Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (April 2020)
66 slides from Thai Oil Public's investor presentation, April 2020
Slide 1: Thai Oil Public Company Limited Presentation to Investors April 2020
- 1- Thai Oil Public Company Limited Presentation to Investors April 2020
Slide 2: Disclaimer
-2- - 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 statement
Slide 3: Presentation Agenda
-3- - 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 8.8% as our major shareholder and key business partner • All transactions take place at arm’s length and in 28.7% 47.0% adherence with strong corporate governance p
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 Paraxylene The majority of products to enjoy higher Mixed-Xylene refined petroleum profit margins and
Slide 6: Key Milestones: 59 Years, A Long Track Record of Success
-6- - 6- Key Milestones: 59 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 1,257 kbd (1) Market shares for refined petroleum product (3) Thai Oil 22% Share Nameplate Capacity 35% 32% market market Thai Oil (275 kbpd) shares shares PTT’s Principal Refiner BCP (135 kbpd) Esso (177 kbpd) Q4/19
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: Optimized & Flexible Operations…Superior Performance
-11- -11- 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** SA
Slide 12: Refinery: Higher U-Rate and Robust Domestic & CLMV Sales
-12- -12- Refinery: Higher U-Rate and Robust Domestic & CLMV Sales TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate KBD 2018 2019 1.8% 116% 120% 113% 115% 115% 113% 113% 800.0 108% 103% (1) 107% 97% 600.0 1.2% 100% 97% 97% 98% 98% 96% 3.7% 94% 97% 400.0 0.8% 80% 8
Slide 13: Competitive Performance Benchmarking (2016 vs 2018)
-13- -13- 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 Anal
Slide 14: Key Highlights
-]4- KEY HIGHLIGHTS Vreven
Slide 15: Q4 & FY/19 Key Market Highlights
-15- -15- Q4 & FY/19 Key Market Highlights QoQ Crude Oil (Dubai rose to $64.9/bbl from $61.1) YoY Crude Oil (Dubai rose to $64.9/bbl from $57.3) Dubai Crude Price ($/bbl)(1) 61.1 64.9 64.9 • OPEC cut production by additional 0.5 MBD • Higher-than-target production cut from OPEC 57.3 • U.S. – China s
Slide 16: 2019 Key Achievement
-16- -16- 2019 Key Achievement Operational Commercial Financial • Completion of the historic major turnaround • Captured higher domestic & Indochina sales • Tremendously successful $565 mn USD bond - CDU-3 & Aromatics complex in Jul’19 issuance – 30 years w/ coupon rate of 3.5% Q3/19 Q4/19 2018 2019
Slide 17: 2019 Key External Events
-17- -17- 2019 Key External Events Delayed IMO impact Rising Crude premium $/BBL Key Product Spreads $/BBL Market Crude Cost vs Dubai 5 10 4 3 0 2 -10 1 -20 0 Q1-19 Q2-19 Q3-19 Q4-19 2018 2019 Q1-19 Q2-19 Q3-19 Q4-19 2018 2019 U95-DB GO-DB HSFO-DB VLSFO-DB Murban Premium AXL Premium Prolonged US-Chi
Slide 18: Q4 & FY/19 Financial Performance
-18- -18- Q4 & FY/19 Financial Performance TOP Group Net Profit Unit : million THB (MB) Net Profit Contributions Q3/19 Q4/19 FY/18 FY/19 Excluding Stock Gain/(loss) Others (683) MB 1,984 MB 10,149 MB 6,277 MB & New Business Petroleum Power F/X G/L on foreign currency assets & liabilities 2018 Others
Slide 19: 2019 Productivity Improvement (VS Corporate Plan)
-19- -19- 2019 Productivity Improvement (VS Corporate Plan) Cost Management Margin Improvement (Hydrocarbon Management : HMR) and 905 MB (17%) 414 MB (7%) Productivity Improvement (Non HMR) General & Admin , Procurement & warehouse , Operation & Maintenance , Project & Manpower management Unit: mill
Slide 20: Integrated Margin & Competitive Cash Cost
-20- -20- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Higher refinery operating cash Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) cost due to MTA CDU-3 cost (excl. one-time non-operat
Slide 21: Financial Performance
-21- -21- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 36,925 389,344 32,675 33,448 362,179 337,388 25,496 274,739 22,867 20,239 13,833 13,214 91,626 91,962 82,329 96,263 6,889 2,959 4,293 4,293 3,102 2,072 3,134 3,674 201
Slide 22: 2019 TOP Group Strong Financial Position & Financial Ratios
