Good morning. Apologies for the delay. Greetings to analyst fund managers and PTT colleagues. My name is Pisanu from Investor Relations of PTT. Welcome to the analyst meeting of the second quarter. To ensure health and safety, we meet virtually with simultaneous interpretation available and various platforms, as well as PTT workplace. We will start with performance results followed by a Q&A. We collected your questions from the chat box and live Q&A is also available through raise hand functions. I would like to invite the CEO, Kun Auttapol Rerkpiboon and CFO, Kun Buranin Rattanasombat. Please take the floor.
Good morning. Dear analysts, fund managers, I am sharing with you results of the first half of this year. Let me start with key activities of first half. Divided into core businesses and future energy and beyond, in line with PTT's vision.
Core businesses on PTT side, we have divested PTTML, which holds coal portfolios to PT Adaro Energy Indonesia TBK for $471 million. We have signed the agreement on the first of August. It is expected to be closed and finalized within the fourth quarter of this year. This is divestment of PTT's coal business in line with the strategy. Secondly, we have restructured PTTGL. For SM Edge, which is 100% owned by PTT, buying all shares of GL from both PTT and PTTEP. This is accomplished in June so that PTTGL will conduct LNG value chain businesses, leading to us being an active player in the value chain. We signed an agreement on LNG with Corpus Christi, which is part of Cheniere Energy group of the USA for 1 million ton per year for 20 years. First delivery over the next few years.
This is because PTT has secured additional long-term supply contract. Fourth, PTT has capped NGV price at TBH15.59 per kg and for taxi drivers at THB 13.62 , and this is valid until 15th of September this year. On the fifth, PTT has issued debentures totaling THB 20 billion, three-12 years redemption at 1.79%-3.47% interest rates per year offered to institutional investors. Now our subsidiaries, PTTEP. Highlights are that PTT, PTTEP along with the Department of Mineral Fuels, have signed a gas condensate and crude sale agreement for G1/61 and G2/61 projects. PTTEP has assumed operatorship under production sharing contract effective on the 24th of April. For Algeria, Hassi Bir Rekaiz has successfully delivered its first oil. This project is located in Algeria.
The oil production target is at 13,000 barrels per day. This boosts PTTEP's overall production portfolio. Another update is the change of operatorship from Yadana, from Total to PTTEP. This has been endorsed by the project shareholders, and this is effective on the twentieth of July. The decision to assume operatorship at Yadana is to ensure continuity of gas supply to both Thailand and Myanmar. Therefore, this is an issue of national security for Thailand. Following the exit of Total, shares are divided among the remaining, and PTTEP will get additional shares. Currently, its holding is 37.84%, an increase of about 11%. Another highlight from PTTEP is PTTEP International and PTTEP Offshore Investment Company announced withdrawal from Yetagun project in Myanmar, as well as the gas transmission pipeline, and this is effective upon approval by the Myanmar government.
This withdrawal is part of project and investment adjustment to focus on remaining assets that contribute to national security. For PTT GC, the board of GC International has approved the transaction of buying additional shares in Vencorex by 9.18% from our partners, resulting in GC International holding 90%-100%. The share agreement has been signed and paid up on the 13th of June. Now for future energy and beyond on PTT's part, Innobic, a subsidiary on life science, has joined and bought all shares of Alvogen, the main shareholder in Lotus Pharmaceutical, in a project worth more than $400 million. Transaction has been completed, resulting in Innobic holding shares indirectly in Lotus at 37% and holding 60% in Alvogen.
This profit contribution will enable PTT to conduct life science value chain business from research to innovation as well as distribution. Profit will be recognized starting in Q2, and Innobic has also bought shares from Interpharma. Totaling THB 1.4 billion. Share transaction is expected to be completed in Q3, adding on R&D for full range of healthcare, products. Particularly innovative medicine, eye care, all the way to nutrition food supplement, nutraceutical supplement, and herbal medicine. Fulfilling the business portfolio of Innobic. Now another subsidiary of PTT GPSC. Nava Nakorn, which is GPSC subsidiary, will expand its capacity by 30 MW and steam 5.3 tons per hour for an investment of THB 1.7 billion. Construction is due to start in December this year. COD is expected in June next year.
