EC approves PTT, Sime Darby oleochems JV

22 October 2008 13:10 [Source: ICIS news]

PARIS (ICIS news)--The European Commission said on Wednesday that it has approved the proposed joint venture of Thailand’s PTT Chemical and Sime Darby to take over Cognis Oleochemicals.

The two companies signed the initial deal in July after PTT paid Cognis €104m ($136.8m) to purchase a 50% interest in it.

Cognis Oleochemicals makes oleochemicals using renewable raw materials for use in detergents, cosmetics, textiles, preserving agents, plastic additives and oilfield-drilling chemicals.

Sime Darby is one of the world’s largest producers of palm oil.

($1 = €0.76)

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By: Philippa Jones
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