-22- -22- 2019 TOP Group Strong Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 31 Dec 19 (Unit: million THB) Total IBD Net Debt 268,213 283,445 118,199 million THB 42,262 million THB Cash & ST 35,081 76,937 41,322 Trade Payable (US$ 3,897 mil
Slide 23: Dividend Payment
-23- -23- 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 3.75 3.08 3
Slide 24: Strategic Investment Plans
-24- -24- STRATEGIC INVESTMENT PLANS
Slide 25: Key Strategic Projects
-25- Key Strategic Projects Vision Empowering Human Life through Sustainable Energy and Chemicals Measurement Growth | Diversity | Returns | Sustainability | Stakeholder Portfolio To transform TOP to a World-Class refinery with competitive & comprehensive Petchem portfolio Strategic Strengthen the C
Slide 26: TOP Group Strategic Investment Plan
-26- -26- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of January 2020 Estimated Budgeting for Investment Plan Project Total 2019 2020 2021 2022 2023 2019 - 2023 CFP project * 3,923 653 2,110 1,080 463 (383) GPSC’s Equity Injection 576 576 Total Ongoing CAPEX 349 181
Slide 27: Clean Fuel Project (CFP)
-27- -27- Clean Fuel Project (CFP) Strategically located in AEC & EEC CFP Benefits for Thailand $4.825 billion First mega project in EEC provinces ฿40+ billion Local contents 20,000+ jobs During construction 2.4x income tax For the country after completion 5x cleaner products Ready for EURO V diesel
Slide 28: CFP Rationale & Timeline
-28- -28- 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
Slide 29: Scope of CFP & Technical Aspect
-29- -29- 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 H
Slide 30: CFP Competitiveness
-30- -30- 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, T
Slide 31: CFP Value Proposition
-31- -31- 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) 1
Slide 32: CFP Key Progress
-32- -32- CFP Key Progress Key Progress Overall Project Progress Budget Utilization Key Progress • Foundation stone laying ceremony (Mar’20) 21% • Executed tie-in work during plant maintenance successfully (Jul’19) 31% • Completed ERU carve out contract execution with GPSC (May’19) • Completed most
Slide 33: CFP Key Progress
-33- -33- CFP Key Progress CFP Plan in 2020 Module Fabrication Foundation Completion Module Delivery • Fabrication work at local and oversea • Completion of detailed design phase • Delivery of key module and long lead items construction yard on-site • Completion of early civil work and • Assembly of
Slide 34: Thai Oil's Proactive Measures
-34- -34- Thai Oil’s Proactive Measures Business Management Key Financial Measures Integrated Value Chain Optimization A Efficiency & Cost Management Daily/weekly market update and re-optimization • Pursue more cost control (Orchestra & Symphony) TOP • Financial risk management to protect FX transla
Slide 35: 2020 Industry Outlook
-35- -35- 2020 INDUSTRY OUTLOOK • Crude Oil • Refinery • Aromatic • Base Oil & Bitumen
Slide 36: OPEC+ to Agree on Deeper Production Cut Deal
--36- 36- OPEC+ to Agree on Deeper Production Cut Deal A OPEC+ Agreed For Supply Cut CA OPEC+ Production cut Proposed Period Production cut level • OPEC+ agreed to cut by 9.7 MBD (around 10% of global May’20 – Jun’20 9.7 MBD supply) in May and June Jul’20 – Dec’20 7.7 MBD • OPEC+ member will cut by
Slide 37: Challenging Refinery Margin on COVID-19 amid Lower Supply on Plants Run Cut
-37- -37- Challenging Refinery Margin on COVID-19 amid Lower Supply on Plants Run Cut Singapore Cracking GRM ($/BBL) 7.7 8.2 6.7 7.2 7.1 7.0 6.2 6.4 6.4 6.1 6.1 6.5 5.9 5.0 5.2 4.3 3.7 3.2 3.5 1.7 1.2 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 Q1-19 Q2-
Slide 38: Weakening Global Oil Demand from COVID-19
-38- -38- Weakening Global Oil Demand from COVID-19 A Global Oil Demand Destruction in 2020 from COVID-19 B 2020 Change in Global Oil Demand MBD LPG Naphtha Gasoline Global Oil Demand Growth in 2020 by Publications Jet/Kero Gasoil Fuel Oil MBD 5 0 Other products Total products -0.09 -2 -0.96 -4 -6 0
Slide 39: VLSFO Market Approaching Equilibrium after Months of Volatility
