BANGKOK, May 15 – Thailand’s PTT Global Chemical Plc (PTTGC) has achieved higher than targeted growth in Q1 thanks to its highly-efficient production and higher demand for its products in domestic and Asian markets.
PTTGC chief executive officer Anon Sirisaengtaksin said the higher prices of petrochemical products and profits from the exchange rate have also contributed to the company’s first quarter profit.
The company plans to boost production by 100,000 tonnes a year at its second aromatics plant to reach an annual volume of 770,000 tonnes.
Production of paraxylene will be increased from 1.195 million tonnes a year to 1.310 million tonnes a year, while the ethane cracker plant with a production capacity of one million tonnes will boost its output by 15-20 per cent.
Mr Anon said PTTGC aims to expand its manufacturing base for high volume specialty chemicals in a joint venture with Pertamina (Persoro), the Indonesian national oil company.
PTTGC has also signed an agreement for cooperation with Malaysia’s Petronas and ITOCHU to jointly carry out feasibility studies on downstream business and build a propylene manufacturing plant in Malaysia.
The company has also signed a memorandum of understanding (MOU) with China’s Sinochem International to jointly study cooperation in expanding petrochemical business and the construction of a polyurethane and polycarbonate plant in China to meet increasing demand.