Merger of 2 Thai firms get nod

The boards of Aromatics Thailand and Rayong Refinery PCL have approved a merger between the two firms that would create Thailand’s largest integrated refinery. Following the merger and an accompanying capacity expansion, the new company would have refining output of 280,000 barrels a day and aromatics capacity of 2.2 million tons a year, PTT President Prasert Bunsumpun said in a statement. Both firms are controlled by PTT PCL, Thailand’s largest oil and gas conglomerate, which owns 49.8% and 48.8% of Aromatics and Rayong Refinery respectively. The merger is part of PTT’s attempts to strengthen the competitiveness of its refinery business. (July 23, 2007)