-39- -39- VLSFO Market Approaching Equilibrium after Months of Volatility A VLSFO Gaining Share in Singapore’s Bunker Sales B Rising Low Viscosity VLSFO Demand to Support Gasoil Demand Mil.Ton/mnth MGO (2-6 cst) HSFO (180,380,500 cst) Dec-19 Jan-20 6 MGO (2-6 cst) VLSFO (30-100 cst) VLSFO (>100 cst)
Slide 40: Weak Aromatic Market from New Capacity Addition
-40- -40- Weak Aromatic Market from New Capacity Addition A Market Pressured by Surplus Capacity B Low Polyester Run Rates From Extended Chinese Holidays AP/ME PX and BZ Capacity Addition vs. Demand Growth 110 China’s Polyester Operating Rate (%) Chinese New Year Heng Li Zhejiang 2 (Q1) 100 (CNY) Mi
Slide 41: Lower Base Oil Capacity Addition amid Steady Demand
-41- -41- Lower Base Oil Capacity Addition amid Steady Demand A Less Capacity Addition to Ease Surplus Situation B Base Oil Production Cut due to Limited Tank Ullage from COVID-19 AP Base Oil Gr.1/2/3 Capacity Addition vs. Demand Growth Mil TON 4.0 3.0 Hainan Handi 3.0 (1MTA,Gr.2/3) 2.0 deferred to
Slide 42: 2020 Industry Outlook Conclusion
-42- -42- 2020 Industry Outlook Conclusion (vs. 2019) Crude Oil Oil Market Pressured by Soft Demand Growth from COVID-19 amid Expected Deepen Oil Production Cut from OPEC+ Refinery Expected Recovery in Refinery Margin after end of COVID-19 Aromatic Pressured Aromatic Market due to Surplus Supply Lub
Slide 43: Beyond 2020 Industry Outlook
-43- -43- Beyond 2020 Industry Outlook Oil Demand Growth Outpaces Refinery Addition in Medium-term KBD Asia Pacific/Middle East Crude Capacity Addition vs Demand Growth Operating Rate, % China: Sinopec Zhanjiang 200KBD in Q2-20 100 3000 2000 1386 1431 1113 90 875 562 762 872 631 795 544 517 458 389
Slide 44: Appendix
-44- -44- APPENDIX • Performance analysis • Sustainability / ESG • Awards & Recognitions • CDU Addition VS Additional Demand – AP & ME • World GRM / Inventories • Thailand petroleum demand by products
Slide 45: Refinery: Soften Mkt GRM Pressured by Lower Product Spread
Performance analysis : Refinery -45- -45- Refinery: Soften Mkt GRM Pressured by Lower Product Spread Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2018 2019 2020 2018 Q3/19 Q4/19 FY/18 FY/19 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY19 Q1 FY18 97% 113% 113% 107% DUBAI (DB) 63.9 72.1 7
Slide 46: Aromatic: Improving Contribution Despite Weak Aromatic Margins
Performance analysis : Aromatic -46- -46- Aromatic: Improving Contribution Despite Weak Aromatic Margins Aromatics Spreads and Margins Aromatics Production 2018 2019 2020 2018 Q3/19 Q4/19 FY/18 FY/19 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY/19 Q1 FY18 54% 73% 89% 70% PX-ULG95 304 268 451 528 508 273 194 163
Slide 47: Base Oil: Improving Contributions from Robust Lube&Bitumen Spread
Performance analysis : Base Oil & Bitumen -47- -47- Base Oil: Improving Contributions from Robust Lube&Bitumen Spread Base Oil & Bitumen Spreads & Margins Base oil Production 2018 2019 2020 2018 Q3/19 Q4/19 FY/18 FY/19 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY Q1 FY18 81% 77% 84% 83% 500SN-HSFO 512 481 417 3
Slide 48: Power Sector Performance…Growing Contribution to the Group
Performance analysis : Power -48- -48- 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) 2,544 2,486 GPSC is an associate company of TO
Slide 49: Performance Breakdown
Performance Breakdown -49- -49- Performance Breakdown Petrochemical & (2) Others & (3) Consolidated Net Stock Gain/ Consolidated Net Petroleum (1) Power Profit Profit Lube Base New Business (excl. Stock G/(L) (Loss) (incl. Stock G/(L) Q3/19 265 6 467 (41) 690 (1,373) (683) Q4/19 123 779 516 28 1,365
Slide 50: Q4 & FY/19 TOP Group Consolidated P&L
Performance analysis : P&L -50- -50- Q4 & FY/19 TOP Group Consolidated P&L Unit : million Baht (MB) Q3/19 Q4/19 QoQ+/(-) Q4/18 YoY+/(-) FY/18 FY/19 YoY+/(-) (A) (D) (F) Sales Revenue 82,329 96,263 13,934 100,150 (3,887) 389,042 362,179 (26,863) (B) Hedging gain/(loss) 147 288 141 (852) 1,140 (821) 3
Slide 51: 2019 Consolidated Cash Flow
Performance analysis : Cash Flow -51- -51- 2019 Consolidated Cash Flow FY/19 FY/18 (Unit: MB) FY/19 FY/18 Investments 23,342 (26,167) Operating Cash Flow 13,089 18,313 Dividend income 763 772 Net income & non-cash adj. 13,686 23,978 + ST investments 72,285 (1) (21,597) Change in working capital (597
