บทวิเคราะห์ (Research)

IRPC’s high legacy cost structure of USD9.0-10/bbl as a result of the small scale and long value chain from upstream refinery to downstream chemical products, has continued to hauntingly erode its earnings capability, given the industry margins of refinery, aromatics, olefins, butadiene, and lube, have remained weak in the past few years. The supply influxes from US and China not only are overwhelming but also are highly competitive from the abundant and cheap shale gas feedstock in US and China’s self-sufficiency policy.