15.10.2004 – 15:59
Cornerstone laid for PET Plant in Lithuania
DEG and KfW IPEX-Bank among main financiers
On Saturday, October 16th, a ceremony presided over by the Lithuanian President Adamkus will be held to mark the laying of the cornerstone for a new PET production plant in Klaipeda. DEG and KfW IPEX-Bank, both members of KfW Bankengruppe (KfW banking group), are providing a major share of the financing.
The plant will be constructed by the project company UAB Orion Global PET, which is part of the indonesian-indian-thai Indorama Group, one of the ten largest producers of polyester and PET worldwide and a long-time partner of DEG. The Group is already operating several polyester and PET plants in the USA, Romania, Thailand, India and Indonesia. The plant in Lithuania will be able to produce 198,000 tonnes of PET (polyethyleneterephtalate) annually in the form of chips used to manufacture light plastic bottles that are environmentally friendly. The main sales market is Europe, where a significant increase in demand for PET is expected in the coming years.
The total volume of the project is just under EUR 90 million. Apart from DEG and KfW IPEX-Bank, the Scandinavian Nordea Group is also taking part in the financing. The project adheres to all EU environmental standards currently in effect. In addition, it will enable a corporate group from industrialising countries to emerge from the globalisation process as a strong, competitive global player. In terms of development policy as well the project is important because it will help bridge the north-south divide.
For further information: Dela Strumpf, Tel: +49 69 7431-2984, E-Mail: firstname.lastname@example.org
Anja Strautz, Tel: +49 221 4986 1474 E-Mail: email@example.com
Original content of: KfW, transmitted by news aktuell