PTT Global Chemical PCL (PTTGC.TH), Thailand's largest petrochemical producer by capacity, said Thursday the company has a good chance of being picked to partner PT Pertamina to develop a $5 billion petrochemical complex in Indonesia.
PTT Global Chemical has already submitted a proposal in the middle of this month to Pertamina to form a joint venture, and the deal is expected to be concluded in March, Chief Executive Anon Sirisaengtaksin told reporters at a press briefing.
Pertamina, the Indonesian state-owned oil and gas company, plans to include an olefins cracker with annual capacity of 1 million metric tons at the plant.
Mr. Anon said PTT Global Chemical has set an investment budget of $4.5 billion for 2013-2017, which will be partly funded by a plan to issue $1 billion of dollar-denominated bonds by early 2014.
The company aims for annual growth in earnings before interest, tax, depreciation, and amortization of 5%-6% from this year through 2017, he said.
PTT Global Chemical's 2013 revenue is likely to be higher likely last year's 562.81 billion baht ($18.9 billion) due to higher petrochemical product prices, said Mr. Anon.
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