Thai downstream plans further integration

The Asian economic downturn is causing upheaval in Thailand's downstream industry. Thai Olefins Co. (TOC) shareholders-including Petroleum Authority of Thailand (PTT), National Petrochemical plc, Siam Cement, and Thai Petrochemical Industry-are unable to pay $75 million for a planned production capacity hike at TOC's Rayong olefins complex. The expansion would have increased capacity to 481,000 metric tons/year from 385,000 tons/year and cut production costs to $362/ton from $422/ton. Meanwhile, Thailand's two new oil refineries, already being integrated to cut costs, might be tied in with a world-class aromatics complex planned by Chevron Corp. and PTT. Olefi...

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