1Q/2015 Analyst Meeting. May 15, 2015

Transcription

1 1Q/2015 Analyst Meeting May 15, 2015

2 Disclaimer This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use by prospective investors / analysts in the proposed event. IRPC makes no representations or warranties as to the accuracy or completeness of such information. By accepting this material each recipient agrees that IRPC shall not have any liability for any representations (express or implied) contained in, or for any omissions from this presentation. The information contained herein does not purport to be all-inclusive or to contain all of the information that may be material to the recipient s decision. Each recipient of the information and data contained herein should perform its own independent investigation and analysis of the transaction and the creditworthiness of IRPC. Reference in this Disclaimer to this shall include references to the Appendices (if any) hereto. 2

3 1 1Q/15 Highlight Agenda Operation & Financial Performance Industry Outlook Strengthening Core Business and Beyond 5 Appendix 3

4 Highlight: 1Q/15 Performance Overview of Business Dubai Unit: $/bbl Net Sales (net excise) ,854 60,949 QoQ 30% YoY 50 % QoQ 18 % YoY 30 % 49, In 1Q/15, average Dubai price dropped to 51.9 $/bbl from 74.4 $/bbl in 4Q/14, because OPEC maintained high level of production and US crude oil stock kept on rising. In addition, the completion of primary agreement between US and Iran regarding nuclear issue will make Iran export more crude oil in the future. This will put more pressure on crude oil price. Unit: MB Accounting GIM Oil hedging Market GIM Stock G/(L) Net LCM Unit: $/bbl Net income Unit: MB QoQ 307% YoY 47% 8.5 (6.0) (0.5) (0.5) (16.0) (0.02) (0.4) QoQ 166% YoY 1,014% 344 3,832 (5,779) 2. Net sales were 49,941 MB in 1Q/15, dropping by 18% from 60,949 MB in 4Q/14 because of 20% lower product prices and 2% higher sales volume. 3. Market GIM in 1Q/15 was 13.1 $/bbl, up by 2.7$/bbl compared to 10.4 $/bbl in 4Q/14 because of better product spreads and benefits from Delta project. The Accounting GIM in 1Q/15 was 12.5 $/bbl, increasing from -6.0 $/bbl in 4Q/14 mainly due to significantly lower stock losses and reversal of LCM. 4. Net profit was 3,832 MB in 1Q/15, compared to net losses of 5,779 MB in 4Q/14. 1Q/14 4Q/14 1Q/15 4

5 Highlight: Delta Project DELTA Benefit Summary Operational Excellence VCM/LP Upgrade, Production Planning and Schedule Optimization Yield and Process Energy Optimization Utility System Optimization Reliability and Asset Integrity Enhancement Overhead Cost Management UHV Enhancement Margin Improvement 28.5 Unit: MUSD Actual Q/ New upgraded LP (best-in-class standards tools), enabling optimum crude selection Optimized processing operations unit Optimized steam and power generation Minimized unplanned shutdown Shortened time required for turnaround Commercial Excellence Petrochemical Marketing and Sales Excellence Petroleum Marketing / and Sales Excellence Reallocation of spot/term contracts for petroleum products Focus on higher margin and high potential customers, and maintained customer royalty for petrochemical products Procurement & Human Resource Excellence Lower total costs of ownership Procurement Best Practice & Sourcing Optimization Internal Organization Merger Leadership Development HR Operation Expenses Management More efficient procurement process Reduced non-moving inventory of spare parts Budget saving * Include working capital benefit of $6.7 million 67.7 *

6 Highlight: 1Q/15 Update Fire Incident Update VGOHT Unit: Completion of repair and replacement for defective equipment with VGOHT s commission and stability production test run COD on April 12, 2015 Insurance Claim: Expected receipt of remaining claim within 2015 Lawsuits Settlement Benefits from the land of 1,000 Rai purchased through a selling mechanism by the official receiver. Gains from reversing TPI Aromatics doubtful account of 2,823 MB Marketing Cooperation between IRPC and Blue Light Industrial, a launch of the luggages made from Green ABS under the CAGGIONI brand UHV Project Progress: 93% % as of April 2015, COD within 2015 Above ground piping Atmospheric tank painting DCS in Control Room 400 KV Sub Station 6

7 1 1Q/15 Highlight Agenda Operation & Financial Performance Industry Outlook Strengthening Core Business and Beyond 5 Appendix 7

