PTT mulls joint venture with JG Summit Petrochemical Corp in Philippines

10-Apr-07

Thailand's largest energy company PTT Public Co. Ltd., is exploring a joint venture with JG Summit Petrochemical Corp. to develop a petrochemical project in the Philippines. Talks are on for some form of cooperation with JG Summit, a subsidiary of JG Summit Holdings Inc. of the Gokongwei Group. Philippines ranks number five countries on PTT's existing export list of plastic products in Thailand. With domestic demand growing at 19%, the Philippines will change in terms of position from no. 5 to no. 3. JG Summit, after inaugurating a petrochemical plant in Barangay Simlong, Batangas City on April 6, 1998, became the first company to put up an integrated polyethylene and polypropylene complex in the country. Currently, JG Summit is in the process of reviving its petrochemical business with several investment plans. While PTT's main business in Thailand is still about oil and gas, the company is focusing on the petrochem industry as a new source of revenue growth. PTT has several subsidiaries engaged in the petroleum industry such as PTT Chemical Public Co. Ltd.., The Aromatics Thailand Public Co. Ltd., Bangkok Polyethylene Public Co. Ltd., PTT Polymer Marketing Co. Ltd., PTT Polyethylene Co. Ltd. and PTT Phenol Co. Ltd.