Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (November 2022)
73 slides from Thai Oil Public's investor presentation, Nov 24, 2022
Slide 1: Presentation to Investors November 2022
Thai Oil Public Company Limited Presentation to Investors November 2022
Slide 2: Disclaimer
-2- Disclaimer The information contained in this presentation is intended solely for your personal reference. Please do not circulate this material. If you are not an intended recipient, you must not read, disclose, copy, retain, distribute or take any action in reliance upon it. Some statements mad
Slide 3: Presentation Agenda
-3- Presentation Agenda TOP GROUP BUSINESS OVERVIEW KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS STRATEGIC INVESTMENT PLANS OUTLOOK
Slide 4: TOP Group Business Overview
-4- TOP GROUP BUSINESS OVERVIEW
Slide 5: Strategic Relationship and Operational Integration with PTT
Strategic Relationship and Operational 5 Integration with PTT Thai Oil’s strong shareholder base • Benefits from PTT’s dual role as our major shareholder 13.47% and key business partner • All transactions take place # of Listed 2,233.8 at arm’s length and in Shares mil. shares * 22.81% 48.00% adhere
Slide 6: TOP Group Synergy & Strategic Role in PTT Group Value Chain
TOP Group Synergy & Strategic Role in PTT 6 Group Value Chain Upstream Intermediate Downstream Solvent Pentane Hexane Toluene Diversifying to a broad SOLVENTS Mixed-Xylene range of downstream Paraxylene The majority of products to enjoy higher Mixed-Xylene refined petroleum profit margins and Toluen
Slide 7: Key Milestones: 61 Years, A Long Track Record of Success
Key Milestones: 61 Years, A Long Track 7 Record of Success 1961 – 1997 2004 – 2011 Today Capacity expansion and initial stage of business Listing, expansion and A leading integrated refining and diversification diversification petrochemical group in Asia Pacific 1961 1970 2004 • 275 kbd refinery ( a
Slide 8: Thai Oil Group Business Structure
8 Thai Oil Group Business Structure 100.0% 100.0% 100.0% 100.0% 100.0% Thai Paraxylene Thai Lube Base Thaioil Ethanol Thaioil Treasury Center Thaioil (TOP) TOP SPP (TPX) (TLB) (TET) (TTC) Capacity : Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to 50.0% Enhance financial efficiency, 275,
Slide 9: Process Linkage: Beauty of Integration
9 Process Linkage: Beauty of Integration PROCESS FLOWCHART Thai Paraxylene ADIP FUEL GAS Thai Oil ISOM LPG 20,000 MX HDT-1 MX 40,000 HDT-2 HDT-3 CCR-1 CCR-2 ULG95 85,000 CCR CDU-1 50,000 ULG91 45,000 KMT-1 CDU-2 KMT-2 JET 50,000 CDU-3 180,00 KEROSENE 0 HVU-1 HVU-2 FCCU 10,40 HDS-2 HVU-3 HVU-3 0 95,0
Slide 10: One of Region's Leading Refineries
10 One of Region’s Leading Refineries Total Thailand crude refining capacity 1,244.5 kbd (1) Market shares for refined petroleum product (3) Fang (2.5 kbpd) Thai Oil 22% Share Nameplate Capacity 30% 30% market market Thai Oil (275 kbpd) shares shares PTT’s Principal Refiner BCP (120 kbpd) Esso (177
Slide 11: Strategic Location with Competitive Advantages in Access to Key Markets
Strategic Location with Competitive Advantages 11 in Access to Key Markets Access to Indochina markets through deep Close proximity to the key domestic markets water ports and trucks Our strategic location provide us with 1. Close proximity with the key LAOS domestic markets and Indochina Bangkok 2.
