Indorama Ventures acquires BP’s Alabama petrochem complex
BANGKOK, THAILAND: Indorama Ventures Public Company Limited (IVL) has acquired the PX, PTA (1,020,000 tonne) and NDC (naphthalene dicarboxylate) assets of BP Amoco Chemical Company (BP) at Decatur, Alabama.
The acquisition of the Decatur Paraxylene, PTA and NDC assets coincide with USITC affirmative vote to apply anti subsidy & anti-dumping duties PET resin imports from China, Canada, India and Oman. These trade actions will help improve the supply chain economics and operating rates.
This is the first of 2016 and is expected to be followed in 2nd quarter by the imminent acquisition of the 720,000 tonne PET, PTA and IPA complex of Cepsa in Cadiz, Spain which follows the similar rationale of integration, scale, technology and HVA business in our world-wide portfolio.
“This acquisition is a major coup for the company as it brings us competitive feedstock security with scale advantages, technology ownership and innovative products which our customers can rely upon. The Decatur site and its people are a good fit for us and we have together worked for many years,” said Aloke Lohia, group CEO of IVL.
“Businesses such as Decatur add unprecedented economies of scale and integration to our PET business and support the growing need of our customers as well as that of our shareholders alike. As we build our scale in North America, we will continue to strive to be the supplier of choice for our customers and drive our growth trajectory as a world-class chemical company,” Lohia said.