Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (December 2020)
63 slides from Thai Oil Public's investor presentation, Dec 8, 2020
Slide 1: Presentation to Investors November 2020
Thai Oil Public Company Limited Presentation to Investors November 2020
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 FINANCIAL HIGHLIGHTS STRATEGIC INVESTMENT PLANS INDUSTRY OUTLOOK APPENDIX
Slide 4: Strategic Relationship and Operational Integration with PTT
-4- - 4- Strategic Relationship and Operational Integration with PTT Thai Oil’s strong shareholder base • Benefits from PTT’s dual role 6.29% as our major shareholder and key business partner • All transactions take place 29.81% at arm’s length and in * 48.03% adherence with strong corporate governa
Slide 5: TOP Group Synergy & Strategic Role in PTT Group Value Chain
-5- - 5- 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 The majority of Mixed-Xylene refined petroleum profit margins and
Slide 6: Key Milestones: 60 Years, A Long Track Record of Success
-6- - 6- Key Milestones: 60 Years, A Long Track 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 refin
Slide 7: Thai Oil Group Business Structure
-7- - 7- Thai Oil Group Business Structure 100.0% 100.0% 74.0% PTT 26.0% 100.0% 100.0% Thai Paraxylene Thai Lube Base Thaioil Power Thaioil Marine Thaioil Ethanol Thaioil (TOP) (TPX) (TLB) (TP) (TM) (TET) Capacity : Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to • 5 Oil & Chemical Tank
Slide 8: Process Linkage: Beauty of Integration
-8- - 8- 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 CDU-1 50,000 CC ULG91 45,000 R 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-
Slide 9: One of Region's Leading Refineries
-9- - 9- 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% 29% market market Thai Oil (275 kbpd) shares shares PTT’s Principal Refiner BCP (120 kbpd) Esso
Slide 10: Strategic Location with Competitive Advantages in Access to Key Markets
-10- -10- Strategic Location with Competitive Advantages 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 Ban
Slide 11: Competitive Performance Benchmarking (Yr 2016 vs 2018)
-11- Competitive Performance Benchmarking (Yr 2016 vs 2018) Solomon for GOC 3(1) Category 2018 : TOP 2016 : TOP Total Operating Expenses, US cents/UEDC Solomon Associates is the independent 3rd Mechanical Maintenance Availability, % Index, US $/EDC party who applies Comparative Performance Analysis
Slide 12: Optimized & Flexible Operations…Superior Performance
Crude & Production -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
Slide 13: Refinery: Slowdown Utilization Rate as Lower Product Spread
-13- Refinery: Slowdown Utilization Rate as Lower Product Spread TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate Sep’20 Mogas Jet/Kero Gasoil Total 9M/19 = 105% 9M/20 = 101% 150% (yoy) +11.1% -74.0% +3.5% -7.0% 116% 103% (1) 113% 112% 113% 107% 97% 111% 98% 93% 1
Slide 14: Key Financial Highlights
-14- KEY FINANCIAL HIGHLIGHTS
Slide 15: The World in Q3/20
-15- The World in Q3/20 Crude Oil Remained Range-Bound, while Decelerating Oil Demand Recovery in High Product Inventory from Q2/20, OSP was set at Premium Q3/20 Rebalancing Trend in 2H/20 Crude Oil Price MBD Global Oil Demand Inventory in US, EU and SG $/bbl 5 80 Gasoline Jet & Gasoil 0 MBBL MBBL -
Slide 16: Key Highlight in Q3/20
-16- Key Highlight in Q3/20 • Lowest Market GRM, market GRM dipped to $-1.1/bbl due to weak product margins esp middle distillates and increasing crude OSP premium Performance • Inventory gain of $4 as a result of lower overall crude cost from OSP crude discount in Q2/20 • Optimized overall utilizat
Slide 17: Q3/20 & 9M/20 - Market Highlights
-17- Q3/20 & 9M/20 - Market Highlights QoQ Crude Oil (Dubai rose from $40.8/bbl to $41.5/bbl) YoY Crude Oil (Dubai dropped from $61.1/bbl to$41.5/bbl) Crude Price ($/bbl) (ending price) (MB-DB rose from $-4.5/bbl to $0.9/bbl) (MB-DB dropped from $4.1/bbl to $0.9/bbl) 65.2 • Global oil demand recover
Slide 18: Q3/20 & 9M/20 - Key Business Highlights
-18- Q3/20 & 9M/20 - Key Business Highlights Business Excellence Operational Commercial Financial • Optimized overall utilization rates to cope with • Maximized domestic & Indochina sales • Power Business Restructuring low demand • Gain on selling GPSC share 5,487 million Q2/20 Q3/20 9M/19 9M/20 U-R
Slide 19: Q3/20 & 9M/20 - Financial Performance
-19- Q3/20 & 9M/20 - Financial Performance TOP Group Net Profit Unit :Million THB (MB) Net Profit Contributions Q2/20 Q3/20 9M/19 9M/20 Excluding Stock gain/(loss) 2,480 MB 715 MB 4,293 MB (10,559) MB 4% 1,255 344 13% 18% 28% 378 Write down on crude & 963 160 product inventory 10% Q2/20 Q3/20 Stock
Slide 20: Integrated Margin & Competitive Cash Cost
-20- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) (excl. one-time non-operating item) 6.8 6.7 7.6 5.2 4.74.3 3.1 3.6 2.9 3.2 3.6 0.1 1.4 0.
