Nature of Business IRPC Public Company Limited is the first fully integrated petrochemical operator in Southeast Asia. The company owns a refinery and petrochemical complexes located within its own industrial zone in Rayong, complete with infrastructure and basic utilities supporting the operations, including a deep-sea port, an oil depot, and a power plant. Petroleum Business IRPC’s refinery has a total capacity of 215,000 barrels per day (bpd), the 3rd largest refinery in Thailand in terms of production capacity. IRPC manufactures a range of petroleum products, namely liquefied petroleum gas (LPG), naphtha, gasoline, diesel, and fuel oil. Additionally, IRPC’s Lube Base Oil Group I plant has a total capacity of 320,000 tons per year, and the associated asphalt plant has a total capacity of 600,000 tons per year, the highest domestic capacities. It is Thailand’s first asphalt plant to sell TIScertified 40/50 asphalt in the domestic market. IRPC is also a producer of rubber process oil, whose quality satisfy internationally recognized standards. Diesel Quality Improvement Project The government has set the deadline for the enforcement of Euro 5-compliant diesel from January 1, 2024 to reduce air pollution and dust problems, including PM 2.5. In response, IRPC has started adjusting in its production processes by implementing the Ultra Clean Fuel Project (UCF). The objective is to increase refinery plant’s efficiency and upgrade diesel quality. The UCF project enhances the company’s competitiveness as its refinery, which has until recently produced large quantities of high-sulfur diesel for export to some Asian markets, will switch completely to Euro 5 diesel. The market for high-sulfur diesel is expected to shrink and be confined to operators of oceangoing vessels and fishing trawlers, which have limited demand. Furthermore, these customers may opt for cheaper low-sulfur fuel oil instead. As a result, the company may have to compete on price that hurts profitability. The project will enable IRPC to meet the increase in demand for new standard diesel in the domestic market, and to export to countries that will be switching to Euro 5-compliant diesel from Euro 4 in the foreseeable future. This will enable the company to add product value and increase revenue. Petrochemical Business IRPC is a producer of upstreampetrochemical products, namely olefins and aromatics. These upstream products are feedstocks for IRPC’s downstream petrochemical plants producing plastic pellets in polyolefins (HDPE and PP), and Styrenics (ABS/ SAN, PS, and EPS). These downstream products are sold to manufacturers of finished plastic products in Thailand and overseas under the brand POLIMAXX. In addition, the petrochemical business also focuses on moving forward, adapting to the fast-changing world in terms of the environmental standards and evolving production technologies. IRPC’s research and development efforts have yielded a crop of new and innovative products to increase its competitiveness. Among these new products are: Recycled Compound Resin, Acetylene Black for Li-ion batteries (Pim-L, Pim-AL), PPSpunbond and PP Meltblown, etc. IRPC also introduced Eco Solution management approach in a closed-loop plastic production chain, incorporating recycling in the production process. Supporting Businesses Power and Public Utilities IRPC provides electricity, steam, infrastructure, public utilities as well as wastewater treatment and related services to industrial clients in support of their operations. Details of these services are as follows: Electrical and Steam IRPC operates a Combined Heat and Power system, which uses natural gas as fuel, and a 307 MW coal-fired power plant. The company’s Power Dispatching Center regulates the distribution of electricity and steam for maximum stability, complete with Loop Line system to ensure uninterrupted power in the event of contingency, such as maintenance. 69 Structure and Business Operations of IRPC IRPC PUBLIC COMPANY LIMITED
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