PTT Global Chemical, PT Pertamina to jointly build petrochemical complex

BANGKOK, April 1 (TNA) - PTT Global Chemical Public Company Limited, a subsidiary of PTT Public Company Limited (PTT), Thailand's largest petroleum firm, has signed an agreement with PT Pertamina, Indonesia’s national petroleum company, to build a world-class petrochemical complex, worth 4-5 billion US dollars or 120-150 billion baht. Under the agreement, inked on Monday, both companies will then plan their cooperation, investment and business and set up the joint venture to build the petrochemical complex in the world's largest archipelagic nation, scheduled for completion in 2017. The new petrochemical complex, once in operation, will cover relevant businesses from upstream to downstream categories, including a refinery and an olefin plant with the production capacity of one million tonnes annually, as well as a downstream polymer plant. Besides, PTT Exploration & Production Public Company Limited, another PTT's subsidiary, will participate in exploring and producing petroleum products in neighbouring Indonesia. (TNA)