IRPC has earmarked Bt70 billion to invest in its Phoenix, non-Phoenix and maintenance projects from 2012 to 2016, with revenue contribution from the Phoenix projects targeted to double to 60% from about 30% currently. As per The Nation, the Phoenix Project is aimed to make IRPC a petrochemical leader in Asia by 2014. About Bt60 bln is for Phoenix and non-Phoenix projects and the remaining Bt10 bln is for maintenance.
The biggest Phoenix project for IRPC is the expansion of propylene capacity by 420,000 tons to 740,000 tpa from the current 320,000 tons, which needs a budget of US$990 mln (Bt30.8 bln). The first propylene expansion phase, on which IRPC has already spent about US$90 mln to increase output by 100,000 tons, started this year. The new capacity will come on stream in the Q2-12, taking IRPC's propylene production capacity to 420,000 tpa. The company will next invest US$900 mln to expand propylene capacity by 320,000 tons by 2016. IRPC would allocate nearly Bt20 billion for investment next year. Most of the budget will go to capacity expansion for green ABS. It will also invest in the 2,500-rai Ban Kai Industrial Estate in Rayong, which is the green industrial estate that IRPC will co-develop with the Industrial Estate Authority of Thailand. IRPC will also benefit from the new capacity for propylene and treated distillate aromatic extract, which will be increased to 50,000 tpa from the current 20,000 tpa.