irpc public company limited
TRANSCRIPT
Analyst Meeting
1Q12 Performance
10 May 2012
IRPC Public Company Limited
2
1Q12 Highlights
Operation Performance
Financial Performance
Industry Outlooks
Project Progress & Future
AGENDA
Overview
5.3 3.9 2.06 2.17
-5
0
5
10
15
2010 2011 Q1/12f Q2/12f
% YoY
Real GDP
US Euro Zone Japan
China Thailand World
1Q12 Highlights
Global economy slowly improved after suffering a
sluggish growth worldwide in 2011. Global GDP was
projected to drop below 3% in 2012.
Key challenges are global uncertainty and fragile growth,
oil price volatility caused by geopolitical uncertainty,
policy implications and financial stress in Euro zone.
Crude oil price surged and became volatile mainly due to
the anxiety of disruption in supply caused by the unrest
in oil-producing countries in ME and North Africa.
Average crude price in 1Q12 rose by 10 $/bbl (9%), from
106 $/bbl to 116 $/bbl.
Refining margins were slightly weaker largely due to
decrease in diesel spread after the end of winter and a
higher crude price.
Petrochemical was pressured by cost push whilst the
demand was still sluggish because of concerns on
China’s policy and western economic crisis.
1Q12 average crude run was 184 KBD, increasing by 52% when
compared to that in 4Q11 at 121 KBD as no more planned
shutdown.
Market GIM in 1Q12 was 7.4 $/bbl : refinery 4.5 $/bbl, petrochemical
1.5 $/bbl and utilities 1.4 $/bbl, lower than that in 4Q11 at 9.4 $/bbl as
a result of squeezed margin and lower demand.
1Q12 stock gain was 0.3 $/bbl. (including hedging gain/(loss)&LCM)
Operation
6.0 5.0 4.5
3.0 1.5 1.5 2.9 1.4
9.1 9.4 7.4
0
5
10
15
20
1Q11 4Q11 1Q12
MKT GIM Utilities Petrochem Petroleum
83% 56%
MKT GIM
86%
Real GDP in 2012f Bloomberg World Bank IMF
World 2.28 2.5 3.5
China 8.4 8.2 8.2
Source: IMF , April 12, Yearly data / Bloomberg , 25 Apr 12.
10.3 4.1 4.6
4.6
1.5 1.8 2.9
1.4
14.9
8.5 7.7
0
5
10
15
20
1Q11 4Q11 1Q12
A/C GIM2 Utilities Petrochem Petroleum
A/C GIM
%Utilization
3
Successful PMS implementation for CHP to prevent blackout and enhance
plant reliability on 22 February 2012.
Strategic cooperation with Sumsung Engineering Company by dispatching a
group of expert engineers to start up Sumsung’s refinery plant in UAE on 14
March 2012.
1Q12 Highlights (Con’t)
4
Operation
Finance
IRPC obtained 7,300 M฿ and 175 M$ loan and
committed line from banks in January 2012.
Moodys’ affirmed IRPC’s credit rating at “Baa3” with
stable outlook.
Alternate change of accounting policy in realization of
derivative instrument to reflect relevancy and
compatibility with peers was implemented
Successful GHU Project, starting up on 10 February 2012
which can produce EURO 4 gasoline.
PRP Project: 91.24% progression, 1st MC on 2 May 2012 and
expected commissioning on July 2012.
Lube Group I Project: 89.96% progression
Phoenix Project progression 27% at the average.
Operation
5
Operation Performance
20
40
60
80
100
120
140
160
Dubai ULG Gasoil Fuel Oil
6 Source: Platts, IRPC Analysis Team
Avg. Dubai
Dubai $/BBL
Oil Price Movement, Product Crack & GRM
Average Dubai price in 1Q12 was 116 $/bbl, 10 $/bbl higher than that in previous quarter mainly as a consequence of geopolitical oil sanction on Iran as well as aggregate supply disruption in Sudan, Yemen and Syria.
