PTT completes Cognis Oleochemical purchase

04 December 2008 04:05  [Source: ICIS news]

SINGAPORE (ICIS news)--Thailand’s PTT Chemical has completed its acquisition of a 50% stake in Cognis Oleochemicals from German firm Cognis GmbH, a senior company official said in a statement released late on Wednesday.

Cognis Oleochemicals, one of Asia’s leading manufacturers of natural source oleochemical basestocks, has now become a 50-50 joint venture (JV) between PTT Chemical and Malaysian palm oil major, Sime Darby Plantation.

“The company will continue to operate under the Cognis Oleochemicals name for up to six months,” said Azuddin Rahman, vice president for Asia Pacific region at Cognis Oleochemicals. The company’s new name has yet to be finalized.

The two companies signed the initial deal in July this year, when PTT paid €104m ($131.6m) for the 50% stake in Cognis Oleochemicals.

($1=€0.79)

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By: Jeremiah Chan
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