Propylene Oxide (PO) In 2021, Propylene Oxide (PO) price averaged at 2,086 USD per ton, increased by 54% from last year due to Polar Vortex in the United States and Dual control policy enforcement in China led to a drop in Propylene Oxide operation rates, while there was the new capacity of Polyols plant and Propylene glycol which led to the increase in Propylene Oxide demand. In 2021, Polyols price averaged at 2,465 USD per ton, increased by 48% from last year aligned with a rise in Propylene Oxide market since Polyols supply declined due to Polar Vortex situation in the United States and some Chinese producer reduce their operating rates according to Dual control policy enforcement in China. For Performance Materials and Chemicals Unit in 2021, the utilization rate of Phenol and BPA that was 113% and 111% respectively, which increased from last year because of a rise in demand. Market P2F per ton of Phenol decreased from 2020 to 448 USD per ton. Market P2F per ton of BPA increased from 2020 to 1,649 USD per ton. For Propylene Oxide and Polyols, the utilization rate of Propylene Oxide was 95% with full-year operations. Propylene Oxide price increased from last year to 2,465 USD per ton. These resulted to Adjusted EBITDA of Performance Materials and Chemicals Unit of Baht 18,578 million or Adjusted EBITDA Margin of 27%. Adjusted EBITDA by Business Unit Adjusted EBITDA (Million Baht) 2020 2021 YoY % +/(-) Business Unit : Refinery and Shared Facilities 2,184 1,540 -30% Aromatics 3,635 7,206 98% Olefins and Derivatives 14,795 27,350 85% Green Chemicals 1,228 1,609 31% Performance Materials and Chemicals 6,020 18,578 >200% Services and Others 717 (1,097) <-200% *Adjusted EBITDA (MB) 28,579 55,186 93% Note: * Adjusted EBITDA refers to EBITDA excluding Stock gain/(loss), NRV and Extra item 104 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2021
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