Modulus Venture for OR, which is 100% owned by OR, has signed an investment agreement in Otteri Wash & Dry at the investment value of THB 1.1 billion, resulting in Modulus holding 40% shares to strengthen OR's retail business, non-food retail business of OR. Modulus has also signed an agreement to invest 27% in Freshket, which is a food supply chain service company to procure, import, distribute premium quality materials for hotels and top-notch restaurants in the value of $14.5 million. Shareholders' agreement have been signed jointly with Boon Rawd Brewery to set up a joint venture, 50% joint venture in the value of THB 210 million. To manufacture and distribute ready-to-drink products. The company should complete its registration within Q3 this year. Next, let's take a look at key drivers for our performance.
Let's start with crude. Overall, most crude and product prices increase. Crude average Q2 price is at $108 per barrel, up Q-on-Q by 13%, H1-on-H1 60%. Fuel oil Q2 at $104.9, up 20% Q-on-Q and 63% H1-on-H1 due to the protracted war between Russia and Ukraine, as well as supply from Iran remains constrained due to delay in nuclear deal negotiation with Iran. For natural gas, our PTT's pool gas price, it is at $10.2 per billion BTU, up Q-on-Q 6%. Mainly because of increasing price and volumes of LNG spot import. Q2, we imported 13 ships. Whereas H1-on-H1 up 27% across the board in line with increasing energy prices.
For petrochemical pricing Q-on-Q, olefins, aromatics, mostly up in the range of 1%-15% due to tighter supply and less capacity and dampened profits. In any case, PP decreased slightly due to less demand for durable goods as well as less demands for end-use products, particularly in Europe, resulting in surplus supply of PP onto Asia market. Half-on-half olefins and aromatics increased. Olefins increased in the range of 1%-14%, aromatics 35%-44% on the back of crude and naphtha prices due to concerns over protracted Russia-Ukraine war. On FX Q-on-Q, there is FX loss increasing THB 18 billion , mainly because of the conversion of US dollar loan due to weaker baht by about 2 baht weaker. Whereas half-on-half FX loss increased by THB 2.1 billion due to conversion of US dollar loan.
PTT Group itself has US dollars loan higher than the same period last year, whereas the baht has become weaker. That's all from key drivers performance.
Thank you very much. Moving on to the performance. We can see from this first page that has been mentioned that. Well, the key drivers has already been mentioned. Those key drivers resulted in the certain changes in the second quarter and also the first half of 2022, we can see the performance is better. Revenue is up. Whether it is the Q-on-Q, year-on-year, half-on-half, and this is a result of the average sales price that has increased. Also apart from that, we can see that the sales quantity has also increased as well according to the economic recovery and also the relaxation of the disease control measures in many countries that resulted in a number of economic activities that has come back and affect the revenue of PTT Group.
For EBITDA, starting from quarter-over-quarter in the second quarter, we can see that the EBITDA increased at about THB 40 billion or approximately 28%, and that starts from the upstream business being the E&P. The average sales price goes up by 9%, and also that comes from the G1/61 that started last April. Also the Oman Block 61 that also has increased in the gas sales as well. The average sales price has gone up by 8% according to the higher gas price. For P&R that can be divided into two main businesses.
The refinery, we can see that the market GRM has increased from $6.1 per barrel in the first quarter to $21 per barrel in the second quarter, and that is from the difference in the price of the product itself. Even though in the second quarter, we can see that in the PTT group, we may have profit from the stock, the oil stock, that has decreased by. It, the such increase is less than the same period of last year. For the spread of the, whether it is from the aromatics. Aromatics also go up, also has gone up as well, but olefins has gone down. There is also some maintenance according to the schedule of the plant in the second quarter as well.
In the gas, the average profit of the oil and gas business has gone up by 41%. This is from the diesel and aviation fuel, and this is a result of the recovery of the economic activities as well. In the second quarter, we have the festivities in Thailand as well, and that's lead to the higher consumption of gas. For EBITDA of gas, we can see that the procurement and supply and distribution of gas has gone up as well, and that is also in accordance with the higher LNG price and also the reference fuel oil price as well. Even though the overview of the sales of gas may be a little bit lower.
