IRPC
IRPC (SET: IRPC) is an integrated refining, petrochemical complex at Rayong. FY2024 consolidated revenue approximately THB 290B. Originally formed 1978 as Thai Petrochemical Industry (TPI); restructured under PTT control in 2006 post-financial-crisis. Rayong complex integrates 215,000 bpd refinery with olefin cracker, aromatic, specialty-polymer (ABS, PS, EPS) plants, power, utilities, logistics. PTT holds ~45%. Smaller scale than sister refiner Thai Oil but with deeper downstream-petchem integration.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 290B
FY2024
Refining capacity
215K bpd
FY2024
Ticker
SET: IRPC
Listed 1995
Model
Integrated refining, petchem
Rayong complex
What this company actually does
IRPC operates an integrated refining, petrochemical complex: 215K bpd refinery producing gasoline, diesel, jet, fuel oil, naphtha; olefin cracker producing ethylene, propylene; aromatic plants (benzene, paraxylene, cyclohexane); specialty polymers including ABS, polystyrene (PS), expandable PS (EPS) that differentiate IRPC from pure-commodity petchem peers. Rayong industrial complex also includes captive power, steam, water, port, logistics infrastructure providing cost advantage vs non-integrated peers. IRPC sells refined products to OR, industrial users, export; polymers to Thai, regional converters.[]
Strategic position: IRPC is the integrated, specialty-tilted smaller sibling to PTTGC. Integration across refining, olefin, aromatic, specialty polymers provides diversified earnings within the petchem cycle. Scale is smaller than PTTGC (~THB 290B vs ~THB 560B) but product mix tilts more specialty (ABS, PS, EPS). Binding variables: refining GRM cycle (Singapore complex), olefin, aromatic spreads (naphtha-to-propylene / ethylene / benzene / paraxylene), specialty polymer margins, and the cost discipline of integrated captive utilities. Historical challenge: post-TPI restructuring legacy leaves IRPC with smaller scale, capex constraints vs PTT-group sister companies.[]
Business segments
Refining
Rayong refinery β 215K bpd
Produces gasoline, diesel, jet fuel, fuel oil, naphtha. Singapore complex GRM-linked. Output sold to PTT OR, industrial buyers, export. Integrated with Rayong petchem complex via shared infrastructure.
Upstream petchem
Olefin and aromatic crackers
Ethylene, propylene (~500 KTA) from naphtha cracker. Aromatics β benzene, paraxylene, cyclohexane (~300 KTA). Commodity-margin; naphtha-to-olefin and benzene-spread benchmarks are the key drivers.
Specialty differentiator
ABS, polystyrene, EPS polymers
Specialty polymers ~380 KTA styrenics capacity. ABS for automotive, electronics; PS for packaging, food service; EPS for construction insulation. Higher margin than commodity polyolefins β IRPC's key competitive differentiator vs PTTGC.
Shared infrastructure
Captive power, steam, water, port
Integrated captive utilities provide cost advantage vs non-integrated petchem peers. Rayong complex port, logistics infrastructure serves both refinery and petchem complex output. Scale advantage in utilities amortisation.
Watchpoints
Refining GRM, petchem spread
Dual-cycle exposure; refining, olefin, aromatic, specialty polymer.
Specialty polymer margin (ABS, PS, EPS)
Higher-margin specialty differentiates IRPC vs commodity peers.
Captive utilities cost advantage
Integrated power, steam, water cost base at Rayong complex.
Capex flexibility post-TPI legacy
Historical balance-sheet constraint limits expansion capex vs PTT-group peers.
IRPC product mix β Rayong integrated complex
Refined petroleum products
Annual capacity
215K bpd (refinery)
End markets
PTT OR, industrial, export
Margin profile
Commodity; Singapore GRM-linked
Olefins (ethylene, propylene)
Annual capacity
~500 KTA
End markets
Downstream polymers, converters
Margin profile
Commodity; naphtha-to-olefin spread
Specialty polymers (ABS, PS, EPS)
Annual capacity
~380 KTA styrenics
End markets
Automotive, packaging, construction
Margin profile
Higher margin; specialty differentiator
Aromatics (benzene, paraxylene)
Annual capacity
~300 KTA
End markets
Chemical, textile, packaging
Margin profile
Commodity; benzene-spread linked
| Product group | Annual capacity | End markets | Margin profile |
|---|---|---|---|
| Refined petroleum products | 215K bpd (refinery) | PTT OR, industrial, export | Commodity; Singapore GRM-linked |
| Olefins (ethylene, propylene) | ~500 KTA | Downstream polymers, converters | Commodity; naphtha-to-olefin spread |
| Specialty polymers (ABS, PS, EPS) | ~380 KTA styrenics | Automotive, packaging, construction | Higher margin; specialty differentiator |
| Aromatics (benzene, paraxylene) | ~300 KTA | Chemical, textile, packaging | Commodity; benzene-spread linked |
Related Market profiles
Peers, parents, partners, agencies, and other Oil & Gas actors.