Slide 21: Financial Performance
-21- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 36,925 389,344 32,675 362,179 33,448 337,388 25,496 22,867 274,739 265,916 20,239 13,833 183,248 13,214 4,285 8,943 9,906 2,881 3,819 3,641 833 76,652 49,372 57,225 (1,476)
Slide 22: Q3/20 TOP Group Strong Financial Position
-22- Q3/20 TOP Group Strong Financial Position Statements of Financial Position Consolidated Long-Term Debt as at 30 Sep 20 (Unit: million THB) 298,170 300,900 Total IBD Net Debt 36,004 36,606 Trade Payable 152,772 million THB 81,825 million THB Cash & ST 80,638 70,947 / Others investment (US$ 4,800
Slide 23: TOP Group Strategic Investment Plan
23- --23- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Estimated Budgeting for 5-year Investment Plan Project Total 2020 - 2024 2020 2021 2022 2023 2024 CFP project * 3,292 1,547 1,505 554 (314) Total Ongoing CAPEX 221 118 65 35 2 1 Reliability, Efficiency and Flexibility Improv
Slide 24: Dividend Payment
-24- -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 12.18 10.40 9.19 9.40 8.66 7.82 7.28 5.91 6.04 5.97 4.57 4.97 4.39 2.75 3.00 3.75 3
Slide 25: Strategic Investment Plans
-25- STRATEGIC INVESTMENT PLANS
Slide 26: Thaioil's Strategic Direction: Accelerate the Transformation
-26- Thaioil’s Strategic Direction : Accelerate the Transformation Agility & Nimble Flexible & opportunistic Resilience Vision 2023 Empowering Human Life through Sustainable Energy and Chemicals Strategic Objective To be a competitive Energy & Chemicals company that delivers sustainable return
Slide 27: CFP Rationale & Timeline
-27- 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 customer needs and c
Slide 28: Scope of CFP & Technical Aspect
-28- 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/
Slide 29: CFP Competitiveness
-29- CFP Competitiveness Without CFP With CFP CDU Capacity CDU Capacity 275,000 bbl per day 400,000 bbl per day Upgrading Ratio 28 % Upgrading Ratio 50% (upgrading capacity(1) over CDU capacity) (upgrading capacity(2) over CDU capacity) Power Plant 250 MW Remark : (1) including HCU 1/2, FCCU, TCU (2
Slide 30: CFP Value Proposition
-30- CFP Value Proposition Flexibility of crude intake Product Upgrading Light Distillate 25% (LPG, Light naphtha, Heavy naphtha, Light Crude Gasoline) 40% - 50% (API > 31) 23% 5% - 15% Medium Crude Middle Distillate (25 < API < 31) 62% (Jet , Gasoil) 100% 53% 40% - 50% Heavy Crude (API < 25) 17% Ot
Slide 31: CFP Key Progress
31- --31- CFP Key Progress Key Progress in 9M/20 • Complete foundation for major equipment in all areas • Massive progress in Building and main Substation construction • Material Off-Take jetty and road for heavy equipment transportation will be ready to use by end 2020. • Complete Crude Tanks erect
Slide 32: 2021 Industry Outlook
-32- -32- 2021 INDUSTRY OUTLOOK • Crude Oil • Refinery • Aromatic • Base Oil & Bitumen
Slide 33: Oil Demand to Recover and Lower Surplus Supply
--33- 33- Oil Demand to Recover and Lower Surplus Supply A Oil Demand & Economic Recovery B Limited Supply Growth due to Lower E&P CAPEX Global Oil Demand VS GDP Growth Demand 2021 Global Supply Growth YoY Supply 2021 Demand Growth (MBD) 97.1 MBD 96.4 MBD GDP (%) US Russia Asia 8 Oil Demand Growth Y
Slide 34: Recovering Refinery Margin on Improving Demand and Easing Stock Levels
