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IVL acquires US ethylene gas cracker in Louisiana
28
Sep '15
Indorama Ventures Olefins LLC, a subsidiary of Thailand based Indorama Ventures Public Company Limited (IVL) has acquired an ethylene cracker located in Lake Charles, Louisiana, US.

“Through the acquisition, IVL is taking a 76 per cent interest in the ethylene cracker, with the remaining 24 per cent financial investment being made by Indorama Corporation,” a press release from IVL informed.

The Lake Charles cracker can process both ethane and propane feedstock to produce approximately 370,000 tons of ethylene and 30,000 tons of propylene per annum.

According to the company, Indorama Ventures is already a major producer of purified ethylene oxide (PEO) and mono ethylene glycol (MEG) in the USA, for which ethylene is the feedstock.

CEO of Indorama Ventures Aloke Lohia said, “We are very excited by this acquisition as it accomplishes IVL's core strategy to integrate our polyester value chain and provides a solid, advantaged cost position to our portfolio.”

“Earlier in the year, IVL acquired a 600,000 tons per annum PTA plant in North America, due to which, IVL now has onshore integration in the three key continents it operates in,” Lohia added.

“We are targeting a commercial startup before the end of 2017, which will make us the first Thai company to take advantage of the shale gas revolution in the US and ahead of the greenfield crackers being constructed,” he stated.

The integration economics with olefins will provide IVL with a significant long term cost advantage across its North American footprint.”

The cracker is a joint investment with Indorama Corporation (IRC), which has significant operational experience in olefin cracking.

IVL 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 is comprised of categories of polymers, fibers, and packaging, selectively integrated with self-manufactured ethylene oxide or glycols and PTA.

IVL products serve niche applications in beverages, hygiene, personal care and safety segments and has 14,000 employees worldwide and consolidated revenue of $7.5 billion in 2014.

Indorama Corporation is a leading Asian industrial company based in Singapore with manufacturing plants in over seven countries across Asia, Europe, and Africa.

Indorama Corporation is the largest producer of olefins and polyolefins in West Africa and the second largest in Africa and also produces other industrial products such as fertilisers, textile raw materials, and disposable gloves. (AR)

Fibre2Fashion News Desk – India

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