IVL Completes Acquisition Of BP Alabama Petrochem Complex

BANGKOK, Thailand — April 1, 2016 — Indorama Ventures Public Company Limited (IVL), a world-leading producer of intermediate petrochemicals, completed the acquisition of 100% of the PX, PTA (1,020,000 tonnes) and NDC (naphthalene dicarboxylate) assets of BP Amoco Chemical Company (BP) at Decatur, Alabama, last night (31 March). The acquisition is situated adjacent to the company’s AlphaPet PET plant and has been its main supplier of PTA since the factory was commissioned in 2009.

Mr. Aloke Lohia, Group CEO of Indorama Ventures Public Company Limited said, “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 and we admire their professionalism and experience.

“Businesses such as Decatur add unprecedented economies of scale and integration to our PET business and supports 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.

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.

Posted April 1, 2016

Source: Indorama Ventures Public Company Limited (IVL)