PTT mulls hike stake in refinery and petrochemical affiliate IRPC Plc to 50%

14-Dec-10
Thailand’s oil conglomerate PTT Plc is poised to raise its stake in refinery and petrochemical affiliate IRPC Plc to 50% from 36.1%. Prospects are brighter for IRPC's performance given growing demand for polymer products in Asia. PTT awaits response after approaching shareholders including the Government Pension Fund, the Government Savings Bank and the Vayupak Fund. The Government Pension Fund holds 5.88% of IRPC, with the Government Savings Bank owning 9.69% and the Vayupak Fund 7%. IRPC is to install a large research unit in its production base at Rayong, to increase the proportion of sales of specialty monomers and chemicals to 28% in 2011 from 24% this year, rising to 40% by 2014.
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