BANGKOK, May 17, 2024 /PRNewswire/ -- Mr. Narongsak
Jivakanun (Second from left), CEO of PTT Global Chemical Public
Company Limited (GC) presided over the signing ceremony and
extended his congratulations to Krungthai Bank and NatureWorks - a
joint venture of GC and a leading manufacturer of polylactic acid
(PLA) biopolymers made from renewable resources. This is the
historic financial support from Krungthai Bank PCL, Thailand's third largest bank, to optimize the
capital structure for the new fully-integrated Ingeo™️ PLA
manufacturing facility in Thailand. The financing amounting to
$350M USD (12,600M Baht Equivalent), is one of the singular
largest loans in the bank's decades-long history to supporting
loans for Green Field project in the Green/Bio businesses. It
reinforces GC's core mission of operating sustainable business
practices aligned with the Bio-Circular-Green Economy (BCG) Model
for Thailand's sustainable
development.
The funding will not only support the construction of the plant
and its ongoing operations but also enables NatureWorks to be
competitive in the biomaterials market, pioneering new frontiers
for bioplastic applications and advancing biobased solutions with
sufficient capacity to capture packaging and fiber customers across
the Asia-Pacific region and the
rapidly growing global market.
The NatureWorks plant, currently under construction, is the
first bio-complex in Thailand,
established in line with the government's BCG economic development
strategy, located in Nakhon Sawan province. The project is
progressing according to plan, with full-scale production expected
to commence in 2025. The plant will have a PLA production capacity
of 75,000 tons per year under the Ingeo™️ brand, using locally
sourced sugarcane as the primary raw material from local
farmers.
For more details, please visit
https://www.pttgcgroup.com/en/newsroom/news/1359/
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content:https://www.prnewswire.co.uk/news-releases/gc-congratulates-natureworks-and-krungthai-bank-on-closing-a-significant-financing-deal-for-natureworks-ingeo-pla-manufacturing-expansion-worth-12-6-billion-baht-supporting-thailands-ambitious-bio-circular-green-bcg-strategy-302148699.html