Kuala Lumpur - Malaysian palm oil giant Sime Darby and Thailand's PTT Chemical on Wednesday signed an agreement to jointly own a major producer of oleochemicals in a deal costing the Thai company 104 million euros (164 million dollars).
PTT Chemical, the largest chemicals producer in Thailand, agreed to buy a 50-per-cent stake from the German chemicals maker Cognis in the Malaysian firm Cognis Oleochemicals, one of the world's leading producers of oleochemicals, or chemicals derived from biological oils or fats.
The other 50 per cent of the venture is held by Sime Darby, the world's largest listed palm-oil producer. The two companies would now share ownership and control of Cognis Oleochemicals.