PTT transfers holdings in petchem subsidiaries to PTTGC

Posted on February 16, 2017

Energy firm PTT (Bangkok, Thailand) is consolidating its petrochemical interests into its 48.9%-owned affiliate PTT Global Chemicals (PTTGC). PTTGC is acquiring some or all of PTT's shares in six subsidiaries worth 26.3 billion baht ($751.7 million), according to PTTGC CEO Supattanapong Punmeechaow. The move aims to bring all petrochemical-related businesses under one umbrella to ease operations and improve efficiency. The PTT board earlier this week approved transferring the six subsidiaries to PTTGC, which will make it the main chemicals arm of PTT. Most of the six units were joint ventures (JVs) involving PTT because PTTGC, at the time of the JVs were formed, was too small to be the partner. The transactions will be concluded by October this year.

Merger of Abu Dhabi’s IPIC and Mubadala creates $125-billion giant

Posted on February 16, 2017

Two Abu Dhabi government-owned investment companies with major interests in the worldwide chemical industry—International Petroleum Investment Co. (IPIC) and Mubadala—have completed their merger to form Mubadala Investment Co. The new entity will be organized across four investment platforms: petroleum and petrochemicals; technology, manufacturing, and mining; aerospace, information and communications technology (ICT), and renewables; and alternative investments and infrastructure. Mubadala Investment Co. is scheduled to begin operating in May 2017. The company’s investment platforms will help accelerate the diversification of Abu Dhabi’s economy, through investments across critical sectors within the United Arab Emirates and abroad.