JV petchem project of PTT and Aramco likely to be shelved
The project was a PTT-Saudi Aramco joint venture and it was planned to include a 400,000 barrel/day refinery, a naphtha cracker with a capacity of 1.4 million tons/year of ethylene as well as units producing 5 million tons/year of downstream products. Both PTT and Saudi Aramco were expected to have a 40% stake in the project while the government would have 20%.
PTT President and CEO, Vongnavich, pointed to the government’s intention to develop the location of the project as a tourist destination as the reason behind this situation, although local authorities are yet to confirm any decision about this area.
According to sources, PTT has the options of relocating the complex or cancelling it. IRPC, a PTT subsidiary, is reported to be carrying out a feasibility study and is looking for a new partner to replace Aramco in order to save time.
The complex was aimed to run in 2021 but then estimated to be completed in 2025.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- African PP, PE markets extend gains into Sept on tightness
- European PS follows SM lower in Sept, ABS flat on tightness
- Turkey PP, PE markets propelled higher by shipping bottlenecks in Sept
- Are record-high PVC prices the new normal amid enduring pandemic?
- European PVC up for 16th month in Sept, prices touch new highs
- Egypt’s PP, PE markets rise on tightness in September
- Logistics snarls propel import PP, PE offers higher in Europe
- Import PVC prices near all-time highs in India, disparity with China/SEA grows
- PP, PE supplies rise in China; demand lags behind expectations despite peak season
- Stats: China’s July PE imports increase after 3 months of declines