(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.