Senior Energy official tipped to head IRPC

Mongkon Ampornpisit has been |serving as board chairman since Thaksin Shinawatra was prime |minister.

"We have to change one-third of our committees every year, and the board's chairman will be appointed according to the committee's consideration. Therefore, this change will not involve former shareholders or the political issue," said Prasert Bunsumpan, president and CEO of PTT and also a IRPC board member.

A source said Norkhun has been chairman of PTT. He was believed to be related to a powerful politician, who was one of the 111 former Thai Rak Thai Party executives.

On the political side, a group of |former IRPC shareholders were thought to have tried to negotiate with the politicians to increase their stake in the company.

Prasert expressed optimism for IRPC's operating results this year after it swallowed a net loss of Bt18.2 billion last year due to fluctuating oil prices and an inventory mark-down.

"If the oil price is up to $70 per |barrel, the global economy needs to |be back to normal growth," he |said.

IRPC yesterday signed a contract |with PTT Polymer Marketing |(PTTPM) to enhance its distribution network for plastic resin domestically and internationally.

IRPC CEO Pailin Chuchottaworn said this deal would make IRPC the largest plastic-resin distributor in Asia with an annual production capacity of one million tonnes.

Both companies could save |operating costs for management and the logistics supply chain thanks to PTTPM's electronic trading system, he said.

By year-end, total production capacity of plastic resin will increase to 2 million tonnes per year on the opening of new factories and the expansion of existing factories by PTTPM's customers.

About 60 per cent of output will be exported, he added.