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UAE’s JBF RAK renegotiates debts, aims to resume PET production

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/08/2017 (14:27)
According to media sources, United Arab Emirates’ JBF RAK, an affiliate of India’s JBF Group, is having talks with banks in order to have a debt restructuring process.

The amount of the debt mentioned is around 2 billion dirhams ($544.6 million).

One of the world’s top five PET producers, JBF RAK, also expects to return PET production by next month after halting production at their 350,000 tons/year plant in late June due to a shortage of working capital.

According to the company’s website, JBF RAK has a 45% of PET market among the Gulf Cooperation Council countries apart from exporting PET resin to the world.

JBF RAK is one of five plants owned by JBF Group. The others are located in India, Belgium and Bahrain. Players in Europe have been speculating about disruptions from the producer’s 390,000 tons/year PET site in Geel, Belgium as well, although no official news was reported about its status of production.
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