Mitsubishi Chemical, PTT to set up USD-233m bio-plastics JV in Thailand

(SeeNews) - Jul 14, 2011 - Mitsubishi Chemical Holdings Corp (TYO:4188) and Thai state-owned oil and gas company PTT Plc (BAK:PTT) will pour THB 7 billion (USD 233m/EUR 164m) in a joint venture to make bio-plastics in Thailand.

The entity, to be called PTT MCC Biochem Co, will make plastics from sugar. Mitsubishi and PTT will each hold a 50% stake in it, PTT said in a statement.

Construction of the facility will kick off in 2012, while bio-plastics production is planned to start in 2014.

(THB 10 = USD 0.332/EUR 0.234)

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