Thai PTT Global Chemical plans US$22b investment by 2050 to decarbonise


BANGKOK: Thai chemical firm, PTT Global Chemical Pcl on Thursday said it plans to invest over $22 billion in the next three decades to achieve net zero carbon emissions by 2050.

"We will invest $5 billion to directly reduce greenhouse gases and $17 billion in restructuring the business," chief executive Kongkrapan Intarajang said at a news conference.

This will include efficiency improvements, energy storage, and carbon capture technology, he said.

New businesses in our portfolio will be low-carbon, like performance and speciality chemicals, he said, adding the company will grow around 4% over the next five to six years.

In July, it bought German https://www.reuters.com/article/us-allnex-m-a-pttgc-idUSKBN2EI0L0 coating resins maker Allnex for $4.75 billion, but the rate of carbon emission to growth came down because it was a low-carbon business.

This year PTTGC, a unit of the state-owned PTT Pcl, released about 8 million tonnes of greenhouse gas (GHG) and CO2 equivalents and will reach a peak of 9.1 million tonnes in 2025.

"There will be a 20% reduction of emissions in 2030 and net zero by 2050," said Kongkrapan. - Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Petronas revenue soars in Q3 powered by crude oil price rally�
Oil falls 3% on jitters over vaccine efficacy
CIMB registers RM3.44bil nine-month net profit
MARA Inc to jointly develop RM500m condominium in Kota Kinabalu next year
Ringgit snaps losing streak against dollar
Strong earnings growth for Kelington
Axiata unit edotco buys tower firm for RM1.7bil, expanding its market share ��
Bursa Malaysia ends higher on bargain-hunting
Improved 2Q performance for Datasonic as economy opens
Tenaga completes divestment of TNB Power Daharki for RM229mil

Others Also Read


Vouchers