PTT Global Chemical Plc (PTTGC), the country's largest petrochemical producer, on Friday announced plans to invest in a US$900-million (29.9 billion baht) polyols facility in Rayong with two Japanese partners.
The new company, called GC Polyols, brings together the PTT Plc subsidiary with Sanyo Chemical Industries and Toyota Tshusho Corporation, the trading arm of Toyota Motor Corp, said Supattanapong Punmeechaow, the CEO of PTTGC.
The plant in Rayong will have the capacity to produce 130,000 tonnes of polyether polyols per year and a PU (polyurethane) system of 20,000 tonnes per year. It will be operational in 2020, the company said in a statement.
Polyols are a key material for polyurethane, which is used in the automotive, electrical and electronics and construction sectors.
The project has received 23.1 billion baht in financing from Krungthai Bank, Land and Houses Bank, Thanachart Bank and Kiatnakin Bank, the statement said. PTTGC will hold 82.1% of the venture, Sanyo Chemical 14.9% and Toyota Tsusho 3%.
PTTGC said on Tuesday that it would invest $5 billion from 2017-22, at a rate of $1 billion each year.
PTTGC shares closed on Friday on the Stock Exchange of Thailand at 74 baht, down 25 satang, in trade worth 429.8 million baht.