|End-of-day quote - 03/05|
PTT : and IRPC entered into a strategic cooperation to study on Melt Blown business and Nitrile Butadiene Latex (NBL) business, a Key Component of Medical Devices, Promoting the Better Quality of Life of all Thais
|01/15/2021 | 01:24am|
11 January 2021PTT Group speeds up Life Science business, aiming Thailand as the Medical Hub. PTT Public Company Limited (PTT) and IRPC Public Company Limited (IRPC) join hands to study on the production of Melt Blown Fabric, a key component for filtration in personal protective equipment (PPE), including medical mask, N95 respirator and gown. PTT and IRPC will also cooperate to study on the production of Nitrile Butadiene Latex (NBL), a key component for nitrile glove. The objective of the collaboration aims to secure domestic medical supplies, decrease import amount of medical equipment, as well as increase the country's competitive edge in medical device industry in the global market. The production of Melt Blown Fabric and Nitrile Butadiene Latex plans to be commercial operation in 2022 and 2025, respectively.
Mr. Kris Imsang, Chief Operating Officer, Downstream Petroleum Business Group, PTT Public Company Limited and Board of IRPC Public Company Limited, presided over the signing ceremony of the Memorandum of Understanding (MOU) on Strategic Cooperation in relation to Melt Blown Business and Nitrile Butadiene Latex Business (NBL) between PTT and IRPC. The MOU is signed by Mr. Chawalit Tippawanich, President & Chief Executive Officer, IRPC Public Company Limited, and Dr. Buranin Rattanasombat, Senior Executive Vice President, Downstream Business Group Alignment, PTT Public Company Limited, and Board of Innobic (Asia) Limited.
Mr. Kris Imsang, Chief Operating Officer, Downstream Petroleum Business Group, PTT Public Company Limited and Board of IRPC Public Company Limited said, 'Health and hygiene become the key driving force for the country'sustainable economic growth. Therefore, domestic production of Medical supplies and devices is necessary for Thai people. Moreover, the medical device market has room for potential growth. PTT Group realizes the significant in people's quality of lives. PTT and IRPC, therefore, collaborate to study and explore the business opportunity in producing Melt Blown fabric and Nitrile Butadiene Latex (NBL), which are a key component for medical and health care devices. This partnership aligns with the country's and PTT's New S-Curve strategy and boosts quality of Thailand's public health, advancement in science & technology, and growth in medical equipment industry. It will also promote the nation as ASEAN's Medical Hub, supporting Thailand 4.0 strategy. '
Mr. Chawalit Tippawanich, President & Chief Executive Officer, IRPC Public Company Limited, said 'IRPC sees the opportunity in 'New Normal' situation and consumer-end products in petrochemical business, resulting in the development of smart material, especially for medical equipment. This project emphasizes on IRPC strategy as well as leverages the company's expertise, and research & development infrastructure, particularly in the company earlier project, which IRPC teamed up with the Faculty of Medicine Vajira Hospital, Navamindradhiraj University to establish Thailand's first operating room to provide laboratory-testing services for medical products.
This is the vital step for PTT Group in producing Thailand's Melt Blown fabric with an aim to reduce reliability on imported product, while ensuring the national public health security. Melt Blown fabric is used in a wide range of medical products as a filter media such as in a medical mask, N95 respirator, and gown. Nitrile Butadiene Latex (NBL) is a key raw material for the production of medical nitrile glove with chemical resistance and not causing irritation to users. The collaboration between PTT and IRPC will reinforce the production of medical device industry in Thailand and support national sustainable economic development.
Dr. Buranin Rattanasombat, Senior Executive Vice President, Downstream Business Group Alignment, PTT Public Company Limited, and Chairman of Innobic (Asia) Limited said 'COVID-19 pandemic resulted in a sharp increase in the demand of medical devices and equipment, which Thailand mostly imports raw materials and supplies. PTT realizes the importance of strengthening the national public health security. The company, therefore, accelerate development in Life Science businesses to enable the new S-Curve for PTT and Thailand. PTT recently established Innobic (Asia) Limited to implement businesses related to medicine, nutrition, and medical devices. The investment in Melt Blown fabric and Nitrile Butadiene Latex (NBL)-related business will benefit Thai people and the country's medical device industry.
Under the collaboration between PTT and IRPC, PTT will leverage its expertise in engineering and project management to support the production of Melt Blown and Nitrile Butadiene Latex Business (NBL) in the country. Meanwhile, both PTT and IRPC will bring the knowledge and experiences in marketing and product development together to ensure the success of the project and allow Thai people to access the international-standard medical products.
Melt Blown Fabric and Nitrile Butadience Latex (NBL) plant will be located at IRPC complex in Rayong province, and plan to be commercial operation in 2022 and 2025, respectively.'
PTT pcl published this content on 11 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2021 06:23:02 UTC
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