PTTGC posts net loss

Recently, PTT Global Chemicals (PTTGC) released its financial report for the fourth quarter of 2022. According to the financial report, the company’s net loss for the quarter was 968 million baht, compared with a net profit of 3.2 billion baht in the same period last year, and net sales fell to 124.7 billion baht, a year-on-year decrease of 10%, due to planned maintenance shutdowns and weak petrochemical demand. Prices drop.

The petrochemicals market remains under pressure due to the entry of many new suppliers into the petrochemical industry, PTTGC said. In the company's 2023 outlook for aromatics products, the company expects the price difference between paraxylene and naphtha to stabilize at $300-340/ton. However, downstream players expect demand to recover gradually as more producers enter the market. The company predicts that the price difference between benzene and naphtha will maintain a level of 220-250 US dollars per ton, mainly due to the support of new production capacity of downstream products such as phenol. The company expects aromatics utilization to reach 90% in 2023 due to a planned shutdown of the aromatics plant in the third quarter of 2023.