Newsletter subscribe

Oil & Gas

Thailand’s Indorama acquires 50% stake in EIPET from India’s Dhunseri

Indorama Ventures
Posted: June 19, 2018 at 1:42 pm   /   by   /   comments (1)

Thailand’s Indorama signs acquisition agreement with India’s Dhunseri for EIPET’s Ain Sokhna facility, 50% stake in EIPET: Indorama Netherlands BV, an indirect subsidiary of Thailand’s Indorama Ventures, signed on Thursday an agreement with India’s Dhunseri Petrochem to acquire a chunk of the Egyptian Indian Polyester Company’s (EIPET) polyethylene terephthalate (PET) plant in Ain Sokhna. The facility has an annual manufacturing capacity of 540k tonnes, according to a release. The value of the transaction was not disclosed.

The agreement, which came into immediate effect, also saw Indorama acquire 50% of EIPET’s equity and enter a 50% JV partnership with Dhunseri, Indorama said in a statement to the Thai stock exchange. The JV will focus on the domestic “consumer beverage industry and increase[d] demand for sustainable packaging,” and will be the biggest such project in the EMEA region, according to Indorama.

Background: Dhunseri had bought out the Egyptian Petrochemicals Holding Company’s (ECHEM) 23% share in EIPET last month. The Indian company is planning to invest USD 225 mn in EIPET and begin operating one production line in August of this year.


Comments (1)

write a comment

Name E-mail Website

  • June 19, 2018 at 1:49 pm Ahmed gomaa

    Senior surveyor