the bangchak petroleum plc. - listed companybcp.listedcompany.com/misc/analystmeet/bcp...
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1
STRICTLY PRIVATE & CONFIDENTIAL
The information contained herein is being furnished on a confidential basis for discussion purposes only and only for the
use of the recipient, and may be subject to completion or amendment through the delivery of additional documentation.
Except as otherwise provided herein, this document does not constitute an offer to sell or purchase any security or
engage in any transaction. The information contained herein has been obtained from sources that The Bangchak
Petroleum Public Company Limited (“BCP”) considers to be reliable; however, BCP makes no representation as to, and
accepts no responsibility or liability for, the accuracy or completeness of the information contained herein. Any
projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the
evaluation of the matters described herein; such projections, valuations and analyses may be based on subjective
assessments and assumptions and may utilise one among alternative methodologies that produce differing results;
accordingly, such projections, valuations and statistical analyses are not to be viewed as facts and should not be relied
upon as an accurate representation of future events. The recipient should make an independent evaluation and
judgment with respect to the matters contained herein.
The Bangchak Petroleum Public Company LimitedThe Bangchak Petroleum Public Company Limited210 210 SukhumvitSukhumvit 64 Rd., 64 Rd., PhrakhanongPhrakhanong, Bangkok 10260, Bangkok 10260
Disclaimer
2
STRICTLY PRIVATE & CONFIDENTIAL
Contents
Company Background►Oil Refinery and Marketing Business in Thailand
►Company Development
Phase I: Capital Restructuring (2003-2004)
Phase II: Business Improvement (2005 onward)►Oil Price vs. Demand & Supply
►Product Quality Improvement Project (“PQI”)
►Strategic Partner Participation
►PQI Financing
Current Status►PQI Progress
►Capital Structure
►BCP’s Instruments and Features
►CSDR Trading Price
►Shareholding Structure
►Refinery Performance
►Marketing Performance
►Company Performance
Forward Looking►Future Plan
Appendix
4
STRICTLY PRIVATE & CONFIDENTIAL
Oil Refinery and Marketing Business in Thailand
75215ComplexTPI
3220(2)ComplexThai Oil
-150ComplexStar
-150(2)ComplexRayong (RRC)
602165ComplexEsso
590590(+co(+co--op 549)op 549)
120120SimpleSimpleBangchakBangchak
3617SimpleRayong Purifier (RPC)
147--Conoco
12,501--Independent Gas Stations
340--Others(1)111--Petronas
158--Susco
421--Chevron
570--Shell
1,248--PTT
17,35117,3511,0371,037TotalTotal
ServiceServiceStationStation
Refinery Refinery CapacityCapacity
(KBD)(KBD)
Refinery Refinery TechnologyTechnology
PlayersPlayersIn ThailandIn Thailand
• BCP is an integrated oil company of which operation ranges from refinery business to marketing business.
Note: (1) including Cosmo, PC, and PT(2) Thai Oil plans to expand its refinery capacity for additional 5 KBD in 3Q06 and another 50 KBD in 2007(3) Rayong (RRC) plans to expand its refinery capacity for 65 KBD in 3Q08
IntegratedIntegratedIntegrated
RefineryOnlyRefineryRefineryOnlyOnly
MarketingOnly
MarketingOnly
Jobbers
ThaiAirways
IndustrialCustomers
Jobbers ServiceStations
BCP’sRefineryBusiness
BCPBCP’’ss
RefineryRefinery
BusinessBusiness
ImportImportCrudeCrude(86%)
LocalLocalCrudeCrude(14%)
SimpleSimpleRefineryRefinery120 KBD120 KBD
Wholesalers
PTT Wholesalers
Export
Wholesale Customers
Retail Customers
RefinedRefinedProductsProducts
BCP’sMarketingBusiness
BCPBCP’’ss
MarketingMarketing
BusinessBusiness
GRM
MKM
CrudeCost
Ex-RefPrice
WholesalePrice
RetailPrice
HSDHSD 35%35%MogasMogas 18%18%IK/JPIK/JP--11 11%11%LPGLPG 3%3%FOFO 30%30%
MKM
5
STRICTLY PRIVATE & CONFIDENTIAL
SituationDifficulties
SituationDifficulties
• Construction period estimated to be 28 months
• Construction period estimated to be 28 months
• To turn BCP’s existing simple refinery to be a complex refinery.
