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Petronas sells Vietnam PVC asset to Asahi, Mitsubishi

6:53 AM MST | November 22, 2013

Petronas Chemicals Group (PCG; Kuala Lumpur) says it has entered into an agreement to divest its interest in Phu My Plastics and Chemical (PMPC) to Asahi Glass and Mitsubishi Corp. PMPC, based at Vung Tau, Vietnam, is a producer of polyvinyl chloride (PVC). The move follows PCG’s announcement last year that it would quit the PVC business by closing down its plants at Kertih, Malaysia, and selling its stake in PMPC as part of PCG’s portfolio-optimization program. PCG holds a 93.11% interest in PMPC, which operates a 100,000-m.t./year PVC plant. The divestment...

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