ULG spread improved as a result of the firm regional demand especially from Indonesia whilst refineries in Asia were under the maintenance .
Diesel spread decreased mainly due to the end of winter and China’s economic growth slow down.
HSFO spread was higher continuously because of Japan’s high demand for power generation. Moreover, the upgraded refinery plant started up.
This brought about less fuel oil.
S’pore GRM 7.4 8.7 7.9 9.1 7.5
Ending Price
▲11 ▼4 ▼1 100 111 107 106 116 ▲9
2Q11 1Q11 3Q11 4Q11 1Q12 Apr 12
117
8.0
116 109 107 101 105 120
1Q11 2Q 3Q 4Q 1Q12 Apr12
18.2 19.6 17.6 17.8 16.4 15.6
$/BBL Gas oil - DB
1Q11 2Q 3Q 4Q 1Q12 Apr12
12.7 14.217.4
9.814.3
17.7
$/BBL ULG 95 - DB
1Q11 2Q 3Q 4Q 1Q12 Apr12
-9.1 -8.6
-3.2 -0.4 -0.5
-2.3
$/BBL HSFO - DB
0
500
1,000
1,500
2,000
FO 180 3.5%S 500SN 150BS Asphalt
2Q11 1Q11 3Q11 4Q11 1Q12 Apr 12
1Q11 2Q 3Q 4Q 1Q12 Apr12
629781 786
632500 550
500SN – FO 180 3.5%S Spread
$/Ton
Lube Base Price Movement
Lube Base
1Q11 2Q 3Q 4Q 1Q12 Apr-12
-97 -84 -95-70 -99 -65
Asphalt – FO 180 3.5%S Spread
$/Ton
$/Ton
1Q11 2Q 3Q 4Q 1Q12 Apr12
3.1 1.7
2.9 2.4 2.1 2.5
3.0 4.2
4.5
2.6 2.4 3.1
6.0 5.9 7.4
5.0 4.5
5.6
Lube Base
Refined
Market GRM $/BBL
Lube and asphalt spread decreased as a consequence of a slowdown in the investment in the infrastructure in China.
FO 180 3.5%S
7
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Naphtha Benzene Toluene Mixed Xylene
1Q11 2Q 3Q 4Q 1Q12 Apr12
226 151 165
102 161 149
1Q11 2Q 3Q 4Q 1Q12 Apr12
160 227
334 324 316 243
1Q11 2Q 3Q 4Q 1Q12 Apr12
81 97
178 192 178 178
$/Ton
MX-Naphtha
BZ-Naphtha Toluene - Naphtha
Aromatics Price Movement
Aromatics
$/Ton $/Ton
$/Ton
2Q11 1Q11 3Q11 4Q11 1Q12 Apr’12
Naphtha
Aromatics spread slightly decreased due to the higher naphtha price whilst the demand was still stable and many refineries went into the maintenance shutdown in March.
Seasonal heavy BZ turnarounds in Asia have commenced and BZ supply was limited.
8
0
500
1,000
1,500
2,000Naphtha Ethylene Propylene HDPE PP
$/Ton
Olefins Price Movement
1Q11 2Q 3Q 4Q 1Q12 Apr12
317 298 204 171 230383
135 99 239 269 145 61
452 397 443 440 375
445
HDPE - Ethylene - Naphtha $/Ton
1Q11 2Q 3Q 4Q 1Q12 Apr12
459 495 438 393 261 390
254 196 212141
14795
713 691 650534
408 485
$/Ton PP - Propylene - Naphtha
Olefins
Naphtha
HDPE - Ethylene Ethylene - NP
PP - Propylene Propylene - NP
9
2Q11 1Q11 3Q11 4Q11 1Q12 Apr’12
Olefins spread decreased due to higher naphtha price and crude oil.
Polyolefins spread was relatively stable. The demand slightly decreased as a result of the anxiety over the US and EURO economic situation.
