MEDIA RELEASE PR37682
PTTCH's CEO ranked Top 40 Power Players
BANGKOK, Dec. 22/InfoQuest-AsiaNet/ --
ICIS, the world's leading chemical consultant, has rated PTT Chemical Plc's President
& CEO, Mr. Veerasak Kositpaisal, among the 2009 ICIS Top 40 Power Players of the year
2009. He is also the only one Thai business leader to join the list.
Mr. Veerasak Kositpaisal has gained an in-depth experience in petroleum and
petrochemical business from his previous position in the top management team of Exxon
Mobil before joining PTT Group. He became the President & CEO of PTT Chemical Public
Company Limited on 1 October 2008 when the global economy was suffering from the sub-
prime turmoil. With his vision and practical measures for coping with the situation PTT
Chemical has gone through the difficult time and has recovered from profit loss within
the first half of the year. The Company posted a profit of Baht 4,568 million during the
first 9 months of this year which is three times higher than estimation.
The sub-prime crisis which has rippled through the entire U.S. and world economy cost
global loss of over US$1 trillion and has an impact on many industries. The
Petrochemical industry also faces the downturn and is affected by the major
corporations' plans to cope with the crisis which can be ranging from postponing
business expansion plan, selling unprofitable units, to slashing workforce to cut cost.
Affected by the wave of economic crisis, PTT Chemical rapidly adopted an immediate
action plan. The strategic action took place in four areas including Marketing and Sales
-
becoming more proactive in sale and marketing; Operation - improving and maintaining
efficiency of operation; Cash Flow Management - keeping financial discipline and
inventory and stock control; and Working System Improvement - attaining more value-
focused and cost-effective approaches to management, for example, an application of
Supply Chain Management which helps reducing logistic and procurement cost.
PTT Chemical Plc, PTT Group's flagship company in the Olefins business, currently has
the Olefins production capacity of 1.8 million tons per year and HDPE production
capacity of 800,000 tons per year, making it the largest petrochemical producer in ASEAN
region.
ICIS is the world's leading experienced chemical consultant. With network across the
globe it provides high quality and commercially useful petrochemical and chemical news
report and analysis.
Apart from revealing top CEOs from the leading and respected companies worldwide, the
ICIS Top 40 Power Players also shows that Mr. Veerasak Kositpaisal, PTT Chemical's
President & CEO, is one of the five business leaders from Asia and the only one from
Thailand.
For more information, please contact Public Relations Division :
Ms. Nichapa Charuskraisorn
Tel. (+66)22658633
E-mail :nichapa.c@pttchemgroup.com
Ms. Sahasaya Panichapong
Tel. (+66)22658436
E-mail : sahasaya.p@pttchemgroup.com
SOURCE: PTT Chemical
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