Thai PTTGC And Japanese Partners In $900MM Chemical Venture
BANGKOK, Aug 25 (Reuters) - PTT Global Chemical Pcl , Thailand's largest petrochemical producer, is investing in a $900 million polyols facility with two Japanese partners, the company said on Friday.
PTTGC CEO Supattanapong Punmeechaow announced in a statement a joint venture in Thailand between PTTGC, Sanyo Chemical Industries and Toyota Tshusho Corporation, Toyota's trading arm, called GC Polyols.
The plant, to be located in the eastern province of Rayong, will have the capacity to produce 130,000 tonnes of polyether polyols per year and PU (polyurethane) system of 20,000 tonnes per year. It will be operational in 2020, the statement said.
Polyols is a key material for polyurethane, which is used in the automotive, electrical and electronics and construction sectors.
The project has received 23.1 billion baht ($693.7 million)of financing from Krung Thai Bank, Land and Houses Bank, Thanachart Bank and Kiatnakin Bank, the statement said.
PTTGC, the petrochemical arm of state-owned energy giant PTT , will hold 82.1 percent of the venture, while Sanyo Chemical and Toyota Tsusho will take 14.9 and 3 percent, respectively.
PTTGC said on Tuesday it would invest $5 billion from 2017-2022, at a rate of $1 billion each year.
($1 = 33.30 baht)
(Reporting by Chayut Setboonsarng; Editing by Mark Potter)
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