IRPC Plc, the petrochemical arm of oil and gas conglomerate PTT Plc, plans to finish soon a joint study on construction of a new hospital in Rayong as it ventures into the healthcare business to serve workers and the elderly.
The company teamed up with Bangkok Piyavate Group, the operator of Piyavate and Bangpakok hospitals, in October last year to conduct a study to develop a hospital and wellness centre.
The study is expected to be finalised by the end of this year, said Athita Anantaturakarn, senior vice-president for finance and investor relations at IRPC. She did not elaborate on further details of the project.
The new hospital aims to cater to the needs of people working in Bangkok and the Eastern Economic Corridor (EEC), as well as the growing number of elderly people in Thailand, according to an IRPC press release last year.
The EEC, which spans parts of Chon Buri, Rayong and Chachoengsao, is being developed into a high-tech industrial hub.
IRPC's push for the hospital and wellness centre aligns with the government's "Ignite Thailand" initiative that comprises eight visions to develop the Thai economy, including a plan to make Thailand a wellness and medical hub, focusing on integrating healthcare with tourism to generate national income and support small and medium-sized enterprises.
The hospital and wellness business is among what IRPC calls five "growth engines" for its long-term business sustainability. The others are power storage, solar energy, recycling, and health and hygiene-related business.
The company expects to finalise this year a project to recycle polypropylene polymer (PP), or everyday plastic products, said Ms Athita.
The plastic recycling business might not immediately produce substantial profits, but it presents a business opportunity as certain countries endorse the import of recycled plastics for environmental reasons, she said.
IRPC produces PP at its oil refinery and petrochemical complex in Rayong.
Ms Athita said the company plans to increase the proportion of high value-added PP to 60% of total petrochemical products by 2030, up from 30% at present.
The speciality-grade polymer can be sold at prices higher than commodity-grade polymer, which includes single-use plastic products.
IRPC is preparing to launch speciality-grade polymer that can be used for making pipelines for industrial purposes in the third quarter of this year, she said.