Cepsa has agreed to sell its PTA/PIA/PET business to Thailand-based Indorama Ventures Pcl., as it seeks to focus on higher growth petrochemical areas where it is a leader.
The deal with Indorama Ventures for the sale of the PTA/PIA/PET business is subject to regulatory approval. Cepsa ́s polyester business is highly integrated and efficient, having a relevant position in the European market.
The Company ́s overriding aim was to ensure that the business would be sold to a world leader in the sector, and that working conditions for all employees at the site would remain unaffected.
Cepsa plans to focus on markets where it has a stronger presence and is able to develop its assets to their full potential, such as its Phenol/Acetone and LAB/LABSA operations in Spain, Canada, Brazil, China and Indonesia. Cepsa will continue to supply the petrochemical facility with raw materials as well as fuel and heat to run the plant. The Company will also continue to handle maintenance operations through a service contract.
Indorama Ventures is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and North America. The company’s portfolio comprises Necessities and High Value-Added (HVA) categories of Polymers, Fibers, and Packaging, selectively integrated with self-manufactured Ethylene Oxide/Glycols and PTA.
