This January, GPSC is ready to sign a 15-year agreement to sell industrial utilities to Vencorex, a joint venture of PTT, worth 2.1 billion baht
Global Power Synergy Public Company Limited (GPSC) - an electricity producer flagship of PTT group and one of Thailand's leading producers and distributors of electricity, steam and utilities, is preparing to sign a 15-year electricity and industrial utilities trading agreement with Vencorex (Thailand) Company Limited, a major manufacturer of isocyanates, particularly hexamethylene diisocyanate (HDI), an important ingredient in producing automobile paint. Vencorex (Thailand) is a Hexamethylene Diisocyanate (HDI) joint venture between PTT Global Chemical and the Perstorp Holding France SAS, with an annual capacity of 12,000 tons per year. It is located in Hemaraj Eastern Seaboard Industrial Estate. The agreement will be signed in January 2016 and covers a period of 15 years starting from the date of commercial commencement. The agreed amount is 2.7MW of electricity, 3 tons per hour of steam another 3 tons per hour steam backup, and 1 cubic meters per hour of water, valued at 2,134 million baht. Meanwhile, GPSC has delivered electricity and utilities to Vencorex for their plant’s commissioning and performance run. It is expected that the utilities distributed to Vencorex factories for commercial use in July 2016. The agreement assures that GPSC is ready to address its customers' growth and the industry's continuous expansion.
Dr. Toemchai Bunnag, President of GPSC, said "GPSC's business is advantageous since we grow alongside PTT Group, which has many new projects. We are also ready to expand our client base for electricity, steam, and other utilities to a wide range of industries, which help generate growth for our company."
For 2016 in term of growth along with PTT Group, GPSC will continue to recognize its revenue steadily. The customer, PTT Phenol 2 Project will commence its 10MW increase in electricity demand and additional 110 tons per hour of steam. In this project this year, GPSC will enjoy full-year revenue recognition which will boost its monthly income by 100 million baht. In IRPCCP, in which GPSC holds 51% of stocks, it will also begin full-year revenue recognition from the 45MW electricity and 170 tons per hour of steam, which will see its income increase by 140 million baht. In June 2016, SPP, in which GPSC holds 30% of the stocks, GPSC will begin its electricity distribution. Therefore, the company is confident that its business foundation is solid and its revenue will grow continuously. Dr. Toemchai added.