Bangkok--25 Mar--PTT
PTT Aromatics and Refining Public Company Limited (PTTAR) assigned seven major banks i.e. Bangkok Bank, Krung Thai Bank, Kasikornbank, Siam Commercial Bank, TMB Bank, Siam City Bank and Bank of Ayudhya as Lead Arrangers of PTTAR Baht debentures, to be issued in late April 2009.
Mr. Chainoi Puankosoom, President and CEO of PTT Aromatics and Refining Public Company Limited, revealed that the Company has appointed Bangkok Bank Plc., Krung Thai Bank Plc., Kasikornbank Plc., Siam Commercial Bank Plc., TMB Bank Plc., Siam City Bank Plc. and Bank of Ayudhya Plc. as Lead Arrangers of PTTAR Baht debentures. Details of terms and structure are under consideration. The Company expected the debentures could be issued by late April 2009, and the fund raised from this issuance would be used for short-term debt payment and as working capital for general corporate purposes.
PTT Aromatics and Refining Public Company Limited is a company of PTT Group, with PTT Public Company Limited as a major shareholder, securing 48.66% of shares. The Company has received the A- (A minus) credit rating with Stable Outlook from Fitch Ratings (Thailand) Limited, which reflects its strong financial standing as a leader in the refinery business with integrated operation to the intermediate and downstream aromatics business.
In 2008, the Company invested in the project to synergize the benefits from the integration of the refinery and aromatic plants, in concurrence with the capacity increase through the construction of the Aromatics Complex II and the Upgrading Complex Phase I (Condensate Residue Splitter), which would upgrade the condensate residue derived from the Aromatics Plants into diesel and jet fuel. Both projects had their commercial runs in January and March 2009, respectively. Therefore, from January 2009, the total capacity of the Company has increased from 215,000 barrels per day (b/d) to 280,000 b/d with 145,000 b/d of crude intake and 135,000 b/d of condensate feedstock. The products of the Company include 2.1 million tons per year of aromatics products and 245,000 b/d of oil products, thereby raising the Company’s revenue. In addition, the Company is now installing additional production unit to be more feed flexible, which would considerably reduce its production cost.