• To turn BCP’s existing simple refinery to be a complex refinery.
• Debt & Equity fund raising of USD 398 million
• PTT became a major shareholder with nearly 30% holding percentage
• Study for future opportunity investment
• Debt & Equity fund raising of USD 398 million
• PTT became a major shareholder with nearly 30% holding percentage
• Study for future opportunity investment
Company Development
2004 2005 2006
• Strengthen the management team
• Synergize with other operators & Sourcing crude from domestic fields
• Separate marketing business accounting from
refinery business accounting for more efficient monitoring
• Implementation of Mercury Removal Units (MRU)
• Strengthen the management team
• Synergize with other operators & Sourcing crude from domestic fields
• Separate marketing business accounting from
refinery business accounting for more efficient monitoring
• Implementation of Mercury Removal Units (MRU)
• Refinancing total debt by new source of money
• Changing status from State Enterprise to pure public company
• Refinancing total debt by new source of money
• Changing status from State Enterprise to pure public company
CapitalCapitalRestructuringRestructuring
PQIPQIFeasibility StudyFeasibility Study
PQI Financial ClosePQI Financial Close& Participation of & Participation of Strategic PartnerStrategic Partner
PQIPQIConstructionConstruction
Commencement Commencement
2007
I. Capital RestructuringI. Capital Restructuring II. Business ImprovementII. Business Improvement III. Capture OpportunityIII. Capture Opportunity
2008
• COD is expected to be by end 2008.
• Cogeneration power plant
• Bio-diesel plant
• Using natural gas as fuel instead of fuel oil
• COD is expected to be by end 2008.
• Cogeneration power plant
• Bio-diesel plant
• Using natural gas as fuel instead of fuel oil
PQI Commercial PQI Commercial OperationOperation
MarketVolatility
MarketVolatility Future
Challenge
FutureChallenge
2009
BCP is turning to be a competitive operator after striving from financial distress.
FoundationFoundationRevampRevamp
7
STRICTLY PRIVATE & CONFIDENTIAL
Debt 19,500
(Short to Medium Term)
Debt 19,500
(Short to Medium Term)
Capital Restructuring
Total Assets 28,600
BeforeBefore CapitalCapital RestructuringRestructuring
Total Equity 3,060
Siam DR(Depository House)
Siam DR(Depository House)
W/C 4,000
L/T Loan 8,500
W/C 4,000
L/T Loan 8,500
CS 3,000CS 3,000
CD 4,000CD 4,000Private
Placement
• Optimal capital structure;
redeem S/T debenture via
securing new L/T loan and Equity
• More effective financing by refinancing via L/T
• MOF Capital Protection via CDDR and CSDR issuance
• Optimal capital structure;
redeem S/T debenture via
securing new L/T loan and Equity
• More effective financing by refinancing via L/T
• MOF Capital Protection via CDDR and CSDR issuance
• Lower D/E ratio from 6.3:1 to 1.5:1
• Improved debt
serviceability from 0.07x to 1.9x
• Lower D/E ratio from 6.3:1 to 1.5:1
• Improved debt
serviceability from 0.07x to 1.9x
SETTBDCListed in
2014
THB13
2014MaturityCSDR > THB20.80CSDR >THB21.45Forced Conversion
-3%(semi-annual)
Coupon
CSCDUnderlying Sec.
