The Company expanded into textiles in 1975. Since
its initial public offering in 1977, the Company
has expanded rapidly and integrated backwards
into other industry sectors, most notably the
production of petrochemicals and the refining
of crude oil.
The Company from time to time seeks to further
diversify into other industries. The Company now
has operations that span from the exploration
and production of oil and gas to the manufacture
of petroleum products, polyester products, polyester
intermediates, plastics, polymer intermediates,
chemicals and synthetic textiles and fabrics.
The Company's major products and brands, from
oil and gas to textiles are tightly integrated
and benefit from synergies across the Company.
Central to the Company's operations is its vertical
backward integration strategy; raw materials such
as PTA, MEG, ethylene, propylene and normal paraffin
that were previously imported at a higher cost
and subject to import duties are now sourced from
within the Company. This has had a positive effect
on the Company's operating margins and interest
costs and decreased the Company's exposure to
the cyclicality of markets and raw material prices.
The Company believes that this strategy is also
important in maintaining a domestic market leadership
position in its major product lines and in providing
a competitive advantage.
The Company's operations can be classified into
four segments namely:
- Petroleum Refining and Marketing business
- Petrochemicals business
- Oil and Gas Exploration & Production business
The Company has the largest refining capacity
at any single location.
The Company is:
- Largest producer of Polyester Fibre and Yarn
- 5th largest producer of Paraxylene (PX)
- 5th largest producer of Polypropylene (PP)
- 8th largest producer of Purified Terephthalic
Acid (PTA) and Mono Ethylene Glycol (MEG)