Indorama Ventures Public Company Limited (IVL), a global chemical producer has made a joint venture agreement with Dhunseri Petrochem Ltd. (Dhunseri) to take over its Egyptian Indian Polyester Company S.A.E. (EIPET) PET(1) facility of 540,000 tonnes per annum capacity, located in Ain Sokhna, North West of the Gulf of Suez in Egypt with immediate effect.
Contributing with its world-class capability and supply chain economics to the JV, Indorama Ventures, will serve customers growing needs of sustainable packaging in Egypt and in the region as a whole competitively and will become one of the largest projects in EMEA.
“I am delighted to extend our strategic partnership with Dhunseri through this acquisition. EIPET is a good fit with Indorama Ventures’ strategy in the recyclable and sustainable PET business, where the Company aims to supplement its position and build scale in key markets. EIPET also marks Indorama Ventures’ maiden entry into Egypt, complementing our existing footprint in EMEA”, said, Aloke Lohia, Group CEO of Indorama Ventures. He further, added, “EIPET will provide meaningful opportunities for feedstock integration from our existing assets while allowing us to serve our customers in growth markets of Egypt and in the region.”
C. K. Dhanuka, Executive Chairman of Dhunseri, commented, “Our JV in India has been extremely smooth and provided a win-win situation for both, the customer and us. After experiencing the JV in India, we are very upbeat on entering the same in Egypt, which will be again an equal ownership JV.”