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Thai refiner IRPC quarterly profit more than doubles on rising oil prices

November 13/2017

MOSCOW (MRC) -- Thai oil refiner IRPC Pcl's net profit more than doubled in the third quarter as the subsidiary of energy giant PTT Group benefited from rising oil prices and higher margins on its chemical products, reported Reuters.

Temporary shutdowns at US refineries after hurricanes on the East Coast and regional maintenance shutdowns also pushed product prices higher, the company said in a statement.

Its net profit surged 149% in July-September from a year earlier to 3.25 B baht (USD98 MM), beating a forecast of 2.56 B baht in a Reuters survey of four analysts and helped by 1.1 B baht in gains on its oil stocks as oil prices improved.

Net sales surged 26% to 52.3 B baht and average product prices increased 4%, while its average profit margin was 5.73%, up from 2.86% a year ago.

Market gross refining margins (GRM), or the difference between the price of crude oil and the value of products was at USD15.05/bbl, up USD2.55 from the same period last year on better petroleum and petrochemical product spreads.

IRPC, a PTT Plc subsidiary, booked a total market GRM of 9.3 B baht, up from 7.1 B baht a year earlier.

It said it expects oil prices to be in the range of USD52/bbl-USD58/bbl in the next quarter.

As MRC informed before, on 3 February, 2017, IRPC took its cracker off-stream for a maintenance turnaround. Located at Map Ta Phut in Thailand, the cracker has an ethylene capacity of 360,000 mt/year and propylene capacity of 312,000 mt/year.

PTT Global Chemical is a leading player in the petrochemical industry and owns several petrochemical facilities with a combined capacity of 8.45 million tonnes a year.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, IRPC, PTT Chemical, Thailand.
Category:General News
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