PTTGC, Sanyo and Toyota Tsusho establish polyols joint venture in Thailand
PTT Global Chemical Public Company Limited (PTTGC) has agreed with Sanyo Chemical Industries, Ltd. and Toyota Tsusho Corporation to establish the new joint venture GC Polyols Company Limited for the production of polyols and PU systems. PTTGC will hold 82.1 % of the shares in GC Polyols, while Sanyo Chemical will hold 14.9 % and Toyota Tsusho will hold 3 %.
The new GC Polyols plant will be located in Hemaraj Eastern Industrial Estate, Rayong province, which is within Thailand’s Eastern Economic Corridor. The plant will have an annual capacity of 130,000 t of polyether polyols and 20,000 t of PU systems. Construction will begin in September 2017 and the plant is scheduled to start operating in 2020, the companies said.
Under the joint venture agreement, PTTGC will supply feedstock propylene oxide (PO) and ethylene oxide (EO), key raw materials for the production of polyols. Sanyo Chemical will provide technology know-how to produce polyols to fulfill customer’s requirements, while Toyota Tsusho will support the joint venture with its marketing and sales network around the world, especially in Asia as well as logistics management expertise.
According to Supattanapong Punmeechaow, President and CEO of PTTGC, “This joint venture is an important step for PTTGC as we follow the government’s new S-Curve policy that falls under the Thailand 4.0 initiative. It increases our company’s presence in performance chemicals, which are high value-added products. In line with PTTGC’s strategic direction, we are focusing on expanding into industry sectors such as automotive, electrical & electronics, and construction, which offer excellent growth opportunities for the company.”