LA SEDA DE BARCELONA obtains 371 million EURO for its PTA project in Sines

LA SEDA DE BARCELONA has signed a Project Finance for 371 million euros with a long term 15 year financing for its facilitiy in Sines, a Portuguese town in the south of Lisbon. The Project Finance for the chemical Corporation’s PTA plant is led by the Portugese bank Caixa Geral, which is backing the viability of the Company’s new site. The financing is subject to achieving a series of conditions which are usual for this kind of process. The plant building at the petrochemical area of Sines was started in the month of March 2008. This project has been termed as being of National Interest by the Portugese government, the petrochemical infrastructure being supported by the Portugese authorities through direct subsidies and fiscal benefits. These aids have been authorized by the European Commission. The future factory is covering the PTA deficit throughout Europe, which is currently importing from Asia up to 500.000 tons of product. The new factory, which forms part of Seda Group as Artenius Sines, will start its commercial activity in the second semester of 2011 and its annual production capacity will amount to 700.000 tons of PTA. With these capacities, Artenius Sines is taking shape as one of the major worldwide strategic PTA production plants. Through its new subsidiary, LA SEDA DE BARCELONA is going to generate 150 new direct jobs and 200 indirect ones, apart from a significant increase of local activity during the 2 years for building this infrastructure. Artenius Sines presents itself as a worldwide competitive production plant with a cutting edge technology equipment for PTA production. A technology that provides important advantages in terms of cost with respect to the average of European plants. Energetic costs will be trimmed by approx. 25%, thus affecting the principle of energetic efficiency and positioning La Seda de Barcelona as a technological benchmark of its sector.