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Indorama Ventures

Indorama Ventures (IVL) is a producer of intermediate petrochemicals industry, the world's largest producer of PET resins.[1]

History

In the first half of 2011, IVL completed further acquisitions of PET plants in China, Indonesia, Mexico, Poland and the USA, and became the world's largest PET producer.[2]

As of February 2021, IVL was the market leader in PET in the US,[3] and the largest polyester fiber producer in Thailand.[4]

Criticism

Involvement in Israeli settlements

On 12 February 2020, the United Nations published a database of all business enterprises involved in certain specified activities related to the Israeli settlements in the Occupied Palestinian Territories, including East Jerusalem, and in the occupied Golan Heights.[5][6] Indorama Ventures and its subsidiary, Avgol Industries, have been listed on the database in light of their involvement in activities related to "the use of natural resources, in particular water and land, for business purposes".[5][6] The international community considers Israeli settlements built on land occupied by Israel to be in violation of international law.[7][8][9] In response to the listing, Indorama Ventures and Avgol announced that they are moving their operations outside of the West Bank.[10]

References

  1. Forbes profile: Aloke Lohia Forbes, retrieved 3 January 2019^
  2. Bangkok Post article Bangkok Post, 16 November 2015^
  3. ‘Global PET (Resin) Market Report- 2012 Edition’ (http://www.researchandmarkets.com/research/7s3hzt/global_pet)^
  4. ‘Indorama agrees to acquire 94.91% stake in Bangkok Polyester’ 19 March 2015 (http://www.packaging-gateway.com/news/newsindorama-agrees-to-acquire-9491-stake-in-bangkok-polyester-4536200 )^
  5. UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory Office of the United Nations High Commissioner for Human Rights, 12 February 2020, retrieved 5 July 2021^
  6. Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71) ReliefWeb, 14 February 2020, retrieved 5 July 2021^
  7. S/RES/2334(2016) United Nations Security Council, 23 December 2016, retrieved 5 July 2021^
  8. Legal Consequences of the Construction of a Wall in the Occupied Palestinian Territory International Court of Justice, 9 July 2004, retrieved 5 July 2021^
  9. Conference of High Contracting Parties to the Fourth Geneva Convention International Committee of the Red Cross, 5 December 2001, retrieved 5 July 2021^
  10. IVL to move its factory out of Jewish settlement in West Bank The Nation Thailand, 15 February 2020, retrieved 5 July 2021^