Slide 12: Optimized & Flexible Operations
Operations 12 Optimized & Flexible Operations Superior Performance Thai Oil is able to diversify its type of crude intake and product outputs to maximize demand and margin Crude Assays based on Sources of Product Reference Domestic demand for TOP configuration* Crude output Price petroleum products*
Slide 13: Refinery: High & Reliable Utilization
Refinery: High & Reliable Utilization 13 To Capture Strong Domestic Demand TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate Sep’21 Mogas Jet/Kero Gasoil Total VS Sep’22 +13.3% +109.8% +27.6% +27.2% KBD (2) (2) excluding fuel oil & LPG demand Sales Breakdown by Cus
Slide 14: Key Highlights
-14- KEY HIGHLIGHTS
Slide 15: Positive Net Profit in Q3'22
Positive Net Profit in Q3’22 15 From Normalized GRM and Stock Loss A Market Factors B Decline in Net Profit from 2 Major Factors Slower Demand Growth on Recession Fears and China’s COVID Policy Normalized GRM Stock Loss From slower demand growth, but still above From sharp drop in crude oil price FE
Slide 16: Q3 & 9M/22 Key Business Highlights
16 Q3 & 9M/22 Key Business Highlights Key Business Highlight Operational Commercial Financial • High and reliable refinery production to fulfill • Capture high local & Indochina sales • Recapitalization plan domestic oil demand Q2/22 Q3/22 9M/21 9M/22 ➢ Successful on Equity Offering THB 10,368 milli
Slide 17: Achievement: 3Vs Strategy
17 Achievement: 3Vs Strategy Value Maximization Value Enhancement Value Diversification Integrated Crude to Chemical Integrated Value Chain Mgmt. CFP • Reposition Top Solvent in Oct’22 as Thaioil’s Power international marketing arm • Progress 88% as of Sep’22 • Own use & growth along with GPSC/PTT •
Slide 18: Financial Highlights
-18- FINANCIAL HIGHLIGHTS
Slide 19: Q3 & 9M/22 Key Performance Highlights
19 Q3 & 9M/22 Key Performance Highlights Softer GRM Amid Strong Contribution from Aromatics & LAB, and Lube Market Highlight Contribution ($/bbl) QoQ Dubai declined from $113.2/bbl to $90.9/bbl Dubai ($/bbl) (ending price) YoY Dubai rose from $72.6/bbl to $90.9/bbl • Concerns over global economic sl
Slide 20: Q3 & 9M/22 Financial Performance
20 Q3 & 9M/22 Financial Performance TOP Group Net Profit Net Profit Contributions* Unit : Million Baht (MB) Q2/22 Q3/22 9M/21 9M/22 25,327 MB 12 MB 7,545 MB 32,521 MB Q2/22 Q3/22 Gain on GPSC share sale before tax Stock g/l 9M/21 9M/22 Net operating profit Write down on crude & product inventory Pet
Slide 21: Integrated Margin & Competitive Cash Cost
21 Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) (excl. one-time non-operating item) 2019 2020 2021 Q1/22 Q2/22 Q3/22 9M/22 Gross Integrated
Slide 22: Financial Performance
-22- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 389,344 382,571 34,789 362,179 335,827 28,142 242,840 22,867 22,322 21,998 20,239 13,034 143,892 13,079 14,765 114,506 124,174 13,214 13,833 8,670 5,343 (2,056) (1,438) (56
Slide 23: Financial Position & Financial Ratios
Q3/22 TOP Group Financial Position & 23 Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 30 Sep 22 (Unit: million THB) Total IBD Net Debt 362,144 440,552 175,780 million THB 148,492 million THB Trade Payable Cash & ST (US$ 4,617 million / Others (US$ 3,901 million
Slide 24: Dividend Payment
Dividend 24 Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Unit : THB/share EPSR 2H dividend 1H dividend Year Dividend *** Annual DPS 1.80 3.50 3.50 4.50 2.75 2.55 2.00 3.30 2.70 2.30 1.16 2.70 4.50 5
Slide 25: TOP Group Strategic Investment Plan
