Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (January 2014)
84 slides from Thai Oil Public's investor presentation, Jan 24, 2014
Slide 1: Thai Oil Public Company Limited Presentation to Investors
Thai Oil Public Company Limited Presentation to Investors January 2014
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.
Slide 3: Corporate Vision, Mission and Values
-3- Corporate Vision, Mission and Values A LEADING FULLY INTEGRATED REFINING & PETROCHEMICAL VISION COMPANY IN ASIA PACIFIC • To be in top quartile on performance and return on investment • To create a high-performance organization that promotes MISSION teamwork, innovation and trust for sustainabil
Slide 4: Corporate Governance Policy
-4- Corporate Governance Policy Roles and Responsibilities for Corporate Governance Policy Stakeholders The board of directors, management • Truthfully report company’s situation and and all staff shall commit to moral future trends to all stakeholders equally principles, equitable treatment to all
Slide 5: Agenda
Agenda TOP GROUP OVERVIEW Q3 & 9M/13 BUSINESS HIGHLIGHTS PERFORMANCE ANALYSIS MARKET OUTLOOK TOP WAY FORWARD
Slide 6: TOP Group Overview
TOP Group Overview
Slide 7: Strategic relationship and operational integration with PTT
-7- Strategic relationship and operational integration with PTT Thai Oil’s strong shareholder base 26.2% Benefits from PTT’s dual role as our major # of Listed 2,040 mil. Shares shares shareholder and key 49.1% business partner Free Float 49.9% Shares All transactions take place 24.7% at arm’s l
Slide 8: TOP Group Synergy & Strategic Role in PTT Group Value Chain
-8- TOP Group Synergy & Strategic Role in PTT Group Value Chain Upstream Intermediate Downstream Solvent Pentane Hexane Toluene Diversifying to a broad SOLVENTS Mixed-Xylene range of downstream products to enjoy higher Paraxylene profit margins and Mixed-Xylene reduce earnings volatility Toluene ARO
Slide 9: Key milestones: 52 years, a long track record of success
-9- Key milestones: 52 years, a long track record of success 1961 – 1997 2004 – 2011 Today Capacity expansion and initial stage of business A leading integrated refining and petrochemical Listing, expansion and diversification diversification group in Asia Pacific 1961 1970 2004 • 275 kbd refinery (
Slide 10: Thai Oil Group Business Structure
-10- Thai Oil Group Business Structure 100.0% 100.0% 74.0% PTT 26.0% 100.0% 100.0% 100% Thai Paraxylene Thai Lube Base Thaioil Power Thaioil Marine Thaioil Ethanol Thaioil (TOP) (TPX) (TLB) (TP) (TM) (TET) Sells Electricity/ • 5 Oil & Chemical Mitr Phol 35.0% Padaeng Aromatics Capacity: Lube Base Oi
Slide 11: Process Linkage: Beauty of Integration
-11- Process Linkage: Beauty of Integration Thai Paraxylene PROCESS FLOWCHART ADIP FUELGAS Thai Oil ISOM LPG 20,000 MX HDT-1 MX 40,000 HDT-2 HDT-3 CCR-1 ULG95 85,000 CCR-2 CDU-1 50,000 ULG91 45,000 KMT-1 CDU-2 JET KMT-2 50,000 CDU-3 165,000 KEROSENE HVU-1 Thai Lube Base HVU-2 HVU-3 FCCU HDS-2 10,400
Slide 12: One of Region's Leading Refineries
-12- One of Region’s Leading Refineries Total Thailand crude refining capacity 1,095 kbd 2012 Market shares for refined petroleum product3 Fang (3 kbpd) 35% market Thai Oil (275 kbpd) shares PTT’s Principal Refiner BCP2 (120 kbpd) Esso (170 kbpd) Nelson Index - Regional Comparison IRPC2 (215 kbpd) 1
Slide 13: Strategic location with competitive advantages in access to key markets
