PTT Global Chemical Plc (PTTGC), Thailand's largest petrochemical producer by capacity, is joining state efforts to build a sustainable future for the country by focusing on bio-based products and recycling businesses.
The company, originally established as a commodity-grade polymer maker, has shifted towards making bioplastics and recycling polyethylene terephthalate (PET) bottles over the past decade as the global trend for environmental protection grows.
PTTGC aims to achieve a net-zero goal, a balance between carbon dioxide emissions and absorption, by 2050, 15 years earlier than the government's target, said chief executive Kongkrapan Intarajang.
He was speaking with 500 executives at the "Reshaping Thailand for Sustainable Future" forum yesterday.
The company's recycling business will help Thailand better manage PET bottle scrap, which is among the main plastic waste in the country, said Mr Kongkrapan.
Each year Thailand generates 1.9 million tonnes of plastic waste and just a quarter of that is recycled.
The rest is taken to landfill sites and incinerators, with some going into the ocean, he said.
PTTGC started its recycling project in 2017 by collaborating with firms in Thailand.
More than 1.27 billion PET bottles have been recycled, helping reduce up to 141,500 tonnes of carbon dioxide each year and generate jobs for 1 million people, said Mr Kongkrapan.
Polyester yarns, which are made from the recycling process, can be used as raw material for making fashion products, including clothes and bags.
PTTGC announced last year it is building a factory to produce polylactic acid (PLA) from sugar and expects to start commercial operation in the first half of 2025.
PLA is a compostable biopolymer that can be used in a variety of applications ranging from coffee capsules and food packaging to 3D printing filaments, hygienic masks and home appliances.
PTTGC and US-based Cargill Inc agreed in 2021 to jointly develop a PLA production facility worth US$600 million in Nakhon Sawan.