8 Petroleum Performance Dubai Crude Price & Petroleum Product Spreads $/bbl 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 Dubai (DB) NP - DB ULG95 - DB Gas Oil - DB FO - DB Dubai Price ($/BBL) $/Ton 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 Fuel Oil(FO) BS - FO SN - FO Asphalt - FO Fuel Oil ($/Ton) Q/14 2Q/14 3Q/14 4Q/14 1/Q15 FO Price & Lube Base Oil Product Spreads Global crude oil price is still under pressure from excess crude supply from both OPEC and Non-OPEC oil producers. Naphtha spread rose as a rising of LPG Price ahead of winter season and the incremental demand from Taiwan, ahead of a planned partial turnaround in Mar. ULG95 spread rose as refineries in Asia and US shutdown for maintenance. Gas Oil spread slightly increased on solid demand for heating oil in the winter and tight supply from the maintenance shutdown of refineries in US. FO spread increased due to the speculation of the storage of fuel oil in the vessels in the time of the low crude oil price. Lube spread fell from additional supply of Lube Group II from Korea and Singapore. Asphalt spread was a little bit lower due to the decline in construction activities after year end. 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 8

9 Petroleum Performance Crude Intake 80% 80% 76% 84% 84% % 11% 14% 18% 11% 8% 7% 5% 6% 16% 8% 19% 65% 65% 65% 67% 60% 1Q/14 2Q/14 3Q/14 4Q/14 1Q/ %Utilization Crude Run (KBD) Others Domestic Far East Middle East Premium over Dubai($/bbl) In 1Q/15, the crude intake was 180 KBD (84% utilization), similar to the rate in 4Q/14 as the VGOHT unit still shutdown. Domestic crude intake was 13 KBD, decreasing 1% from the previous quarter Sales Volume Market GRM KBD Crude intake (M.bbl) M.bbl Lube Refinery $/bbl Lube Base Refinery 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 9

10 Petrochemical Performance Olefins Product Price & Spreads $/Ton 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 Naphtha (NP) Ethylene-NP HDPE- Ethylene HDPE- NP Propylene-NP PP-Propylene HDPE spread against Naphtha decreased due to the increase of Naphtha price caused by lower supply of US refineries which had a maintenance shutdown. PP spread against Propylene and Naphtha dropped as a result of additional PP capacity from China around 1.6 million tons per year. PP-NP Aromatics & Styrenics Price & Spreads $/Ton 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 Naphtha (NP) BZ - NP TOL - NP MX - NP SM - NP PS - NP ABS - NP ,033 1,119 1,068 Toluene spread fell because of a downward pressure from low price of Benzene. Mixed xylene spread rose, affected by strong demand of Paraxylene. ABS and PS spread continued to drop because of the lower demand caused by the slowdown of the economy in China and higher production rate in NEA. 10

11 Petrochemical Performance Utilization Rate 85% 80% 87% 74% 77% 98% 90% 84% 77% 89% Aromatics& Styrenics 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 Utilization rate of aromatics & styrenics in 1Q/15 was 77%, increasing 3% compared to the rate in 4Q/14, because of planned shutdown of NHTU unit and Reformer unit for 15 days. 1Q/14 2Q/14 3Q/14 4Q/14 1Q/15 Olefins Utilization rate of olefins in 1Q/15 was 89%, increasing by 16% compared to that in 4Q/14 because of ethylene plant s maintenance shutdown in 4Q/14. K.MT Sales Volume Aromatics and Styrenics Olefins Q/14 2Q/14 3Q/14 4Q/14 1Q/15 Market PTF Market PTF Crude intake (M.bbl) Aromatics &Styrenics Olefins $/bbl Q/14 2Q/14 3Q/14 4Q/14 1Q/15 Aromatics &Styrenics Olefins 203 $/MT Q/14 2Q/14 3Q/14 4Q/14 1Q/15 11

