You'll be signed off in 60 seconds due to inactivity

English news

13-Aug-2017

JBF RAK PET output stalls amid debt restructuring

JBF RAK, a United Arab Emirates subsidiary of Indian polyester maker JBF Industries , expects to resume production of PET resin as soon as next month after financial problems in the group disrupted operations. The firm is in talks with banks about renegotiating around AED2bn (USD544.6mn) of debt. JBF RAK, which exports around the world, has a 45% share of the market for PET chips in the six-nation Gulf Cooperation Council. Bankers in the UAE told Reuters that JBF RAK had requested fresh working capital to help it restart PET resin production. In addition to the AED2bn of debt being renegotiated, the firm owes an additional AED1bn to international lenders. 

Learn more about the cookies we use.