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The Thai petrochemical maker Indorama Ventures has struck a deal to buy a 50% stake in an idle polyethylene terephthalate (PET) plant in Egypt. Indorama plans to restart the 540,000-metric-ton-per-year facility next month using as raw material purified terephthalic acid made at a site in Portugal that it also recently acquired and is restarting. Indorama, one of the world’s largest producers of PET, says the Egypt project will create 300 jobs and support a manufacturing revival in the country.
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