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Health Care

Thailand's PTT to compete in rubber gloves as demand surges

COVID-19 creates room for oil-gas conglomerate to enter medical business

PTT's subsidiaries will use a refining byproduct as material for nitrile gloves. (Source photos by Reuters and Getty Images)

BANGKOK -- Thailand's oil and gas conglomerate PTT is jumping into the rubber glove business, aiming to capture a share of the increased global demand for medical supplies since the COVID-19 pandemic began.

PTT has approved an initial investment budget of around 600 million baht, or $19.1 million, to invest through a subsidiary called Innobic, which was recently set up with the aim of becoming the conglomerate's flagship for its life and science, pharmaceutical and medical businesses.

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