PTT Global Chemical Public Company Limited (GC) signed a Memorandum of Understanding (MOU) with Mitsubishi Heavy Industries Asia Pacific Pte. Ltd. (MHI-AP) to jointly study the technologies required to develop a large-scale petrochemical complex that aims to support Thailand's Carbon Neutrality by 2050. This collaboration between GC and MHI-AP will involve the study of solutions that use low carbon fuels such as hydrogen and ammonia, as well as Carbon Capture and Storage technologies.

The MOU covers a total duration of 4 years and includes two main objectives to assess the feasibility of applying decarbonization technologies to GC's assets. The first is to conduct research to compare the feasibility of using hydrogen and ammonia as fuels for gas turbines, as well as CCS technologies to reduce carbon dioxide emissions from power generators. The second objective is to assess how CCS technologies can best be applied and optimized for the Steam-Methane Reforming (SMR) process. MHI-AP will support this through providing carbon capture technologies as well as hydrogen combustion gas turbines and ammonia gas turbines.

This collaboration is aligned with Thailand's announcement to achieve carbon neutrality by 2050 and with GC's operational strategies for robust and sustainable business growth alongside partners under the concept "Together to Net Zero", which aims to reduce greenhouse gas emissions by 20% by 2030 and achieve net zero greenhouse gas emissions by 2050.

Mr. Toasaporn Boonyapipat, Chief Operating Officer of GC's Base and Intermediate Chemicals Business, stated that GC operates its business strategy known as '3 Steps Plus.' This strategy includes Step Change, enhancing competitiveness; Step Out, seeking growth opportunities in new or international markets; and Step Up, a commitment to sustainable business practices, aiming to become a Net Zero Company. One of the initiatives to reduce greenhouse gas emissions responsibly involves researching ways to improve and develop processes by integrating modern technologies. For instance, hydrogen/ammonia can be incorporated as fuel in power generation instead of natural gas to achieve net-zero greenhouse gas emissions.

Mr. Osamu Ono, Managing Director of MHI-AP, said: "Low-carbon fuels such as hydrogen, ammonia and CCS technologies have great potential in reducing carbon emissions from existing energy infrastructure. MHI-AP is honored to partner with GC to explore how we can utilize our technology and expertise to reduce carbon emissions from GC's existing business assets and support the establishment of an economically viable large-scale carbon neutral petrochemical plant."

This collaboration between GC and MHI-AP is a pivotal part of a broader initiative involving numerous prominent global firms to foster an environmentally friendly industry.

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About PTT Global Chemical Public Company Limited (GC)

GC is dedicated to being a leader in the petrochemical industry by employing globally recognized chemical products under the Circular Economy concept. This approach promotes the maximization of resource utilization through product development geared towards sustainability and improving the quality of life for everyone. The company has been consistently ranked as the world's number one in the Chemicals sector by the Dow Jones Sustainability Indices (DJSI) for 4 consecutive years. Presently, GC aims to become a low-carbon organization and strives to achieve Net Zero greenhouse gas emissions by 2030.

About Mitsubishi Heavy Industries Asia Pacific (MHI-AP)

Mitsubishi Heavy Industries Asia Pacific Pte. Ltd. (MHI-AP) is a subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI), one of the world's leading industrial firms. Located in Singapore, the Asia Pacific headquarters supports the growth of markets in Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam, India, Australia and other parts of the region. MHI-AP builds on its global outlook and deep local insights to deliver integrated solutions to the region in urban development and infrastructure, energy and utilities, as well as logistics and transportation. As a market leader in Asia Pacific, MHI-AP provides reliable and innovative solutions that move the world forward. For more information, visit www.mhi.com/.