THAI OLEFINS （ＴＯＣ）
THAI OLEFINS Finances improving
タイTOC, TOC Glyol を設立
（Bangkok Posts 2002/1/26）
THAI OLEFINS Finances improving
Loans, PTT equity pave way for growth
Thai Olefins Co has succeeded in tapping a total of 21.56 billion baht from credit lines and shareholder equity to fund its debt refinancing and investment expansion.
Of the total, 18.34 billion baht came from a loan from nine local financial institutions and 3.22 billion baht or US$70 million would be injected by PTT Plc, which currently holds a 49% stake in the olefins producer.
Thai Olefins plans to increase ethylene production by 300,000 tonnes a year, from 385,000 tonnes at present, once its finances are in order.
PTT the Petroleum Authority of Thailand
PTT is a major shareholder in two refining companies: Thai Oil Co.,Ltd. and Bangchak Petroleum Public Co.,Ltd. which ensure consistent supplies. In order to fulfill the growing demand for oil products, the government in 1990 granted permission to establish two more refineries i.e. Rayong Refinery Co.,Ltd. (145,000 b/d capacity) and Star Petroleum Refining Co.,Ltd. (130,000 b/d refining capacity). PTT is holding a 36% interest in each. The new refineries are to start operations in 1995 and 1996 respectively.
Thai Oil Company Limited (49.99%),
Rayong Refinery Co.,Ltd.(36%) → 100% interest
Star Petroleum Refining Company Limited Co., Ltd. (36%),
Bangchak Petroleum Public Company Limited (8.83%).
2003/11/28 Thai Olefins Public Company Limited
タイTOC, TOC Glyol
Thai Olefins Public Company Limited would like to inform you that we have already registered the incorporation of TOC Glycol Company Limited on November 27, 2003. The registered capital is Baht 4,515 million which comes from the proceeds of TOC's Initial Public Offering (IPO).
The objective of TOC Glycol Company Limited is to implement the EO/EG project, producing 300,000 tons of Mono Ethylene Glycol (MEG) from 200,000 tons of Ethylene from TOC's plant as planned. It is expected that TOC Glycol Company Limited's plant will be able to start commercial run by 2006. As for the progress of this MEG Project, the Company has already acquired the license for MEG production technology from Scientific Design Company Inc. The Company is also finishing the basic engineering phase for this MEG plant as planned.
Regarding the loan for the MEG project, TOC, as the project's sponsor, have already signed the term sheet with Krung Thai Bank for the Baht 4,515 million loan facility on October 8, 2003.
During this initial period, TOC is the only shareholder in the TOC Glycol Company Limited. If there are strategic partners, they would join this company as shareholders only after the joint-venture agreement has been already signed.
PTT Board Of Directors Approves Petrochemical Business Expansion Plan As well as Purchase Of Additional Stakes In RRC
Bunsumpun, President of PTT Public Company Limited
revealed that at the Board of Directors Meeting No. 8/2547 on
August 19, 2004, PTT Board of Directors approved a plan to buy shares in Rayong
Refinery Company Limited (RRC) and Bangkok Poly Ethylene Public
Company Limited (BPE), and to invest in Ethylene Cracker and Low
Density Polye Ethylene (LDPE) Project. The resolution goes in
line with PTT's investment plan to strengthen the firm's
petrochemical business operations; to create synergy among PTT's
refinery subsidiaries; and to raise enhance long-term
competitiveness of PTT's petrochemicals and refiningery
PTT Board approved the purchase of 64 per cent purchase of shares in Rayong Refinery Company Limited (RRC), which is an advanced Hydro Cracking Refinery with the refining capacity of 145,000 barrels per day, from Shell International Holding Limited Co., Ltd, making PTT the sole ownership in the refinery company RRC. Upon the completion of the deal, PTT will continue with the its debt restructuring process, under which in RRC. Under the process, PTT will provide financial support of not more than US$250 million in terms the form of subordinated debt and/or equityloan or capital. Moreover PTT has already bought out back the debts of RRC from the creditors at 15 per cent discount. With the successful debt restructuring of RRC, the refinery firm will have the remaining debt burden of only US$600-US$700 million, resulting in good cash flow position for RRC to continue with its operation. Nevertheless, however, PTT has a policy to divest RRC's sell out shares of RRC to to its strategic partnership or interested investors once business opportunity and conditions are appropriate in the futurein due course.
