PTT Asahi Chemical to start ACN, MMA plant in Map Ta Phut by late 2010

PTT Asahi Chemical Co Ltd - a three-way joint venture between Thailand's PTT Plc (48.5%), Japan's Asahi Kasei Chemicals Corp (48.5%), and Marubeni Corp (3.0%) - has inked agreements to secure US$400 mln loans for building new petrochemical plant in Hemaraj Eastern Industrial Estate (Map Ta Phut) in Rayong Province, Thailand. The new plant, expected to take off operations in late 2010 will house production capacity of 200,000 tpa acrylonitrile (ACN) and 70,000 tpa methyl methacrylate (MMA), said a statement released by HSBC which is one of the financers of the loan. Other providers include Bank of Tokyo Mitsubishi-UFJ Ltd, Mizuho Corporate Bank Ltd, Norinchukin Bank, Sumitomo Mitsui Banking Corp, Sumitomo Trust & Banking Co Ltd, and ING Bank. The Map Ta Phut-based plant is proposed to be world's first commercial-scale plant of its kind, to employ propane as its feedstock with the latest technology developed by Asahi Kasei Chemicals Corp. PTT will supply propane feedstock using its gas separation plantin addition to providing acetone from its newly-completed PTT Phenol plant, and other utilities via its PTT Utility.
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