CAPEX 25 TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of Oct 2022 Estimated Budgeting for Actual Investment Plan Project 9M/22 Q4/2022 - 2025 CFP project * 633 644 Total Ongoing CAPEX 35 132 Reliability, Efficiency and Flexibility Improvement 7 46 Infrastructure Impro
Slide 26: Strategic Investment Plans
-26- STRATEGIC INVESTMENT PLANS
Slide 27: Thaioil Strategic Direction
27 Thaioil Strategic Direction Vision Empowering Human Life through Sustainable Energy and Chemicals To be a competitive Energy & Chemicals company that Strategic Objective delivers sustainable returns & better quality of life to all stakeholders Measurement Growth / Earnings Diversity / Returns / S
Slide 28: Thaioil's 2022 Strategic Direction
28 Thaioil’s 2022 Strategic Direction Needs to transform Climate Change/ Energy Transition/ Changing Consumer Global Mega-Trends Mounting Environmental EV Penetration Behavior Pressure/Net Zero Drives 2030 Net profit aspiration Thaioil’s Strategic Transformation Journey New S-Curve Power 10% 10% Pet
Slide 29: Clean Fuel Project (CFP): Rationale & Timeline
29 Clean Fuel Project (CFP) : Rationale & Timeline Project Rationale • Risk of losing competitiveness to others regional refineries as more new refineries with higher capacity and more advanced technologies are on stream. • Adjust product portfolio by producing high demand and clean product to serve
Slide 30: Scope of CFP & Technical Aspect
30 Scope of CFP & Technical Aspect LPG Tops ISOM SRU Sulfur 5 HDT-3 Naphtha PX/BZ CCR-1/2 Platformate TPX HDT-4 Hy. Naph CDU-3 4 180 kbd Crude LPG LPG Kerosene Tops KMT-1/2 Lt.Naph 400 kbd Isomerate Gasoline New HDS-2/3 CDU-4 Diesel Jet/Kero 220 kbd HDS-4 Diesel 4 HMU-1/2&PSA-1/3 2 Fuel Oil HCU-1/2
Slide 31: Clean Fuel Project (CFP)
Clean Fuel Project (CFP) 31 Strengthen The Core Project Description Capacity Growth Upgrading Product Mix Feedstock Flexibility Unit : % vol Unit : % vol • Investment size: 4,825 MUSD and with by grade ERU (Power plant) carve out investment +45% Light 25% Light cost will be reduced to not exceed 4,1
Slide 32: Olefins Investment in Indonesia (Chandra Arsi Petrochemical - CAP)
Olefins Investment in Indonesia 32 (Chandra Arsi Petrochemical - CAP) Transaction Summary Investment Structure (Tranche 1&2) Value Maximization: Value Enhancement: Strategic Direction ◼ Further extend ◼ Geographic expansion to IC2C Strategy Hydro-Carbon value chain to Olefins PetChem, in addition ◼
Slide 33: Key Partnership Arrangements
33 Key Partnership Arrangements LPG, Naphtha Feedstock Commercial Products • PT. Tirta Surya Raya (TSR), Est. 2019 Polymer Products: • TOP’s solvent and chemical distributor PE, PP company in indonesia • TOP holds 77.7% in TSR through TOP Solvent Liquid Products: Thailand Benzene, Toluene, Xylene, e
Slide 34: Funding Plan for the Transaction
34 Funding Plan for the Transaction Uses of Fund Sources of Fund Additional Facility • Strong Support from PTT 15.38% to support TOP long term competitiveness Bridging Loans Recapitalization stake in CAP • Shareholder loan • Extended Trade Credit (ETC) Bank Extended USD Equity Trade Credit 1.183 bn
Slide 35: Long-Term Recapitalization Plan and Short-term Liquidity Support
Long-Term Recapitalization Plan and 35 Short-term Liquidity Support Objectives Recapitalization Short-term Liquidity Support Return Optimal Capital Structure With Net D/E ~ 1.0x (1) Sale of up to Maintain Investment Grade 10.8% GPSC Shares(3) Credit Rating in Short-term 90-Day Extended and Credit Ra
Slide 36: Recapitalization Plan
36 Recapitalization Plan Recapitalization plan for CAP investment funded by bridging loan, will consist of: 1. GPSC Share Sale at 10.78% or 304,098,630 shares to PTT and/or Siam Management Holdings Company Transaction Limited (“SMH”) (100% subsidiary of PTT) 2. Equity Offering of up to 239.2 mm shar
