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Production halt will have no effect on supply - PTTAR
29
Aug '08
PTT Aromatics & Refining Plc (PTTAR) has yet not resumed operations of its two crude oil refining units.

Official sources from the company informed Fibre2fashion that the units had halted production due to minor technical malfunctions in refining process. However, it was also assured that this inactivity due to maintenance shutdown would not affect other sections or even the supply of aromatics.”

The unprecedented problem in the heat exchanger is being fixed but until then resumption of production is unlikely.

The closed plant has a capacity of 145,000 barrels a day but due to this unscheduled shutdown that occurred on August 21 and the consequent decline in gains from refining crude oil, this years earnings of the company may be under pressure.

While the gross refining margins of PTTAR plunged by 31 percent to US $4.94 a barrel in the second quarter, those of Thai Oil Plc went up by 22 percent to touch $9.60 a barrel.

Moreover, it has been predicted that crude prices for the remaining period of the year is likely to stay between $100 and $120 per barrel and would average $120 next year on emerging market demand. In the meanwhile, lowered investments, international politics and high cost for refinery investments would also keep the prices inflated.

Fibre2fashion News Desk - India

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