Thai Bangchak expects to double revenues

Thailand’s Bangchak Petroleum expects sales revenues to more than double from 95 billion baht (US$2.87 billion) to at least 200 billion baht (US$6.06 billion) in 2008, after its product quality improvement or PQI project is completed in the third quarter of next year, Anusorn Sangnimnuan, company president said. The US$378-million PQI project includes building a 25,000 barrel per day (bpd) hydrocracking unit, a 35,000 bpd vacuum distillation unit, a 40,000 Mcf per day hydrogen plant and other supporting units at the company’s 120,000 bpd Bangkok refinery. The project is expected to lower the refinery’s fuel oil yield from the current 40% to 10% and boost production of higher value-added products. Bangchak has been suffering from poor refining margins due to its relatively high fuel oil yield. (February 22, 2007)