UPDATE 1-Thai PTT sees higher H2 profit as gas plant to start

Fri Sep 3, 2010 10:04am GMT

* Expects sixth gas plant to start up in Q4

* Plans to sell up to 10 billion baht of bonds in Q4

* PTT shares up more than 8 pct to two-year high (Adds quotes, details)

By Pisit Changplayngam

BANGKOK, Sept 3 (Reuters) - Thailand's top energy firm, PTT Pcl (PTT.BK: Quote), said on Friday it expected net profit in the second half of the year to be higher than the first half as its sixth gas separation plant would start up in the fourth quarter.

PTT completed the construction of the plant early this year and had initially planned to start operations in March but it was delayed due to an environmental dispute at the Map Ta Phut industrial estate, the world's eighth-largest petrochemical hub.

The gas plant was among 74 projects at Map Ta Phut whose suspension was lifted by a court on Thursday. [ID:nSGE68118P]

"If the sixth gas plant can start up in the fourth quarter, our profit and revenue in the second half should be higher than the first half due to rising output," Chief Financial Officer Tevin Vongvanich told Reuters.

The start-up of the $780 million gas plant will help raise feedstock supplied to PTT subsidiaries, including PTT Chemical Pcl PTTC.BK, the country's largest olefins maker.   Continued...

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