12 Overall Performance Market GIM Accounting GIM $/bbl Power & Utility Petrochem Petroleum $/bbl Oil Hedging Stock G/(L) & LCM Market GIM Q/14 2Q/14 3Q/14 4Q/14 1Q/15 1Q/14 2Q/14 3Q/14 4Q/14 1Q/ Q/15 vs. 4Q/14 In 1Q/15, Market GIM was 13.1 $/bbl, rising by 2.7 $/bbl compared to 10.4 $/bbl in 4Q/14. - Product spreads 2.26 $/bbl - Delta project 0.42 $/bbl Oil hedging losses were $/bbl (-10 MB), declining by 0.38 $/bbl compared to -0.4 $/bbl in 4Q/14 (-206 MB). Stock losses and gain from reversal LCM were -0.5 $/bbl (-282 MB), rising by 15.5 $/bbl compared to Stock losses and provision for LCM of $/bbl in 4Q/14 (-8,785 MB). Accounting GIM was 12.5 $/bbl (6,722 MB) higher by 18.5 $/bbl from -6.0 $/bbl (-3,303 MB) in 4Q/14. 12

13 Gain from Reversing Doubtful Account December 2014 The Board of Directors approved a land purchasing from TPI Aromatics Plc. February 2015 IRPC and Official Receiver entered into a land purchasing agreement April 2015 IRPC received debt repayment of 3,878 MB, net gains 2,823 MB Received debt repayment Balance after offsetting of assets and liabilities Gain from Reversing Doubtful Account 3,878 MB 1,055 MB 2,823 MB 13

14 Financial Highlight: 1Q/15 Unit : MB Quarter % Change 1Q/15 1Q/14 4Q/14 YoY QoQ Net sales 49,941 71,854 60,949 (30%) (18%) Market GIM 7,014 3,970 5,688 77% 23% Stock Gain/(Loss) (3,541) (207) (5,839) (1,611%) 39% LCM 3,259 (21) (2,946) 15,619% 211% Oil Hedging Gain/(Loss) (10) 580 (206) (102%) 95% Accounting GIM 6,722 4,322 (3,303) 56% 304% OPEX & Selling Exp. (3,329) (2,760) (3,264) 21% 2% Other Income % (40%) Insurance Claim - - 1,000 - (100%) EBITDA 3,714 1,868 (5,035) 99% 174% Cost of Finance (507) (365) (309) 39% 64% FX Gain/(Loss) (254) 12% 169% Impairment Gain/(Loss) 24 - (185) - 113% Investment Gain/(Loss) (85) 35 (55) (343%) (55%) Reversal of Doubtful Debt 2,824 (6) - 47,167% - Income Tax (992) (67) 1,393 (1,381%) (171%) Net Profit 3, (5,779) 1,014% 166% Remark Net Sales YoY: product prices 39%, sales volume 9% QoQ: product prices 20%, sales volume 2% Market GIM YoY: 5.3 $/bbl: $/bbl from spread, $/bbl Delta project QoQ: 2.7 $/bbl: $/bbl from spread, $/bbl Delta project Stock G/(L) net LCM: net losses 282 MB in 1Q/15 (0.5 $/bbl), Avg. Dubai at 51.9 $/bbl Oil Hedging 1Q/15 Hedging 13% of production (4Q/14 = 20%,1Q14 = 41%) OPEX & Selling Exp. YoY: 21% from maintenance, insurance exp. & donation 185 MB QoQ: relatively close to the amount in 4Q/14 Cost of Finance: gains from CCS FX Gain/(Loss) Mar 31, 15: Ex.rate = $/ Dec 30, 14 Ex. rate = $/ Investment: Loss from associate companies Reversal of Doubtful Debt: net received debt repayment from TPI Aromatics Plc. Income Tax: Tax rate 20% 14

15 Debt Portfolio Debt Profile Unit: MB 45,381 58,782 54,568 Net Debt 60,791 56,532 48,355 8,847 4,752 5,620 42,735 51,944 51,780 2,974 2,009 1,964 1Q/14 4Q/14 1Q/15 Long term Short term Cash & S/T investment Debt Structure As of Mar 31, 2015 Bond (THB) 49% ST Loan 8% LT Loan 29% Bond (USD) 14% USD/THB = Interest Rate (%) Net Debt = 54,568 MB Debt (MB) ST Loan 4,752 LT Loan 16,389 Bond (USD) 7,774 Bond (THB) 27,617 Total 56,532 Currency (%) Float 36 THB 62 Fixed 64 USD 38 1Q/14 4Q/14 1Q/15 Cost of Debt 3.90% 3.94% 3.91% Maturity of Financing Debt As of Mar 31, 2015 Financial Ratios 18,863 Net D/E CA/CL 7,783 14,087 10,447 6,890 7,697 7,358 7,386 5, ,000 3,394 3, , ,870 2,370 2,740 3,040 2,340 3, Unit: MB USD Bond THB Bond USD Loan THB Loan Q/14 4Q/14 1Q/ Q/14 4Q/14 1Q/15 15

