PTT, Pertamina in talks about $5b project

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Pertamina will choose its investment partner by the first quarter of 2013

Thailand’s largest petrochemical producer PTT Global Chemical Plc is reportedly in talks with Indonesia’s oil and gas giant Pertamina to set up a $5 billion refinery and chemical complex in Java, the Bangkok Post and the Jakarta Globe reported, citing PTT Global Chemical’s Chief Executive Officer Anon Sirisaengtaksin.

Sirisaengtaksin said that PTTGC plans to own a “significant” equity stake in the project. Pertamina is expected to select a partner for the petrochemical project in the first quarter of 2013.

“Indonesia has a substantial demand for petrochemicals and plastic products because of strong economic growth and its large population,” he added. “There is a shortage of petrochemical production as the majority of those products are imported.”

PTTGC, formed from a 2011 merger of PTT Chemical Pcl and PTT Aromatics & Refining Pcl, has said it plans to spend $4.5 billion on expansion from 2013 to 2017. The company now has cash on hand of $1.5 billion and recently issued $1 billion worth of debentures to help finance the five-year plan.

It would join Thai companies such as oil firm Banpu and Siam Cement that have already made significant acquisitions in Indonesia.

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Reading Time: 1 minute

Pertamina will choose its investment partner by the first quarter of 2013

Thailand’s largest petrochemical producer PTT Global Chemical Plc is reportedly in talks with Indonesia’s oil and gas giant Pertamina to set up a $5 billion refinery and chemical complex in Java, the Bangkok Post and the Jakarta Globe reported, citing PTT Global Chemical’s Chief Executive Officer Anon Sirisaengtaksin.

Reading Time: 1 minute

Pertamina will choose its investment partner by the first quarter of 2013

Thailand’s largest petrochemical producer PTT Global Chemical Plc is reportedly in talks with Indonesia’s oil and gas giant Pertamina to set up a $5 billion refinery and chemical complex in Java, the Bangkok Post and the Jakarta Globe reported, citing PTT Global Chemical’s Chief Executive Officer Anon Sirisaengtaksin.

Sirisaengtaksin said that PTTGC plans to own a “significant” equity stake in the project. Pertamina is expected to select a partner for the petrochemical project in the first quarter of 2013.

“Indonesia has a substantial demand for petrochemicals and plastic products because of strong economic growth and its large population,” he added. “There is a shortage of petrochemical production as the majority of those products are imported.”

PTTGC, formed from a 2011 merger of PTT Chemical Pcl and PTT Aromatics & Refining Pcl, has said it plans to spend $4.5 billion on expansion from 2013 to 2017. The company now has cash on hand of $1.5 billion and recently issued $1 billion worth of debentures to help finance the five-year plan.

It would join Thai companies such as oil firm Banpu and Siam Cement that have already made significant acquisitions in Indonesia.

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