-13- Strategic location with competitive advantages in access to key markets Close proximity to the key domestic markets Access to Indochina markets through deep water ports Our strategic location provide us with LAOS 1. Close proximity with the key domestic Bangkok VIETNAM markets and Sriracha (124
Slide 14: Competitive Performance Benchmarking
-14- Competitive Performance Benchmarking Solomon (Bi-Annually) Shell Global Solutions International (SGSi) 2012 2010 Operational Performance Review Hydrocarbon Management Review Operational Troubleshooting Staff Competency Development Knowledge Management & Research
Slide 15: Integrated Margin & Competitive Cash Cost
-15- Integrated Margin & Competitive Cash Cost Gross Refining Margin TOP’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Marketing GRM Accounting GRM (Marketing GRM + Stock G/L) Operating Cost Interest Expense (Net) 9.0 6.4 6.2 6.6 5.3 4.5 5.7 2.1 4.1 4.6 5.5 5.0 5.1 1.6 1.8 1.8 1.9 3.6 1.4 1.4 1.5 1.5
Slide 16: Financial Performance
-16- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB 447,432 EBITDA (excl stk G/L) EBITDA (incl stk G/L) 446,241 399,125 28,760 318,391 306,647 284,123 22,897 23,868 22,808 18,104 21,393 17,381 20,350 16,726 108,500 12,846 14,585 104,914 93,233 10,453 7,949 5,856 7,111
Slide 17: TOP Group Key Highlights
-17- TOP Group Key Highlights Thailand’s largest and Diversified earnings 1 2 one of the region’s through integration most advanced and with, and significant competitive refineries contribution from, our subsidiaries Strategic relationship Strategic location with Industry with high 3 4 5 and operati
Slide 18: Business Highlights
Business Highlights
Slide 19: Q3/13 : Business Highlights
-19- Q3/13 : Business Highlights Economic / Industry Highlights • Concerns over US debt ceiling, US Fed QE tapering, • IEA cut 2013 & 2014 oil demand growth Euro debt crisis and Chinese econ data • Chinese econ reform under Li Keqiang govt. to • Plant outages and oil field maintenance season introdu
Slide 20: Awards & Recognitions
-20- Awards & Recognitions Thai Energy Awards 2013 Alpha Southeast Asia 2013 • Outstanding Renewable Power Award • The Strongest Commitment to Sustainable under the category of Non-Grid Connect Energy in Southeast Asia renewable Electricity Generation Project • The Strongest Adherence to Corporate (
Slide 21: Q3/13: Stronger-than-Expected Result
-21- Q3/13: Stronger-than-Expected Result Top Group Net Profit Gross Refining Margin - GRM Unit : million THB NP w/o Stock G/L Stock G/(L) LCM Before tax $/bbl Q2/13 Q3/13 9M/13 Q2/13 Q3/13 9M/13 Marketing GRM 3.6 5.0 5.1 (1,565)* MB 7,609 * MB 10,407* MB Stock Gain/(Loss) (1.4) 4.0 0.6 Accounting G
Slide 22: Performance Analysis
_ — Performance Analysis
Slide 23: Q3/13: Ongoing MENA Unrest…Escalating Crude Price
Refining -23- Q3/13: Ongoing MENA Unrest…Escalating Crude Price $/bbl Jul Aug Sep Oct Nov Dec 160 Dubai Crude Oil Price 104 107 108 107 106 108 140 Avg. Dec’12 103.2 $/bbl 106 109 106 $/bbl as of 20 Jan 120 105 100 Avg. Mar’12 Avg. Sep’12 Avg. Mar’13 Avg. Dec’13 80 122 $/bbl Avg. Dec’11 111 $/bbl 10
Slide 24: Q3/13: Favorable Jet/Diesel Margins…Higher GRM
Refining -24- Q3/13: Favorable Jet/Diesel Margins…Higher GRM LPG - DB (Unit: $/bbl) Diesel - DB Q1TD 20 Jan + Peak summer demand from the ME. + Refineries run cuts and outage in India and Taiwan -39.1 -41.7 -46.7 -32.6 -38.9 -41.6 -43.5 -35.0 -28.4 -42.5 -41.3 + Open arbitrage from SK to UK 19.6 16.
