Thai refiner and petrochemical firm IRPC IRPC plans to shut its refinery and petrochemical plants for maintenance. The shutdown of the 18 plants, including one refinery, during various periods in February and March is expected to have a limited impact on output.
Crumbling crude oil prices last year caused IRPC to suffer huge stock losses in Q3, pushing its nine-month net profit down 80%. Since November, IRPC has cut its refinery production from normal levels of 180,000-190,000 bpd to minimise inventory losses to 160,000-170,000 bpd.
IRPC has signed a 10 billion baht (US$288 mln) loan with 5 domestic financial institutions to build a new power plant and expand capacity at its petrochemical plants. The 8 year loans, with a 3 year drawdown and 5 year repayment periods, will be used to finance five projects, including a US$200 million, 220-megawatt power plant and expanding polymer capacity by 1.7% from 1.1 mln tons.