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Net profits skyrocket 130% at PTT Global in Q3
14
Nov '13
PTT Global Chemical revealed its operating performance in the third quarter of 2013, which showed increasing profits even againt the impact of three major events which had placed constraints on its operations, the incidents included an oil spill due to pipeline leakage, production suspension due to lightning strike on the waste incidents of Heat Recovery Unit or WHRU of PTT's GSP#5 to shutdown, and suspension of the operation of LDPE plant.

The company has adjusted its management structure forward planning for future growth, expanded its production capacity, created maximum value from integratingits production line, and enhancing the organization's position as an internationally ranked organization by global institutes.

Mr. Bowon Vongsinudom, CEO and President of PTT Global Chemical Public Company Limited said that the operating performance in Q3/2013 showed that the company had net profit at 9,610 million Baht, an increase of 130 percent from Q2/2013, this was in spite of the company's operation quarter being affected by three unexpected factors i.e., 1) Oil Spill Incident, 2) Plant Shutdowns, and 3) production suspension at LDPE plant for 2.5 months. The company resumed its operation one month ahead of schedule due to greater allocation of resources and efficientcy improvements to ensure that the LDPE plant was brought back online as quickly as possible.

Moreover, the company's position was elevated to international level as ranked by a number of global institutes. The company was: 1) Selected by Dow Jones Sustainability Indices (DJSI) of S&P Dow Jones to be one of the ten leading chemical companies recognized by worldwide investors, 2) Awarded the Best CDP (Carbon Disclosure Projects) in the category of management of climate change 3) Ranked no. 18 (previously no. 24) in the world by ICIS Top 100 Chemical Companies 2013, ICIS is a leading analysis institute for petrochemicals and chemicals businesses. The company is the only company among Asian countries ranked in Top 20.

The growth guidelines under the strategic plan includes business supplements for building profits from increased efficiency and maximizing value from integrated production within the current business base, and investment expansion into markets with potential growth. There are five key projects completed or under development to be completed by 2016 as follows:

-One million ton Olefin Cracker Debottlenecking Project scheduled to be completed by 2016

-TOCGC (Ethylene Oxide)Plant Improvement Project , scheduled to be completed by 2015

-PX (Aromatics) Expansion Project , scheduled to be completed by 2015

-C4 Value Enhancement (BV Project) - will enhance PTTGC's C4 value chain by upgrading to Butadiene and Butene-1, which will pave a way towards Butadiene derivatives scheduled to be completed by 2013

- Quench oil tower modification project to reduce naphtha to gas portion in I 4-1 mixed feed cracker the project has already been completed.

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