Under the agreement, Alpek and UPC will elaborate a detailed business plan to determine the project's feasibility. Alpek and UPC will each invest US$10 million in the completion of the plant's evaluation stage. Construction is subject to both companies approving the business plan.
The new facility is expected to be an IntegRex PTA - PET site dedicated to serve the Russian market with a maximum installed capacity of 600,000 tonnes PTA and 600,000 tonnes PET. The parties are negotiating the supply of the required material - Paraxylene - with JSOC Bashneft.
The European Commission has approved the establishment of the JV. Implementation of the project will be subject to additional approvals from governmental authorities.
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