--34- 34- Recovering Refinery Margin on Improving Demand and Easing Stock Levels Singapore Cracking GRM ($/BBL) 7.7 8.2 6.7 6.2 7.2 7.1 7.0 6.5 6.4 6.4 6.1 6.1 5.9 5.0 5.2 4.3 3.2 3.5 3.7 1.7 1.2 1.6 0.0 -0.9 Q1-16 Q2-16 Q3-16 Q4-16 Y2016 Q1-17 Q2-17 Q3-17 Q4-17 Y2017 Q1-18 Q2-18 Q3-18 Q4-18 Y2018 Q
Slide 35: Recovering Product Market on COVID-19 Relief to Drawdown Floating Storage
-35- Recovering Product Market on COVID-19 Relief to Drawdown Floating Storage amid Refinery Closures A Increasing Petroleum Demand on COVID-19 Relief C Refinery Addition to Pressure Market but Capped by Closures Change in Global Petroleum Product Demand (y-o-y) AP/ME Effective CDU Addition VS Addit
Slide 36: Improving Gasoline Demand on Easing Lockdown while Jet Remains Under Pressure
-36- Improving Gasoline Demand on Easing Lockdown while Jet Remains Under Pressure from Travel Restriction Gasoline Market Jet Market Rising Stock in EU on Re-imposed Lockdown amid Gradually A Returning Stock to Normal and Asian Demand Recovery A Recovery Global Flights SG Gasoline Inventory Asian M
Slide 37: Rising Gasoil and Fuel Oil Demand on Economic Recovery
-37- Rising Gasoil and Fuel Oil Demand on Economic Recovery Gasoil Market Fuel Oil Market A Middle Distillate Stock Signs on Lower from demand recovery, but A Limited Asian Supply and Rising Bunker Demand Still Higher than 5-yr Avg. Gasoil Demand by MBBL SG Fuel Oil Inventory MBD Asian Bunker Demand
Slide 38: Recovering Domestic Demand on Improvement of Economy
-38- Recovering Domestic Demand on Improvement of Economy A Increasing Gasoline Demand on Higher Consumer’s Spending on Goods BC Recovering Jet Demand on Gradual Improvement of Tourism Sector Gasoline Demand vs. Non-Durable Goods Index* Jet Demand vs. Tourist Number MML/Day Index MML/Day Million Dem
Slide 39: Improved Aromatics Market on Less Additional Capacity and Demand Recovery
-39- Improved Aromatics Market on Less Additional Capacity and Demand Recovery A Short Term Less New Support by SM Plants Startup Run amid Rate and Recovered Lowerfrom Demand BZ Stock 2020 B Improved market Less Capacity in 2021 Addition dueand in Region to Less Capacity Continually Addition China/U
Slide 40: Stable to Soft Base Oil Market on Lower Demand Recovery than New Supply Addition
-40- Stable to Soft Base Oil Market on Lower Demand Recovery than New Supply Addition A Slightly Recovering Demand amid New Capacity Addition in 2020-2021 B Higher Bitumen Supply from Higher Asian Refineries Run Rate AP/ME Base Oil Effective Capacity and Demand Growth Percent Asian Refinery Run-Rate
Slide 41: 2021 Industry Outlook Conclusion
-41- 2021 Industry Outlook Conclusion (vs. 2020) Crude Oil Oil Demand to Recover and Lower Surplus Supply Refinery Recovering Refinery Margin on Improving Demand and Easing Stock Levels Aromatic Improved Aromatics Market on Demand Recovery and Less Additional Capacity Lube Base Stable to Soft Base O
Slide 42: Appendix
-42- APPENDIX • Performance analysis • Sustainability / ESG • Refinery capacity addition • World GRM / Inventories • Thailand petroleum demand by products
Slide 43: Refinery: Weak Mkt GRM Pressured by Lower Product Spread
Performance Analysis -43- Refinery: Weak Mkt GRM Pressured by Lower Product Spread Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2019 2020 2019 Q2/20 Q3/20 9M/19 9M/20 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4TD* FY 98% 93% 105% 101% DUBAI (DB) 63.5 67.4 61.1 62.1 50.9 30.6 42.9 41.5