0
500
1,000
1,500
2,000
2,500 Styrene ABS PS EPS
$/Ton
Styrenics Movement
1Q10 3Q10 2Q10 4Q10 1Q11 2Q11 3Q11
10
1Q11 2Q 3Q 4Q 1Q12 Apr12
512
221 151
337 151 116
$/Ton
1Q11 2Q 3Q 4Q 1Q12 Apr12
498 434 531 448 428 461
138 143 73 111 115 106
636 577 604 559 543 567
$/Ton PS - SM - Naphtha
ABS - Feed
PS – SM SM - NP
Styrene
1Q11 2Q 3Q 4Q 1Q12 Apr12
93 94 111 -22 33
125 83 146166 80
102 91 12337
47 113
$/Ton Market PTF Aromatics
Olefins
MKT PTF
1Q11 2Q 3Q 4Q 1Q12 Apr12
498 434 531 448 428 461
$/TonSM - Naphtha
Styrenics
2Q11 1Q11 3Q11 4Q11 1Q12 Apr’12
Spread squeezed due to the shrinkage of demand caused directly by China’s economic growth slowdown.
5.9 3.8
-4.0 -0.9
0.3 1.3
1Q11 2Q 3Q 4Q 1Q12 2011
10.3 7.7 2.9 4.1 4.7 6.3
4.6 4.5
3.5 1.5 1.8 3.6 0.7 2.9 1.2 0.6
14.9
12.2
7.1 8.5 7.7
10.4
1Q11 2Q 3Q 4Q 1Q12 2011
Power&Utility
Petrochem
Petroleum
6.0 5.7 7.0 5.0 4.5 5.8
3.0 2.8 3.5
1.5 1.5 2.8
0.7
2.9 1.4
0.6
9.1 8.5 11.2
9.4 7.4 9.1
1Q11 2Q 3Q 4Q 1Q12 2011
Power&Utility
Petrochem
Petroleum
GRM & PTF
Market GIM $/BBL
Accounting GIM $/BBL
Stock Gain/(Loss) Net LCM & Oil Hedging
$/BBL
1.8 1.9 2.0
-0.3 0.7 1.5
1.2 0.9 1.4
1.8 0.8
1.2
3.0 2.8 3.5
1.5 1.5
2.8
1Q11 2Q 3Q 4Q 1Q12 2011
Aromatic
Olefins
$/BBL
MKT GRM
MKT PTF
3.1 1.5
2.6 2.4 2.1 2.3
3.0
4.2
4.4
2.7 2.4
3.5
6.0 5.7
7.0
5.0 4.5
5.8
1Q11 2Q 3Q 4Q 1Q12 2011
Lube Base
Refined
$/BBL
11
22% 26% 22% 25%
40% 36% 39% 38%
19% 20% 19% 18%
19% 18% 20% 19%
1Q11 4Q11 1Q12 FY11
95% 96% 94%
55%
101%
81%
74% 84%
43%
83% 71%
86%
98%
59%
98%
0%
20%
40%
60%
80%
100%
1Q11 2Q 3Q 4Q 1Q12
%
Olefins
Aromatic
Styrenic
Optimized Operation
Crude Intake
Petroleum Production Petrochemical Production
Utilization
12
125 89
136 121
45
32
48 39
170
121
184
160
1Q11 4Q11 1Q12 FY11
Sweet Crude
Sour Crude
MBBL 15.32 11.10 16.78 58.25
Unit : KBD
79% 80%
82%
56% 86%
82%
99% 97%
46%
87%
0%
20%
40%
60%
80%
100%
1Q11 2Q 3Q 4Q 1Q12
%
Refinery
Lube
Petroleum Petrochem
6% 4% 5% 5% 5% 5% 5% 5% 13% 14% 15% 14%
41% 43% 41% 43%
9% 8% 8% 8% 14% 14% 16% 14%
13% 12% 10% 10%
1Q11 4Q11 1Q12 FY11
15.3 MBBL
11.1 MBBL
16.8 MBBL
Others**
Naphtha
Gasoline
Diesel
Fuel Oil
Lube Base Oil Asphalt
58.2 MBBL
**Others = Reformate + DCC Product + Intermediate
Aromatic
Olefins
Polystyrenics
309 KTon
196 KTon
321 KTon