THB10,000Capital Protection
Per unit
CSDR(BCP-DR1)
CDDR(BCP141A)Terms
RefinancingRefinancing
Restructuring ConceptRestructuring Concept InstrumentsInstruments BreakthroughBreakthrough
Issued to
Issued to
CSDRCSDR
PublicOffering
CDDRCDDR
Issued
Issued
Unit : THB Million
Capital Protected
by MoF
9
STRICTLY PRIVATE & CONFIDENTIAL
-
2,000
4,000
6,000
8,000
10,000
12,000
2003
2004
2005
1H06
2006F
2007F
2008F
2009F
2010F
2011F
THB mil
-
2
4
6
8
10
12
USD/bbl
EBITDA
EBITDA (feasibility study)
GRM
GRM (feasibility study)
Oil Price vs. Demand & Supply
Return from investment competitive in long-term, hence BCP decided to pursue PQI project
New CDU Capacity Thailand Capacity vs. Demand
Oil Price2003 – Jul 2006
BCP’s EBITDA2003 – 2011F
Note: (1) EBITDA 2007F-2011F based on GO/DB USD16.73/bbl and DB/FO USD12.31/bbl(2) EBITDA (feasibility study) 2007F-2011F based on GO/DB USD10.5/bbl and DB/FO USD3/bbl
Both cases based on gradually growing crude run from 65 KBSD before COD after that run 100 KBSD
(1)
(2)
Barrel per Day
-
20
40
60
80
100
1-Jan-03
1-Apr-03
1-Jul-03
1-Oct-03
1-Jan-04
1-Apr-04
1-Jul-04
1-Oct-04
1-Jan-05
1-Apr-05
1-Jul-05
1-Oct-05
1-Jan-06
1-Apr-06
1-Jul-06
USD/bblDubai Gas Oil Fuel Oil
-
2 0 0
4 0 0
6 0 0
8 0 0
1 , 0 0 0
1 , 2 0 0
1 2 3 4 5 6 7 8 9
T o ta l R e f in e r y C a p a c it y to ta l P r o d u c t D e m a n d
2004 2005 2006 2007 2008 2009 2010 2011 2012
KBD
7,785,3821,390,0001,920,0002,481,4991,024,983968,900Total World
451,000
4,225,405
450,000
1,116,400
1,009,500
303,077
230,000
-
1,000,000
-
-
-
250,000
140,000
-
1,300,000
-
440,000
180,000
-
-
230,000
1,038,405
300,000
475,000
330,000
18,094
90,000
218,000
347,000
150,000
15,000
260,000
34,983
-
3,000
540,000
-
186,400
239,500
-
-
Total Africa
Total Asia Pacific
Total FSU
Total Middle East
Total North
America
Total South
America
Total OECD Europe
Total20102009200820072006Country
7,785,3821,390,0001,920,0002,481,4991,024,983968,900Total World
451,000
4,225,405
450,000
1,116,400
1,009,500
303,077
230,000
-
1,000,000
-
-
-
250,000
140,000
-
1,300,000
-
440,000
180,000
-
-
230,000
1,038,405
300,000
475,000
330,000
18,094
90,000
218,000
347,000
150,000
15,000
260,000
34,983
-
3,000
540,000
-
186,400
239,500
-
-
Total Africa
Total Asia Pacific
Total FSU
Total Middle East
Total North
America
Total South
America
Total OECD Europe
Total20102009200820072006Country
10
STRICTLY PRIVATE & CONFIDENTIAL
USD/bbl
10
8
6
4
2
0
Product Quality Improvement Project (“PQI”)
Fuel Oil
31%
Diesel
37%
ULG
15%
Jet Fuel
14%
LPG 3%
Fuel Oil
31%
Diesel
37%
ULG
15%
Jet Fuel
14%
LPG 3%
ULG
25%
Diesel
52%
Fuel Oil9%
Jet Fuel9%
LPG 5%
ULG
25%
Diesel
52%
Fuel Oil9%
Jet Fuel9%
LPG 5%
What is PQI ?What is PQI ? Result from PQIResult from PQI
CounterpartiesCounterparties
• PQI is the Investment in “Hydrocracking Unit” and other
supporting units
• These units enable BCP to turn current fuel oil output to
be gas oil without increasing the capacity
• Feasibility Study UOP LLC & Foster Wheeler Corporation
• Technology License UOP LLC
• EPC Contractor CTCI Corporation
• Project Mgnt Consultant Foster Wheeler Corporation