Parent
PTT
Parent PTT holdco; ~45% ownership of IRPC.
Open Market profile β
Competitor
PTT Global Chemical
Larger PTT-group petchem peer; cluster neighbour at Map Ta Phut.
Open Market profile β
Competitor
Thai Oil
Sister PTT-group refiner (Sriracha 275K bpd).
Open Market profile β
Sector peer
Bangchak Corporation
Main independent Thai refiner; post-Esso ~294K bpd, 1,800 retail stations; biofuels, BCPG solar; FY2024 revenue ~ $9.57B.
Open Market profile β
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Reports featuring this profile
Thailand Carbon Capture & Storage (CCUS) 2027 Market Intelligence
IRPC Rayong refinery CCS pilot scaling to a 0.5-0.8 MtCO2 per year facility on the hydrogen plant and selective steam-cracker flue gas; tied into the PTTEP CCS Hub transport network.
Open report β
Thailand Plastic-to-Fuel Pyrolysis Recycling 2027 Market Intelligence
IRPC (SET:IRPC) Rayong pyrolysis pilot at 1 kt per year (commissioned Q4 2024) plus refinery co-processing into the steam cracker for ISCC PLUS certified circular polymer; anchor Thai chemical-recycli
Open report β
Sits alongside 4 other Atlas profilesThailand Maritime Bunker & Green Methanol 2027 Market Intelligence
IRPC (SET:IRPC) Map Ta Phut refinery complex is blending methanol into bunker grades plus building a dedicated bunker terminal for container, bulk carriers calling Eastern Seaboard ports.
Open report β
Sits alongside 3 other Atlas profilesThailand Biodiesel & Renewable Diesel Market Intelligence
Integrated refining and petrochemical complex; PTT affiliate
Open report β
Sits alongside 3 other Atlas profilesThailand Specialty Chemicals and Fine Chemicals Market Intelligence
Engineering plastics ABS/EPS, Group I base oil 320kt/y (SET:IRPC)
Open report β
Sits alongside 2 other Atlas profilesThai Energy: PTT, BCP, IRPC, Esso, Caltex, and the Petrol-Station, Refinery Cluster
PTT-affiliated tier-2.
Open report β
Sits alongside 4 other Atlas profilesThai Petrochemicals: PTT Global Chemical, IRPC, and the Map Ta Phut Industrial Concentration
SET-listed; PTT-affiliated tier-2; ~25% capacity.
Open report β
Sits alongside 5 other Atlas profilesThai SAF (Sustainable Aviation Fuel): BCP, PTT, and the Jet-Fuel Cycle
PTT-affiliated petrochemical operator; SAF capacity-build candidate.
Open report β
Sits alongside 6 other Atlas profilesIRPC: Integrated Petrochemical Margin Through the Cycle
Integrated Refinery and Petrochemical Complex; SET-listed; PTT 45.05% holder; Rayong complex 215K bpd refining, 732 KTA propylene, 931 KTA polyolefins, 383 KTA styrenics; FY2024 net loss THB 5.2B.
Open report β
Sits alongside 3 other Atlas profilesThailand Oil & Gas Market Intelligence
Integrated refiner, petrochemical; Rayong 215K bpd, olefin, aromatic, specialty polymers; FY2024 revenue ~THB 290B.
Open report β
Sits alongside 8 other Atlas profilesThailand Plastic & Polymer Market Intelligence
IRPC plastic, polymer production integrated into PTT petrochemical group.
Open report β
Sits alongside 3 other Atlas profilesThailand Chemical & Petrochemical Market Intelligence
IRPC integrated refining, petrochemical operations.
Open report β
Sits alongside 5 other Atlas profilesThailand Palm Oil Biodiesel Deep Dive
IRPC integrated refiner, biodiesel, petrochemical.
Open report β
Sits alongside 6 other Atlas profilesRelated Market profiles
parent
PTT
State-linked integrated Thai petroleum holdco; six listed subsidiaries; FY2024 consolidated revenue ~THB 2.8T; ~15% of SET market cap.
competitor
PTT Global Chemical
PTT Group downstream petrochemical arm; Map Ta Phut integrated complex, Allnex coatings; FY2024 revenue ~THB 560B.
competitor
Thai Oil
Thailand's largest refiner; 275K bpd Sriracha, aromatic, lube; FY2024 revenue ~THB 460B; CFP to 400K bpd in flight.