PTTGC bolsters Sinochem partnership

The SET-listed PTT Global Chemical Plc (PTTGC), Thailand’s largest petrochemical producer, expects to sign a memorandum of understanding with Sinochem Group in mid-2013 to jointly develop a specialty polymer plant in China.
Chief Executive Anon Sirisaengtaksin said that once the memorandum is signed, the two partners will conduct a feasibility study of specialty polymers for use in automotive, electronic and building applications.
“We want to have polymer products such as polycarbonate and polyurethane to deal with rising competition in commodity-grade polymers as more supply arrives in this region from the Middle East in the next several years,” said Anon.
“Being a strategic partner with a giant chemical company will enhance PTTGC’s access to real demand of local customers in China,” the CEO said.
PTTGC Chairman Prasert Bunsumpun said the partnership with Sinochem would probably expand in the long term to supplying feedstock for chemical production from shale gas and shale oil in North America.
Prasert said overseas investments will be determined in the next six to twelve months, including a petrochemical complex through a joint venture with Indonesia’s Pertamina on Java and a refinery and chemical complex with Petronas and Itochu in Malaysia’s southern Johor state.
Prasert said PTTGC aims to be among the Fortune Global 500 firms in the next few years, following its 95th-ranked parent PTT Plc. 
(July 11, 2013)