• Investment Cost USD 378 million
• Construction Period May’06 – Sep’08 (28 months)
Investment & ConstructionInvestment & Construction
MEME FEFEMEME FEFE
CurrentSimple Refinery
AfterPQI Completion
EnhanceEnhance
Crude MixCrude Mix
FlexibilityFlexibility
Less FOLess FO
OutputOutput
PortionPortion
SurgeSurge
GRMGRM
Current
Spread
Current
Spread
Feasibility
Spread
11
STRICTLY PRIVATE & CONFIDENTIAL
•• Products to be swap is based on mutual Products to be swap is based on mutual
agreementagreement
•• Benefit sharing as per commercial basis Benefit sharing as per commercial basis
based on mutual agreementbased on mutual agreement
Product SwapProduct Swap
•• Create synergy between BCP and PTTCreate synergy between BCP and PTT
•• Ranging from refinery management to Ranging from refinery management to
product marketing collaborationproduct marketing collaboration
Marketing & Refinery CollaborationMarketing & Refinery Collaboration
Strategic Partner Participation
• Business synergy from PTT Plc., a strategic partner, help enhance BCP’s return from PQI
•• Up to 30%Up to 30%
•• Secure market for additional output Secure market for additional output
after PQIafter PQI
•• Optimize capacity utilizationOptimize capacity utilization
Product OffProduct Off--take Agreementtake Agreement
•• Up to 100% Up to 100%
•• Ensure Ensure BCPBCP’’ss crude supplycrude supply
•• Better bargaining powerBetter bargaining power
•• Better economy of scale of freightBetter economy of scale of freight
Crude Supply AgreementCrude Supply Agreement
12
STRICTLY PRIVATE & CONFIDENTIAL
Funding SourcesFunding SourcesFunding Sources
PQI Financing
Project CostProject CostProject Cost
Note : 1) CS issued to Financial Investors and PTT is common shares.
2) Key terms and conditions of the CD, issued to PTT, are as
follows:
• Face Value: THB10,000
• Coupon: 3% p.a.
• Conversion Price THB14.00 per 1 CS
• Maturity May 2016 (10 years)
Unit: USD million
EPC Contract Price 348
and others
Contingency 30
EPC Contract PriceEPC Contract Price 348348
and othersand others
ContingencyContingency 3030
Excess FundingUSD 20 mil
Excess FundingUSD 20 milTOTAL COST 378
- PTT 104- FI 55
Common Shares 159
Convertible Debentures - PTT 16
Loan 223
TOTAL FUNDING 398
Unit: USD million
• To delay
BCP’s dilution effect
• To delay
BCP’s dilution effect
• Fixed Price
• Certain Completion Date
• Performance Guarantee
• Fixed Price
• Certain Completion Date
• Performance Guarantee
Note: Tax waiving on PQI investment may
be applicable to enhance BCP’svalue.
Warrants 69 million units was issued and offered to existing shareholders
at no cost on ratio of 10 shares for 1 warrant for getting the right to exercise
to ordinary share at the ratio of 1 warrant for 1 ordinary share at THB 18.
1)
2)
14
STRICTLY PRIVATE & CONFIDENTIAL
Overall Progress Curve (E/P/C)
0
10
20
30
40
50
60
70
80
90
100
110
Project Month & Accumulate %
Progress %
Plan 0.2 0.9 2.3 4.4 6.4 8.1 9.5 10.4 11.4 13.1 15.8 19.5 24.6 33.6 42.8 52.2 61.0 69.9 78.9 87.9 91.6 94.5 97.1 98.5 99.2 99.7 99.8 100.0 100.0 100.0
Act ual 1.0 2.5 3.0 5.6
