PTT Group Strategic Growth

2021 Petrochemical Outlook Olefins ptt Price Y2020 $/Ton 1,400 HDPE 880 PP Yarn 963 4Q2020 1Q2021(E) Y2021(E) 1,000 1,020-1,070 950-1,000 1,131 1,200-1,250 1,100-1,150 1,200 1,000 800 600 HDPE CFR SEA ......PP Yarn CFR SEA 1Q20 2020 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Aromatics Price Y2020 BZ 485 4Q2020 1Q2021(E) 529 650-700 Y2021(E) 650-700 PX 577 561 690-740 700-750 Olefins + PE/PP demand improve relative to expectations of vaccine boosting economic activity and additional stimulus policy in many countries + Strong demand for single-used plastic and medical application amid ongoing COVID-19 pandemic Incoming additional Asian capacities from Southeast Asia and Northeast Asia will pressure the markets from 2Q21 onwards $/Ton ,000 800 600 400 200 0 ......BZ FOB Korea ......PX CFR Taiwan 1020 2020 3Q20 4Q20 1021 2021 3Q21 4Q21 Naphtha $/Ton 800 600 400 200 0 Price Y2020 4Q2020 1Q2021(E) Y2021(E) Naphtha MOPJ 380 408 500-550 500-550 1Q20 2020 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Source: PTT, PRISM Petrochemical Rolling as of Jan 2021 - - Aromatics + PX/BZ market expected to be more balance as demand improved after the economic recovery and additional demand from PTA/SM new capacities startup in 2Q21-3Q21 Elevated Chinese inventories to suppress demand growth in 1H21 Additional PX/BZ capacities from Saudi Aramco start-up in 2Q21 and China's Zhejiang PC start-up in 3Q21 will affect market sentiment - Naphtha + New crackers start-up, particularly in Northeast Asia, to boost demand Eased supply as refinery runs will be higher following the demand recovery 27

View entire presentation