Socrates and Espagnol set off an investment of 400 million Euros in Portugal

The Prime Minister of the Portuguese Government, José Sócrates, and the President of LA SEDA DE BARCELONA, Rafael Español, have set off today – laying of the first stone – an investment of 400 million euros aimed at building a PTA plant in Sines’ petrochemical industrial park (Portugal). The new production plant, which will be joining Seda Group as Artenius Sines, was formerly considered as a Project of National Interest by the executive Portuguese board; who is also contributing with a total of up to 99 million euros by means of direct subsidies funding and tax benefits. The aid has the approval of the European Commission. Artenius Sines, which will begin its commercial operation during the first quarter of 2010, will have a PTA production capacity up to 700,000 tonnes per annum. With such capabilities, it places itself as one of the largest production plants in the world. During his speech, the president of La Seda de Barcelona pointed that Not only is this industrial site strategic for Portugal but also for Europe, as it will cover the deficit of PTA in Europe which, at present, imports about 400,000 tonnes of the product from Asia”. From its new subsidiary, La Seda de Barcelona will be generating 150 direct new jobs and 200 indirect ones, besides a remarkable increase of the local adtivity during the first couple of years while the infrastructure works take place. Artenius Sines means a fundamental contribution to the regional development of the Alentejo coastal area and to the revitalization of the Sines Port. For his part, the Portuguese Prime Minister stressed the significance of this investment, not only for the amount itself but also for the number of jobs that will generate and their contribution to modernizing the Portuguese petrochemical industry. The last generation plant of La Seda de Barcelona will have a state-ofthe- art technology, globally oriented and will export around the world thus emphasizing the strength of our economy. Artenius Sines: synonym of technological, operational and energetic efficiency Artenius Sines, in prospect of becoming a worldwide competitive production plant, will have a state-of-the-art technology for the PTA production. The latest technology with significant cost advantages compared to the average European plants. Energy costs will be reduced by about 25%. thus contributing to the principle of energy efficiency and positioning La Seda de Barcelona as a technological benchmark within the sector.