Thailand's PTT Global Chemical Pcl is seeking a partner to expand the crude processing capacity of its planned joint petrochemical project with Indonesian state oil and gas firm Pertamina, as per Reuters. PTT Global is planning to triple the crude processing capacity of the project to 360,000 bpd, which would boost the estimated investment in the complex to as much as US$8 bln. PTT Global's initial plans with Pertamina had called for an investment of US$5 bln in the petrochemical complex at Balongan on Java island. The investment is part of PTT Group's plan to boost its presence in Southeast Asia as domestic demand slows after several months of political unrest that weakened the economy.
"The estimated investment is expected to rise to US$7-8 bln. PTTGC will focus on petrochemicals and we need to seek a partner to strengthen the refining part," as per CEO Bowon, adding the refinery will help supply feedstock to the petrochemical plant. The company is studying details on how to finance the project and potential partners, a process it expects to conclude in early 2015. It aims to begin operations at the Indonesia complex in 2020, delayed from a previous completion target in 2018, Bowon said. The complex will include a 1 million tonne olefins plant and a downstream polymer facility, and will supply the Indonesian market during initial stage of operations, the Thai firm said in a statement.