As the sole owner of RRC, owning total shares in RRC will help create stability for PTT can stabilize its long-term supply while as well as creating synergy within among PTT's refinery subsidiaries, including Thai Oil Co., Ltd. which is PTT's core flagship refinery subsidiary. This helps will enable PTT to efficiently manage its oil refining capacity to match both domestic and regional demand of both domestically and internationally as well as create demand and supply balance for Thailand's petroleum market. Meanwhile, the debt restructuring will concurrently enable help RRC to continue with its business as the gross refinery margin is on the upward trend due to following the domestic and local and regional demand growth.
PTT is currently invests in oil refining business through its 4 affiliates subsidiaries, i.e. which are Thai Oil Company Limited (49.99%), RRC (36%), Star Petroleum Refining Company Limited Co., Ltd. (36%), and Bangchak Petroleum Public Company Limited (8.83%). With the current shareholding structure, portion owned by PTT, PTT's combined refining capacity at totals 226,774 barrels per day or 22 per cent of the Thailand's total refining capacity in Thailand. And after PTT raises its stake in RRC to 100 per cent, the combined refining capacity through the 4 affiliates will then increase PTT's total refining capacity to 319,574 barrels per day or 32 per cent of the country's the total capacity in Thailand.
In addition, the purchase of shares in the share purchase in BPE was aimed at the development of a move to seriously improve PTT Group's petrochemical down stream business. According to the Board's resolution approval, PTT and Thai Olefins Public Company Limited (TOC) will each buy 50 per cent shares in BPE. BPE's core assets include the High Density Polye Ethylene (HDPE) Plant and its 7.11% shareholding in TOC, equivalent to of 58.36 million shares or 7.11% in TOC. PTT and TOC will each spend Bt 1.7 billion for on the purchase of total shares in BPE. And to avoid the problem of cross holding between TOC and BPE as well as to limit the PTT's shareholding of PTT in TOC not to exceed 50 per cent, PTT Board of Directors also approved the 4.05 per cent share purchase in TOC from BPE, in which will make PTT to totally own a total of 49.99 per cent shares in TOC.
The purchase of shares in BPE will strengthen help PTT's to strengthen its gas-based petrochemical business to be equipped with by allowing a fully integrated production and marketing networks complete cycle from potential productivity base to strong marketing networks, thereby effectively adding value to natural gas and enhancing experiences and expertise of PTT's personnel. More importantly, PTT is allowed to instantly enter into This will also effectively boost the value added on natural gas, and allow more experience and expertise to PTT's human resources. What important is that this allows a short cut for PTT to immediately enter into a down stream petrochemical business amidst the upward trend of current pick up of ppetrochemical sector and an upward trend of petrochemical prices. PTT will also benefit from an the existing petrochemical marketing network of BPE in petrochemical business. In the future, PTT plans to upgrade and expand the BPE's production capacitypetrochemi to reduce cost and increase the competitivenesscal plant of BPE in order to boost production capacity.
Thus, BPE was founded in 1989. Its and HDPE 200,000- ton per year plant located in Map Ta Phut Industrial Estate in Rayong Province. The company is supplied with ethylene from TOC as a feed stock to produce HDPE. With the current production capacity of 200,000 metric tons per year. Major shareholders of BPE include Bangkok Bank Public Company Limited (40.7%), Mitsui Group (35%), and others (24.3%).
As for an investment in the Ethylene Cracker and Low Density Poly Ethylene (LDPE) Project, the PTT Board of Directors allowed PTT to 50:50 co-invest with National Petrochemical Public Company Limited (NPC) on in the construction of a 410,000 ton-per-year Ethylene Cracker and the a 300,000 ton-per-year LDPE Plant, of which total investment is US$444 million. As a result, PTT's investment will total about US$111 million. About 530,000 tons per year of ethane from the Gas Separation Plant Units 2 and 3 will be used as the feed stock for the new Ethylene Cracker and LDPE Plant. NPC is seeking the approval from its Board of Directors for this co-investment plan.
The above mentioned investment is in accordance with the country's 3rd Petrochemical Complex III Master Plan studied by the Petroleum Institute of Thailand (PTIT), which found out that prior to the year 2010, Thailand has opportunities it is still a good timing and opportunity for Thailand to invest in ethylene production plant. The newly approved Such project also goes in line with PTT's business strategy in creating the highest valueoptimizing for natural gas through the expansion of gas based petrochemical business. The strategy is aimed to expand existing business and enhance business competitiveness for PTT's petrochemical group.
2004年12月20日 Chemnet Tokyo