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Thai PTT’s Q3 net profit declines on year

by ChemOrbis Editorial Team -
  • 07/11/2014 (11:58)
Thailand’s PTT Global Chemical reported on November 6 that their net profit decreased 21% year over year in the third quarter of 2014, according to media reports. The company blamed declining global crude oil prices for their weaker financial results as lower oil prices led to higher inventory loss as well as weak refinery margins.

PTT global posted a net profit of 7.6 billion baht ($231 million) in the July-September period, up 25% when compared to the previous quarter. Higher utilization rates at their olefins plants and wider spreads of aromatics and olefin products were cited as the main reasons behind the company’s stronger quarterly results.

Meanwhile, PTT Pcl, which holds 49% of the shares in PTT Global, stated that they are planning to complete the funding plan for their proposed $22 billion refinery and petrochemical project in Vietnam in the third quarter of 2015. The project gained a preliminary approval from the Vietnamese government on September 30. PTT and Saudi Aramco will each hold a 40% stake in the project while the rest of the shares will be owned by the Vietnamese government.
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