PTT defers plans for merger until result of Map Ta Phut case

20-Nov-09

A planned merger of four PTT Group petrochemical and refining units has been delayed until the court outlines clear environmental enforcement guidelines for 76 suspended industrial projects, worth about 400 billion baht, in Rayong's Map Ta Phut Industrial Estate. The decision on the merger will depend on outcome of a court settlement on the ongoing Map Ta Phut dispute as of the 76 suspended projects, 25 ventures, worth about 130 billion baht in total, belong to PTT and its affiliates. PTT has been studying the possible merger of PTT Chemical Plc (PTTCH), IRPC Plc, PTT Aromatics and Aromatics and Refining Plc (PTTAR) and Thai Oil Plc (TOP). The plan, which was originally to be finalised in October, was pushed back to the year-end.