Slide 52: ESG/Sustainability
ESG -52- ESG/Sustainability Industry Leader in Oil & Gas Refining & Marketing Industry (OGR) in 2019 Member of DJSI Emerging Market For 7 consecutive years in OGR *Industry Leader in OGR from 2014-2019 2020 6th year of leading position Sustainability Award (Gold Class) Oil & Gas Refining & Marketing
Slide 53: 2019 Awards & Recognitions
Awards & Recognitions -53- -53- 2019 Awards & Recognitions Management Finance / Investment Sustainability • Human Resource Management Excellence • Outstanding Investor Relations Awards from • Thailand Sustainability Investment Awards & from Thailand Corporate Excellence Awards SET Awards Sustainabil
Slide 54: Medium-Term Demand Growth to Outpace Refinery Addition
Refinery -54- -54 - Medium-Term Demand Growth to Outpace Refinery Addition Asia Pacific and Middle East Effective CDU Addition VS Additional Demand AP & ME Demand Growth Middle East China Other AP Japan India Start-up Nameplate Country Company Vietnam Teapot period) (KBD) Thailand Net Addition Q1-20
Slide 55: Asian Margin Vs. US-EU margin
World GRM -55- Asian Margin Vs. US-EU margin SINGAPORE GRM EU - US Margins $/BBL $/BBL 14 40 12 10 8 30 6 4 20 2 0 -2 10 -4 -6 0 -8 -10 -12 -10 -14 Jul-17 Apr-18 Jul-18 Apr-19 Jul-19 Jan-19 Oct-17 Jan-18 Oct-18 Oct-19 Jan-20 Jul-17 Jul-18 Jul-19 Jan-18 Jan-19 Jan-20 Oct-17 Apr-18 Oct-18 Apr-19 Oct-1
Slide 56: Global Crude Oil Inventories
Inventories -56- 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 57: Global Gasoline Inventories
Inventories -57- 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 58: Global Middle Distillate Inventories
Inventories -58- Global Middle Distillate Inventories U.S. Diesel Stocks Singapore Middle Distillate Stocks MBBL MBBL 180 Source : EIA 20 Source : IE Singapore 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 2019
Slide 59: Global Fuel Oil Inventories
Inventories -59- 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 60: China's Refined Product Exports
Inventories -60- China’s Refined Product Exports China’s Gasoline Exports China’s Gasoil Exports KBD KBD Source : China Custom Source : China Custom 600 700 500 600 500 400 400 300 300 200 200 100 100 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Slide 61: Domestic LPG Demand
Thailand petroleum demand by products -61- -61- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day 2019 2016 2017 2018 • In 2019, LPG demand decreased 0.2% YoY due to dropping in cooking, industrial and transport. LPG 20 18.8 18.3 18.2 17.9 demand in cooking, industrial and transpor
Slide 62: Domestic Gasoline/Gasohol Demand
Thailand petroleum demand by products -62- -62- Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/Gasohol Demand Highlight MML/Day 2019 2016 2017 2018 • In 2019, Gasoline demand rose by 3.7% YoY to an 34 32.8 33.2 average 32.2 MML/day. Besides lower retail price of 32.7 32.4
Slide 63: Domestic Jet Demand
Thailand petroleum demand by products -63- -63- Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day 2019 2016 2017 2018 • In 2019, Jet consumption slightly increased by 0.8% 22 YoY. Despite of economic slowdown and strengthening of Thai Baht, flight number which is a main support of
Slide 64: Domestic Gasoil and NGV Demand
Thailand petroleum demand by products -64- -64- Domestic Gasoil and NGV Demand Thailand Gasoil Demand Diesel Demand Highlight 2019 2016 2017 2018 MML/Day • In 2019, Diesel demand slightly increased by 1.2% YoY 72 mainly supported by 4.4% YoY increasing amount of 70 68 accumulated registered diesel c
Slide 65: Domestic Fuel Oil Demand
Thailand petroleum demand by products -65- -65- Domestic Fuel Oil Demand Thailand Fuel Oil Demand Fuel Oil Demand Highlight MML/Day 2019 2016 2017 2018 • In 2019, Fuel Oil consumption fell by 10.5% YoY, as a result 8 of the decrease in industrial sector by 7.5% to using environmental friendly fuel.
Slide 66: Thank You
--66- 66- 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 (April 2020) on 6ix