CGD sells Artlant to the Thai petrochemical Indorama Ventures for 28 millions

Caixa Geral de Depósitos (CGD) has sold Artlant to the petrochemical group Indorama Ventures. This was a company created in 2006 by the Spanish from La Seda for the petrochemical project in Sines, whose financing worth around 500 million euros was left to be liquidated from the Portuguese public bank. Indorama paid 28 million euros to the bank headed by Paulo Macedo, ECO knows. According to the Thai company, the deal should be concluded by the end of the year.

“CGD welcomes the announcement of the acquisition of assets by Artlant, the chemical company relevant in the area surrounding Sines, by a world leader in the petrochemical industry”. This is how CGD reacts to the sale of Artlant to the Thai petrochemical company Indorama Ventures. “CGD never stopped supporting the factory, which struggled in the past few years, and it helped in maintain over one hundred direct job positions”, the press release adds.

"CGD welcomes the announcement of the acquisition of assets by Artlant, the chemical company relevant in the area surrounding Sines, by a world leader in the petrochemical industry.”

The amount of the transaction was not revealed in the press release, but ECO knows the company paid 28 million euros to the state bank, a quite smaller amount than the credits left unpaid. However, when Artlant was declared insolvent, Paulo Macedo assured the bank’s exposition to Artlant was “zero”.

Artlant was declared insolvent by the Lisbon’s Judicial Court in the end of July; according to a provisional creditors list, CGD held the largest amount of claims: 520,660,890.77 euros.

Thai company wants to grow with Portugal

“Indorama Ventures Public Company Limited (IVL), a global chemical producer, will acquire the assets of Artlant PTA, S.A.’s (Artlant), including all equipment, surface rights and employment contracts”, was stated in a press release published by the Thai petrochemical company. “Artlant fortifies our core PTA business and is a part of our successful vertical integration strategy”, stated the group’s CEO, Aloke Lohia, adding they are “that Artlant will drive the growth of the polyester business both in Portugal and the rest of Europe”. Artland’s purchase should be concluded “in the fourth quarter of 2017”, according to the CEO.

"Artlant fortifies our core PTA business and is a part of our successful vertical integration strategy. We can apply our scale and operational expertise while taking advantage of cost synergies and capture the opportunity for future growth and expansion. We are confident that Artlant will drive the growth of the polyester business both in Portugal and the rest of Europe. It will support employment opportunities in the region, and help economic growth. I look forward to closing the deal in the fourth quarter of 2017. ”

In addition, the Thai Indorama will also acquire the assets of the Artelia Ambiente supplier, which is able to produce 40,390 electricity megawatts, steam, demineralised water, sewage treatment and hydrogen.