Sumitomo Corporation signs joint venture agreement with PTT Global Chemical and Kuraray
OREANDA-NEWS. Sumitomo Corporation together with PTT Global Chemical Public Company Ltd. and Kuraray Co., Ltd., have been jointly conducting a detailed feasibility study on the manufacture and sale of butadiene derivatives in Thailand (hereinafter, “the Project”) and recently concluded a joint venture agreement with these partners.
Since September 2016 the three companies have been conducting a detailed feasibility study on manufacturing and sales of PA9T heat-resistant polyamide resin and HSBC hydrogenated styrenic thermoplastic elastomer at a candidate location on the Hemaraj Eastern Industrial Estate located in the petrochemical complex at Map Ta Phut in Rayong province, Thailand. With the conclusion of the joint venture agreement, the three companies will begin application procedures with the relevant authorities, and will be working out final investment decisions and other details pertaining to the joint venture company.
The Project can expect to see steady growth with competitive raw material and utilities supply from PTTGC and the PTT Group, Kuraray’s production technology and sales & marketing know-how, and Sumitomo’s global trade network.
Sumitomo is aiming for global business expansion in the petrochemicals business with its strong trade network and successful projects.
Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to “Achieving Harmony with the Global Environment” and “the Development of Local Communities and Industries” .