16 1 1Q/15 Highlight Agenda Operation & Financial Performance Industry Outlook Strengthening Core Business and Beyond 5 Appendix 16

17 Challenging Crude Oil Market: Volatile Crude Oil Price 17

18 Crude Oil will Face the Over Supply Situation OPEC Production at the Full Tilt OPEC 12 Crude Oil Production Capacity US weekly oil rig count vs. crude oil production The US rotary oil rig count experienced an uptrend in 2014, but that trend has reversed from Dec14, peaked at 1,575 rigs then decreased to 813 rigs in Mar15. Source: IEA monthly data and euanmearns.com, Mar 15 Source: Baker Hughes and US Energy information Administration Floating Storage on Rising in the Beginning of the Year Source: PIRA, Bloomberg Source: PIRA, Jan 15 18

19 Potential storage revenue in current market sharply drop in 2H/15 Floating Storage Currently Uneconomic (5-Day Avg Through May 7,2015) $/bbl Source: PIRA, Apr 15 Source: PIRA, Apr 15 Based on current floating storage, total floating incentive, PIRA estimates that this contango average roughly $/bbl per month not to induce further activities. Source: PIRA, Apr 15 19

20 Short-Term Crude Oil and Petroleum Products Outlook Key Products Price (1Q/15) Spread (1Q/15) 2Q/15 vs. 1Q/15 3Q/15 vs. 2Q/15 Driving Determinants Refinery ($/bbl) ($/bbl) Outlook Outlook Dubai ULG GAS OIL 0.05% FO Crude prices are continuing to rise due to the sentimental decline in oil rig count in US and M.E. tension. Gasoline spread in Q2 becomes better as a result of driving season and maintenance turn around. Then, the spread goes downward from the return of the refinery after the maintenance turn around. Gasoil cracks have come off a bit. Middle East refinery startups increase supplies for export. This will take time to be digested by the market. Fuel oil may face a headwind from steadily high inflows from the West and sluggish bunker demand due to nonimproving economy. Lube Base Oil ($/Ton) ($/Ton) Outlook Outlook 500 SN BS 1, Q2 Price trends up relating to crude price trend and short supply from N.E. Asia refineries maintenance turn around Normally, region demand drops in Q3 according to monsoon season 20

21 Short-Term Petrochemical Products Outlook Key Products Price (1Q/15) Spread (1Q/15) 2Q/15 vs. 1Q/15 3Q/15 vs. 2Q/15 Driving Determinants Olefins ($/Ton) ($/Ton) Outlook Outlook Ethylene 1, HDPE 1, Propylene PP 1, Olefins market sentiment remained firm in Q2 supported by tight supply situation, firm feedstock price and improvement in demand. Increased Ethylene supply from ME and deep-sea cargoes coupled with complete TA in NEA will put the pressure on the market in Q3 Additional propylene supply from the new on-propose units in China keeps on-going pressure on the market Polyolefins prices and spreads will remain high in Q2 due to peak crackers scheduled turnaround and unplanned shutdown from Mar - May. Downstream demand is improved by restocking, firmer upstream cost, limited supply availability, as well as the preparation for production of end-products which are used in Summer season. Styrenics ($/Ton) ($/Ton) Outlook Outlook PS 1, ABS 1,562 1,068 Asia styrene monomer (SM) and its downstream prices are extended gains amid a recovery in crude futures and tight availability in the region which is likely to persist in the near term thus lending support to the market. Downstream demand is expected to robust by manufacturing activities improvement in Q2-Q3. 21

22 1 1Q/15 Highlight Agenda Operation & Financial Performance Industry Outlook Strengthening Core Business and Beyond 5 Appendix 22

23 Strengthening Core Business 1. DELTA 2. Specialty Product 3. Joint Venture 4. UHV 5. PPE+PPC Improve overall performance under the Delta Program Unit: MUSD 118 Operational Excellence 70.7 Commercial Excellence 26.4 Procurement & HR Excellence

