Bangkok--Feb 22--Cementhai Chemicals Co., Ltd. Cementhai Chemicals Co., Ltd. and holding company in the Siam Cement Group, has introduced four new subsidiaries and joint venture firms, comprising Rayong Olefins Co., Ltd. Mab Ta Put Tank Terminal Co., Ltd. Siam Mitsui PTA Co., Ltd. and Thai MMA Co., Ltd. The new companies will strengthen the chemicals base and enhance competitiveness of the group, despite the unfavourable economic conditions. Mr. Apiporn Pasawat, President of Cementhai Chemicals, which is a fully-integrated petrochemicals group, said that sales revenues in 1999 for the chemicals business would be approximately 50 billion baht, an increase of 20 billion baht from last year. The revenues include sales of Siam Polyethylene co., Ltd. a joint venture between Cementhai Chemicals and Dow Chemical of the US, which is expected to start operation next month. The petrochemicals industry is expected to grow by only two to three percent this year due to strong competition as domestic production capacity still exceeds market demand. Local producers of petrochemical products have to push hard for exports. Mr. Aplporn said Cementhai Chemicals will also strive for higher exports with the revenues at about 24 billion baht, an increase of 8 billion baht from the previous year. Major markets are China, countries in the ASEAN, the Far East and South Asia, he pointed out. Cementhai Chemicals plans to cut production cost by debottlenecking the existing facilities. This is to achieve higher output through lowcost investment. Other measures include reduction in production loss, and increase productivily of the olefins plant through feedstock flexibility. Mr. Appiporn said the existing group companies and the four new firms have total liabllities of 45 billion baht. Though the amount is huge, the existing firms are still able to fulfil debt servicing burden with their pre-tax revenues. The four new firms would not have difficulties in servicing their debts. Some of them are not yet required to repay the principal, with others will repay small portions of the principal in the second half of the year. Rayong Olefins Co., Ltd. producer of olefin which is a raw material for plastic rasins, while Mab Ta Put Tank Terminal Co., Ltd. produces terephthalic acid for use in the textile industry and drinking water bottles. Thai MMA Co., Ltd. a joint venture with Mitsubishi Rayon Co., Ltd. produces Methyl Methacrylate for the manufacturing of artificial glass. End.