Slide 25: Uptrend Crude Price…Big Jump in Inventory Gain
Refining -25- Uptrend Crude Price…Big Jump in Inventory Gain Jul Aug Sep Oct Nov Dec (Unit: $/bbl) 104 107 108 107 106 108 200 Marketing Gross Refining Margin – Marketing GRM Dubai Crude Oil Price (Unit: $/bbl) 180 103.2 $/bbl 7.7 6.6 as of 20 Jan 4.6 5.2 5.0 5.4 5.1 160 4.0 3.6 Avg. Mar’12 Q1/12 Q2
Slide 26: Optimized & Flexible Operations…Superior Performance
Refining -26- Optimized & Flexible Operations…Superior Performance Crude Assays based on Sources of Product Spread over Domestic demand for TOP configuration Crude output Dubai (US$/bbl) petroleum products* 1 % S = 1.54 % S = 2.13 % S = 0.79 1% 4% -43.5 LPG Others 8% API = 31.2 API = 30.4 API = 39.7
Slide 27: Low Seasonal Demand…Lower Domestic Sales
Refining -27- Low Seasonal Demand…Lower Domestic Sales Domestic Oil Demand / Domestic Refinery Intake Domestic Oil Demand KBD Utilization = 102% KBD 1,200 92%88% 93%89%92% 90%91% 100% 83%87% 88% 85%89% 90% 79% 1,000 80% 800 70% 60% 600 50% 40% 400 30% 653 648 624 626 686 694 640 689 724 698 667 691
Slide 28: Q3/13: Strong Demand & Lower Cost…Improved Margins
Aromatics -28- Q3/13: Strong Demand & Lower Cost…Improved Margins Aromatics Spot Prices and Margins 2013 Aromatics Production Q2 Q3 9M (US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q2 Q3 9M 87% 95% 88% PX-ULG95 482 380 394 536 448 534 435 452 474 BZ-ULG95 72 84 139 336 158 303 305 249 285 Paraxylene (PX) + Po
Slide 29: Q3/13: High Demand & Impressive Run Rate…Robust Margins
Lube Base -29- Q3/13: High Demand & Impressive Run Rate…Robust Margins Base Oil & Bitumen Spot Prices & Margins 2013 Base oil Production Q2 Q3 9M (US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q2 Q3 9M 105% 112% 105% 500SN-HSFO 500 621 497 460 519 419 494 519 477 BITUMEN-HSFO -99 -32 -41 15 -39 -19 -7 -3 -10 L
Slide 30: Beauty of Integration…Sustainable GIM
Integrated Margin -30- Beauty of Integration…Sustainable GIM (US$/bbl) 20.3 18.1 16.3 18.2 16.5 18.6 15.9 18.5 12.8 Product to Feed 24% to GIM Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12 9M/13 4.6 7.7 5.2 6.6 5.0 5.4 5.1 4.0 3.6 Crude Marketing GRM (excluded stock gain / loss) Q1/12 Q2 Q3 Q4 Q1/13 Q2 Q3 9M/12
Slide 31: Q3/13: Performance Breakdown
Performance Breakdown -31- Q3/13: Performance Breakdown Refinery Aromatic Lube Base IPT Plant TP Plant SAKC Ship Sapthip Mae Sod Utilization Production Production Availability Utilization Utilization Utilization Utilization Utilization 135% 112% 117% 104% 97% 95% 87% 97% 95% 91% 99% 86% 83% 85% 81%
Slide 32: 9M/13: Performance Breakdown
Performance Breakdown -32- 9M/13: Performance Breakdown Refinery Aromatic Lube Base IPT Plant TP Plant SAKC Ship Sapthip Mae Sod Utilization Production Production Availability Utilization Utilization Utilization Utilization Utilization 137% 105% 100% 127% 102% 101% 88% 84% 90% 80% 87%87% 90% 84% 80%
Slide 33: Consolidated Financial Performance
Financial -33- Consolidated Financial Performance (US$/bbl) Q3/13 Q2/13 Q3/12 QoQ+/(-) 9M/13 9M/12 YoY+/(-) Marketing GRM 5.0 3.6 7.7 1.4 5.1 5.4 (0.3) Marketing GIM 7.9 5.6 9.3 2.3 7.4 7.7 (0.3) Accounting GIM 11.7 4.2 13.5 7.5 8.0 7.3 0.7 (million THB) Sales Revenue 108,500 93,233 106,203 15,267 3
Slide 34: Strong Financial Performance
Financial -34- Strong Financial Performance Statements of Financial Position Consolidated Long-Term Debt as at 30 Sep 13 1) (Unit: million THB) 214,547 Total Long-Term Debt Net Debt 200,660 Trade Payable 79,630 million THB 22,221 million THB 39,132 40,984 57,802 / Others (US$ 2,525 million) (US$ 705
Slide 35: Dividend Payment
