Thai PTT Chemical forecasts revenue of 80 bln baht for 2009, 100 bln baht for 2010

Revenue for 2009 is forecast at about 80 billion baht for 2009 by Thailand's leading olefin producer PTT Chemical PCL. This is expected to increase by 25% to over 100 bln baht for 2010 upon completion of its new ethane cracker in late 2009. The forecast is largely in line with market expectations, wherein polymer prices are assumed to be pegged over US$1000/MT versus current prices at US$1240/MT. Output from the company's new plant that will augment olefin capacity by 1 mln tons to 2.9 mln tpa in 2010, will be absorbed by strong demand from China amid global economic recovery. The Thai major does not expect major demand concerns despite new supplies from the Middle East, and in fact expects petrochem prices to rise with rising oil prices. New plant capacity will also comprise 400,000 tpa of linear low density polyethylene (LLDPE) and 300,000 tons of low density polyethylene (LPDE) (slated for completion in Q2-2010).
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