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GC and MCI sign JV agreement for petrochemicals production in Thailand

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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.

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