PTT Global Chemical, an arm of Thai energy major PTT Group, has set aside $5 billion for its next five-year investment, of which around 80% will be spent on a petrochemical complex in the U.S. and acquisitions.
Chief Executive Kongkrapan Intarajang said the company is on track to make a final decision on the U.S. project by mid-2020. The process is moving as planned, including approval from U.S. authorities, environmental assessments and the choice of a construction company, the CEO said.
"The petrochemical complex in the U.S. will be our second home base," Kongkrapan told the Nikkei Asian Review. "We choose to invest in the U.S. because we can gain cheap raw material from shale gas near our location, while we have a big consumer base there."To continue reading, click right here.
Kongkrapan said PTTGC's petrochemical complex will be on a 500-acre site in Ohio, where the Thai company has a 50-50 joint venture with South Korean petrochemical maker Daelim Industrial.