La Seda agrees to 15-year finance package for PTA project in Portugal

20-Nov-08

La Seda de Barcelona - a principal European PET producer has agreed for long term finance of €320 mln for its planned PTA project in Portugal. The company has plans to build a plant in Sines, south of Lisbon, a 700,000 tpa purifed terephthalic acid (PTA) plant. Commercial production is planned to commence before March 2010 and will meet the deficit in Europe's demand, currently imported from Asia. The 15-year project finance package with a five-year repayment period is to be provided by banks led by Caixa Banco de Investimento, a subsidiary of Portugal´s Caixa Geral.