PTT Aromatics sees better year ahead

Thailand’s PTT Aromatics and Refining (PTTAR) said it expects to turn a profit in 2009 due to lower inventory losses and higher capacity, which should boost margins. PTTAR, which reported a net loss in 2008 after a sharp drop in crude oil prices leading to huge inventory losses, planned to refinance its short-term debt of six billion baht (US$166.75 million) this year. Recent expansion has increased the company’s refining capacity to 280,000 barrels per day (bpd) from 145,000 bpd, but the actual utilization rate would be around 190,000 bpd as the company uses some condensate as feedstock for its aromatics plant. Due to the increased capacity, the company said it plans to export more oil products. (February 27, 2009)