Slide 37: Recapitalization Plan
37 Recapitalization Plan Equity Offering GPSC Share Sale Offering Structure Transaction Details 1. Structure • TOP sells GPSC shares 10.78% or 304.1 million shares to PTT and /or 1. Existing shareholders tranche Greenshoe up to 35.9 mm 3 Greenshoe SMH (100% subsidiary of PTT) to eligible domestic &
Slide 38: Key Benefits of Recapitalization Plan
38 Key Benefits of Recapitalization Plan Stronger Financial Position • Maintain optimal capital structure with expected net debt/equity of less than or equal to 1.0x post recapitalization • Maintain investment grade of company credit rating Stronger Financial Position Support Credit Ratings Net Debt
Slide 39: Value Diversification
39 Value Diversification New S-Curve Power “ Defensive move for new ventures & Step-out “Provide stable earnings ” support CO2 reduction ” CVC 1 Step-out (JV/M&A) 1 Own use • Reliable support for Thaioil Group 1.1 Bio • Biojet 2 Growth along PTT Group (GPSC) • Biochem/Bioplastic • Support GPSC to ac
Slide 40: 2023 Outlook
-40- 2023 OUTLOOK • Crude Oil • Refinery • Petrochemical • Base Oil & Bitumen
Slide 41: Slower Oil Demand Growth on Global Economic Concern
41 Slower Oil Demand Growth on Global Economic Concern A High Inflation and China’s Dynamic Zero-COVID Policy B Slower Demand Growth on Softer GDP to Pressure Economic Growth US and EU Inflation Rate (1) FED and ECB Fund Rate (2) World GDP Outlook (3) Global Oil Demand (4) MBD Higher rate Apr’22 rev
Slide 42: Balancing Market with Uncertainties on Demand Growth and Russian Supply Loss
Balancing Market with Uncertainties on Demand Growth 42 and Russian Supply Loss A Limited Increase in OPEC Production amid Low OPEC Spare Balancing Market with Uncertainties on Demand Growth Capacity and Russian Supply Loss OPEC Production (1) OPEC Spare Capacity (1) Global Oil Demand and Production
Slide 43: Normalizing Refinery Margin to Slightly Above Pre-Covid Level
Normalizing Refinery Margin to Slightly Above 43 Pre-Covid Level Singapore Cracking GRM ($/BBL) Avg. 2017: $7.1/BBL Avg. 2018: $5.9/BBL Avg. 2019: $3.7/BBL Avg. 2020: $0.4/BBL Avg. 2021: $3.4/BBL 2022TD(1) : $11.0/BBL 2023 Key Highlights (vs. 2022) Gasoline : Steady Demand amid Low Inventory Jet/Ker
Slide 44: High Demand Growth to Offset New Capacity Addition in 2023
High Demand Growth to Offset New Capacity Addition 44 in 2023 Key Projects : New Addition AP/ME Effective CDU Addition VS Additional Demand Country Company CDU (KBD) Start-up Saudi Arabia Jizan1 Delay from Q2’20 400 Q2’21 China Rongsheng II2 Delay from Q3’21 400 Q1’22 Malaysia Petronas3 300 Q3’22 In
Slide 45: Gasoline: Steady Demand; Jet/Kero: Resuming Air Travel Demand
Gasoline : Steady Demand amid Low Inventory 45 Jet/Kero : Resuming Air Travelling Demand Gasoline Market Jet/Kero Market 1 Steady Demand Growth, Pressured by Recession Fears especially in U.S. 1 Higher Travelling Activity after 2 Increasing Demand from Travelling Easing Travel Regulation and Winter
Slide 46: Gasoil: Steady Demand; Fuel Oil: Higher Demand and Lower Russian Supply
Gasoil : Steady Demand and Lower Russian Supply 46 Fuel Oil : Higher Demand and Lower Russian Supply Gasoil Market Fuel Oil Market 1 Steadily High Demand following 2 Low Inventories with Stock Below 1 Higher Fuel Oil Demand, with Potential Upside from Gas-to-Oil Switching GDP Growth 5-Year Average D
Slide 47: Recovering Domestic Gasoline, Gasoil, and Jet Demand in 2023
Recovering Domestic Gasoline, Gasoil, and Jet Demand 47 in 2023 while Fuel Oil Slowdown A Higher Gasoline Demand from Higher Travel Mobility B Higher Jet Demand from Fully Opening the Country Gasoline Demand (1) Jet Demand (2) ▪ Estimate GDP 3.8% (+) MML/Day ▪ Higher tourist numbers to MML/Day +4.0%
