BANGKOK Feb 21 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
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.
(Reporting by Pisit Changplayngam; Writing by Khettiya
Jittapong; Editing by Clarence Fernandez)