IRPC may scrap some capital investments

Integrated Refinery and Petrochemical Complex P.L.C. (IRPC) said it may scrap some investments planned for the next five years to cope with the global economic downturn. Chief Executive Pailin Chuchottaworn said the company budgeted US$1.184 billion for 2010 to 2014 to improve production efficiency that will maximize benefits and margins from existing assets. “We are considering two options: either dropping the US$620 million oil refinery capacity expansion or the improvement in our existing refinery to meet the Euro IV emissions standard worth about US$360 million,” said Pailin. IRPC, which is 34% owned by PTT P.L.C., had planned to raise its refining capacity from 215,000 barrels per day (bpd) to 260,000 bpd in the next four years. Other investments include an US$88 million propylene expansion and an ABS-SAN US$70 million expansion, as well as a US$46 million upgrade of deep-sea port facilities in Rayong. (May 20, 2009)