Partners call a halt to uncompleted polymer plant in Texas
Fibre manufacturing group Indorama has announced a halt in the construction of a partly completed production plant for PTA and PET polymers in Corpus Christi, Texas. It gave inflation, high interest rates and labour shortages in the region as the reasons behind its decision.
This factory is a joint venture involving Indorama, Far Eastern New Century and DAK Americas. They announced the project in 2018 and said they expected it to be producing 1.1 million tonnes of PET and 1.3 million tonnes of PTA per year by 2025, with each of the three partner companies sourcing their own raw materials and receiving one third of the resulting polymers.
Construction was interrupted by the covid-19 pandemic but resumed in July 2022.
Indorama said the partners will now evaluate possible ways to complete the construction of the plant and “maximise the use of capital invested so far”.
