Bangkok, Thai Oil Public Company Limited announced operating results for the 4th quarter of 2023, overall operating results decreased. from the product price difference between crude oil prices that decreased

Mr. Bandit Thamprajajit, Chief Executive Officer and President of Thai Oil Public Company Limited or TOP, revealed that ‘In the 4th quarter of 2023, the Thaioil Group had a net profit of 2,944 million baht, decreased from the previous quarter. This is because the price difference between almost every product and crude oil price has decreased. This is due to many refineries that were closed for maintenance in the third quarter returning to operation. As a result, supply in the 4th quarter increased. In the aromatics market, performance improved. This is due to increased demand for winter clothing and beverage packaging (PET). As for the performance of the lubricant market, it also improved from a decrease in supply due to the closure of some lubricant base oil production plants abroad and maintenance shu
tdowns. Some production plants in Thailand

Crude oil prices in the 4th quarter of 2023 decreased from the 3rd quarter of 2023 due to the demand for oil decreasing in line with the global economy that tends to slow down. In addition, the Chinese economy grew more slowly than previously expected. As a result, Thaioil Group lost 5,178 million baht from oil stocks.

For the overall picture of 2023, Thaioil Group has sales revenue of 459,402 million baht and net profit of 19,443 million baht. Thaioil Group still places importance on operating responsibly towards the community. Society and environment Under good corporate governance according to ESG (Environment, Social, and Governance) principles on a continuous basis. This is reflected in receiving 13 sustainability awards and receiving the highest score in international sustainability assessments for the 8th year in the oil and gas marketing and refining industry. And has been certified as a DJSI member for the 11th consecutive year, demonstrating Thaioil’s com
mitment to creating growth and creating quality of life through sustainable energy and chemicals. to stakeholders in every sector

For the overall business of Thaioil Group in 2024, it is expected that the oil market will return to balance. This is because the supply of finished petroleum products will increase from the opening of New refineries in 2023 and 2024. However, the refinery business continues to be supported by the inventory of finished petroleum products. In particular, diesel and jet fuel remain below the 5-year average and the uncertainty of opening large refineries. Meanwhile, the aromatics business is likely to recover. After supply from New refineries are less likely than demand growth. For the lubricant base oil business, it is likely to weaken slightly from 2023 due to increased supply from the new lube base oil production plants of Group 2 and Group 3 that are open for business. in India and China

Thaioil will closely monitor the market situation. To prepare to deal with various fluctuati
ons. that may occur Including seeking opportunities to generate income in order to have good operating results continuously.

Source: Thai News Agency