Slide 44: Aromatic: Lower Contribution Pressured by PX & BZ Spread
Performance Analysis -44- Aromatic: Lower Contribution Pressured by PX & BZ Spread Aromatics Spreads and Margins Aromatics Production 2019 2020 2019 Q2/20 Q3/20 9M/19 9M/20 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4TD* FY 75% 56% 70% 71% PX-ULG95 508 273 194 163 218 214 143 192 146 285 Q3/20 Market BZ-ULG95 1
Slide 45: Base Oil: Improving Contribution mainly from Bitumen Demand
Performance Analysis -45- Base Oil: Improving Contribution mainly from Bitumen Demand Base Oil & Bitumen Spreads & Margins Base oil Production 2019 2020 2019 Q2/20 Q3/20 9M/19 9M/20 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4TD* FY 89% 89% 85% 86% 500SN-HSFO 330 287 283 384 369 372 340 360 417 321 % Base Oil &
Slide 46: Power Sector Performance…Growing Contribution to the Group
Performance Analysis -46- Power Sector Performance…Growing Contribution to the Group Power Business Sector Equity holding in SPP **** 74% 100% Power & Steam Sales **** TOP shareholding 24.29% (8.91% via TOP and 20.79% via TP) Electricity(1) 1,856 1,854 GPSC is an associate company of TOP. (GWh) 606
Slide 47: Performance Breakdown
Performance Analysis -47- Performance Breakdown Petrochemical & (2) Others & (3) Consolidated Net Stock Gain/ Consolidated Net Petroleum Power Profit Profit Lube Base (1) New Business (excl. Stock G/(L) (Loss) (incl. Stock G/(L) Q2/20 2,652 375 716 141 3,884 (1,404) 2,480 Q3/20 (3,701) 391 833 206 (
Slide 48: Q3/20 & 9M/20 TOP Group Consolidated P&L
Performance Analysis -48- Q3/20 & 9M/20 TOP Group Consolidated P&L (MB) Q3/20 Q2/20 QoQ+/(-) Q3/19 YoY+/(-) 9M/20 9M/19 YoY+/(-) (A) Sales Revenue 57,225 49,372 7,853 82,329 (25,104) 183,248 265,916 (82,668) (C) Net Realized G/(L) on Financial Instrument 144 (45) 189 147 (3) 80 71 9 (B) (D) EBITDA 3
Slide 49: 9M/20 Consolidated Cash Flow
Performance Analysis -49- 9M/20 Consolidated Cash Flow (Unit: MB) 9M/20 9M/19 Operating Cash Flow (2,568) 6,838 9M/20 9M/19 Net income (10,285) 4,461 Investments (71,846) 35,896 Depreciation & NRV 7,425 4,347 + Dividend income 1,489 763 (1) Other adj. (919) 332 ST investments (40,849) 55,177 Change
Slide 50: ESG/Sustainability Highlights 2020
Sustainability / ESG -50- ESG/Sustainability Highlights 2020 Industry Leader in Oil & Gas Refining & Marketing Industry (OGR) in 2020* Member of DJSI Emerging Market For 8 consecutive years in OGR * Industry Leader in OGR from 2014-2020 2020 Sustainability Award (Gold Class) 6th year of “Gold Class"
Slide 51: Medium-Term Demand Growth to Balance with Refinery Addition
Refinery capacity addition -51- Medium-Term Demand Growth to Balance with Refinery Addition Asia Pacific and Middle East Effective CDU Addition VS Additional Demand AP & ME Demand Growth Middle East Key Projects : China Other AP Japan India Country Company CDU (KBD) Start-up Vietnam Teapot MBD Thail
Slide 52: Asian Margin Vs. US-EU margin
World GRM -52- Asian Margin Vs. US-EU margin $/BBL $/BBL SINGAPORE GRM EU – US Margins 70 15 60 10 50 5 40 0 30 20 -5 10 -10 0 -15 -10 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 SING CRACK SING HYDRO BRENT CRACK BRENT HYDRO WTI CRACK MBD U.S. Cr
Slide 53: Global Crude Oil Inventories
