MOSCOW (MRC) -- Sumitomo and PTT Global Chemical (PTTGC) have signed an agreement to establish a joint venture company for a planned butadiene derivatives project in Hemaraj Eastern Industrial Estate, Rayong Province, Thailand, according to Apic-online.
The project involves a new facility with the capacity to produce 13,000 t/y of high-heat resistant polyamide 9T and 16,000 t/y of hydrogenated styrenic block copolymers products.
The joint venture company will be owned 53.3% by Kuraray, 33.4% by PTTGC and 13.3% by Sumitomo. The companies earlier said they expected to form the company by the beginning of this year.
Kuraray said it will announce a Final Investment Decision on the project, as well as further relevant de-tails, once determined.
"This investment will play a key role in further developing Thailand's chemical sector and make an important contribution to the country's economic growth, increasing competitiveness and reinforcing the government's drive to become Thailand 4.0," said Supattanapong Punmeechaow, president and chief executive of PTTGC, in an earlier press release.
As MRC reported earlier, in March 2016, Sumitomo Chemical and Sekisui Chemical (Tokyo) said that they were combining their respective polyolefin films business under a new joint venture, which was due to start operations in July 2016. The new joint venture, Sumika Sekisui Holdings, is owned 35% each by Sumitomo and Sekisui and 30% by the private-public partnership Innovation Network Corporation of Japan (INCJ; Tokyo). Sumitomo is contributing its Thermo subsidiary and Sekisui its Sekisui Film unit, which reported 2015 sales of Yen8.44 billion (USD74.4 million) .
Sumitomo Chemical is a Japanese based manufacturer of a diverse range of products, including basic chemicals, petrochemicals and plastics, fine chemicals, agricultural chemicals, IT-related chemicals and pharmaceuticals.
PTT Global Chemical is a leading player in the petrochemical industry and owns several petrochemical facilities with a combined capacity of 8.45 million tonnes a year.
MRC