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La Seda Secures Funds to Continue Work on Portugal PTA Project

10:01 AM MST | November 3, 2009 | Marco Achon in Madrid

La Seda de Barcelona says it has signed a €10-million loan agreement with banking company Caixa Geral (Lisbon) that will enable La Seda to continue work on a project to build a purified terephthalic acid (PTA) plant at Sines, Portugal. The 700,000-m.t./year PTA plant is due onstream in early 2010. La Seda agreed earlier this year to sell a stake in the plant to Caixa Geral for €40 million. The companies plan to seek a buyer for a majority stake in the PTA unit after its completion. La Seda will retain a minority stake. La Seda is working with its...

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