PTTGC and Mitsui Chemicals partner for PET and PTA business

PTT Global Chemical PLC (PTTGC) signed joint venture agreements with Mitsui Chemicals Inc.(MCI) to cooperate in managing Siam Mitsui PTA Co., Ltd. (SMPC), a Purified Terephthalic Acid (PTA) producer, and Thai PET Resin Co., Ltd. (TPRC), a Polyethylene Terephthalate resin (PET) producer. The joint venture agreement is seen as a good starting point for further business cooperation between PTTGC and MCI in the future.

 

Mr.Supattanapong Punmeechaow, President and CEO of PTTGC; Mr. Patiparn Sukorndhaman, Chairman of the Board of Directors of TOC Glycol Co., Ltd.; and Mr. Tsutomu Tannowa; President and CEO, Mitsui Chemicals Inc. were on hand to sign the joint venture agreements. GC and TOCGC will hold 74% of the shares in SMPC and TPRC, while Mitsui Chemicals will hold 26%. 

 

 

Under the joint venture, PTTGC will supply feedstock Paraxylene (PX), key raw material for PTA and its subsidiary, TOCGC, will supply Mono Ethylene Glycol (MEG), key raw material for PET. MCI will provide technology know-how, technical support as well as marketing and sales network. The combined strengths of the two joint venture partners will contribute greatly to JV companies long-term success.

 

PTTGC, the chemical flagship of the PTT Group, operates in eight areas of businesses. It has a combined chemical and petrochemical capacity of 10.2 million tonnes per year and a crude oil and condensate distillation capacity of 280,000 barrels per day. PTTGC is expanding its business into performance and specialties chemicals.

 

MCI is one of the leading petrochemical companies in Japan as well as globally, with turnover of approximately 1,329 billion Yen in 2017 with approximately 17,277 employees.