OREANDA-NEWS. August 13, 2013. Sinochem Group signed a memorandum of understanding (MOU) in Bangkok with PTTGC (PTT Global Chemical Plc.), a company under PPT Group.

The two parties will carry out strategic cooperation in the targeted markets both in China and abroad based on the existing petrochemical cooperation and related business, and discuss issues concerning industrial investment, and trade distribution in the upstream and downstream business of petrochemical industry.

Vice President Pan Zhengyi of Sinochem Group, General Manager Zhang Zenggen of Sinochem International, a listed company under Sinochem Group, Energy Minister Pongsak Ruktapongpisal of Thailand, CEO Pailin Chuchottaworn of PTT Group, Chairman Prasert Boonsampan of PTTGC, CEO Anon Sirisaengtaksin of PTTGC, and other members were present at the signing ceremony.

In addition to signing a MOU this time, Sinochem International also signed a cooperation agreement with PTTGC. The two parties will jointly conduct market evaluation over specialty chemicals in China, the result of which will be used to support the management of the two parties to make investment decisions, so as to provide better service to meet the demands of such downstream areas as automobile, architecture, electronic appliances, etc. Besides, Sinochem Plastics under the Sinochem Group has also signed a cooperation agreement with PTTPM (PTT Polymer Marketing Company Limited) under PTTGC to work together in expanding the trade distribution of polymerization resins in China.

Mr. Pan Zhengyi pointed out that, the strategic alliance of two parties has laid a solid foundation for jointly creating new industrial opportunities and accelerating the potential growth of business in the future. He expressed his expectation that the cooperation mode would set a successful example for China and Thailand in the energy and petrochemical industry.

Anon Sirisaengtaksin, CEO of PTTGC, expressed that PTTGC fully realized the significance of synergetic development strategy by cooperating with partners sharing the same vision and complementary advantages. As PTTGC and Sinochem Group have established close cooperative relationship in various areas, he was delighted to take this opportunity to escalate the cooperation to a strategic level.