BP- JBF RAK LLC agreement to build a new 390,000 tpa PET plant

BP has signed an agreement with JBF RAK LLC. A new 390,000 tpa polyethylene terephthalate (PET) production unit will be build by JBF RAK LLC as per the agreement, at BP's petrochemicals complex in Geel, Belgium, after the required approvals. This will be adjacent to BP's world-class purified terephthalic acid (PTA) facility, facilitating easy access to feedstock for the new PET unit, scheduled for start up in 2014. Frédéric Baudry, Vice-President for BP Petrochemicals Europe said: "We are delighted that JBF has decided to invest in Geel. This new PET plant leverages BP's scale, technology and location advantages at Geel to deliver a competitively integrated PX-PTA-PET manufacturing complex in Europe. Such a complex will help maintain and develop BP's position in the region and underpins BP's long term commitment to its merchant customers." Patrick Van Acker, Manufacturing Director of BP Geel, said: "This agreement demonstrates that our region can attract significant investments by looking for synergies with foreign investors. Moreover, by avoiding unnecessary PTA transportation in the PET supply chain and by reducing the corresponding environmental impact, we create a sustainable and long term anchorage for PTA and PET production in Geel." BP, located in Geel, produces paraxylene and PTA, and is part of the BP group of companies
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