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(ICIS) -- Thailand’s PTT Chemical and PTT
Aromatics and Refining (PTTAR) announced on Friday a plan to merge and create a
much stronger entity, ending speculation on the much-delayed consolidation of
the petrochemical affiliates of energy giant PTT.
The merged company “will be the largest integrated petrochemical and
refining company in Thailand and larger than other southeast Asian peers,” PTT
said in a disclosure to The Stock Exchange of Thailand (SET).
The new entity would be PTT’s petrochemical flagship company, which would
have an 8.2m tonne/year petrochemical production capacity and a 228,000 bbl/day
capacity to produce petroleum products, it said in the statement, stating its
full support for the merger.
An additional investment of $92m would be needed to build a common
product pipeline system and improve supporting facilities of the two companies,
it added.
mrcplast.com
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