Top Thai energy firm PTT PCL said it will spend up to $87 million to acquire an unlisted chemical affiliate of Bangkok Bank and to buy out its refinery unit from oil giant Shell.

In a letter to the exchange, PTT said it would join Thai Olefins in a 50:50 joint venture to acquire Bangkok Polyethylene (BPE), a unit of Bangkok Bank, for up to 3.4 billion baht ($82 million) to expand PTT group’s chemical businesses.
TOC, Thailand’s third-largest olefins producer and 45 per cent owned by PTT, also told the exchange its board approved the joint acquisition. PTT has about 30 energy-related and petrochemical companies under its umbrella.
BPE is a major customer of Thai Olefins and produces 250,000 tonnes of polyethylene per year, a product used in electrical appliances and the auto industry.
In a separate deal, PTT said it would buy the 64 per cent of Rayong Refinery Company (RRC) it does not own Shell for $5 million.
The acquisition would help RRC finish restructuring $1.3 billion of debt by the end of this year and help the parent firm’s overall performance, PTT said earlier.
PTT owns stakes in four of Thailand’s seven refineries. It has a 10.05 per cent stake in Bangchak Petroleum PCL, a 36 per cent stake in Star Petroleum Refinery Co (SPRC) and a 49.99 per cent stake in Thai Oil Co.