PTT Global Chemical to revise 2011-20 investment plan on euro-zone debt crisis and global slowdown concerns

PTT Global Chemical (PTTGC) will revise its 2011-20 investment plan worth US$11 bln (Bt347 bln) as a result of the euro-zone debt crisis and concerns over a slowing global economy, as per The Nation. Anon Sirisaengtaksin, chief executive officer of the major petrochemical and refinery company, said that PTTGC plans to re-prioritise spending. The projects that continue to be in focus include those involved in the expansion of production capacity and environmentally related schemes. PTTGC will also trim its operational expenditure this year to Bt9 bln, by a Bt1 bln. PTT, which owns about 48.9% in the company, has recently raised the price of natural gas it supplies to PTTGC as a raw material for petrochemical production. This has raised PTTGC's raw-material cost by 8%, but it can still maintain its competitiveness, Anon said. The new gas price would be valid through 2020, making it easier for PTTGC to lay out a business plan.
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