PTT to sell businesses under revamp
Leading energy conglomerate PTT plans to restructure its petrochemical operations in moves that would also see the sale of its propane and bioplastic business chains to subsidiary PTT Global Chemical, chief executive Tevin Vongvanich said. The proposal would be put to shareholder meetings in April, Tevin said on February 22. “PTT Plc also will change our business focus to energy security, with investments in infrastructure for gas pipelines, LNG (liquefied natural gas) operations, oil and gas exploration, and will partner with our subsidiary for investment in mega-projects,” he said at press conference on February 22. Under the business restructuring, PTT Plc will sell to PTT Global Chemical its major stakes in six petrochemical firms: HMC Polymer Co Ltd, PTT Asahi Chemical Co Ltd, PTT MCC Biochem Co Ltd, PTT Polymer Marketing Co Ltd, PTT Polymer Logistic Co Ltd and PTT Maintenance and Engineering Co Ltd.