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January 17, 2014
Alpek and United Petrochemical form JV for new plant in Russia
Alpek S.A.B. de C.V. (San Pedro Garza Garcia, Mexico; www.alpek.com
) has announced that its subsidiary, Grupo Petrotemex, S.A. de C.V., signed a joint venture (JV) agreement with United Petrochemical Company (UPC), a subsidiary of Sistema JSFC, for the construction of an integrated purified terephthalic acid (PTA) and polyethylene terephthalate (PET) plant in Ufa, Bashkortostan, Russia. Under the JV agreement, Alpek and UPC will elaborate a detailed business plan to determine the project’s feasibility. Alpek and UPC will invest $10 million each in the completion of the plant’s evaluation stage. Construction is subject to the approval of the business plan by the Board of Directors of both companies. The new facility would have a maximum installed capacity of 600,000 metric tons per year (m.t./yr) PTA and 600,000 m.t./yr PET. A license agreement is expected to be signed upon final approval of the JV by all relevant competition authorities.