24 Strengthening Core Business 1. DELTA 2. Specialty Product 3. Joint Venture 4. UHV 5. PPE+PPC Sales volume (Ton) 500, , , , , , X 200,000 22% 150,000 16% 100,000 50,000 Strategic move to High-Value Specialty Products 31% ABS Powder 33% 34% 35% Antidripping AMSAN 1.2X Wood Composite PE-Pipe EPS 1.3X 38% Green ABS Nano 40% UHMW-PE 47% 1.5X 54% Wire&Cable Conductive 60% Plastic Compound Natural Color Compound Superadsorbent

25 Strengthening Core Business 1. DELTA 2. Specialty Product 3. Joint Venture 4. UHV 5. PPE+PPC IRPC A & L Company Limited Distribute ABS and ABS Color Compound Products for the automotive industry, electronics, and office equipment Shareholding Structure Thai ABS(TABS) 60% Nippon A&L(NAL) 35% Sumithai 5% Note : TABS held by IRPC at 100% : NAL held by Sumitomo Corp. at 85% Marque ABS Lamp housing PC/ABS ASA Front Grill (Radiator Grill) ABS, AES PC/ABS Instrument Panels PC/ABS Cub Holder ABS Air Conditioner Vent Nozzle ABS Pillars AES Outer Door Handle PC/ABS Outer Door Window Housing ABS PC/ABS Ton 50,000 40,000 30,000 20,000 10,000 0 Sale value: MB 6,000 5,000 4,000 3,000 2,000 1,000 0 Sales Plan 11,703 15,068 18,221 17, Sale volume +90% 21,838 41, F 2020F ,193 Performance Plan Revenue (LH) Net Profit (RH) ,425 1,391 1,766 Net profit +90% Revenue +90% Net profit: MB 118 3, F 2020F

26 Strengthening Core Business 1. DELTA 2. Specialty Product 3. Joint Venture 4. UHV 5. PPE+PPC IRPC Polyol Company Limited & PCC Rokita SA (Poland) Signed a joint venture agreement on January 9, 2015 to distribute Polyurethane Registered Capital of 10 MB Shareholding Structure IRPC Polyol Co., Ltd. 50% PCC Rokita SA (Poland) 50% Focusing on production technology transfer of high value specialty products to meet customer needs. 30,000 25,000 20,000 15,000 10,000 5, ,000 15,000 10,000 5,000 0 Ton Standard product High-value product Ton Polyol Base Sales Plan Standard product High-value product Max capacity 25,000 MTA PU System Sales Plan Max capacity 19,000 MTA Performance Plan MB Net Profit Sharing

27 Strengthening Core Business 1. DELTA 2. Specialty Product 3. Joint Venture 4. UHV 5. PPE+PPC IRPC Clean Power Company Limited The Company was incorporated on June 20, 2014 Registered Capital of 3,362.3 MB Shareholding Structure GPSC Plc. 51% IRPC Plc. 49% To produce electricity and steam for EGAT s SPP contract and UHV project Capacity 2015: COD Aux Boiler: Steam 100 T/h Co-gen 1 unit: Electricity 45 MW Steam 70 T/h 2017: COD Co-gen 4 units: Electricity 240 MW Steam 200 T/h As of April 2015 Progress: 52% Net Profit (MB) 1,200 1,000 Performance Plan Take Equity

28 Strengthening Core Business 1. DELTA 2. Specialty Product 3. Joint Venture 4. UHV 5. PPE+PPC Upstream Project for Hygiene & Value-added Products (UHV): Upgrading low value product (Fuel Oil) to be high value-added product for petrochemical feedstock: Propylene 320 KTA and Heavy Aromatic Naphtha 250 KTA 100% 80% 2% 16% 5% 2% 6% 5% 21% Ethylene Propylene LPG Existing Propylene 412 KTA UHV Total Propylene 732 KTA 60% 40% 10% Naphtha + Reformate 320 KTA 40% 20% 0% 14% 23% IRPC 38% 10% 8% IRPC+UHV Gasoline Diesel/ Jet Fuel Lube Oil Fuel Oil NEA Propylene Cash Cost Dollars Per Metric Ton 1,500 1, Source: IHS Chemical 413 CTO*# UHV Cost Competitiveness UHV 601 Splitter Source: HIS Chemical: April 9, Naphtha (Integrated)* Naphtha (Non-Integrated)* PDH 838 Metathesis 1,126 *Per Metric Ton of Light Olefins #Basis: Inner Mongolia, NW China ^Basis: Shanghai, E China MTO*^ 2015 IHS 28

