During the recession, PTT Global Chemical (PTTGC) is planning to acquire new assets related to specialty polymer production. The largest petrochemical maker in Thailand will consider global asset acquisitions as it foresees a decline in asset value in the coming year. To buy the new assets, a budget of 200 billion baht set by PTTGC.
Previously, PTTGC planned to add value to commodity-grade polymers used for aerospace and auto parts. Later the company decided to adjust the plan by focusing on businesses related to the ageing society, medical products, as well as home and personal care items.
The company during the pandemic managed to offset a huge surplus of jet fuel production. By converting jet fuel into diesel and naphtha, it altered production methods. After temporarily changing export markets to Asean and Australia after the outbreak, the company since mid-May has begun to receive purchase orders from China.
Since March, PTTGC has been cutting operating costs by 10 percent. The reductions started with a 5 percent chop in January. By obtaining 30 billion baht from creditors after earlier issuing debentures worth 15 billion baht in April, PTTGC plans to maintain high liquidity in business operations.
Tags: All Products,AlwaysFree,Asia Pacific,English,Thailand
Published on June 4, 2020 2:30 PM (GMT+8)Last Updated on September 5, 2020 2:20 AM (GMT+8)
