Thailand's PTTGC delays joint venture in Indonesia

PTT Global Chemical Plc (PTTGC) anticipates to postpone the conclusion from end-2014 of its US$4.5 bln petrochemical complex in Indonesia to early next year, after revising the investment plan, as per the company chairman, as reported by PTTGC and Indonesian national energy firm Pertamina earlier planned to build a refinery at the complex in Indonesia, with a 2018 target for commercial operations. However, the plan has been changed, and now the alliance will revamp the existing Pertamina refinery and add a petrochemical plant there. Under the new plan, the refinery revamp will be done by Thai Oil Plc, also a PTT subsidiary, while the petrochemical project will be developed by PTTGC. After the revamp for higher efficiency and utilisation, the oil refinery is expected to have a capacity of 200,000 to 300,000 bpd.
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