Thai refineries integrate to pare costs

A planned integration of two of Thailand's refineries is expected to help insulate them from Asia's financial troubles by enhancing meager margins and ending negative cash flow. The refineries concerned are the Rayong Refinery Co. (RRC) 145,000 b/d crude distillation capacity unit and the nearby Star Petroleum Refining Co. (SPRC) 130,000 b/d plant at Mab Ta Phut. Joint operation of the two refineries is calculated to increase their refining margins by an average 50¢/bbl from the current level of about $2.50/bbl. Meanwhile, Kuwait Petroleum Corp. (KPC) is looking to gain from the reduction in Southeast Asian asset values by purchasing a stake in a Thai refinery to suppo...

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