07 December 2010 07:34 [Source: ICIS news]
By Pearl Bantillo
SINGAPORE (ICIS)--Thai oil and gas giant PTT hopes to firm up details of the much delayed consolidation of its petrochemical affiliates in the first quarter of next year, a company source said on Tuesday.
“It [consolidation plan] is not on hold, but it is unprocessed – there are still some things we need to work out,” said the source.
The affiliates being eyed for possible integration are PTT Chemical, PTT Aromatics, Integrated Refinery & Petrochemical Complex (IRPC) and Thai Oil.
Further study was being undertaken given that each of these companies was pursuing its own respective projects, the source said.
Some of the companies may opt to complete ongoing projects before pursuing consolidation, she added.
“Probably the final results should come out in the first quarter of next year,” the source said.
PTT is looking at a number of consolidation schemes for the four affiliates, with the final decision on which companies would be merged expected within the first three months of 2011, the company source said.
While the legal problem surrounding the rehabilitation of IRPC in 2003 was among the issues being sorted out, it “is not a big issue”, said the source.
The original schedule for the consolidation was set in November 2009, but PTT got waylaid by a court injunction on a number of its petrochemical projects in Mab Ta Phut on environmental grounds in September of that year.
It took a year for the issue to be resolved.
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