PTTGC budgets 30-50 billion baht to expand its downstream business investment in EEC within the next 2-3 years. PTTGC is also ready to speed up its production expansion in order to add value to the company.
Chief Executive Officer of PTT Global Chemical Public Company Limited (PTTGC), Mr. Kongkrapan Intarajang, revealed that the company had a business plan for investment expansion in the Eastern Special Development Zone (Eastern Economic Corridor-EEC) from the current 3 big projects worth 100 billion baht. However, he stated that the further investment will focus on existing business to boost and add more value to the company. Initially, PTTGC targeted an investment budget of 30-50 billion baht for the next 2-3 years.
At present, PTTGC is currently in the process of assessing the possibility to advance investment into downstream business. According to the Olefins 2 Modification Project, PTTGC has already signed Engineering, Procurement and Construction Agreement, expecting the 5.1-billion baht project will allow the company to increase Propane usage as feedstock and align with the company’s strategy to enhance feedstock flexibility and long-term competitiveness.
The Olefins 2 project is planned to commence commercial operation within the 1st quarter of 2023.
In regard to 3 projects in EEC, 2 of them; the Propylene Oxide project and Polyols project, have already begun their operations while the last one; the Olefins Reconfiguration project, scheduled to commence the COD this February.
Although the Covid-19 pandemic has plunged the petrochemical demand, PTTGC will continue to maintain its production capacity at the maximum level. Moreover, with well-managed expenses, PTTGC is able to continue the investment expansion, aligned with the company’s plan.
Lastly, in the matter of the Myanmar coup, initially, there was no damage nor impact on PTTGC’s operations as all the business in Myanmar are not an direct investment, but are in terms of a partnership with a local business.