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PTT Group to consolidate its downstream petrochemical businesses

March 29/2011

(The Nation) -- PTT Group will further consolidate its downstream petrochemical businesses later this year after completing the merger of its upstream units, CEO Prasert Bunsumpun said yesterday.
He said the merger of PTT Aromatics and Refining and PTT Chemical should be finalised just before he completes his term as chief executive in September. A new upstream petrochemicals unit will then be listed on the Stock Exchange of Thailand. Afterwards, PTT Group will go ahead with consolidation of its downstream businesses, namely the merger of HMC Polymers and PTT Phenol.

HMC Polymers, which produces polypropylene, is 41.44 per cent owned by PTT. PTT Phenol, which is 40 per cent owned by the company, produces and distributes phenol and acetone.

A new company will be set up as part of the consolidation process so that PTT Group can further boost its efficiency and competitiveness in the downstream sector.

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