03 March 2010 06:30 [Source: ICIS news]
SINGAPORE (ICIS news)--Thailand’s Integrated Refinery & Petrochemical Complex Public Co Ltd (IRPC) plans to spend $1.4bn (€1.04bn) over the next five years on expanding capacity at its Rayong facility to meet rising demand, a company source said on Wednesday.
“The money would be used to fund around 19 projects that include both refinery and petrochemical projects,” the source said.
IRPC, which operates southeast (SE) Asia's biggest integrated petrochemical complex in Rayong, also has plans to widen its array of petrochemical products manufactured at the complex over five years, the source said.
The project, dubbed "Phoenix Projects" plan, calls for a significant increase in IRPC's olefins capacity from the current 700,000 tonnes/year, the source added.
IRPC made a net profit of baht (Bht) 5.42bn ($166m) last year, reversing a net loss of Bht18.26bn in 2008, based on the company's disclosure to The Stock Exchange of Thailand (SET) in late February.
Sales during the period from its petrochemicals business fell 28% year on year to Bht44.5bn, with sales of olefins declining 37% to Bht6.1bn due to lower prices, the company said.
Looking ahead, IRPC intended to run its petrochemical complex in Rayong province at full capacity this year, the source said.
In 2009, the average production capacity at IRPC’s olefins plant was 99% while its polymers unit ran at an average rate of 95%.
($1 = Bht32.7 / $1 = €0.74)
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