Nation Thailand
PTTGC Unveils Five-Year Plan to Shift From Commodities to Specialty
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Thai petrochemical major targets 30% specialty mix by 2030, cuts debt by 116 billion baht and studies an olefins tie-up with SCGC.
Key facts
- The strategic reset accompanied second-quarter results showing marked improvement: adjusted EBITDA rose 81% quarter-on-quarter to 26.9 billion baht, and net profit reached 12.2 billion baht, up from 3.2 billion baht in Q1.
- PTT Global Chemical (GC), Thailand's largest petrochemical producer, has set out a five-year plan to rebalance its business away from volatile commodity products and towards higher-margin speciality and bio-based chemicals, as it reported
- CFO Thitipong Jurapornsiridee said GC had cut total debt by THB116 billion, leaving borrowings at around THB150 billion as of Q2
- Future bonds would mainly refinance existing debt, he said, with the company holding over THB100 billion in undrawn trade credit lines.
- On government profit-sharing measures on refiners, GC confirmed it is contributing at the standard rate (~THB2.40/litre) and says this is already factored into its planning.
- The plan, covering 2026 to 2030, is intended to lift margins and reduce the group's exposure to the cyclical swings that have battered the global petrochemical industry in recent years.
Summary
PTT Global Chemical (GC), Thailand's largest petrochemical producer, has set out a five-year plan to rebalance its business away from volatile commodity products and towards higher-margin speciality and bio-based chemicals, as it reported a sharp quarterly profit recovery and continued to pare back debt.
Speaking at a press conference on Monday, chief executive Narongsak Jivakanun said the company would aim to shift its portfolio mix from roughly 80:20 in favour of commodities today to a 70:30 split with speciality and green/bio businesses by 2030.