Financial -35- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Dividend Payment THB/Share Payout EPS FY/04 1.80 25% Total dividend FY/05 3.50 40% THB/Share FY/06 3.50 45% 9.40 n.a. Interim 1.50 9.19 An
Slide 36: Q4-2013 and 2014 Market Outlook
Q4-2013 and 2014 Market Outlook • Macroeconomics & Crude Prices • Petroleum Market • Aromatics & Base Oil • Conclusion
Slide 37: Macroeconomics & Crude Prices
Macroeconomics & Crude Prices Crude Prices slightly soften in Q1-14 pressured by supply resumption in Libya, QE Tapering in US. But downside is limited supported by strong refinery demand during winter season
Slide 38: 2014 Global GDP Growth by IMF
Macroeconomics & Crude Prices -38- 2014 Global GDP Growth by IMF Advanced economy countries are expected to drive world economic growth in 2014 Growth (%YoY) 2012 2013* 2014* 12% China 7.7% 7.6% 7.3% 9% India 3.2% 3.8% 5.1% 6% 5.2% 3.9% 3.2% 3.6% Japan 2.0% 2.0% 1.2% 2.8% 2.9% 3% -0.6% Thailand ** 5
Slide 39: Global Oil Demand Growth in 2014
Macroeconomics & Crude Prices -39- Global Oil Demand Growth in 2014 IEA forecasted 2014 global oil demand increases to around 1.2 mbd on stronger GDP FSU Unit: KBD North America Europe 100 120 120 • Revising up global oil demand 230 -60 -60 for 2013 on the back of 10 -540 stronger‐than‐ expected eco
Slide 40: Non-OPEC Supply Growth in 2014
Macroeconomics & Crude Prices -40- Non-OPEC Supply Growth in 2014 IEA forecasted 2014 global oil supply increases around 1.72 mbd mainly from North America FSU Unit: KBD North America Europe 1250 1380 50 220 150 1150 • Higher global oil supply for 2013 -160 -150 driven by an increase in non‐OPEC -31
Slide 41: OPEC to Balance Demand/Supply
Macroeconomics & Crude Prices -41- OPEC to Balance Demand/Supply Due to increasing in Non-OPEC oil supply, OPEC crude production will drop to 29.3 MBD Growth Rate Well-supplied oil market in 2014 (MBD) (MBD) 100 2012 2013 2014 90 +1.1 +1.2 +1.2 OPEC Crude OPEC Crude OPEC Crude 80 Production Producti
Slide 42: Instable Supply from Libya, South Sudan and Iraq
Macroeconomics & Crude Prices -42- Instable Supply from Libya, South Sudan and Iraq Oil Prices are supported by limited Libyan Supply, recent violence in South Sudan and instable Iraqi crude oil Syria : 164 kbd (20 kbd) Egypt : 728 kbd (650 kbd) • Internal unrest continues • Egypt's political crisis
Slide 43: In 2014 … Crude Price Should be Slightly Soften On Average
Macroeconomics & Crude Prices -43- In 2014 … Crude Price Should be Slightly Soften On Average What We See….Ongoing MENA Unrest & High demand during winter should support crude price in Q1. However, from Q2 onwards, incremental Non-OPEC supply should pressure crude oil prices $/BBL 2014 Dubai $103 $/
Slide 44: Impact of higher US tight oil on crude spread
Macroeconomics & Crude Prices -44- Impact of higher US tight oil on crude spread – Opportunity for Asian refinery to buy more W. African crude Pipeline capacity from Cushing to USGC NGLs Tight Oil Conventional Crude Source: FGE, June 2013 Source: Wood Mackenzie, Jul 2013 Brent – Dubai To be narrowed
Slide 45: Potential Effects from QE Tapering on Crude Oil Prices
-45- Potential Effects from QE Tapering on Crude Oil Prices What We See…. Expect QE tapering (end of easy money era) to have negative effect on crude prices thru tighten money market & strong dollar value “Since 2009, the figures show some correlation between Brent crude price & US money supply” QE
Slide 46: Petroleum Product Market
Petroleum Product Market Expect Firm GRM in Q1-14 supported by strong winter demand and refinery closure in Japan Keep Watching New Supply from ME and Chinese Refinery!!
