By an OGJ Online Correspondent
BANGKOK, Mar. 8�National Petrochemical PLC (NPC), Thailand's first gas-based olefins producer, reported record net profit of 2.16 billion baht ($50.23 million) for 2000, up 133% from 1999.
Viroj Mavichak, NPC president, attributed the improved financial results to increased olefins production and sale volumes along with a 26% price increase.
NPC produces 401,000 tonnes/year of ethylene and 27,000-46,800 tonnes/year of propylene from its olefins complex in Rayong, about 220 km southeast of Bangkok.
The ethylene and propylene are produced from ethane and propane extracted from natural gas piped from the Gulf of Thailand.
The firm's sales of olefins and utilities jumped 56% to 13.41 billion baht in 2000 compared with the previous year.
Earnings/share for 2000 was 6.97 baht, the highest in NPC's 16 years of operation. NPC is 49% owned by the Petroleum Authority of Thailand.