PTTGC to invest in petro-based chemical and bio-based chemical businesses in Asean, chiefly Indonesia

PTT Global Chemical (PTTGC) Plc will invest aggressively in Asean, mainly Indonesia, through all types of projects - green field, joint ventures and merger and acquisition. The new investment will focus on petro-based chemical and bio-based chemical businesses, under the investment plan until 2020. The investment plan was completed after the merger of PTT Chemical (PTTCH) and PTT Aromatics (PTTAR) and Refining. PTTGC was created from the merger. As per CEO Veerasak Kositpaisal, "PTTGC is designed as a petrochemical business flagship of PTT Group. Our focus from now rests on the petrochemical business, not refining.” Indonesia is in the focus, mainly because of its large the population size. The Philippines and Vietnam are highlighted as the interesting markets for petrochemical exports, with a population of nearly 200 mln population. "PTTGC will earn more revenue from overseas business. Our new investment will be overseas and Asean is our main destination," Veerasak said. Veerasak expects the upward cycle of the global petrochemical industry next year, with tight supply and demand. As no new output is expected until 2014, the price of petrochemical products as well as spread will be lucrative.
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