News

PTT Chemical, the producer of olefins used to make plastic packaging, plans to invest Baht69.8m (£1.1m) over the next five years to expand capacity and buy a 50% stake in Cognis Oleochemicals.

Thailand-based PTT Chemical reported a 64% rise in net profit to Baht5.3bn in the first six months to 30 June on sales of Baht24.5bn, mainly due to increased production volumes and product prices.

The firm has forecast a full-year revenue of Baht99.7bn, compared with Baht77bn in 2007.

It expects revenue for 2009 to increase by 20% over 2008 after it completes a plan to raise annual capacity at its olefins plant by 30% to 2.2m tonnes next year.

In July, PTT Chemical subsidiary PTT Chemical International Private in Singapore agreed to buy a 50% stake in Malaysia's Cognis Oleochemicals from German chemicals manufacturer Cognis for €104m (£82m) as part of its drive to invest abroad to boost growth.

PTT Chemical is Thailand's largest chemical producer and the third largest olefin producer in Asia.