For our new business infrastructure, the EBITDA has gone up as well, and mainly this is from the GPSC that has profited from the SPP power plant from higher sales of electricity. We have the higher AP as well from Gheco-One that has a shorter period of maintenance. Xayaburi plant also made more profit as well due to the higher quantity of water. For net income on Q-on-Q, we have a 52% increase and we are gonna go into detail at a later stage, so I'm gonna skip that for now. If we look at half-on-half at EBITDA, we can see that there is the 51% increase from almost all of the business groups, starting from E&P.
The sales has gone up by 8% from the purchase of the acquisition of the Oman Block 61 last year in December, and also the G1/61 that started from last April. Also from the Arthit project as well and the purchase more gas. The average sales price gone up by 30% as well. For P&R. For refinery, we have the market GRM that has increased from $1.7 per barrel in the first half of last year to $13.8 per barrel this year. We have higher stock gain. For the first half of this year, PTT also profited from the stock gain that has increased at about THB 10 billion, yeah.
This is a result of the import of LNG in replacement of the lower Gulf gas. We have the in and out trading that has increased as well. For the new business and infrastructure, EBITDA has decreased mainly from the GPSC that has higher cost of natural gases and coal that has gone up. That resulted in the lower sales to industrial clients and also for S&M and NGV, the cost of gas cost has gone up as mentioned by the first speaker and also the higher price in the global market as well. There is a price fixing measure to provide aid to consumers, but the average sales price also gone up as well among all products, referring to the global market prices.
For half-on-half net income, there is a 13% increase according to the increase of EBITDA, but there is also the factors relating to the loss of debentures at about. Higher expenses as well, and this is from the better performance of PTT Group and also we have the FX loss that has been mentioned by the former speaker. We have the non-recurring item that for the first half of the year we have the net tax non-recurring items, mainly for the plus factor, we have the gas shortfall at about THB 1.5 billion . We have the Ichinoseki of investment of GPSC at about THB 2.1 billion .
There is tax expenses from the selling of shares of GPSC at about THB 2.1 billion and also impairment of the PTTML coal project at about THB 440 million. While the last six months we have the net tax non-recurring items. For PTTEP, we have the profit from the acquisition of Block 61 Oman project that is lower than the fair price. The write-off of Ichinoseki at about. For tax expenses, we can see that there is the sales of shares of GPSC at about. At GC for GC itself, we have oleochemical at about THB 1.5 million. For waterfall that I would like to mention, this is the Q-on-Q comparing to the first and second quarter of this year.
We can see that for the second quarter, we have higher net income at about THB 1.3 billion, which constitutes about 52%. Mainly, the margin itself is higher at about THB 5.1 billion from oil and refinery and also E&P that have mentioned earlier. The stock gain has decreased at about THB 7.8 billion, and this is from the crude oil price that has increased, but less, still less than the same as last year. OpEx, we have higher OpEx at THB 3.5 billion, and this is, as a result of the, more vibrant economy, economic activities. Also for DD&A, we have increase of THB 3.1 billion, and this is from PTT E&P, from the G1/61 project started last April.
We have higher production and sales. For other income, we have the decrease of THB 1 billion approximately, and this is from the first quarter. The recognition of investment sales of Ichinoseki and GPSC is at about THB 52 million, but there's none for this quarter. For impairment, we have higher impairment of THB 498 million, and we have started the coal mining project in Madagascar. For FX and derivative, we have higher at about THB 1.6 billion from the FX loss is about THB 1.8 billion loss due to the depreciation of Thai baht. For derivatives, we have about THB 1.5 billion.
For the last one, the interest, the corporate income tax, and also NCI, we have higher of that at about THB 17 billion resulting from the higher performance. The interest expense is also higher at about THB 1.7 billion due to the higher loan facility of PTT Group and NCI also is also higher as well. For the business of PTT, we can see that there is a natural gas and trading businesses. In the overview, we can see that the EBITDA of PTT only for gas and trading. Q-on-Q. On the Q-on-Q basis, we can see the increase at about 29% or about THB 27 billion . We separate it from the gas business. EBITDA for gas business is higher by 27% of all businesses apart from NGV.
Starting from S&M, we can see that the EBITDA has increased more than 100%, and this is from the cost of the gas that has decreased in the second quarter and the lower spot LNG. For LNG long term, there is a slight increase referring to the price of JCC and also for the Myanmar reserve, the price is also higher as well, referring to the fuel oil price. If we look at industrial clients, there is also an increase as well, and this is the plus factor, but the sales quantity decreased by about 2%, and this is from the gas separation plant that has lower sales quantity.
