PTT in talks for possible JV with JG Summit

PTT Petroleum Co. Ltd. (PTTPCL) is negotiating with Philippine company JG Summit Holdings Inc., parent company of polyethylene producer JG Summit Petrochemical Corp., for a possible joint venture. Artasith Pothiapinyanvisuth, PTTPCL executive vice president for commercial and international marketing for oil business group, said the company plans to expand its business in the Philippines despite the global financial crisis. He said the company is also looking at a possible US$700 million investment for several natural gas projects in the Philippines, as part of the company’s short to medium-term expansion plan in the country. (February 1, 2009)