Bangkok, Thailand - 27 September 2023 - Indorama Ventures Public Company Limited (IVL), a global sustainable chemical producer, has decided, along with its Corpus Christi Polymers (CCP) joint venture partners, to temporarily pause construction at its partly completed integrated PTA-PET plant in Corpus Christi, Texas.
The decision was taken to manage the challenging environment related to cost inflation, high interest rates, and labor shortages. The partnership will also evaluate possible ways to efficiently prioritize or phase completion of the plant, maximize use of invested capital, and minimize excess expenditures to provide an efficient and competitive supply solution to customers.
Indorama Ventures and its joint venture partners will continue to assess options to optimize the project. They will fund costs required to preserve and maintain CCP’s assets in preparation for the resumption of construction. In the interim, Indorama Ventures will continue to meet the demand from its customers in a robust manner from its vast network of local and overseas capabilities.
CCP was formed in 2018 as a joint venture between Indorama Ventures Corpus Christi Holdings LLC, a subsidiary of Indorama Ventures; APG Polytech USA Holdings, Inc, a subsidiary of Far Eastern New Century, and Alpek Polyester USA LLC., a subsidiary of Alpek S.A.B. de C.V., following the purchase of an unconstructed PTA-PET facility of M&G Resins in Corpus Christi.