Petrochemical firm IRPC’s board of directors will on Tuesday consider funding for the Ultra Clean Fuel (UFC) project, which aims to bring the quality of oil produced by IRPC up to Euro 5 emissions standards.
Noppadol Pinsupa, president of IRPC, which is a subsidiary of national oil and gas firm PTT Group, said the funds will be spent on the acquisition of factories that produce plastic pellets. He said IRPC has discussed the acquisition plan with two or three other firms, adding that things will start becoming clearer next year.
He said once the Covid-19 crisis is over, the demand for plastic pellets will rise in the market, which will be advantageous for the IRPC.
Noppadol said the company will focus more on speciality grade products. “Revenue from this kind of product will rise to 30 per cent in 2024 from 17 per cent in 2020,” he added.