MOSCOW (MRC) -- Thai chemical firm, PTT Global Chemical Pcl (PTTGC) on Thursday said it plans to invest over USD22 bln in the next three decades to achieve net zero carbon emissions by 2050, reported Reuters.
"We will invest USD5 B to directly reduce greenhouse gases and USD17 B in restructuring the business," chief executive Kongkrapan Intarajang said at a news conference.
This will include efficiency improvements, energy storage, and carbon capture technology, he said.
New businesses in our portfolio will be low-carbon, like performance and speciality chemicals, he said, adding the company will grow around 4% over the next five to six years.
In July, it bought German coating resins maker Allnex for USD4.75 B, but the rate of carbon emission to growth came down because it was a low-carbon business.
This year PTTGC, a unit of the state-owned PTT Pcl, released about 8 MM tons of greenhouse gas (GHG) and CO2 equivalents and will reach a peak of 9.1 MM tons in 2025.
"There will be a 20% reduction of emissions in 2030 and net zero by 2050," said Kongkrapan.
We remind that, as MRC informed previously, PTTGC is in plans to undertake a brief shutdown for maintenance at its low density polyethylene (LDPE) plant in October, 2021. However, the exact dates of the turnaround were not given. Located at Map Ta Phut in Thailand, the LDPE plant has a production capacity of 345,000 mt/year.
According to MRC's ScanPlast report, August estimated LDPE consumption in Russia grew to 54,560 tonnes from 52,280 tonnes a month earlier. Russian producers raised their PE output, imports also increased. The estimated LDPE consumption was about 387,490 tonnes in the first eight months of 2021, up by only 3% year on year. The output remained at the previous year's level, whereas imports increased.
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.