PTT Global Chemical Pcl (PTTGC), Thailand's largest petrochemical firm, said it planned to invest $790 million this year, mostly to expand petrochemical capacity, and scrapped a plan to invest in Malaysia. PTTGC, which is 49% owned by top energy firm PTT Pcl, planned to invest in a 2nd phenol plant with annual capac
PTT Global Chemical Pcl (PTTGC), Thailand's largest petrochemical firm, said it planned to invest $790 million this year, mostly to expand petrochemical capacity, and scrapped a plan to invest in Malaysia.
PTTGC, which is 49% owned by top energy firm PTT Pcl, planned to invest in a 2nd phenol plant with annual capacity of 250,000 tonnes, according to Bowon Vongsinudom, President and CEO of PTT Global.
More than $400 million would be used for petrochemical investments including the phenol project and another $250 million for maintenance of its petrochemical plants, he said.
Bowon also said the company decided not to jointly invest in a petrochemical project with Malaysian state-run oil company Petronas after a study showed chances of low returns.
But the company continued to invest in petrochemical projects in Indonesia and China, he said.