1,130 KTon
Polyolefins
13
Revenue Structure
70% 63% 67%
30% 37% 33%
1Q11 4Q11 1Q12
Export
Domestic
Revenue
Distribution Channel
74% 78% 78%
24% 20% 20% 2% 2% 2%
1Q11 4Q11 1Q12
Others
Petrochem
Petroleum
74,183 56,820 50,410 Unit : M฿
Petroleum Sale 1Q11 4Q11 1Q12
1.Gasoline 1.30 0.94 1.21
2.Gas Oil 6.14 5.30 7.85
3.Fuel Oil 1.78 2.13 2.39
4.Lube Base Oil & Asphalt 1.75 1.03 1.68
5.Others 1.10 1.16 1.23
Volume (M.bbl) 12.08 10.56 14.36
Petrochem Sale 1Q11 4Q11 1Q12
1.Aromatics 114 84 132
2.Olefins 193 140 193
Volume (KMT) 306 224 325
Gross Integrated Margin (GIM)
1Q12 market GIM was 7.38 $/BBL, accounting for 3,856 MB, increasing by 608 M฿ when compared to that in 4Q11. The variance came from:
Impact of sales volume 1,662 MB
Impact of price (1,085) MB
CHP project 30 MB
Stock/hedging gain was 0.34 $/BBL, accounting for 175 MB, increasing by 1.3 $/bbl when compared to that in 4Q11. This was because of the increase in crude oil price.
14
Gross Integrated Margin
9.1 9.4 7.4
9.1
5.9
(0.9)
0.3
1.3
14.9
8.5 7.7 10.4
1Q11 4Q11 1Q12 FY11
Stock G/(L) net
LCM + Hedging
Market GIM
Ending Inventory (Million BBL)
31 Dec 11 31 Mar 12
Crude 4.27 5.12
Petroleum 3.78 4.34
Petrochemical 0.88 1.06
Total 8.94 10.53
Cost (USD/BBL) 31 Dec 11 31 Mar 12
Crude 109.5 125.5
Petroleum 114.4 123.0
Petrochemical 220.6 225.3
15
Financial Performance
4.60
8.28
3.93
0.65
1.07
0.82
5.25
9.35
4.76
1Q11 4Q11 1Q12
Interest Exp.
Opex
Financial Performance
Unit : $/bbl 1Q11 4Q11 1Q12
ACC GIM 14.94 8.45 7.72
MKT GIM 9.06 9.39 7.38
ACC GRM 10.29 4.13 4.61
MKT GRM 6.04 5.02 4.54
Stock /Hedging Gain (Loss)
5.88 (0.94) 0.34
Net Profit
1Q11 4Q11 1Q12
Net Sales MB 56,545 50,117 73,915
EBITDA MB 4,877 152 1,973
NP MB 3,773 (1,522) 944
EPS B/share 0.19 (0.07) 0.05
**Turnaround 31 Oct-18 Dec 11
Cash Cost
Unit : M฿ Crude Run Unit : KBD Unit : $/bbl
16
M.BBL 15.32 11.10 16.78
FX 30.70 31.16 31.14
1,009
(1,197)
769
2,764
(325)
175
(1,522)
944
170
121 **
184
1Q11 4Q11 1Q12
Stk G/(L)
+LCM+Oil Hedging
Operation
3,773
17
NP Variance Analysis 1Q12 vs 4Q11
(1,197)
769
1,662
1,085
30
500
(325)
537
175
369
120 286
46
(2,000)
(1,000)
-
1,000
2,000
4Q11 Volume Mkt Price CHP Stk G/(L)
+LCM+ OilHedging
Others
Rev/(Exp)
Asset
Disposal
MTM
securities
FX + Net
InterestExp.