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Ready for piling
and civil work
Piping and Inst rument
Diagram for
Start of Dist ributed Cont rol
System factory acceptance test
A ll LLIs
delivery to
Substat ion Power
no.5 energized
M echanical
Complet ion
Provisional
Acceptance
PQI Progress
Q22006
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32007 2008
Month
Q4
15
STRICTLY PRIVATE & CONFIDENTIAL
Capital Structure
S/T Loan 2,414
L/T loan 8,929
CDDR 2,175
CD to PTT 586
Paid-up Capital 1,119
CSDR 520
CS 599
Premium on Shares 7,694
Surplus on Assets Revaluation 4,393
R/E 6,287Total Equity 19,493
Total Assets 41,918
Total Liabilities 22,425
As of Jun 30, 2006
Unit : THB Million
16
STRICTLY PRIVATE & CONFIDENTIAL
BCP’s Instruments & Features
CSDR
CD to PTT
CS
Warrant
CDDR
ESOP Warrant
Lis
ted
Lis
ted
Lis
ted
No
n -
Lis
ted
No
n
No
n --
Lis
ted
Lis
ted
• Capital protected by MoF @ THB13 / per units• Underlying Securities = CS
• No capital protection• Par value of THB 1.00
• Right offering in 2Q06• Exercise price THB18 per CS, Quarterly• Maturity in May 2011 (5 years)
• Capital protected by MoF @ THB10,000 per unit• Underlying Securities = CD
• THB14.00 per CS, Quarterly• Coupon 3% p.a., Semi-annual
• Solely issued to PTT for PQI funding• Conversion price THB14.00 per CS, Quarterly• Coupon 3% p.a., Semi-annual
BCP-DR1
BCP
BCP-W1
BCP141A
TickerTickerNameName
• Issued to BCP’s directors and employees
Note: CSDR, CS, Warrant are tradable in Stock Exchange of Thailand (SET)CDDR is tradable in TBDCMaturity of CSDR, CDDR, CD are in 2014Warrant (BCP-W1 and ESOP) exercise ratio is 1 Warrant per 1 CS
Significant Terms & ConditionsSignificant Terms & ConditionsTypeType
Common Share Depository Receipt
Convertible Debenture
Common Share
Warrant
Convertible Debenture Depository Receipt
Warrant
17
STRICTLY PRIVATE & CONFIDENTIAL
CSDR Trading Price
Capital ProtectedBy MoF @ THB13/share
0
5
10
15
20
24/9/2004 4/2/2005 22/6/2005 1/11/2005 13/3/2006 31/7/2006
THB/Share
18
STRICTLY PRIVATE & CONFIDENTIAL
Shareholding Structure
MOF
PTT
Others
125
52
343
11%
5%
31%)
FI
Total CSDR 520
PTT -0-
Total (CSDR+CS) 691
47%
25%
100%
Unit : Million shares
CDDR fully convert to CS(at 14.3 Baht/share)
Total (Fully diluted)
Warrant fully convert to CS(add 18 Baht/share)
CD-PTT fully convert to CS(at 14 Baht/share)
Fully dilutedMay 16, 2006
125
52
343
520
281
1,119
ESOP
18%
8%
51%
77%
-0-
100%
Apr 2006
125
52
343
520
281
1,119
9%
4%
24%
37%
20%
79%
Others (Included CDDR partially convert 128 Mil. shares)
171 28% 31823% 318 22%
152 11%
42 3%
69 5%
24 2%
1,406 100%
BCP’s Shareholding Structure
PTT PTT PTT OthersOthersOthers
MoFMoFMoFPTT PTT PTT OthersOthersOthers
BCP-DR1BCPBCP--DR1DR1
Siam DRSiam DRSiam DR
Siam DR Issued
BCP-DR1of THB 3 billion
Siam DR Issued
BCP-DR1of THB 3 billion
(1)
(2)
(1)
(2)
(2)
19
STRICTLY PRIVATE & CONFIDENTIAL
Company Performance
• EBITDA
Total
• Depreciation
• Net Interest Expense
• FX Gain/ (Loss) from others
2,397
(380)
(311)
2
• Net Profit 1,755
• Inventory Gain/ (Loss) 1,645
Refinery
2,437
(163)
1,645
Marketing
(40)
(217)
-
• Gain/ (Loss) from subsidiary 38
• Tax 9
• Profit before tax 1,746
