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Thai IRPC expects to return to profit in 2009

Thai refiner and petrochemical firm IRPC said it expected to return to net profit this years thanks to improved petrochemical prices.

In the first two months of this year, petrochemical prices have risen 15%, mainly due to demand from its main market in China, CEO Pailin Chuchottaworn told reporters.

IRPC posted a huge loss of 18 billion baht ($501 million) last year as falling oil prices hit margins and caused inventory losses. (Reuters)