TPI renamed Integrated Refinery and Petrochemicals Complex

Rebranding of Thai Petrochemical Industry has commenced with approval from the shareholders for a plan to rename the company Integrated Refinery and Petrochemicals Complex (IRPC), and allocation of a new investment budget of US$1.2-1.4 billion for 2007. The investment budget will be used to improve the production efficiency of existing facilities including the company's oil refinery, deep seaport and power plant. TPI will also shift its business focus. 50% of its revenue this year will come from petrol and lubricant sales and the rest from petrochemicals, which used to account for up to 90% of all sales. TPI will also benefit from a new natural-gas pipeline being built by PTT to TPI's petrochemical complex in Rayong. TPI's poor credibility in the international markets had complicated efforts to refinance its capital base and issue new bonds, hence the company plans to stage roadshows abroad to help rebuild its relations with foreign institutional investors. TPI was the focus of numerous lawsuits as part of a seven year battle between creditors, regulators and TPI founder Prachai Leophairatana. TPI entered court-supervised business rehabilitation in 2000 as the country's largest debtor, and exited restructuring last year.