On July 29 in Bangkok, Thailand, Sinochem International signed a cooperation agreement regarding specialty chemicals with PTT Global Chemical Public Company (hereinafter referred to as PTTGC) subordinate to PTT Group (Thailand Petroleum Group). The two parties will work together to conduct market assessment for special chemicals in China, and the assessment results will serve as the basis of their investment decisions, so as to better serve the terminal needs of downstream industries, such as automotive, construction, electronics and electrical appliances etc.
Meanwhile, Sinochem Group signed a memorandum of understanding with PTTGC. The two parties will carry out strategic cooperation on the basis of existing petrochemical cooperation fields and related businesses and discuss industrial investment and trade distribution of petrochemical upstream and downstream businesses in target markets both at home and abroad.
Zhang Zenggen, General Manager of Sinochem International and Qin Hengde, Executive Vice General Manager of Sinochem International signed with PTTGC the memorandum of understanding and the relevant cooperation agreement regarding specialty chemicals on behalf of Sinochem Group and Sinochem International respectively.
Pan Zhengyi, Vice President of Sinochem Group and Chairman of Sinochem International, Cheng Xiaoxi, Vice General Manager of Sinochem International, Pongsak Ruktapongpisal, Thailand Energy Minister, Pailin Chuchottaworn, CEO of PTT Group, Prasert Boonsampan, Chairman of PTTGC and Anon Sirisaengtaksin, CEO of PTTGC attended the signing ceremony.
Established in October 2011, PTTGC is PTT Group’s flagship subsidiary specializing in chemical business. The company boasted an annual income of US$18 billion, net profit of US$1.1 billion and assets of US$14 billion in 2012, and is the No.1 listed company in Thailand, with businesses covering oil refining and midstream and downstream fine chemical industries. It has an annual processing capacity of 8.2 million tons of petrochemical products.
In recent years, PTTGC has focused on overseas strategic investments in specialty chemicals with higher technical barriers, mainly involving oil chemical, bio-chemical, bio-plastics, isocyanates and their derivatives etc. In the field of R&D capabilities, both PTTGC US and PTTGC Europe have set up R&D centers and R&D laboratories, and possess the core advantage of long-term development of specialty chemicals business.