Thailand’s state-owned oil and gas conglomerate PTT last month said that it would cut refining throughput by 15%-25% in May due to weak domestic demand for jet fuel as flights cancelled amid measures to contain the coronavirus pandemic. Refiners under PTT include PTT Global Chemical (PTTGC), Thai Oil, and IRPC, with a combined capacity of 770,000 bpd, accounting for 62% of Thailand’s total refinery output.
The amount of the reduction will depend on each refiner’s policy, PTT president Chansin Treenuchagron said. Some of the refineries supply feedstock for plastic and chemical production which have not been significantly affected by the pandemic.
PTTGC is delaying capital expenditure for a 1.5 million tons/year olefins cracker at Mead Township in Belmont County, Ohio. The project requires 200 billion baht ($6.2 billion) over five years. IRPC also deferred the development of the $1.3-billion MARS (Maximum Aromatics Project). MARS will have a capacity to produce 1.3 million tons/year of paraxylene and 500,000 tons/year of benzene.
