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(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.
mrcplast.com
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