MOSCOW (MRC) -- Indorama Ventures (IVL’s) joint venture with Coca-Cola Beverages Philippines (CCBPI) to start a recycled polyethylene terephthalate (R-PET) plant in the Philippines has been delayed primarily due to the pandemic, said the company.
IVL and CCBPI entered into a joint venture agreement in March 2020 to launch an R-PET facility in Cavite, Philippines with target opening date by end 2021. The plant will have the capacity to process 30,000 tonnes/year of PET bottles and produce around 16,000 tonnes/year of R-PET pellet.
However, due to the logistical challenges posted by COVID-19, the plant’s launch has been delayed to March 2022.
IVL entered into the agreement with CCBPI through its indirect subsidiary Indorama Ventures Packaging (Philippines) Corp (IVPPC) which will give the company a 70% ownership, with the remaining 30% owned by CCBPI.
According to MRC's ScanPlast report, Russia's estimated PET consumption totalled 411,200 tonnes in the first six month of 2021, up by 12% year on year. Russian companies processed 62,910 tonnes in June, compared to 85,890 tonnes a month earlier.
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia Pacific, Europe and Americas. The company’s portfolio comprises Integrated PET, Olefins, Fibers, Packaging and Specialty Chemicals.