MOSCOW (MRC) -- The board of directors of Thailand-based Indorama Ventures (IVL), a large producer of recycled polyethylene terephthalate (rPET) for beverage bottles, has approved the purchase of land, buildings and utility machinery from Aurus Specialty to utilize for a proposed PET recycling facility in Thailand, according to Apic-online.
The assets, valued at a total of 112.90-million baht, will be acquired by Indorama Polyester Industries and Indorama Holdings, direct subsidiaries of IVL.
Subject to approval from the board of investment, the transaction is expected to be com-pleted in the first quarter of 2022.
The project will also comprise a preform manufacturing unit and a solar power facility to form a comprehensive green and sustainable recycling solution, IVL noted.
As MRC reported before, in July 2021, IVL has announced plans to build a facility in Karawang, Indonesia, to recycle almost 2 billion plastic bottles a year in support of the Indonesian government’s plan to reduce ocean debris. The facility, which is planned to open in 2023, will recycle 1.92 billion PET bottles annually and will employ 217 people.
The plant will provide the washed and shredded postconsumer bottles as PET flake feedstock to produce recycled resin that is suitable for food-contact use.
According to MRC's ScanPlast report, September estimated PET consumption in Russia increased to 56,960 tonnes, up by 10% year on year. Russia's overall PET consumption reached 592,560 tonnes in the first nine months of 2021, up by 12% year on year.
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. Indorama Ventures products serve major FMCG and automotive sectors, i.e. beverages, hygiene, personal care, tire and safety segments. Indorama Ventures has approx. 24,000 employees worldwide and consolidated revenue of US$ 11.4 billion in 2019. The Company is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI).