PTT unit lets contract for Thai polypropylene plant

By an OGJ correspondent
BANGKOK, July 10 -- HMC Polymers Co. (HMC), a petrochemical firm affiliated with Thailand's state-owned PTT PLC, has awarded a $185 million contract to South Korea's GS Engineering & Construction Corp. to build a polypropylene (PP) plant in Rayong, southeast of Bangkok.

The contract is part of HMC's expansion that will raise its aggregate PP production capacity to 750,000 tonnes/year in the next 2 years from its current 440,000 tpy, making it the country's largest PP producer.

The awarding came as HMC clinched a $475 million syndicated loans with nine international financial institutions to finance its expansion.

The expansion of its Rayong facility, which lies about 220 km southeast of Bangkok, will be based on technological support rendered by the Netherlands-based chemical firm Basell, one of HMC's major shareholders.

HMC's expansion comes after PTT acquired a majority stake of 41.44% in the firm last year for $294 million from Bangkok Bank and its allies, making it the largest single shareholder in the plastic-pellet producer. Bangkok Bank and Hua Kee Co now hold 30%, while Basell (Thailand) Holding BV holds 28.56%.

Related Articles

IHS International: US poised to lead world exports of LPG

03/25/2014 US shale gas development has the country poised to become a major global supplier of LPG, mainly to Asia, during 2015-20 with US exports outdistanc...

Watching Government: Propane's 'perfect storm'

03/17/2014 If anyone wants to consider where oil and gas product distribution can go haywire, the recent domestic propane "perfect storm" bears exam...

Winter weather effects


Much of the US has experienced unrelenting cold weather during January and February.

Energy optimization drives design for Saudi Aramco NGL-recovery plant

02/03/2014 Designing a grassroots NGL-recovery plant in the empty quarter of Saudi Arabia required formulation of energy optimization initiatives because the ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected