PTT Chemical and GE Sign Gas Turbine Service Agreement

BANGKOK, Jan. 28 /PRNewswire/ -- PTT Chemical Public Company Limited, Thailand's largest chemical producer and a regional leader in the petrochemical industry, has signed a service agreement with GE (NYSE: GE) in Singapore to ensure the long-term reliability of nine GE gas turbines at PTT Chemical's site in Map Ta Phut Industrial Estate, Rayong Province, Thailand.

The 13-year Contractual Service Agreement (CSA) worth US $46.1 million or approximately Baht 1,521 million covers the supply of parts, repairs and field services for planned and unplanned outages for gas turbine-generators and accessory equipment, along with performance guarantees.

Veerasak Kositpaisal, President and CEO of PTT Chemical said, "Through this agreement, GE guarantees the continuing reliability and efficiency of the gas turbines, which improves our efficiency and security as well as enables us to maintain our petrochemical production schedule. The CSA also helps us to effectively manage our maintenance budget over the life of the agreement."

"While we have received equipment orders from PTT Chemical in the past, this marks our first CSA with the company," said Kovit Kantapasara., GE Energy Country Executive for Thailand and Indochina. "We hope to build on this agreement to provide similar services to other companies in the PTT Group." Overall, GE has supplied more than 20 gas turbines to the petrochemical business of the PTT Group.

PTT Chemical is a diversified and integrated chemical producer offering a wide variety of petrochemical and chemical products. Its product portfolio includes ethylene and propylene, collectively called olefins, downstream derivatives such as Polymers and Ethylene Oxide and Ethylene Glycol, and oleochemicals. The company's gas-based plants have a total annual capacity of 2,888,000 tons of olefins, making it Thailand's largest olefins producer and the second largest in all of Asia.

GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. GE Energy is one of the world's leading suppliers of power generation and energy delivery technologies providing integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.

SOURCE PTT Chemical Public Company Limited