(MENAFN) Thailand's PTT Global Chemical's Pcl CEO, Anon Sirisaengtaksin, announced that the firm will spend USD11 billion by the end of the decade on investments aimed at boosting capacity and focus on high-margin specialties and green products, reported Reuters.
Sirisaengtaksin said that of the amount, USD3 billion will be used to construct a new olefins cracker to meet rising demand in Asia, mainly in China, Indonesia and Vietnam.
The company, Thailand's biggest petrochemical maker and one of the world's main 10 ethylene makers, also plans to set up a new bio plastic factory within the coming 5 years.
PTT Global, which was established in October 2011 through the merger of PTT Chemical Pcl and PTT Aromatics and Refining Pcl, planned to invest USD540 million in 2012, including USD298 million to acquire stakes in US-based NatureWorks LLC, the world's largest polylactic acid maker, and Perstorp Holding France SAS.
It is worth noting that PTT Global's annual production capacity stands at 8.26 million metric tons of olefins and aromatic whereas refining capacity stands at 280,000 barrels per day (bpd).
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