Thai Energy Giant PTT Mulls Spinning Off European Chemical Unit

Thai energy firm PTT Pcl is considering spinning off its petrochemical unit Allnex Holding GmbH as part of efforts to strengthen its businesses.

PTT, through subsidiary PTT Global Chemical Pcl, is assessing options to restructure the petrochemical operations, including potentially listing Allnex, Chief Executive Officer Kongkrapan Intarajang said in a press briefing in Bangkok on Friday.

Earnings at PTT’s petrochemical and refinery businesses have suffered due to oversupply and weak prices. The company has been engaged in talks with several parties regarding the units, including PTT Global, IRPC Pcl and Thai Oil Pcl, according to Kongkrapan.

“It ...