Indorama to complete PET expansion in Nigeria
by ChemOrbis Editorial Team - content@chemorbis.com
Indorama Group is mulling over expanding production capacity at its facility in Nigeria. The new capacity is slated to come on stream by the end of 2017, as Managing Director/CEO of Indorama-Nigeria Mr. Manish Mundra reported. Indorama’s annual production will be sufficient to meet the entire domestic demand after completion.
A source based in Nigeria said, “Local availability is expected to increase over the near term given the upcoming capacity additions to the PET market by the end of this year. We might even have a supply surplus for local consumption. Moreover, we believe that the country will have enough petrochemical availability inside thanks to the Dangote refinery, which will be ready by 2018 or 2019. As for import market, trading started to improve as banks are injecting dollars to the market gradually and easing the process of opening letters of credit.”
No further details were provided about the current capacity and the size of planned expansion at the time of press.
A source based in Nigeria said, “Local availability is expected to increase over the near term given the upcoming capacity additions to the PET market by the end of this year. We might even have a supply surplus for local consumption. Moreover, we believe that the country will have enough petrochemical availability inside thanks to the Dangote refinery, which will be ready by 2018 or 2019. As for import market, trading started to improve as banks are injecting dollars to the market gradually and easing the process of opening letters of credit.”
No further details were provided about the current capacity and the size of planned expansion at the time of press.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
- Tight supply keeps expectations bullish in Turkey’s PVC market
- End of China’s ‘zero-COVID’ stance: Double-edged sword for Asia PVC, PP and PE markets
- Mid-Eastern sellers approach China, SE Asia and Turkey with firmer PP, PE prices for Jan
