Chevron delays signing MoU with Thai Paraxylene

03 August 1998 00:00  [Source: ACN]

Chevron has delayed the signing of an MoU for a paraxylene (PX) project in Thailand as it wants to finalise its discussions with Aromatics (Thailand) Co (ATC) first, ACN was told.

The signing was supposed to have taken place two weeks ago.

Discussions with ATC concerning Chevron taking a stake in the PX producer are taking longer than expected. This has delayed the signing of an MoU for Chevron to take a 30% stake in Thai Paraxylene.

Thai PX's 300 000 tonne/year plant is slated to start up in November 1999.

Thai Oil will still take a majority 40% stake even if Chevron takes up the 30% share.

Mitsubishi Oil's stake will be reduced from 38% to 30% (ACN 20 July, p33).

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