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/
You might also like
Low US distillate consumption reflects slow economic activity and biofuel substitution
The EIA reports that US distillate consumption so far this year is lower than usual because of warm winter weather, reduced manufacturing activity, and continued substitution of biofuels in place of petroleum distillate on the US West Coast (PADD 5).