Bangkok, 19 July 2013, Mr. Prasert Boonsampan, CEO of PTT Global Chemical Public Company Limited (PTTGC) has announced that its subsidiary PTTGC Phenol Limited has signed an agreement with 5 local banks for loans to build the second phase of its phenol factory at its complex in Maabtaput in 2015.
The PTTGC Phenol is taking out loans worth 7 billion baht from the Krung Thai Bank, the Siam Commercial Bank, the Bangkok Bank, the Thai Military Bank, and the Government Savings Bank. The loan is for the funding of the second phase of the construction of the Phenol production plant, at the estimated cost of 10.5 billion baht.
The plant’s construction is in response to rising domestic and ASEAN demands for phenol, a material used in the production of plastic polycarbonates, which is needed in several industries. The new plant is scheduled to start operations in 2015. The two plants have a combined production capacity of 400,000 tons of phenol a year.