Nature of Business IRPC Public Company Limited is the first fully integrated petrochemical operator in Southeast Asia. Located within the company’s own industrial zone in Rayong, its production structure comprises petroleum and petrochemical complexes, complete with utilities and infrastructure supporting the operations, including a deepsea port, oil depots, and power plants. Petroleum Business The company operates an oil refinery with a total production capacity of 215,000 barrels per day (bpd). Ranked thirdlargest oil refinery in the country, IRPC produces a wide variety of petroleum products, consisting of liquefied petroleum gas (LPG), naphtha, gasoline, diesel and fuel oil. In addition, the company has a Lube Base Oil production plant with a capacity of 320,000 tons per year, and its asphalt plant has a total capacity of 600,000 tons per year as the country’s largest producer. It is also Thailand’s first asphalt plant to sell TIS-certified Bitumen Grade 40/50 in the domestic market. In addition, IRPC also produces Rubber Process Oil whose quality meets internationally recognized standards. Diesel Quality Improvement Project Thailand is committed to the enforcement of Euro 5-compliant diesel from 1 January 2024 to reduce air pollution and dust problems, including PM2.5. In response, IRPC has started adjusting its production processes by implementing the Ultra Clean Fuel Project (UCF). The objective is to increase refinery’s efficiency and upgrade diesel quality. The UCF project enhances the company’s competitiveness as its refinery, which has until recently produced large quantities of high-sulfur diesel for export to some Asian markets. In the future, the high-sulfur diesel market is expected to shrink and be confined to operators of oceangoing vessels and fishing trawlers, which have limited demand. Furthermore, these customers may opt for cheaper low-sulfur fuel oil instead. As a result, the company may face intense price competition going forward. The project will enable IRPC to meet the increase in demand for new standard diesel in the domestic market, Type of revenue 2020 2021 2022 Million Baht % Million Baht % Million Baht % Domestic sales revenue 89,678 59% 137,817 59% 202,717 64% International sales revenue 62,641 41% 97,357 41% 115,679 36% - CLMV countries 13,876 9% 23,010 10% 33,439 10% - Other countries 48,765 32% 74,347 31% 82,240 26% Total revenue from net sales 152,319 100% 235,174 100% 318,396 100% Revenue structure of domestic and international sales 61 Structure and Business Operations of IRPC IRPC PUBLIC COMPANY LIMITED
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