Slide 47: 2013-14 Refinery Status
-47- 2013-14 Refinery Status CDU Capacity Addition VS Additional Demand – AP & ME CDU Addition VS Additional Demand – AP & ME Addition KBD Company China Q2-13 200 PetroChina Pengzhou (Sichuan) AP Additional Demand ME Additional Demand Trial runs in late-Dec and expect to be fully runs in Q1-14 AP CD
Slide 48: Expect lower Chinese Gasoil export in 2014
-48- Expect lower Chinese Gasoil export in 2014 after China levied new import tax on Biodiesel Blend since Dec 15, 2013 • Expect lower Chinese Gasoil in 2014 compared to 2013 after Chinese government closed the tax loophole on Dec 15, 2013 by imposing consumption tax on biodiesel import, making biod
Slide 49: Firm GRM on Higher Winter Demand & Improving Regional Demand
-49- Firm GRM on Higher Winter Demand & Improving Regional Demand… KEEP Watching Full Impact of 400 KBD Jubail refinery ($/bbl) 2013FY Q4-13 Q1-14* 2014FY** LPG ($/t) 868.3 957.6 ULG95-DB 13.6 9.2 JET-DB 17.5 17.3 GO-DB 17.8 17.7 HSFO-DB -8.0 -10.4 Remark : * Compared to Q4-13 ** Compared to 2013FY
Slide 50: Demand continue to grow supporting from economic growth
Petroleum Market -50- Demand continue to grow supporting from economic growth % year on year 2012 11M-2013 2014F LPG +7 % +2% +4% Gasoline +5 % +8% +1% Jet/Kero 0% +10% +2% Gasoil +7 % +2% +2% Fuel Oil -4 % -10% -13% Total (exclude LPG) +5 % + 3% +2% Factor to Watch “Thailand economic growth & Float
Slide 51: Aromatics
Aromatics PARAXYLENE …. Delay in New PX Capacities Help Limit Downside
Slide 52: Status of New PX Capacities
Aromatics -52- Status of New PX Capacities Feedstock Uncertainty (KTPA) Sinopec Hinan Own Feedstock HC Petrochem TPPI Tenglong1 Tenglong2 Addition Timing KTPA Company and (Site) + Tight PX supply will continue in Q1’14 due to: India Mar 920 ONGC Mangalore Petrochemicals • Delay in New PX capacities
Slide 53: BZ Demand/Supply Outlook
Aromatics -53- BZ Demand/Supply Outlook “Global BZ Supply And Demand Addition” “Less BZ supply from Pygas” Coke US Ethylene Crackers Feedstock PX 6% 2012 Forecast Total Capacity Addition 14.6 MT 16% HDA Reformate Total Demand Addition 14.0 MT 3% 36% Pygas 38% PX Coke 20% 5% 2018 HDA Reformate 2% 39%
Slide 54: Delay in New PX Capacities Help Limit Downside
Aromatics -54- Delay in New PX Capacities Help Limit Downside ($/t) 2013FY Q4-13 Q1-14* 2014FY** PX-ULG95 461 422 BZ-ULG95 289 297 TL-ULG95 148 153 Note: PX = Paraxylene, BZ = Benzene, TL = Toluene * Compared to Q4-13 ** Compared to 2013FY What happened in Q4-13 .… Factor to Watch for Q1-14 …. - Res
Slide 55: Lube Base & Bitumen
Lube Base & Bitumen Supply from new base oil plants pressured market sentiment
Slide 56: Flooding of Group II & Group III Supply
Lube Base & Bitumen -56- Flooding of Group II & Group III Supply Global base oil demand remain on an uptrend, growing at 1.4% p.a., with the rising of Gr.II & III consumption. Fuel economy and emission standard require premium base oil. Surplus capacity of Gr.II and Gr.III in Asia Pacific (inc
Slide 57: Bitumen Market
Lube Base & Bitumen -57- Bitumen Market $/MT $/MT Bitumen-HSFO Bitumen Price FOB Asia HSFO FOB SG 800 140 700 100 600 60 500 20 400 -20 300 -60 200 100 -100 0 -140 Jun-12 Jun-13 Mar-12 May-12 Jul-12 Mar-13 May-13 Jul-13 Mar-11 May-11 Dec-12 Apr-12 Sep-12 Nov-12 Apr-13 Sep-13 Nov-13 Apr-11 Sep-11 Nov