Slide 48: Challenging Aromatics Market from Over Built Capacity
48 Challenging Aromatics Market from Over Built Capacity A High Capacity Start-up to Pressure PX Market amid Improved B High BZ Capacity Addition to Limit Market amid Stronger Demand Textile Demand Growth from Possible Easing COVID-19 Lockdown in China AP/ME PX Capacity Addition vs. Demand Growth AP
Slide 49: Soft Olefins Market from Continuing Large Capacity Addition
Soft Olefins Market from Continuing Large Capacity Addition and 49 Economic Uncertainties amid Recovering Demand Growth A Large HDPE Capacity Start-up, with Improving Demand from B Continuing PP Capacity Addition mainly from China amid Demand Possible Easing COVID-19 Lockdown in China Recovery from
Slide 50: Softer Base Oil Market on More Supply and Higher Feedstock Price
Softer Base Oil Market on More Supply from New Capacity 50 and Higher Feedstock Price A Pressured by Gr.2/3 Capacity Addition but Permanent Closure Of Gr.1 B Higher Feedstock Price to Pressure Bitumen Spread Plant to Limit Downside Historical Price and Spread (2) $/TON AP Base Oil Net Capacity Addit
Slide 51: 2023 Outlook Conclusion
51 2023 Outlook Conclusion (vs. 2022) Balancing Supply Crude Oil Market with Uncertainties on Demand Growth and Crude Oil Russian Supply Loss Refinery Normalizing Refinery Margin to Slightly Above Pre-Covid Level Aromatics Challenging Aromatics Market from Over Built Capacity Soft Olefins Market fro
Slide 52: Appendix
-52- APPENDIX • CAPEX Plan • Financial Performance • Optimised & Flexible Operations…Superior Performance • World GRM / Inventories • Thailand petroleum demand by products
Slide 53: TOP Group Strategic Investment Plan
53 TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of October 2022 Actual Project 9M/22 Q4/22 2023 2024 2025 CFP project * 633 192 588 296 (432) Total Ongoing CAPEX 35 60 45 13 13 Reliability, Efficiency and Flexibility Improvement 7 Infrastructure Improvement ( i.e. New
Slide 54: Refinery: Softer Mkt GRM
Refinery: Softer Mkt GRM 54 On Concerns over Global Economic Slowdown Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2021 2022 2021 Q2/22 Q3/22 9M/21 9M/22 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4TD* FY 112% 104% 97% 108% DUBAI (DB) 60.0 66.9 71.7 78.3 95.6 108.0 96.9 100.2 91.0 69.2
Slide 55: Aromatics: Higher Contribution
Aromatics: Higher Contribution 55 From Improved Aromatics & Strong LAB Margins Aromatic Spreads and Margins Aromatics Production 2021 2022 2021 Q2/22 Q3/22 9M/21 9M/22 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4TD* FY 77% 70% 86% 73% PX-ULG95 195 206 212 96 124 44 152 107 185 177 Q3/22 Market Highlight BZ-ULG9
Slide 56: Base Oil: Higher Contribution
Base Oil: Higher Contribution 56 Supported by Stronger Lube and Bitumen Spread Base Oil & Bitumen Spreads & Margins Base oil Production 2021 2022 2021 Q2/22 Q3/22 9M/21 9M/22 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4TD* FY 90% 86% 92% 88% 500SN-HSFO 783 1,037 896 673 531 608 798 643 764 847 Q3/22 Market High
Slide 57: Power: Higher Contribution
Power : Higher Contribution 57 From higher NG price Power Business Sector Equity holding in SPP (5)(6) 100% Power & Steam Sales Electricity(1) (5) TOP shareholding in GPSC decreased from 24.29% to 15.38% in Nov’20 – Jan’21, and increase to 20.78% in Feb’21 after TP’s EBT (GWh) completion (6) TOP sha
Slide 58: Olefins: Softening Contribution
Olefins : Softening Contribution 58 From weak Chinese demand Olefin Product Spreads TOP Investment Indonesia (TII)* Performance Polymer Spreads Monomer Spreads Net Profit (million USD) *TII shareholding in CAP 15% since Sep’21 Q3/22 Performance Highlight - Softer Olefin spreads due to soften margin