Others 1Q12
-1,522 944 2,466 MB
Crude run 63 KBD
GIM 2.01 $/BBL
Benefit 2.18 MB/day 0.35 M$/day
Operation Stock gain/(loss) + LCM + Oil Hedge
Note : EBITDA after LCM
Avg.Cost of Debt (%)
5.38
18
Net Debt/EBITDA Net Debt/Equity
Financial Ratios
Financial Position
Debt Structure
Debt Profile
Interest Rate (%) Currency (%)
70,077 75,921 70,415 76,873
58,048 27,667
74,356
31,970
3,994
28,531
4,590
40,518 Cash & ST
Investment
PP&E
IBD
Other Liabilities
Equities
2011 1Q12
132,119 149,361
Other Assets
Unit: M฿ ST
Debt
19%
LT
Debt
39%
Bond (USD)
18%
Bond
(BHT) 24% ST Debt 7,555
LT Debt 15,972
Bond (USD) 7,351
Bond (BHT) 9,640
Total 40,518
Loan (M.THB)
Net Debt = 35,928 M฿
1.19
2.39
3.83
1Q11 4Q11 1Q12
Fixed
Float USD
THB
Financial Position
< 2.0x
Float
53%
Fixed
47%
F X.USD/THB = 30.99
THB
75%
USD
25%
0.27 0.32 0.47
1Q11 4Q11 1Q12
< 1.0x
19
Cashflow
Unit : M฿
1Q11 1Q12
Operating 3,644 (8,621)
EBITDA 4,876 1,973
Changes in assets/liabilities (1,232) (10,594)
+
+ =
Financing 431 11,802
Drawdown/(Re/Prepayment) of ST/LT Loan 369 12,255
Interest and Dividend (351) (453)
ESOP 413 -
Free Cash Flow
2,778 (11,451)
1Q11 1Q12
Investing (866) (2,830)
CAPEX (PP&E, Intangible asset) (867) (2,835)
Other investments 1 5
Ending Cash
7,979 3,307
Net Increase in Cash
3,209 351
Beginning Cash
4,770 2,956
+
Change in Accounting Policy
20
(Unit : M฿) (Unit : M฿)
Statement of Income 1Q11 4Q11 2011 Financial Position 31 Dec 2011
Other Income /(Expenses) 324 717 (62) Other Current Asset (58)
Finance Cost (50) (43) (103) Other Current Liabilities (49)
Net Profit 274 674 (165) Retained Earning (9)
Since 1 Jan 2012, IRPC has changed the accounting policies relating to the recognition of
derivatives instruments by unrecognizing unrealized gain/(loss) on derivative financial
instruments. This is to reflect relevancy and compatibility with peers.
The effect of change in accounting policies has been adjusted retrospectively as follows:
21
Outlook Industry
Refining Industry Outlook
Source : PIRA
World Product Demand Growth
Japan continued to consume more low-sulfur crudes and fuel oil due to dwindling nuclear power.
Refinery upgrade keeps fuel oil supply tight.
Consumption of LPG, Naphtha, gasoline and gasoil also continued to expand at a robust rate.
Gas oil demand especially in Europe is anticipated to recover in Q3.
Refinery closure at Atlantic basin supports product price.
22
Refining Industry Outlook (Con’t)
Asia Pacific demand growth in year 2012 is 3.6%.
Nuclear power crisis results in elevated levels of crude oil and fuel oil burning for the next few years.
China economic growth is slow in 2012 due to government efforts to cool the economy.
Asia Pacific Incremental Product Demand
Source : FGE
Demand turns in the slower second half on lower growth from China, even though as Japan continues to consume more low-sulfur crudes and fuel oil due to dwindling nuclear power.
Fuel oil demand led the way on the back of Japan and strong bunker demand, growing by 5.5%.
Consumption of LPG, gasoline and gasoil also continues to rise at a robust rate.
