Thailand’s PTTGC to set up $143m JV for bio-plastic industrial estate

Image of green chemical from PTT Global Chemical website

PTT Global Chemical (PTTGC), Thailand’s leading petrochemical company under PTT’s umbrella, will establish a  50:50 joint venture with one of the country’s leading sugar makers to set up the nation’s first bio-plastic industrial estate with an estimated investment of 5 billion baht ($143 million).

This move follows its plan to drive Thailand to be a bio-plastic hub to serve the rising demand in the region.

“We are planning to locate the industrial estate in the central region, where farmers grow a plenty of sugarcane. Then, we plan to make it as a one-stop place from growing sugarcane, producing sugar, making ethanol, generating electricity from biomass-based power plants and setting up a bio-plastic manufacturing plant,” said PTTGC’s president and chief executive Supatanapong Punmeechaow.

This joint venture deal is expected to be finalised this year. As planned, it will take around 30 months to complete the construction and commence the operation.

“If we can make this bio-plastic hub happen, I am sure that NatureWorks [the world’s largest biopolymer producer] will choose to set up a $200-million worth polylactic-acid manufacturing plant in Thailand,” he said.

PTTGC has allocated 3 per cent of its net profit each year to do research and development on high-value products. It targets the revenue from high-value products will account for 20 per cent of its petrochemical revenue in the next 10 years from 4 per cent at present.

For the petrochemical complex project in the United States, it is on the process to design the plant, find financial sources and evaluate the project’s value. He expects that it can decide whether the project will be worth the investment or not by the third quarter of next year.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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