Slide 59: Q3/22 Performance Breakdown
59 Q3/22 Performance Breakdown Unit : Million Baht (MB) (1) Others & Consolidated Petroleum & Lube Base Petrochemical Power (2) New Business (3) Net Profit Q2/22 26,092 (682) 333 326 25,327 Q3/22 41 (664) 476 202 12 9M/21 1,794 2,529 1,963 1,425 7,545 9M/22 32,788 (1,352) 1,097 892 32,521 Petroleum
Slide 60: 9M/22 Consolidated Cash Flow
60 9M/22 Consolidated Cash Flow (Unit: MB) 9M’21 9M’22 Represent 9M’21 9M’22 Operating Cash Flow (CFO) 4,840 22,778 Investing Cash Flow (CFI) (35,415) (7,213) Net income 8,871 41,922 Dividend income 1,110 841 Depreciation & NRV 5,487 8,669 Short term investment 19,161 (3,423) Other adj. 7,733 (20,88
Slide 61: Q3/22 - Financial Performance
Financial Performance 61 Q3/22 - Financial Performance TOP Group Net Profit Gross Refining Margin - GRM Unit : Million Baht (MB) $/bbl Q2/22 Q3/22 9M/21 9M/22 Q2/22 Q3/22 9M/21 9M/22 Market GRM 25.1 6.7 0.9 12.9 25,327 MB 12 MB 7,545 MB 32,510 MB Stock 7.8 (9.6) 5.4 4.5 Gain/(Loss) Gain on GPSC shar
Slide 62: Asian Margin Vs. US-EU Margin
World GRM 62 Asian Margin Vs. US-EU margin Total Capacity: 3.45 MBD Total Capacity: 17.9 MBD Total Capacity: 14.4 MBD 87.4% 65.8% 75.8%
Slide 63: Global Crude Oil Inventories
Inventories 63 Global Crude Oil Inventories
Slide 64: Global Gasoline Inventories
Inventories 64 Global Gasoline Inventories
Slide 65: Global Middle Distillate Inventories
Inventories 65 Global Middle Distillate Inventories
Slide 66: Global Fuel Oil Inventories
Inventories 66 Global Fuel Oil Inventories
Slide 67: China's Refined Product Exports
67 China’s Refined Product Exports
Slide 68: Domestic LPG Demand
68 Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day • In 9M’22, LPG demand increased by 8.6% YoY mainly following the increase in automobile and petrochemical sectors by 37.8% and 8.6% YoY, respectively. It is resulted from the Russian-Ukraine conflict and price competitiveness co
Slide 69: Domestic Gasoline/Gasohol Demand
69 Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/GASOHOL Demand Highlight MML/Day • In 9M’22, Gasoline demand was increased by 5.4% YoY to an average of 29.9 MML/day. The demand was supported by higher transportation activities. In addition, passenger car sales in 9M’22
Slide 70: Domestic JET Demand
70 Domestic JET Demand Thailand JET Demand JET Demand Highlight MML/Day • In 9M’22, Jet consumption increased by 80.1% YoY. The demand was recovered from fully opening the country by canceling of Test & Go program for fully vaccinated travelers since 1 May’22. Moreover, since 1 Jun’22, vaccinated an
Slide 71: Domestic Gasoil and NGV Demand
71 Domestic Gasoil and NGV Demand Thailand Gasoil Demand Gasoil Demand Highlight MML/Day • In 9M’22, Gasoil demand increased by 19.0% YoY. The demand was supported by the improve of economic activities and also supported by government that capped diesel price not to be more than 32 baht per liter in
Slide 72: Domestic Fuel Oil Demand
72 Domestic Fuel Oil Demand Thailand Fuel Oil Demand Fuel Oil Demand Highlight MML/Day • In 9M’22, Fuel Oil consumption rose by 19.4% YoY, as the demand in the transportation sector, which accounted for 56.0% of total Fuel Oil demand, rose by 19.0% YoY, align with higher export volume. In addition,
Slide 73: Thank You
Empowering Human Life Thank You Through Sustainable Energy and Chemicals Any queries, please contact: at email: [email protected] Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976 73
Thai Oil Public Company — Investor Presentation (November 2022) on 6ix