in Spain and utilise its assets more efficiently. The restart is expected to create some 300 jobs.

The global PET giant said output from the Egyptian plant, which uses the same technology as at the facility at its jv with Dhunseri in India, will supply the consumer beverage and packaging industries in North Africa and the Common Market for Eastern and Southern Africa (Comesa) in addition to Egypt and markets covered by the several free trade agreements. The economic resurgence in the region should further improve demand, which currently averages 7% annually, it said.

With the new Egyptian plant, Indorama’s global PET capacity will rise by 10%. In 2016, the Thai producer founded its first jv with Dhunseri after buying half of the Indian partner’s subsidiary Dhunseri Petglobal – see Plasteurope.com of 20.09.2016. “The sound business rapport and support mechanism in India since 2016” will be a model for the new venture, IVL said. Since the disappearance of overextended competitors, the acquisitive Asian group has continued to buy up PET assets. In 2018 alone, it has completed the takeover of production units belonging to the insolvent M&G Polimeros Brasil and acquired a 65.72% stake in Israeli nonwovens manufacturer Avgol Industries 1953 – for the most recent coverage, see Plasteurope.com of 16.05.2018 and 30.05.2018.