TPIA Remains Expansive
TPIA Remains Expansive. The decline in the average sale price of ethylene and polyethylene, resulted in the performance of Chandra Asri Petrochemical Tbk (TPIA) along 1H19. TPIA’s revenues fell 18.1% to USD 1.05 Billion from USD 1.29 Billion. The edges, net profit of the subsidiary of Barito Pacific Tbk (BRPT), dropped 71.43% to USD 32.92 Million.
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As well as, the decline in TPIA sales occurred both in local and overseas markets with a decline of 16.24% to USD 767.49 Million and 23.08% to USD 280.17 Million annually. Supposedly, the sales volume of TPIA just dropped thin that was 1,059 kiloton at 1H19 from 1,067 kiloton in the same period last year.
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However, the prices of ethylene products dropped 10.97% to USD 828 per metric tonne at 2Q19 of 1Q19. Moreover, million polyethylene prices dropped 4.12% to USD 1.094 per metric tonne in the period of April-June 2019. Stay expansive. Furthermore, the HR Director and Corporate Affairs of TPIA, Suryandi, said, globally, the petrochemical industry is experiencing a similar condition. Especially the addition of capacity and contraction of demand. Contraction of demand occurred after a trade war between China and the United States.
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Nevertheless, TPIA believes the growing demand for petrochemical products from within the country is still high. In addition to, TPIA management mentions that domestic production is currently only about 40%. Therefore, TPIA remains an expansion. For example, TPIA will officiate two projects on October 2019. The new polyethylene project is 400 KTA and new Polietolena factory with capacity 110 KTA.
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As well as, the development of this plant as the government wants to reduce the import of polyethylene. Next year, TPIA will work on the MTBE project and the Butene-1 factory. Targeted, both factories will produce commercial production on 3Q20. The project costs USD 130.5 Million in investment. From the financing side is fully funded, Suryandi said.
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After the project operates, TPIA’s production capacity can reach 4.2 million tonnes from the current position of 3.9 million tonnes. Currently, the maintenance of regular Turn Around Maintenance (TAM) at the beginning of Agutus 2019 is almost complete. Last, TAM is done to ensure the factory condition to ensure production.