PTT hits nuke snag in Iran
PTT Group acknowledges that its petrochemical project in Iran has run into complications, but insists its other businesses there have not yet fallen victim to the conflict between Tehran and Washington.
A high-ranking executive who asked not to be named said the petrochemical joint investment with Siam Cement to produce high-density polyethylene could be brought to a halt, due to the crisis over Iran's nuclear programme. "The conflict lengthens the list of risk factors, given the decline in petrochemical prices. Together, they could make the investment not worthwhile," the source said. But PTT Exploration and Production Plc's activities in Iran will continue as planned. "We're there as part of the government's programme and we will stop the business only when told by the government." He foresees no problems, however, based on the group's experience in Burma, which has faced sanctions from the United States. The group still supplies natural gas from Burma to Thailand. A Thai newspaper reported yesterday that the petrochemical project was under pressure, with the US lobbying for operations to cease due to Iran's nuclear programme. Watcharapong Thongrung The Nation.
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