Bangkok — PTT Global Chemical, Sanyo and Toyota Tsusho Corp (TTC) have agreed to form a joint venture, GC Polyols, to make and distribute polyols.
The joint venture will be majority owned by PTTGC with 82.1% with Sanyo holding 14.9% and Toyota Tsusho the remaining 3%, PTT GC said in a statement.
PTTGC added that this agreement is 'an important step for PTTGC in moving towards a petrochemical project' in Thailand's Eastern Economic Corridor.
In August 2015 TCC and PTTCG said they would work together on a 200kT/year PO plant in Rayong, Thailand. At the time a three-way jv would build a 130kT/year polyether polyols plant owned by PTTCG, TCC and Sanyo.