Inventories -53- Global Crude Oil Inventories MBBL U.S. Crude Stocks (excl. SPR) MBBL Crude Oil, Cushing, Oklahoma 600 Source : EIA 80 Source : EIA 550 70 500 60 50 450 40 400 30 350 20 300 10 250 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2019 2020 avg 15-19
Slide 54: Global Gasoline Inventories
Inventories -54- Global Gasoline Inventories U.S. Gasoline Stocks Singapore Gasoline Stocks MBBL Source : EIA MBBL 280 20 Source : IE Singapore 260 240 10 220 200 180 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2019 2020 avg 15-19 5yr-range 2019 2020 avg 15-19
Slide 55: Global Middle Distillate Inventories
Inventories -55- Global Middle Distillate Inventories U.S. Diesel Stocks Singapore Middle Distillate Stocks MBBL MBBL 200 Source : EIA 20 Source : IE Singapore 180 160 140 10 120 100 80 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2019 2020 avg 15-19 5yr-range
Slide 56: Global Fuel Oil Inventories
Inventories -56- Global Fuel Oil Inventories U.S. Residual Fuel Oil Stocks Singapore Residual Fuel Oil Stocks MBBL MBBL Source : IE Singapore Source : EIA 50 40 30 40 20 30 10 20 0 1 5 9 13 17 21 25 29 33 37 41 45 49 1 5 9 13 17 21 25 29 33 37 41 45 49 5yr-range 2019 2020 avg 15-19 5yr-range 2019 20
Slide 57: China's Refined Product Exports
Inventories -57- China’s Refined Product Exports China’s Gasoline Exports China’s Gasoil Exports KBD KBD Source : China Custom Source : China Custom 600 800 500 700 600 400 500 300 400 200 300 200 100 100 0 0 1 2 3 4 5 6 7 8 9 10 11 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 2019 2020 2
Slide 58: Domestic LPG Demand
Thailand petroleum demand by products -58- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day 2020 2019 2018 2017 • In 9M’20, LPG demand plunged by 15.4% YoY following the decrease in all sectors, especially in the automobile sector. LPG 20 demand in the automobile sector decreased
Slide 59: Domestic Gasoline/Gasohol Demand
Thailand petroleum demand by products -59- Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/GASOHOL Demand Highlight MML/Day • In 9M’20, Gasoline demand was reduced by 2.6% YoY to an 2020 2019 2018 2017 average of 31.2 MML/day while only Gasohol* demand 36 34.7 34.4 decreas
Slide 60: Domestic Jet Demand
Thailand petroleum demand by products -60- Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day 2020 2019 2018 2017 • In 9M’20, Jet consumption decreased by 57.8% YoY, as the flight 24 22.4 number slumped from the suspension of domestic and 19.3 international flights since the end of
Slide 61: Domestic Gasoil and NGV Demand
Thailand petroleum demand by products -61- Domestic Gasoil and NGV Demand Thailand Gasoil Demand Gasoil Demand Highlight MML/Day 2020 2019 2018 2017 • In 9M’20, Gasoil demand decreased by 3.3% YoY, as the logistic 72 activities was limited by slower manufacturing and agricultural production from eco
Slide 62: Domestic Fuel Oil Demand
Thailand petroleum demand by products -62- Domestic Fuel Oil Demand Thailand Fuel Oil Demand 2020 2019 2018 2017 Fuel Oil Demand Highlight MML/Day • In 9M’20, Fuel Oil consumption fell by 17.6% YoY, as the demand 8 in the transportation sector, which accounted for 55.7% of total Fuel Oil demand, dro
Slide 63: Thank You
--63- 63- 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 (December 2020) on 6ix