The sales to separation plant has reduced in quantity, and this is in reflection of the lower gas in the Gulf and also the transfer, the change of the operatorship as well. The separation plant has closed for major maintenance as well. That is another reason for about 23 days. The production capacity has decreased in the second and third separation plant during the same period. Some reserves in the Gulf also has been closed for maintenance as well, and that's why the sales quantity to separation plants has gone down by 10%. The sales to power has reduced by 3% because the power plant itself, they are now using the fuel oil and diesel as a replacement energy during the period when the LNG price has gone up.
There is the procurement of electricity from hydro power plant. The sales to industrial clients is higher by 8%, and this is from the cogen grow energy that has now come back to the full operation in this second quarter and also SPP replacement that has been switched to cogen because their license has already expired. Also for NGV, we have the price fixing measures and at the same time the diesel and benzene prices have increased and therefore the NGV users are now using more NGV and that's why we have 4% higher NGV sales. Also, we have the plus factor since we have the shortfall of THB 525 million. For TM or transmission, the EBITDA has increased slightly at about 1%.
Mainly this is from the higher revenue from higher reservation and the PTT volume has gone up at about 2%. The cost also has gone up as well because due to the higher consumption of gas. For EBITDA of the separation plants, we can see that there is 12% increase because the average sales has gone up, as I have mentioned earlier. The sales volume has been stable. For the separation plan, the feed cost has reduced by 3% and that's why EBITDA has been better. For NGV, there is a higher loss. We have about THB 130 million loss constituting about 6% lower because we still fix the price for the of sales for NGV, even though the cost of Pro gas has dropped and lower than the first quarter.
For other businesses, we have 42% increase, and that consists of PTTGL that has higher EBITDA at about THB 900 million from the average sales price that has gone up as well. For LNG, PTT LNG, we have about THB 80 million higher sales. The EBITDA for trading, we have more than 100% increase of EBITDA from 5 satang per liter to 16 satang per liter in the second quarter.
For trading, sales down 21% due to crude out and less LNG import. Half on half, EBITDA overall increased by about 3%. For gas business, EBITDA is down by 3% divided into significant decrease of S&M at 68% from THB 8.5 billion in the first half 2021 to THB 2.7 billion first half this year due to increase of pool gas price by 72% across all supplies according to benchmark prices. First half, there is increase of spot LNG imports. Gas volume sales down by 7% from 4.6 to 4.3 MMCFD first half this year due to power sector clients. The decrease of sale to power sector by 7% as they dispatch more from hydropower plants and resulting in less sale to power and the switching to oil.
GSP sale is down by 16% on the back of less supply from the Gulf and less 3% on NGV because NGV vehicles used in country has decreased. Industry client EBITDA is higher. Sales volume to industry clients up 4% due to SPP replacement. Switching to cogen due to license expiry and industry clients dispatch more gas on the back of recovered economy. Now, positive factors for S&M. Average selling price to industry clients increased and more shortfalls by about THB 1.8 billion. Transmission business EBITDA is up by 2% due to higher TD volume at 3% and more cost of sale on the back of Pro gas price and more feed costs. GSP EBITDA is up significantly at 61% due to average higher selling price on the back of benchmark prices and feed costs increased by 5%.
Sales volume down by 5% due to concession transition. NGV EBITDA loss is more than 100%, chiefly because of 72% increase in Pro gas price, whereas pricing is capped and less sales volume by 3%. Others EBITDA is down by 3%. LNG EBITDA is down by THB 164 million due to higher sales costs and electricity costs. PTTNGD EBITDA is down by THB 34 million due to higher sales costs, even though their average price is higher as it is back to FO. TRD EBITDA increased more than 100% due to sales volumes up by 74% due to more LNG and LPG imports out in trading and higher demand for refineries. Margin of trading increased by about 25%. Let's take a look at our financial position compared to end of last year.
Total assets of PTT increased by 15%, and we can break this down into cash and short-term investment up by THB 655 billion due to higher loans and higher expenses for investment. After netting, still higher cash and short-term investment. Other current assets increased by about THB 300 billion due to inventories and receivables due to pricing factors and higher sales volume. Non-current assets increased by about THB 60 billion, mainly due to PTT EP. The rise in G1/61 and G2/61 and assets from Abu Dhabi and Myanmar M3. Long-term investment because of GC's investment in Vencorex. For lands, equipment increased by about THB 44 billion, mainly because of PTT EP, G1/61 and G2/61, and CFP construction project of Thai Oil. Liability and equity.