Slide 58: More supply from Gr.II pressured Gr.I base oil market
Lube Base & Bitumen -58- More supply from Gr.II pressured Gr.I base oil market ($/t) 2013FY Q4-13 Q1-14* 2014FY** 500SN-HSFO 485 509 Bitumen-HSFO -14 -27 Remark : * Compared to Q4-13 ** Compared to 2013FY What happened in Q4-13 Factor to Watch for Q1-14 • Demand from oil-drain interval in • Restocki
Slide 59: Conclusion
Conclusion
Slide 60: Firm Fundamental
Conclusion -60- Firm Fundamental CRUDE & “Resume Supply in Libya , QE Tapering And Deal on Iran Nuclear REFINERY Pressure Crude Price in Q1-14 But high winter demand limit downside” “Firm GRM in Q1 on High Winter Demand and expected lower Chinese export compared to 2013” AROMATICS “Firm PX Market fr
Slide 61: TOP Way Forward
TOP Way Forward
Slide 62: Broadening Growth, Capturing Step Out, Pursuing Sustainability
-62- Broadening Growth, Capturing Step Out ,Pursuing Sustainability Operational Excellence Growth (Core & Step Out) Core Business Quick win Value Chain Enhancement Adjacent Logistics New Business AEC countries Geography
Slide 63: Strategic Investment Plan
-63- Strategic Investment Plan CAPEX Plan (Unit US$ million) Remaining capital investment Projects COD Total After Project Cost 2013 2014 2015 2015 Our CAPEX investments will Refinery upgrading 2014 137 72 56 cover improvements in Reliability, efficiency and flexibility - 365 56 99 69 47 plants reli
Slide 64: Project Update
-64- Project Update Project Detail Progress HCU Revamp: • Increase high purity hydrogen production to gain margin • COMPLETED Basic Design • Phase I: PSA-3 from high sulphur crude processing Package (BDP) & Basic • Phase II: HVU-2 • Maximize lube base oil production while increasing Design Engineeri
Slide 65: Project Update
-65- Project Update Project Detail Progress Emission • To control flue gas quality according to the new • CONSTRUCTION PHASE Improvement emission law (New emission law limits SOX < 500 (overall progress 94.2%) Project (EIP) ppm from Dec 2013 onwards) • To build spare capacity for flue gas treating u
Slide 66: Project Update
-66- Project Update Project Detail Progress CDU-3 Crude • Set up, replace and rearrange heat exchangers in CDU-3 • COMPLETED Basic Design Preheat Train to reduce fuel usage Package (BDP) & Front End Improvement • Improve tray & equipment in CDU-3 to enhance refining Engineering and Design efficiency
Slide 67: Project Update
-67- Project Update Project Detail Progress Linear Alkyl • Upgrade existing Benzene and Kerosene into • CONSTRUCTION Phase Benzene (LAB) higher valued product; LAB which is an (overall progress 14.7%) TPX JV with Mitsui intermediate feedstock in production of 75% : 25% surfactant Established on • Ca
Slide 68: Project Update
-68- Project Update Project Detail Progress Power Expansion • Low risk power business enhance income stability • COMPLETED Front End (2 blocks of SPP) • To support reliability of electricity and steam supply for Engineering and Design TOP Group (FEED) • Develop 2 new SPP power plants = 220 MW under
Slide 69: Project Update
