June 29, 2015 / 12:24 PM / 4 years ago

Thailand's PTT Global to invest $288 mln on LLDPE capacity expansion

BANGKOK, June 29 (Reuters) - Thailand’s largest petrochemical company PTT Global Chemical PCL said on Monday it will invest $288.2 million to expand capacity of linear low-density polyethylene (LLDPE), used for making a range of products from plastic bags to cable coverings.

The project will double the company’s LLDPE production capacity to 800,000 tonnes and is expected to start operation in 2018. It will be financed out of the company’s own cash flow as well as loans.

PTT Global, part of PTT PCL, also announced plans to set up two subsidiaries in the United States to prepare designs for a planned petrochemical complex in the country with an initial budget $123.7 million, it said in a separate statement.

PTT Global is also seeking a partner for a $5.7 billion olefin cracker in Ohio and expects to sign a deal in the second half of this year. (Reporting by Khettiya Jittapong; Editing by David Holmes)

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