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JBF Group to build PET facility in Belgium

India-based PET manufacturer JBF Industries said its subsidiary JBF RAK has signed an agreement with BP Aromatics to build a PET manufacturing facility in Geel, Belgium.

The proposed CP/SSP manufacturing unit will be located on BP’s existing petrochemicals site in Geel, adjacent to BP’s PTA facility, which will supply purified terephthalic acid (PTA) directly to the new PET plant.

JBF said the proposed 390,000 tonne per annum PET manufacturing unit is expected to begin operation in 2014.

JBF RAK currently operates a 390,000 MT per annum PET resin and 80,000 MT per annum biaxially-oriented polyethylene terephthalate (BOPET) manufacturing facility in the emirates of Ras Al Khiamah, UAE.

The company has reported a consolidated net profit of INR5.4bn ($119m) on total revenue of INR84m ($1.8m) for the fiscal year ended 31 March in 2011.