Merger creates third largest petchem firm

PTT, Thailand’s state-controlled and largest listed firm with a market value of US$31 billion, announced the formation of a new company with the merger of PTT Chemical Pcl (PTTCH) and PTT Aromatics and Refining (PTTAR). This merger creates Southeast Asia’s number two petrochemical firm, with a market capitalization of US$11 billion. Malaysia’s Petronas Chemicals ranks first with US$16 billion in market capitalization. Ranked by capacity, the new company will be Asia’s third-largest petrochemicals firm. (February 25,2011)