PTT Global Chemical Company Limited announced that the company, on Febraury 3, has established a joint venture with ALPHA to operate high-quality recycled plastic plant in Royang, Thailand.
The newly formed joint venture company called ENVICCO limited has PTT Global holding 70% of total shares together with another 30% held by ALPHA.
According to PTT Global, the establishment of ENVICCO is in accordance with its Sustainability Strategy for circular economy that aims to be a pilot project for plastic waste management by converting used packaging plastics to high-quality recycled plastic resins to serve the increasing demand of recycled plastic in the market together with environmental protection.
ENVICCO will manufacture and distribute high-quality recycled pastics resins with overall production capacity of 45,000 ton per year, out of which rPET capacity will be 30,000 ton per year and rHDPE capacity will be 15,000 ton per year.
The project will be located at Industrial Estate in Royang province of Thailand and is expected to be operational within the fourth quarter of 2021.