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According to media reports, Thailand’s PTT Group has entered an agreement to acquire 15.38% of stakes in Indonesia’s Chandra Asri Petrochemical (CAP) for $1.183 billion via its refinery arm – Thai Oil PLC (TOP). 

The deals reached on Thursday, 29 July 2021, are currently waiting for approval from relevant authorities. 

The investment would ease PTT into one of the fastest-growing petrochemical markets in Southeast Asia, while the inflow of capital would allow Chandra Asri to build a new petchem plant adjacent to its existing location. The new complex named PT Chandra Asri Perkasa (CAP2) is estimated to cost $5 billion and is expected to come online in 2026. 

Thai Oil PLC (TOP) would supply 1 million tons of naphtha and LPG annually to Chandra’s new plant once it becomes operational. 

The existing shareholders in Chandra Asri Petrochemical include PT Barito Pacific TBK, Marigold Resources Pte, Barito Group, and Thailand’s SCG Chemicals Co.

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Indonesia  Thailand