Profits soar at top petrochem companies
Thailand’s two major petrochemical companies have reported a surge in combined net profit for last year of 54.2 per cent from the prior year to Bt41.79 billion. Indorama Ventures posted net profit of Bt16.19 billion, a jump of 145 per cent year on year, while PTT Global Chemical booked Bt25.6 billion, up 24.8 per cent. IVL’s core businesses comprise polyethylene terephthalate, fibre and feedstock. Dilip Kumar Agarwal, chief executive officer for the PET and feedstock businesses, said the petrochemical industry would enjoy growth over the next five years as demand was expected to exceed the supply of new production. The company has forecast that demand will reach 15 million tonnes against supply of 6 million tonnes.
