Thai PTT Global to invest $790 mln in 2014, cancels Malaysian project
BANGKOK Feb 21 (Reuters) - PTT Global Chemical Pcl (PTTGC) , Thailand's largest petrochemical firm, said on Friday it planned to invest $790 million this year, mostly to expand petrochemical capacity, and scrapped a plan to invest in Malaysia.
PTTGC, which is 49 percent owned by top energy firm PTT Pcl , planned to invest in a second phenol plant with annual capacity of 250,000 tonnes, Bowon Vongsinudom, president and CEO of PTT Global, told reporters.
More than $400 million would be used for petrochemical investments including the phenol project and another $250 million for maintenance of its petrochemical plants, he said.
Bowon also said the company decided not to jointly invest in a petrochemical project with Malaysian state-run oil company Petronas after a study showed chances of low returns.
But the company continued to invest in petrochemical projects in Indonesia and China, he said. ($1=32.57 baht) (Reporting by Pisit Changplayngam; Writing by Khettiya Jittapong; Editing by Clarence Fernandez)
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