After debts increased by THB 248 billion from both pricing and volumes increase, interest-bearing debt up by THB 250 billion due to long-term loans and increase of short-term borrowings. Shareholders' part increased due to net profits in the first half of THB 64 billion. Financial ratios, net debt to EBITDA increased to 1.44 due to higher borrowing, higher than the increase in EBITDA. Net debt to equity also slightly higher from 0.4 to 0.49, but both ratios remain within the policy range of PTT. Now let's take a look at cash flows. At end of June, we have beginning cash at THB 320 billion, and cash received increased by THB 13 billion. There are investment activities to the tune of THB 90 billion, mainly from PTT EP, G1/61, G2/61, S1, Bongkot, and Zawtika.
Thai Oil investment in CFP and expansion of capacity, Thai Oil SPP, LNG investment in LNG terminal in Nong Fab, GC olefins project modification, and PTT itself increase in GSP-7 and fifth gas pipeline. After netting, free cash flow is minus at THB 78 billion. Cash flow from financing activities, from more borrowing on part of GC, PTT, and IRPC. All together result in net cash in THB 56.7 billion. As at end of June, there's cash and short-term investment at THB 426 billion. Thank you.
We'll continue with the outlook and guidance, starting from the world economy or global economy. For IMF in July, they have estimated the trend, the economic trend, that it will grow at about 3.2%. This is lower than the earlier estimation at, in April, which was at 3.6%, and this has slowed down from last year. Last year, we have the growth of about 6.1%. IMF forecasted that for most countries, the growth will be lower, apart from Thailand, that we think that our economy will expand comparing to last year. Last year, we have about 1.5%. This year, it was forecasted that it will be 2.8%. We have the positive and negative factors.
For the positive factors we have, since the relaxation of the COVID-19 disease control measures and restrictions, and most countries are now reopening for tourism. The severity of the COVID-19 situation had been resolved in most countries and also the vaccination coverage as well. For negative factors, this is from the prolonged Russia and Ukraine conflict. For the energy sector, we have the risk that Russia may stop or shut off the transmission of gas to Europe, and this will pressure and result in the higher gas price. Also, for China's economy has slowed down due to lockdowns and also the higher inflation worldwide, and also the tighter monetary policy and less room for fiscal policy support in many countries.
Also another factor is the geopolitical fragmentation that we can see, tensions that are going on in the world right now. These are the factors that are affecting the economy globally. For the Thailand economic outlook, we can see that a number of institutions have already provided estimates on the growth of Thai economy from 2.7% to 4.4%. From last year, as I have mentioned, we were at 1.5% last year. It was estimated that it will be better this year from a number of institutions. The positive factors are from the rising vaccination rates and also the relaxation of the COVID-19 measures. Also, the opening of the country for tourism.
The full opening of the country for tourism, basically, that will help with the economy, and also towards the end of this year, which is the high season for tourism in our country. For the negative factors, there is the high cost push inflation, which is at a high, higher rate. We can see the increase of the interest rates according to the BOT policies, and also the slowdown of the economy of our trading partners and our neighboring countries, which will affect the exportation quantity of our country. For the outlook of the petroleum and gas, starting from the crude oil prices. For Dubai, it was estimated that in the second half of the year, there will be the slight increase from the first half.
It is estimated that throughout the year, we will be at about $100-$105 per barrel. Also it was the average forecast of the entire 2022 will be at about $102.3 per barrel. Last year, in 2021, the average price was at $69.2 per barrel. In the short term, it was estimated that the crude oil prices in Dubai will be supported during the third quarter from the risk factor in the supply side due to the hurricane, and we think that the price will be retained at a higher rate throughout the year. Still, in terms of trade flow of the oil or the crude oil, there will be rebalance and also less concern.
Towards the end of this year, we think that the crude will be on the sideways down. For the supply side, there will be higher supply from the OPEC group, OPEC+, and most recently, there is the increase of the manufacturing plant in September at about 100,000 barrels per day. Also, there will be higher supply from the U.S. with the rig count that has increased. The OPEC+, they also have the restrictions in terms of the spare capacity, and the increase in production will be a step-by-step process according to the nature of the crude oil itself.
