Thai Petrochemical Industry Plc (TPI), restructuring foreign debt incurred during the 1997-98 Asian economic crisis, is expected to emerge from the rehabilitation process in late February or early March. TPI is Thailand’s largest corporate debt defaulter and is estimated to have the potential to grow with support from new shareholders led by PTT Plc.
State-run PTT and other state firms including the Government Pension Fund and Government Savings Bank now own a combined 61.5% stake in TPI as part of the debt-restructuring plan. PTT plans to upgrade TPI's long-neglected refinery that processed almost 180,000 bpd last year, below its nameplate capacity of 210,000 and boost capacity of its 80-megawatt power plant, mainly to supply its own petrochemical plant.
23-Jan-06 
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