Unit : THB Million
• Adjusted EBITDA 752792 (40)
Total
1H06
2,146
(412)
(310)
(69)
954
689
Refinery
2,200
(192)
689
Marketing
(54)
(220)
-
(10)
(391)
1,345
1,4571,511 (54)
1H05
20
STRICTLY PRIVATE & CONFIDENTIAL
Refinery Performance
• Base GRM 1,028
• Improvement Programs 239
• Inventory Gain/ (Loss) 689
• Other Income 20
2.07
0.48
1.39
0.04
Crude Run (KBD) 60
• Operating Expenses (514) (1.04)
Adjusted EBITDA 1,511
Total GRM
• Hedging 738 1.49
5.43
4.04
1H06
THB mil $/bbl
1H05
1,076
305
1,645
13
2.04
0.58
3.11
0.02
67
(559) (1.06)
792
(43) (0.08)
5.65
2.54
THB mil $/bbl
2,694 2,983
EBITDA 4.43 4.612,200 2,437
21
STRICTLY PRIVATE & CONFIDENTIAL
Marketing Performance
• Retail Margin 29
• Industrial Margin 225
• Other Income 224
2.7
50.2
14.7
Retail 37
• Operating Expenses (570) (37.4)
• Sales Volume (KBD) KBD
Total MKM
• Lube Margin 37 634
19.1
1H06
THB mil St./Liter
1H05
71
215
180
6.2
46.0
11.1
(545) (33.8)
39 593
20.2
THB mil
Industrial
JET
Industrial
ML/Mth180
7516
Total Sales Volume 53 254
40
KBD ML/Mth
190
7816
56 268
161
64
64.0
33.0
162
53
57.1
29.0
St./Liter
291 325
22
STRICTLY PRIVATE & CONFIDENTIAL
Baht per liter
Baht per liter
HSD
Gasoline 95
Domestic Product Price
1 0
1 5
2 0
2 5
3 0
J a n A p r J u l O c t J a n A p r J u l
1 0
1 5
2 0
2 5
3 0
3 5
J a n A p r J u l O c t J a n A p r J u l
R e ta i l p ric e E x-R e fine ry
24
STRICTLY PRIVATE & CONFIDENTIAL
Future Plan
1. Projects Under Studying with PTT
► Cogeneration Power Plant
► Partial replace dependency on MEA
► Lower cost comparing to MEA
► Cut down steam generation cost
► Biodiesel Plant
► Pilot plant with reused cooking oil fuel (capacity : 20,000 liter per day)
► Bangpa-in Plant with crude palm oil fuel (capacity : ~ 300,000 liter per day)
► Using Natural Gas
► To improve economic of refining cost by using natural gas as refining fuel instead of fuel oil
2. Improvement of Share Trading Liquidity/Performance
3. Organization Improvement
► Enhance personnel productivity and competency through 'Life Long Learning" culture
► Upgrade SAP system and strategic management solution
► Implement enterprise-wide risk management system
► Expand the good corporate governance principle throughout the organization
► Performance based remuneration system
► Road show regularly to educate investor of future and feature
26
STRICTLY PRIVATE & CONFIDENTIAL
Capital Structure
Maturity : 10 years ( Feb 2, 2014 )
Guarantee : by MOF at Baht 13 per share
Conversion : 1:1
Voluntary 5th of Jan, Apr, Jul, Oct
Force BCP-DR1 price > 20.8 Baht 15 days continuously
CS-DR(BCP-DR1)
Maturity : 10 years ( Jan 29, 2014 )
Guarantee : by MOF at Baht 10,000 per CD unit
Interest rate : 3% pa.
Conversion : 1 CD convert to 699.3 shares (conversion price 14.30 Baht)
Voluntary 30th of Mar, Jun, Sep, Dec
Force BCP-DR1 price > 21.45 Baht 15 days continuously
CD-DR
CD-PTT
Maturity : 5 years ( May 14, 2011 )
Offer : 10 existing common shares or CS-DR get 1 warrant
Exercise price : Baht 18 per share
Exercise date : 30th of Mar, Jun, Sep, Dec
Warrant(BCP-W1)
Maturity : 10 years ( May 15, 2016 )
Interest rate : 3% pa.