For the product price, towards the second half of the year, the product price will be weaker comparing to the first half, and this is from the gasoline that has lower demand. There is also the factor that the end of maintenance of a number of refineries and high sulfur fuel oil that will decrease from the higher supply from Russia that has been transmitted to Asia and also the end of the maintenance of refineries. Anyhow, the price throughout the year will be on the rise at about 45%-82% according to the higher crude oil prices. For Singapore GRM, during the second half of the year, there is a trend that there will be a drop from the first half according to the product price that has dropped as well.
We estimated that the average for the second half will be at about $12-$13 per barrel. The entire 2022, the forecast, the GRM will be at $13.6 per barrel comparing to last year, which is so much higher from last year, which was at about $3.4 dollars per barrel. For natural gas and LNG, for the second half of the year, there is an estimate that it will go up from the reduction of the gas that will be transmitted to Europe by Russia and also the maintenance after the fire at the Freeport LNG in the US and also heat wave that is on the rise in Europe and in Asia.
It is forecasted that during the second half of the year, the average price will be at about $47-$52 per million BTU, and the entire average price for the entire year will be $37-$42 per million BTU. For the petrochemical outlook, the prices of olefins and aromatics during the second half of the year will drop in all products because the market is pressured by the new supply of olefins and aromatics from China, Malaysia and India. The consumption of a finished product is also down as well, and also due to the higher inflation and depreciation rate.
The positive factors are the higher price of raw materials that will support the price of the olefins and aromatics products, and also the downstream demand of, the demand of downstream product will also be better from during the third quarter of this year. It is estimated that the average price during the second half of the year, the HDPE will drop by 8% from the first half of the year at $1,336 per ton to $1,230-$1,280. For PP, it will drop by 7% from $1,369 per ton to $1,250-$1,300.
BZ will drop by 4% from $1,156 per ton to $1,090-$1,140. For PX, it will drop by 3% from $1,173 to $1,110-$1,160. That is the forecast on the outlook on petrochemical. Next is the guidance for PTT Group. For PTTEP, the sales volume in 2022, it is estimated that it will be at about 400 billion barrels per day. The unit cost will be close to the same period of last year.
For natural gas, it will go down slightly due to the consumption of separation plants of the natural gas has also dropped as well due to the reduced quantity of gas in the Gulf of Thailand as a result of the transition of operatorship and also the higher cost of natural gases and therefore the power plant has adjusted and you consume less natural gas and also the drop in the import of LNG as well. With also the higher electricity procurement from hydro power plant. For the 2022, we can see a higher. We think that the. Well, there will be a 10%-15% increase in the cost.
Also, increase of LNG import. Sales volume to GSP decreased on the back of less capacity. Utilization rate of this year is in the range of 79%-83% compared to 90% last year. OR sales expected to recover following easing of lockdowns. P&R refinery is expected to recover and Singapore GRM improved. Utilization rate of PTT Group is anticipated to be in the range of 91%-95%, down from 95% last year because GC, IRPC are undergoing major turnaround. PTT Chem will be pressured by higher feed costs and increased capacities with new productions in the pipeline GPSC. Feedstock prices remain highly volatile in any case. Anticipation of power demand shall recover thanks to economic recovery and the government itself is increasing electricity tariffs to reflect real cost.
Future energy and beyond. Arun Plus aims to operate additional EV chargers to the range of 1,350 units. OR shall expand EV chargers by about 200 stations inside PTT stations, plus 150 outside of PTT stations to achieve the target of 300 EV charging stations by end of this year. For new business, we start to recognize income from Lotus in Q2 this year. Upcoming projects this year, the fifth gas pipeline from the east. This is divided into three phases. Phase I construction completed in March. Already COD. Phase II is due for COD in October. Phase III in December this year. It's going to be partial COD starting this year. LNG receiving TerminaL 2 , capacity 7.5 million tons per annum.
