IRPC, the petrochemical arm of national oil and gas conglomerate PTT Plc, expects to see gross integrated margin (GIM) in its oil refinery and petrochemical businesses grow to US$13-14 per barrel on average this year as the petrochemical industry downturn has passed.
GIM is the difference between the total value of petrochemical products and the production cost. Last year GIM stood at $10.5 per barrel.
IRPC’s oil refinery produces refined oil for use as a fuel and a feedstock for the petrochemical industry.
The 2022 downturn, which stemmed from a sluggish economy caused by Covid-19, and made worse by the impact of the Russia-Ukraine war, caused a sharp drop in petrochemical prices to the lowest level in a decade, said…
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