PTTGC, Pertamina plan $4b chemical complex

Thailand?s largest petrochemical producer PTT Global Chemical Plc (PTTGC) reportedly plans to sign a joint-venture agreement with Indonesia's state-owned oil and gas firm Pertamina next year for a US$4 billion chemical complex in Java.

Bowon Vongsinudom, the new chief executive of PTTGC, was quoted by the Bangkokpost.com on Tuesday as saying that this company and Pertamina welcome other strategic partners to jointly develop the world-scale project.

Details of the investment will be announced later this year. Once the agreement has been signed, it will take three years to complete the plant?s construction and go into operation, he said.

?Polymer demand in Indonesia has risen sharply every year, most are imported from other Asian countries. So this project will be an import substitution,? said Bowon. (*)