Thai PTT’s Q3 net profit declines on year
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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