According to a brief on DealstreetAsia.com Indorama Ventures PCL, a Bangkok-headquartered Petrochemicals producer, has agreed to buy a majority stake in an inactive ethylene and propylene producing plant in Lake Charles, Louisiana.
The brief reads:
… Indorama Ventures PCL (IVL) has signed a purchase and sale agreement to acquire a 76-per-cent stake of an ethylene cracker in the United States through its subsidiary USA Indorama Ventures Olefins LLC from Occidental Chemical Corporation for an undisclosed amount.
This acquisition makes IVL the first Thai company to take advantage of the shale gas revolution in the US.
… The Lake Charles cracker … can process both ethane and propane feedstock to produce approximately 370,000 tonnes of ethylene and 30,000 tonnes of propylene per annum.
According to another DealStreetAsia article IVL is Thailand’s largest producer of polyster and PET–Polyethylene terephthalate–with a nearly 60% national market share.
After undergoing refurbishments, the Saint Charles plant is expected to reopen in 2017.