PTTGC: Political protests affect oil business

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BANGKOK, 29 November 2013 PTT Global Chemical (PTTGC) made known that political instability has affected its business; therefore, the company is set to revise its strategy in accordance with the changing political climate. 

PTTGC CEO Baworn Wongsin-udom revealed that customers have been experiencing difficulty reaching the company after anti-government protesters surrounded its compound. If the protests drag on, some of the company’s units might have to be temporarily relocated to Rayong province in order to carry on with their operations.

Mr Baworn noted that the gas consumption rate has dropped since the protests began which will gradually affect the oil refineries’ revenue. The soaring oil prices in the Asian region are also expected to worsen the situation.

PTTGC posted sales revenue of 560 billion baht in 2012 and net profit of 34 billion baht. In the first three quarters of 2013, the revenue amounted to 395 billion baht, with 25.9 billion baht worth of profit.

The Ministry of Energy also called a meeting with its executives and agencies under its supervision on Friday to set up measures to protect the country’s energy infrastructure from the impact of escalated protests.