29 Strengthening Core Business 1. DELTA 2. Specialty Product 3. Joint Venture 4. UHV 5. PPE+PPC IRPC Petrochemical Business Analysis PP 635 KTA PP Inline Compound (PPC) PP Existing 475 KTA Random PP Pipe grade Hygiene PP Expansion 160 KTA PPC 140 KTA PP Compound Frozen food packaging Lamination Health care Automotive Specialty PP Source : Nexant July 14 Container box Focus on propylene & polypropylene chain due to solid competitive advantage. In particular, the technology in the DCC-based UHV project is one of the most competitive technologies in Block-CO PP Household Material Heavy-duty propylene production. HOMO PP To shelter from downward propylene price pressure, additional propylene is to be integrated to polypropylene production. Film application Fiber grade Total PP Capacity 775 KTA 29

30 Strategic Initiatives: Roadmap to Success 2014 After UHV Completion Crude Run 172 KBD 80% Crude Run 215 KBD 100% Nelson Complexity Index 6.6 Nelson Complexity Index 8.6 Portfolio of Revenue: Petroleum/Petrochemical & Others 75% / 25% More stable portfolio of Revenue: Petroleum/Petrochemical & Others 59% / 41% Acrylic Acid (AA) Para-Xylene Super Absorbent (PX) Polymer (SAP) STS 2014: Strengthening Core Business Completed Project during CHP I: Electricity +220 MW, Steam +420 T/hr PRP +100 KTA of Propylene EURO IV: Gasoline 15 KBD, Diesel 10 KBD, Jet 15 KBD TDAE +28 KTA, 150BS +25 KTA Lube Blending +60 m.ltrs./year EBSM +60 KTA, ABS/SAN +60 KTA HDPE: Convert commodity product to pipe grade 140 KTA Quick Win Initiatives DELTA Initiative Implementation Assets Management (Bankai/EIZ) IRPC-CP Completion (49% shareholding) Electricity 240 MW Stream 200T/h 30

31 Q & A Environment Social Education & Sports Labor & Human Rights Religion Public Health The future begins now creating shared value 31

32 Thank You Investor Relations Contact: Tel , Fax Presentation is available at Click Presentations This presentation material has been prepared solely for informational purposes only. IRPC is furnishing it solely for use by prospective investors / analysts in the proposed event. IRPC makes no representations or warranties as to the accuracy or completeness of such information. By accepting this material each recipient agrees that IRPC shall not have any liability for any representations (express or implied) contained in, or for any omissions from this presentation. The information contained herein does not purport to be all-inclusive or to contain all of the Information that may be material to the recipient s decision. Each recipient of the information and data contained herein should perform its own independent investigation and analysis of the transaction and the creditworthiness of IRPC. Reference in this Disclaimer to this shall include references to the Appendices (if any) hereto.

33 1 1Q/15 Highlight Agenda Operation & Financial Performance Industry Outlook Strengthening Core Business and Beyond 5 Appendix 33

34 Highly Integrated and Optimized Configuration Feed (Crude Oil / Condensate) Atmospheric Distillation Unit (ADU) 1, KBD Long Residue Naphtha UHV Long Residue (LS) Olefins Plant Long Residue Ethylene Propylene DCC Ethylene Rich Gas 73 KTA 320 KTA Lube Base Lube Base Oil Asphalt Acetylene Ethylene Propylene Butadiene Vacuum Gas Oil (VGO) Propylene 132 KTA 6 KTA 360 KTA 180 KTA 56 KTA Ethylene 320 KTA 600 KTA PRP 100 KTA Propylene Acetylene Ethylene Propylene Power Plant Electricity Steam Acetylene Black 4 KTA HDPE PP 108 MW/220 MW (CHPI) 200 T/h/420 T/h (CHP I) 140 KTA 475 KTA CD1 CCM 57 KTA 31 KTA Pyrolysis Gasoline Raffinate Ethylene Butadiene Reformate BTX Benzene Toluene Mixed Xylene 114 KTA 132 KTA 121 KTA Benzene EBSM 260 KTA ABS/SAN 177 KTA Transportation Fuel Gasoline, Jet, Diesel Toluene Mixed Xylene Propylene Oxide Styrene Monomer Polyol 25 KTA PS EPS 100 KTA 30 KTA For Sale 34