-69- Project Update Project Detail Progress Solvent Expansion • To expand solvent capacity to meet the demand growth • CONTRUCTION PHASE (SAKC) in Thailand and the region (overall progress 85.0%) • Capacity increase to 141 KTA from 76 KTA • CAPEX = 60 M$ • COD = 2014 AEC Member Countries Market Dema
Slide 70: Question & Answer
Question & Answer
Slide 71: Thank You
-71- Thank You Any queries, please contact: at email: [email protected] Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
Slide 72: Appendices
Appendices
Slide 73: Asian Margin Vs. US-EU margin
-73- Asian Margin Vs. US-EU margin $/bbl SINGAPORE GRM 91.8% 57.1% 71.7% Total Capacity: 17.7 MBD Total Capacity: 17.0 MBD Total Capacity: 4.9 MBD Source: EIA, Norwegian Energy, Thai Oil
Slide 74: Crude Inventory
-74- Crude Inventory Source: Norwegian Energy
Slide 75: Global Distillate Inventory
-75- Global Distillate Inventory Source: Norwegian Energy
Slide 76: Fuel Oil Inventory
-76- Fuel Oil Inventory Source: Norwegian Energy
Slide 77: China's Product Export
-77- China’s Product Export Source: Norwegian Energy
Slide 78: Benchmark Product Yield
-78- Benchmark Product Yield SG DB WTI CRK BRT CRK SG DB CRK HSK Yield Reuters Reuters Reuters Reuters Yield Adj F&L Adj F&L Adj F&L Mogas 47% 25% 31% 10% Naphtha - - 7% 6% Jet 25% 25% 18% 17% GO 11% 23% 16% 16% FO 13% 18% 22% 46% LPG 4% 6% 3% 3% MTBE -2% - - - TOTAL 98% 97% 97% 98%
Slide 79: Domestic LPG Demand
-79- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight • LPG demand in Q3-13 dropped by 3%YoY from significant reduction in feedstock sector • Government imposed active measures on gas distributors selling cross sectional LPG from household sector to automotive sector. • So, LGP in househ
Slide 80: Domestic Gasoline Demand
-80- Domestic Gasoline Demand Thailand Gasoline Demand GASOLINE Demand Highlight • Gasoline consumption in Q3-13 grew by 8% YoY. • Mogas demand in Oct 13 rose 4% MoM after flooding situation was ease. Mogas demand rose in all grade, where GSH portion increased slightly to 93% of total Mogas, led by
Slide 81: Domestic Jet Demand
-81- Domestic Jet Demand Thailand JET-A1 Demand JET Demand Highlight • Jet consumption in Q3-13 rose by 13% YoY in line with an increase in number of flights as well as a rise in tourists. • Jet consumption in Oct 13 increased by 1% MoM due to higher in aircraft movements by 4.9% MoM, tourist number
Slide 82: Domestic Gasoil Demand
-82- Domestic Gasoil Demand Thailand Gasoil Demand GASOIL Demand Highlight • Gas oil demand in Q3-13 remain stable compared to last year from reduction from all sectors. • Gas oil demand in Oct 13 increased 5% MoM supported from rising in transportation and industrial sector after production resumed
Slide 83: Domestic Fuel Oil Demand
-83- Domestic Fuel Oil Demand Thailand Fuel Oil Demand FUEL OIL Demand Highlight • FO demand in Q3-13 decreased by 3%YoY mainly from lower usage in industry sector. • Fuel Oil demand in Oct 13 dropped by 5% MoM from a decrease usage in transportation and industry by 9% and 2% respectively. Thailand
Slide 84: Thank You
-84- Thank You Any queries, please contact: at email: [email protected] Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
Thai Oil Public Company — Investor Presentation (January 2014) on 6ix