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Thai companies are possible beneficiaries of displaced demand from Japan's nuclear shutdown

March 18/2011

(Nation) -- The Thai companies are among many of its rated refining and marketing (R&M) companies that have some degree of downstream petrochemicals production, consisting largely of aromatics. Thai Oil, SK Innovation and GS Caltex will all be well positioned to supply the refining gap left by Japanese producers. PTT Chemical and Indonesia-based Chandra Asri Petrochemical will also benefit, Moody's said.


Over time, the sustainability of higher product prices, in light of a rising amount of new production capacity in the Middle East and elsewhere, will be important drivers for these firms' cash flow, Moody's said in a report entitled "Situation in Japan Rebalances Asia Pacific's Energy Market".


Japan is a major exporter of petrochemical products such as polyethylene, polypropylene, PET and PVC to neighbouring countries, and China in particular.


The disaster has stopped about 4.6 million tonnes of ethylene production, amounting to half of Japan's total capacity, and affected facilities with capacity to produce 950 KTa of paraxylene.


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