August 29, 2014 / 4:06 AM / 3 years ago

Thai PTT Global raises stake in France's Vencorex to 85 pct

BANGKOK, Aug 29 (Reuters) - Thailand’s PTT Global Chemical Pcl said on Thursday its wholly-owned unit bought an additional 34 percent stake in French chemical maker Vencorex from Perstorp Holding AB , raising its stake to 85 percent.

The increase will enhance PTTGC’s strategy in the downstream polyurethane business as Thailand’s largest petrochemical firm aims to focus on value-added products to serve growing demand in Asia, the Thai company said in statement.

It gave no details about the value of the deal.

Vencorex is an owner of technology and a major producer of isocyanates in Europe, especially in toluene diisocyanate, hexamethylene diisocyanate (HDI) and HDI derivatives, which are major feedstocks in making polyurethane, which is used for making foams and coatings in the automobile and construction sectors.

PTTGC, flagship in the petrochemical business of PTT Pcl , the country’s top energy firm, has joined with Indonesia’s Pertamina and China’s Sinochem Group to jointly develop the petrochemical businesses in the two countries.

$1= 31.95 baht Reporting by Khettiya Jittapong; Editing by Matt Driskill

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