China-backed group to pursue Thai petrochemicals
5 July 2005
A group lead by China's state-run Citic Resources Holdings Ltd has been approved by a Thai court to begin due diligence on its US$900m bid to purchase debt-burdened Thai Petrochemical Industry. The ruling thwarts Bangkok's efforts to sell off Thailand's largest-ever corporate defaulter. The Chinese bid is part of a strategy among Chinese firms going overseas to supply China's prodigious demand for energy and petrochemicals.
