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PTT Chemical and PTTAR plan to merge

February 25/2011

(ICIS) -- Thailands 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 PTTs 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.


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