Lithuania-based Neo Group's new polyethylene terephthalate line started production last week, a company source told S&P Global Platts Friday.
The new line adds 160,000 mt/year of PET capacity to the company's manufacturing complex near the port of Klaipeda in Lithuania.
The new line will take Neo Group's annual PET production capacity to 500,000 mt, according to its website.
The European PET spot market has been tight over the last month due to feedstock PTA tightness.
PET was assessed at Eur1,400/mt FD NWE Wednesday, unchanged for the third consecutive week and at the highest levels since February 2012.
