PTTCH's growth target could get disrupted by stalled projects

16-Feb-10
Thailand’s largest olefins producer PTT Chemicals had set a revenue target of about 100 bln baht for 2010, from 80 billion in 2009. However, the ongoing delay caused by the Map Ta Phut suspension is likely to disrupt PTTCH’s revenue growth target of 20% in 2010. PTT's sixth gas separation plant was ordered to stop its test-run by the Central Administrative Court. Lower-than-expected feedstocks, due to the suspension will make such strong growth hard to achieve. PTTCH’s original plan comprised expansion of olefins production to 2.8 m;n tons from 1.8 mln tons at end of 2009. PTTCH's olefins cracker was finished in December and was to run tests this month. The gas-separation plant was also due to run trials this month and start operating in March. While the court did not order PTTCH's olefins cracker to halt operations, 8 downstream production plants were told to cease activity. Hence the Thai major estimates production of barely 2 mln tons at most, as the court order means neither its upstream nor downstream olefins plants can operate. Last September, the Central Administrative Court issued an injunction ordering 76 industrial projects in Rayong's Map Ta Phut area to cease operations for not meeting public health and environmental impact requirements set out in Section 67 of the 2007 Constitution. Sixty-four projects, worth a combined 300 billion baht, remain suspended, 18 of them belonging to the PTT group.
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