Conversion : 1 CD convert to 714.3 shares (conversion price 14.00 Baht)
Voluntary 1st of Jan, Apr, Jul, Oct
Force maintain not less than 25% shareholding
Maturity : 5 years ( Aug 24, 2009 )
Exercise price : Baht 5 per share
Exercise date : 20th of Mar, Jun, Sep, Dec
Condition : BCP-DR1 price > 21 Baht 5 days continuously after 1st year
BCP-DR1 price > 23 Baht 5 days continuously after 2nd year
BCP-DR1 price > 25 Baht 5 days continuously after 3rd year
ESOP
27
STRICTLY PRIVATE & CONFIDENTIAL
CTCI’s Major Accomplishments in Thailand
�������� BanpanKongBanpanKong��������
Nakhon Sawan
Bangkok
����������������
Khon Kaen ��������
��������
TOC C2 Cold Train and C3 Train TOC C2 Cold Train and C3 Train
VinythaiVinythai VCM PlantVCM Plant
MPKC (MPKC (““BayerBayer””) ABS/SAN Plant) ABS/SAN Plant
AmataAmata 170 MW CCPP 170 MW CCPP
Piping WorkPiping Work
Bayer BPA & PC II Expansion Bayer BPA & PC II Expansion
Mechanical WorkMechanical Work
TPCTPC--OXY PVC Paste Resin PlantOXY PVC Paste Resin Plant
HMC PPHMC PP--I Upgrading; PPI Upgrading; PP--II; Year II; Year 2001 & 2002 2001 & 2002 DebottleneckDebottleneck
TIG ASU 400 TPDTIG ASU 400 TPD
TuntexTuntex PTA Plant ISBL; Waste PTA Plant ISBL; Waste
Gas Gas VenturiVenturi Scrubber; RVF Scrubber; RVF
MaxxisMaxxis Rubber Tire PlantRubber Tire Plant
Bangchak Gas Oil HDSBangchak Gas Oil HDS
PPG Coatings PlantPPG Coatings Plant
Rayong Purifier Topping UnitRayong Purifier Topping Unit
DiapolyacrylicDiapolyacrylic PMMA PlantPMMA Plant
CerestarCerestar Modified Starch PlantModified Starch Plant
Thai MMA TBA #2 and Thai MMA TBA #2 and
New MMA TankNew MMA Tank
Rohm & Haas PAA PlantRohm & Haas PAA Plant
Rayong
Thai Oil GTG/HRSG ProjectThai Oil GTG/HRSG ProjectTOC II & HCUTOC II & HCU--22
PTTUT CUP 1PTTUT CUP 1
Nakong Pathong
Sriracha
28
STRICTLY PRIVATE & CONFIDENTIAL
No. of Project
Crude Distillation (Topping) 11
Vacuum Distillation 5
Reformer/CCR 6
FCC/RFCC 7
Hydrocracker 5
HDS/RDS 28
SRU/SRU Tail Gas Treating 29
Alkylation/Isomerization 8
MTBE/TAME 3
Visbreaking/Delayed Coking 4
Lube Oil/Condensate processing 5
Synthesis Gas 13
TOTAL 124 +
Experience Summary
EPC Contractor
29
STRICTLY PRIVATE & CONFIDENTIAL
DOMESTIC
• E & C Engineering Corp.
• Advanced Control & Systems Inc.
• Resources Engineering Services Inc.
• CTCI Chemicals Corp.
• Sino Environmental Service Corp.
• KD Energy Corp.
• Leading Energy Corp.
• Envi Energy Recycling Corp.
• HD Resources Management Corp
• Fortune Energy Corp.
• Kuo Kuang Power Co., Ltd.
OVERSEAS
• CTCI (Thailand) Co. Ltd., Thailand
• Jing Ding Engineering &Construction Co. Ltd.,
Beijing, China
• Shang Ding Engineering &Construction Co. Ltd.,
Shanghai, China
• CIMAS Engineering Co., Ltd.,Vietnam
• CTCI Engineering & Construction Sdn. Bhd.,
Malaysia
• CIPEC Construction, Inc., Philippine
• CTCI Overseas Corporation Ltd.,Hong Kong
• CTCI Arabia Ltd., Saudi Arabia
• CTAS Corporation, USAEnergy & Resources Business
Operation
Major Subsidiaries & Affiliates
EPC Contractor (con’t)
31
STRICTLY PRIVATE & CONFIDENTIAL
Rewards
“Good Corporate Governance Report of
Thai Listed Companies 2005”
From Thai Institute of Directors (IOD)
(Top ten from 371 companies)
“Good Corporate Governance Report of
Thai Listed Companies 2005”
From Thai Institute of Directors (IOD)
(Top ten from 371 companies)
“Board of the year for Exemplary Practices”
from Thai Institute of Directors (IOD)
November 28, 2005
“Board of the year for Exemplary Practices”
from Thai Institute of Directors (IOD)
November 28, 2005
32
STRICTLY PRIVATE & CONFIDENTIAL
Rewards
“Best Corporate Governance Report”
in SET AWARDS 2005
July 18, 2005
“Best Corporate Governance Report”
in SET AWARDS 2005
July 18, 2005
“Best Corporate Social Responsibility”
in SET AWARDS 2006
July 26, 2006
“Best Corporate Social Responsibility”
in SET AWARDS 2006
July 26, 2006