Cepsa has agreed to sell its PTA business in Canada to Thailand-based Indorama as it seeks to focus on higher growth petrochemical areas where it is a leader.
The deal with Indorama for the sale of the PTA business in Montreal is subject to regulatory approval.

Cepsa´s main aim was to assure it sold its PTA plant in Montreal, which makes the raw material used to produce polyester, to a world leader in the sector, and that all professionals working at the site would see their working conditions unaffected during the sale process.

Cepsa plans to focus on markets where it has a stronger presence and the ability to develop assets to their full potential, such as its Phenol/Acetone and LAB/LABSA operations in Spain, Canada, Brazil, China and Indonesia.

About Indorama
Indorama is a world leader in the production of polyester and the acquisition gives it a stronger position in the North American market. Indorama consumes around 1.1 million tons of PTA a year in North America, for the subsequent production of PET. The company has 14,000 staff and an annual turnover of $7.5 billion.

About Cepsa

Cepsa is an energy group fully owned by the International Petroleum Investment Company (IPIC). It employs more than 10,000 people and operates at every stage of the hydrocarbon value chain. It is engaged in petroleum and natural gas prospecting and production activities, refining, transport and sale of crude oil and natural gas derivatives, biofuels, co-generation and electricity sales. Cepsa has developed a world-class chemicals division that is tightly integrated with its oil refining segment, where feedstock is manufactured and sold for the production of components with high value-added, chiefly used in making new-generation plastics and biodegradable detergents. It has a prominent position in Spain and, through the continuing international expansion of its business, it also operates in 15 countries, marketing its products all over the world.