Thai Union Group PCL has joined with PTT Global Chemical PCL or GC in the ‘How to Manage Infectious Waste’ (‘How to Yeak’) Project to raise an awareness on the risks of infectious waste and the need for such waste to be properly separated and disposed of to better ensure safety for communities in Samut Sakhon Province.
“This latest wave of the COVID-19 pandemic in Thailand has resulted in the increase of infectious waste from items used to protect us from the virus, such as face masks,” said Dr. Kongkrapan Intarajang, CEO of PTT Global Chemical PCL, or GC.
“GC initiated the ‘How to Yeak’ Project by collaborating with governmental agencies and partners on infectious waste management, while providing knowledge on proper infectious waste separation and management in order to prevent the spread of the virus. “Important tools for this project are 120-liter red step-open trash cans for infectious waste separation and red trash bags for infectious waste collection. These bags are made from high-quality InnoPlus plastic resins that are durable with moisture protection, and help reduce the spread of the virus, are safe to be stored, and are carbon footprint certified,” he added.
Mr. Thiraphong Chansiri, CEO of Thai Union, added that the health and safety of all Thai Union employees as well as the people in the communities where its business operates remained the company’s top priority. “We are aware that infectious waste must be carefully separated before being gathered for treatment or disposal, especially during the current COVID-19 pandemic.
Thai Union remains committed to partnering with both the public and private sectors to help ensure safety, security and health. “We are proud to be part of this project and would like to thank GC as our partner in sustainability. We will also use this opportunity to encourage our employees to learn more of waste separation and proper infectious waste management, not only at work, but also in their daily lives,” Mr. Chansiri concluded.
Indorama VenturesPublic Company Limited, a global chemical producer, hosted its annual IVL Capital Markets Day 2021 announcing its strategic progresses.Highlights are as follows:
Our Platforms. People. Systems – prepared for growth
Despite the challenges of 2020, IVL’s vertically-integrated and multi-regional platforms have proven resilient on the back of strong volume growth and prudent capital management to maintain strong operating cash flows. Impact on demand and spreads across segments largely temporary and expected to make a strong recovery along with the economy.
In addition, the management team has used 2020 to ‘prepare for growth’ by re-organizing the business, building strong leadership teams at every vertical and enabling the teams with strong support systems (e.g. centers of excellence, shared services, one ERP).
Olympus transformation ahead vs. first year plan
Execution of the company’s cost saving transformation project, called Olympus, is off to a strong start as IVL is ahead of first year plan by 25%+. Encouraged by internal assessment and outperformance, we have increased our Project Olympus ambition to deliver $610M impact by 2023 (vs. $350M announced last year), comprising of 2,500+ Cost Transformation and Business Full Potential initiatives.
Segment strategies refreshed
Each segment has refreshed its strategy to reflect the changing macro environment, higher ambition from transformation, opportunity to harness the ‘One IVL’ advantage and new growth and adjacency opportunities.
Leader in Sustainability and Circular Economy
IVL remains committed to ESG and continues to be recognized by rating agencies as a leader in the Chemicals Industry. In addition, IVL is on track to meeting its 2025 global commitment on recycling
Strong Financial Performance expected
IVL expects to double its EBITDA and deliver double-digit ROCE by 2023. In doing so, IVL will generate healthy cash flows to meet its capital management goals, invest in value accretive attractive projects, sustain its dividend policy to reward shareholders and continuously de-leverage its balance sheet from 1.46 to 0.6x
Mr. Aloke Lohia, Group CEO of Indorama Ventures, said,“Despite a challenging year, 2020 has given me even more conviction in our businesses. Through the pandemic, we have strengthened our platforms, empowered our people and advanced our systems agenda, therefore positioning ourselves well to take advantage of opportunities in the recovery, to unlock the full potential of IVL and to ready the company for the next era.”
PTTEP announced operating profits for the year 2020 and key business expansion achievements despite the volatility of global crude oil price and the COVID-19 pandemic, with dividend payment approved for 2020 at THB 4.25 per share. The company targets sales volume in 2021 to increase by 6% and continues to expand business in the focused areas according to our strategy.
Mr. Phongsthorn Thavisin, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), said that the company generated total revenue of year 2020 at USD 5,357 million (equivalent to THB 167,418 million), decreasing by 16% compared to USD 6,413 million (equivalent to THB 198,822 million) reported in 2019. The key factor was from the drop in an average selling price to USD 38.92 per barrels of oil equivalent (BOE) or 18%, from USD 47.24 per BOE in the year earlier. This was a consequence of the fluctuation of world’s crude oil price due to the declining energy demand from the outbreak of COVID-19. In 2020, the company also recognized extraordinary expenses including impairment losses, primarily from Mariana Oil Sands project in Canada due to the fact that the project is sub-commercial under current forecast of long-term oil price, and Yetagun Project in Myanmar caused by the production plan revision in according to the current potential of the field.
Nonetheless, the average sales volume for the year 2020 was at 354,052 barrels of oil equivalent per day (BOED), compared to 350,651 BOED in 2019. The company also reported oil price hedging gain of USD 112 million (equivalent to THB 3,632 million).
Accordingly, PTTEP’s net profit in 2020 reported at USD 720 million (equivalent to THB 22,664 million), dropping by 54% from the previous year of USD 1,569 million (equivalent to THB 48,803 million). However, the unit cost still stood at USD 30.5 per BOE with Earnings before Interest, Taxes, Depreciation and Amortaization (EBITDA) margin of 68%, aligned with the company’s target. The financial position remained solid with USD 3,804 million cash on hand (equivalent to THB 114,261 million).
“During 2020, when the oil and gas industry had been through very tough challenges, the oil price war coupled with impacts from the COVID-19 pandemic, PTTEP was also affected from those encounters. However, the company was able to generate profit by adjusting our operational plan, reducing the unit cost for the long term while maintaining our operational effectiveness and achieving business expansions as targeted. These included the Exploration and Production Sharing Agreement awarded for the onshore Block 12 in Oman anda new exploration block – Offshore Block 3 in the United Arab Emirates. Besides, the company was successful in capturing a new business opportunity by receiving an exclusive right to develop the Integrated Domestic Gas to Power Project in Myanmar and scaling up the AI & Robotics Venture (ARV) for an agriculture service platform and subsea engineering services. This year, PTTEP will continuously focus on seeking opportunities in strategic investment areas both in South East Asia and Middle East as well as thriving in new business to create sustainable growth.” Mr. Phongsthorn stated.
Approves dividend payment at THB 4.25 per share
Based on the company’s performance, on January 28, 2021, the Board of Directors approved the proposed of 2020 payment to the shareholders at THB 4.25 per share. The interim dividend for the first six-month operating results at THB 1.50 per share was paid on August 28, 2020, while the remaining dividend will be paid at THB 2.75 per share on April 26, 2021, after obtaining approval from the 2021 Annual General Shareholders’ Meeting. The record date of the company’s share registration for the right to receive the dividend is scheduled on March 2, 2021.
Targets sales volume growth rate in 2021 at 6% PTTEP has set aside total expenditure at USD 4,196 million (equivalent to THB 132,174 million) for 2021. The key business objectives are to maintain production plateau of the existing projects, accelerate the development of major projects in enhancing production volume and proceed exploration activities for supporting long term growth. The average petroleum sales volume for this year is targeted at 375,000 BOED, an increment of 6% compared to the previous year. Part of the volume addition will be from the production start-up of Algeria Hassi Bir Rekaiz Project and Malaysia Project – Block H.