Source : FGE
Asia Pacific Annual Demand Growth
23
PE Outlook
The remaining capacity starts mostly located in Asia, and will support growth within the region.
The new addition capacity in 2016 onwards is expected in North America.
The demand growth exceeding capacity growth during the period thereby driving global operating rates higher.
Global Polyethylene Capacity Additions
24
Integrated Naphtha Cracker with Butadiene and BTX, margins will be supported by the continuing tightness in the Butadiene market.
Source : IHS
PP Outlook
Expected demand remain growth for polypropylene especially in Asia.
Over the next 5 years, South East Asia will shift from a net importer to a significant net exporter of more than 500 million tons.
The slow and steady demand destruction in developed markets like North America and West Europe will be off-set by healthier demand growth rates in developing market like China or South America.
25
World PP Supply & Demand
Demand (4.2/5.2)
ABS/PS Outlook
ABS market continue to grow ahead of global GDP, at the rate of about 5% per year over next 5 years.
China have stimulated appliance demand dramatically although the economic slowdown.
ABS demand dominated by Northeast Asia which accounts for 67% of global demand.
PS-Global Demand
Source : Styrolution comissioned study
PS demand growth is expected to moderate but reach pre-recession levels in the 2012-2013 timeframe.
Demand prospects for PS are better than in recent years, due to the increasing cost profile of some competition resins.
Producers are concerned with profitability than market share, which resulted in better return.
Source : Styrolution commissioned study
ABS-Global Demand
26
EBIT of Global Base Chemical and Plastics
Source : IHS April 2012
By 2013, the Global Base Chemical and Plastic EBIT will begin the next-up cycle returning to very high profits levels and fully emerged by 2014.
27
28
Project Progress
CHP Project Improvement
Power Management System (PMS)
Generation Transmission Customers/Users
Start commissioning on 22 Feb 2012
29
Proven system reliable result VS 2 times blackout caused by the grid in 1Q12
Cost saving from avoiding blackout approximately 200 M฿ each time.
Cost saving from CHP 3-5 M฿/d
Load shading, loop system to secure and balance power for both internal and external sale to the grid
TIME
Pre-Phoenix Projects: PRP Progress
PRP Project : 91.24% Progress
COST
Propylene Booster (PRP) Completion : 2Q12
Timeline for 1. EHIA approval : Sep 11 2. DIW approval : End of May 12 3. MC completion : June 12 4. Commissioning : July 12 5. COD : September 2012
Status Approved • On progress • On progress • On progress • On progress
Achievement
SCOPE
• New Propylene plant with increasing capacity 100 KTA. by Metathesis technology
2,000,000 Man hours without
Loss Time Injury (LTI)
Within Budget
30
# 8 Petroleum quality
improvement to clean fuel and green
growth development
Project Description: Upgrading Gasoline to be EURO IV spec.
Capacity Expansion: None.
CAPEX : 49 M$ / Benefits: 13 M$/yr
GHU Plant construction
Gasoline Euro IV (GHU)
Phoenix Projects: EURO IV Project Progress
Diesel Euro IV: 1Q13 (on schedule) EIA approval since Sept 11
During construction process
Pipe line installation permission
DOH & CHERNGNERN SDAO: APPROVED
MD / RID / IEAT : On Progress
Benefit from swap in 1Q12: 3.37 M$
PTTGC Multi-Product Pipeline
Euro IV Diesel IRPC
Gasoline Euro IV (GHU):
Start Up : 10 Feb 12
Operation with approx 80-90 % Capacity
Benefit in 1Q12 : 1.15 M$ GHU Plant
GHU Project: 100% Completion
Multi-pipeline for upgrading HSD Project: 45.1% Progress
31
Phoenix Projects: Lube Group I Project Progress
25%
50%
75%
100%
0%
•Completion 2Q12
# 7 Lube group 1
specialty product
EBIT 33 M$/yr CAPEX: 31 M$
TDAE
50,000 TPA TDAE
22,000 TPA
150-BS
82,000 TPA
Project Description: High Value Added Lube specialty product, TDAE & Bright Stock
Capacity Expansion: TDAE 28 KTA and 150-BS 38 KTA increasing.
