Thailand's PTT to restructure petrochemical operations with sale of business chains to subsidiary

23-Feb-17

Thailand's leading energy conglomerate PTT plans to restructure its petrochemical operations in moves that would also see the sale of its propane and bioplastic business chains to subsidiary PTT Global Chemical, chief executive Tevin Vongvanich said, as per nationmultimedia.com. The proposal would be put to shareholder meetings in April. He added that “PTT Plc also will change our business focus to energy security, with investments in infrastructure for gas pipelines, LNG (liquefied natural gas) operations, oil and gas exploration, and will partner with our subsidiary for investment in mega-projects.”

Under the business restructuring, PTT Plc will sell to PTT Global Chemical its major stakes in six petrochemical firms: HMC Polymer Co Ltd, PTT Asahi Chemical Co Ltd, PTT MCC Biochem Co Ltd, PTT Polymer Marketing Co Ltd, PTT Polymer Logistic Co Ltd and PTT Maintenance and Engineering Co Ltd. It will also sell its stake in the PMMA project of PTT PMMA Co Ltd, according to a filing with the stock exchange. Subject to approval of the restructuring proposal by the shareholders of PTT Plc and PTT Global Chemical, the process may be completed by the end of the year, Tevin said.