GC and MCI sign JV agreement for petrochemicals production in Thailand
Published by Alex Hithersay,
Editorial Assistant
Hydrocarbon Engineering,
PTT Global Chemical PLC (GC), together with TOC Glycol Co. Ltd (TOCGC), a subsidiary of GC Group, has signed joint venture (JV) 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.
Supattanapong Punmeechaow, President and CEO, GC; Patiparn Sukorndhaman, Chairman of the Board of Directors, TOCGC; and Tsutomu Tannowa, President and CEO, MCI, were on hand to sign the JV agreements. GC and TOCGC will hold 74% of the shares in SMPC and TPRC, while MCI will hold 26%.
Under the JV, GC will supply feedstock paraxylene (PX), a key raw material for PTA, and TOCGC will supply mono ethylene glycol (MEG), a key raw material for PET. MCI will provide technology knowhow, technical support as well as its marketing and sales network.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/11102018/gc-and-mci-sign-jv-agreement-for-petrochemicals-production-in-thailand/
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