Benefits: 33 M$/yr
150-BS
120,000 TPA
Timeline for
1. MC Completion: Jun 12
2. Commissioning : July 12
3. COD : Aug 12
Status •On Progress
•On Progress
•On Plan
Project Progress : 89.96 %
32
Phoenix Projects: Ethylene Specialty Development Progress
25%
50%
75%
100%
0%
Commodity Product
HDU I : Complete
HDUII & Convert Plant : Completion 4Q12
HDPE 140 KTA
Specialty
Product
# 3 Ethylene
Specialty
Development
EBIT 5 M$/yr
HDPE 140 KTA
CAPEX: 9 M$
Project Description: High Value Added Product of HDPE Specialty & PE Wax
Capacity Expansion: None
Benefits: 5 M$/yr
Timeline for
1.MC Completion: Dec 12
2.Commissioning : Jan 13
3.COD : Jan 13
Status •On Progress
•On Plan
•On Plan
Project Progress : 40.69 %
33
34
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Initiative No. STATUS
#1: Petrochem Operation and
Energy Efficiency
• ETP : Under Back Pressure Turbine modification.
• HDPE : Under package preparation for Butene-1 plant
improvement .
• PP: Under TSA of PP Plant Improvement by Novolen
#2: Upstream Project for Hygiene
and Value Added Products (UHV)
• During EPC bidding process .
• EHIA is in Focus group & Attitude survey (Kor.2) process.
#3: Ethylene Specialty Products • HDU Phase I: Complete construction.
• HDU Phase II: Basic Engineering Design is developing.
#4: EBSM Upgrading for ABS
Specialties
• EBSM upgrading: EHIA approved by ONEP on June 2011.
• Public hearing has been done and expected for DIW approval in
June 2012.
#5: Petroleum Operation and
Energy Efficiency
• Execute Energy Efficiency Improvement program with PTTES
since April 2012 for 21 months.
• During consideration of the Steam Management program.
#6: Supply Chain Optimization
(Griffin and Trading)
• Complete ISC phase 1 : Orion Program for schedule control
implementation.
#7: Lube Group I Specialty
Products Focus
• Under construction which expected to be completed in June
2012 and COD in July 2012.
Execute Study
Phoenix Projects: Progress
E
E
E
E
E
E
E
E
S
35
25%
50%
75%
100%
0%
Initiative No. STATUS
# 8. Petroleum Quality Improvement
to Clean Fuel and Green Growth
Development
• GHU: Construction has completed and started up plant on 10 Feb 2012. GHU is operating now with ~ 80-90%.
• Multi-pipeline: EIA had already been approved. During EPC
award and pipe line installation permission process.
# 9. Maximize Tank Efficiency with
LCT
• In year 2012 : Managing 45 tanks from 48 tanks (26 tanks for
internal customer and 19 tanks for external customer) and
already have 1.56.M$ benefit in the first quarter of 2012.
# 10. Dry Port Commercialization • BCT Port: Budget has been approved for basic infrastructure
& foundation improvement to support further bulk business.
# 11. Build and Sustain Land for
Green Industrial Complex
• IP: During final master plan and EHIA report preparation for
submission to ONEP.
• Bankai: Under EIA approval process by expert committee of
ONEP.
# 12. I'M ACE: IRPC Service
Solutions
• On Going 1. Service Solution Smart Planning, 2. Financial EBIT
tracking, 3. IRPC&TABS 2012 service contract preparation.
# 13. Petrochem Catalyst
Commercialization
• During commercial production and catalyst testing by
customer.
# 14. Performance Chemical
Business Development
Project
• PP-inline: During PMC award and EIA is in PP2 process.
Execute Study
Phoenix Projects: Progress
E
E
E
E
E
E
E S
25%
50%
75%
100%
0%
E
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