Phase one already COD with a capacity of 2.5 MW. Now the project is 95% complete. Full COD is expected in December this year. For nonwoven fabric of InnoPolyMed, which is a joint venture between IRPC, 60%, and Innobic, 40%. The outputs are used in face mask and air filters. Capacity of 5.6 K ton per annum of melt-blown fabrics. COD is expected in Q3 this year. High quality recycled plastic of GC are PET and HDPE types, totaling 45 K ton capacity. COD due in Q3. Avaada Solar Power Platform in India of GPSC. Total capacity 4,600 megawatt. GPSC holds 43%. So by proportion, 1,900 megawatt already COD, 2,400 megawatt as of end of March, and under construction 2.1 megawatt.
GPSC portion 950. COD is gradually scheduled for this year and next year. Now shutdown maintenance. GSP-1 shut down for 13 days from 6th of August to 19th of August. GSP- 4 major shutdown for 20 days from 1st to 20th of September. In the fourth quarter, GSP number five, minor shutdown 15 days in December. For GC, in third Q, Olefins 2-1 and two to three major turnaround 16 days. BZ major turnaround 28 days in Q3. In Q4, Olefins 2/2 major turnaround 27 days. HDPE major turnaround 38 days. Refinery plant major turnaround 50 days. This is regular cycle every six years. IRPC in the fourth quarter, they plan refinery plant major turnaround for up to 30 days. Those are guidance for the latter half of the year. May I touch upon our ESG performance?
For PTT, we also comply with the ESG concept on sustainable operation, whether it is to comply with the ESG concept or sustainable goal, development goals of the UN. We conduct reviews regularly to see how well are we complying with these concepts, and we are on the list of Dow Jones Sustainability Index every year. This is something that provide us with the assurances that we are complying with these rules. We have been awarded with Gold Class Sustainability from S&P Global. We have been continuously conducting our business in compliance with ESG concept. Moving on to net zero. PTT, we came together in order to work on the net zero and we continuously has been declaring our commitment on net zero efforts. Each of our companies will have set their own target.
The concept is that we will try to announce our target ahead of the declaration by the government. The government said that they would want to do it in 2030, 2025, but we want to do it faster than that. We want to complete earlier than that. We will declare our commitment and also along with a strategic plan that we will have to comply. Because if we set the target and just leave it at that, it will be intangible. For PTT ourselves, we will announce our target and also along with the strategic plan. Please stay tuned for such declaration. For the net zero of PTT Group, we will follow the three P strategy, which is the pursuit of lower emission.
Under this pillar, this will cover the operation of our businesses, the scale-up of our operation as well on greenhouse gas reduction. We're going to separate these efforts among our group, whether it is the CCS, the carbon capture storage. This will be under PTT EP responsibility. PTT EP will be the leader in this, and they will initiate pilot project at the capacity of 1 million ton CO₂ equivalent. Also for CCU, the carbon capture and utilization, this will be researched. We will conduct the feasibility study on how to utilize CO₂, and there are about three to four projects, whether it is a sodium bicarbonate, nano calcium carbonate, methanol, CO₂ to the animal protein.
These projects are now undergoing studies and research, and we will try to implement all these within the end of this year, towards the beginning of next year. For renewable energy, the renewable energy will be integrated into our operation in every operation within the PTT Group, including the study on the use of hydrogen. This is for the first P, pursuit of lower emission. For portfolio, this is quite evident that we are moving, you know, to future energy and beyond. We have to have the portion, 30% of our investment to be invested and revenue to be generated within 2020 from the future energy businesses.
For the third P, partnership with nature and society, the major project within this pillar is the forestation and we have been working in this pillar for quite a while, so we have already grown forest at about 1 million rai, and we have already reduced the amount of greenhouse gas emission at the satisfactory volume. PTT will also grow another 1 million rai of forest as well. All the flagship PTT we will have about another 1 million rai of forestation. In total, there will be 2 billion rai of forestation that PTT will be conducting. The original 1 billion rai have already been researched and also in consultation with the Ministry of Natural Resources and Environment about how can we convert that to carbon credit. That is good news for PTT.
For the new ones that are going to be planted pretty soon, this will also go in line, align with the carbon credit strategy as well. This will help our net zero effort. Forestation contributes even more than carbon absorption, but also a number of other things as well. For ESG, PTT has been working continuously on ESG, so for the performance on our ESG, we will report the entire year overview to the analysts so that we can save some time and also we can go into the Q&A earlier, faster. Thank you very much, Mr. Auttapol, the CEO.