PTT Plc, the national oil and gas conglomerate, is adjusting its business operations as it seeks to gain more revenue and prevent inventory losses after global oil prices hit another long-time low.The announcement to revamp all operations was made in response to falling oil prices as Dubai crude, a reference for the Asian market, fell to US$43.24 a barrel, its lowest in six years.Petrochemical PTT Global Chemical Plc (PTTGC) plans to buy back 90 million shares or 2% of its treasury stock. The company will start buying back shares via the Stock Exchange of Thailand within six months, starting on Sept 8 and concluding March 7.
"The reason we plan to buy back our treasury stock is because share prices have fallen below the company's book value of 52 baht apiece
Besides heightened HVA production, the company is upgrading plant facilities and increasing utilisation of infrastructure to cut costs and increase productivity.
IRPC expects high-value polymers to contribute half the company's revenue by 2020, up from 30% now.
PTT Plc, the national oil and gas conglomerate, is adjusting its business operations as it seeks to gain more revenue and prevent inventory losses after global oil prices hit another long-time low.The announcement to revamp all operations was made in response to falling oil prices as Dubai crude, a reference for the Asian market, fell to US$43.24 a barrel, its lowest in six years.Petrochemical PTT Global Chemical Plc (PTTGC) plans to buy back 90 million shares or 2% of its treasury stock. The company will start buying back shares via the Stock Exchange of Thailand within six months, starting on Sept 8 and concluding March 7. "The reason we plan to buy back our treasury stock is because share prices have fallen below the company's book value of 52 baht apieceBesides heightened HVA production, the company is upgrading plant facilities and increasing utilisation of infrastructure to cut costs and increase productivity. IRPC expects high-value polymers to contribute half the company's revenue by 2020, up from 30% now.
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