Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (September 2020)
63 slides from Thai Oil Public's investor presentation, September 2020
Slide 1: Presentation to Investors September 2020
Thai Oil Public Company Limited Presentation to Investors September 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 6.6% as our major shareholder and key business partner • All transactions take place at arm’s length and in 31.0% 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 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 29% 32% 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 Domestic Demand
-13- Refinery: Slowdown Utilization Rate as Lower Domestic Demand Key Highlights Performance Industry Outlook Final Remarks Refinery Aromatic Base Oil GIM Power All business F/S & others TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate June’20 Mogas Jet/Kero Gasoi
Slide 14: Key Financial Highlights
-14- KEY FINANCIAL HIGHLIGHTS
Slide 15: The World in Q2/20
-15- The World in Q2/20 COVID-19 Pandemic Massive OSP Crude Discount, before seeing Crude Price Rebound Unit : $/bbl Total 10,185,374 503,862 • More than 500k people Globally Infected Deaths Dubai price OSP over Dubai have died and over 10 • Steep OSP crude Confirmed 10.0 85k millions have been 80.0
Slide 16: Q2/20 & 1H/20 - Market Highlights
-16- Q2/20 & 1H/20 - Market Highlights QoQ Crude Oil (Dubai rose from $33.7/bbl to $40.8/bbl) YoY Crude Oil (Dubai fell from $61.8/bbl $40.8/bbl) Dubai ($/bbl) (ending price) 61.8 • A significant drop in global oil demand due to • Strong compliance of OPEC+ cut by 9.7 MBD COVID-19 outbreak 40.8 40.8
Slide 17: Q2/20 & 1H/20 - Key Activities Highlights
-17- Q2/20 & 1H/20 - Key Activities Highlights People First Business Excellence COVID-19 Measures Operational Commercial • Staff 1,730 , WFH 67% (excluding operations & engineering) • Optimize overall utilization rates to cope with • Maximize domestic & Indochina sales • CFP manpower 7,850 (only on-
Slide 18: Q2/20 & 1H/20 - Financial Performance
-18- Q2/20 & 1H/20 - Financial Performance Financial Management TOP Group Net Profit Unit :Million THB (MB) • Successfully issued $1 bn USD bond, amidst COVID-19 crisis Q1/20 Q2/20 1H/19 1H/20 (13,754) MB 2,480 MB 4,975 MB (11,274) MB Others items incl FX g/l on asset & 2,335 1,255 1,255 liability,
Slide 19: Integrated Margin & Competitive Cash Cost
-19- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) (excl. one-time non-operating item) 7.8 5.9 5.2 6.8 6.7 7.6 4.74.3 4.1 3.1 3.6 2.8 1.4 0.
Slide 20: Financial Performance
-20- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 36,925 32,675 31,099 33,448 389,344 362,179 25,492 25,496 337,388 22,867 293,569 274,739 20,239 13,833 8,961 13,214 183,588 4,285 2,8816,626 2,809 126,023 76,652 49,372 (1,
Slide 21: Q2/20 TOP Group Strong Financial Position & Financial Ratios
-21- Q2/20 TOP Group Strong Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 30 Jun 20 (Unit: million THB) 272,366 298,170 Total IBD Net Debt 36,004 Trade Payable 151,334 million THB 70,697 million THB Cash & ST 80,638 / Others 38,396 investmen
Slide 22: Dividend Payment
-22- -22- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Unit : THB/Share EPSR 2H dividend 1H dividend Year Dividend 12.18 10.40 9.19 9.40 8.66 7.82 7.28 5.91 6.04 5.97 4.57 4.97 4.39 2.75 3.00 3.75 3
Slide 23: Strategic Investment Plans
-23- STRATEGIC INVESTMENT PLANS
Slide 24: Thaioil's Strategic Direction: Accelerate the Transformation
-24- Thaioil’s Strategic Direction : Accelerate the Transformation Agility & Nimble Flexible & opportunistic Resilience Vision 2023 Empowering Human Life through Sustainable Energy and Chemicals Strategic Objective To be a competitive Energy & Chemicals company that delivers sustainable return
Slide 25: TOP Group Strategic Investment Plan
CAPEX -25- -25- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of July 2020 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, Eff
Slide 26: CFP Rationale & Timeline
-26- 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 27: Scope of CFP & Technical Aspect
-27- 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 28: CFP Competitiveness
-28- 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 29: CFP Value Proposition
-29- 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 30: CFP Key Progress
-30- -30- CFP Key Progress Key Progress in 1H/20 • COVID-19 has caused lockdown in many project-related countries, impacting project progress in all Engineering, Procurement and Construction works. • Engineering work has progressed almost 80% of overall, with 3D model review targeted to complete in
Slide 31: CFP Key Progress
-31- -31- CFP Key Progress Going Forward in 2H/20 • More EPC team mobilization to site after Thai Government allow foreigners (business men) to enter country. • 2nd batch of critical items – 4 Reactors to be shipped from load port in Oct’20. • Commence first group of module installation • Kick-off c
Slide 32: 2H/20 Industry Outlook
-32- -32- 2H/20 INDUSTRY OUTLOOK • Crude Oil • Refinery • Aromatic • Base Oil & Bitumen
Slide 33: Improving Demand but Limited Upside by Resuming OPEC+ Supply and High Stock
-33- -33- Improving Demand but Limited Upside by Resuming OPEC+ Supply and High Stock A Improving Oil Demand Growth After Lockdown Easing B Drawdown Floating Storage but Remain at High Levels MBD Change in Global Oil Demand (y-o-y) MBBL Global Crude Oil Floating Storage +5.2 250 6 IEA Monthly Report
Slide 34: Recovering Refinery Margin on Improving Demand Despite 2nd Wave COVID Concerns
-34- -34- Recovering Refinery Margin on Improving Demand Despite 2nd Wave COVID Concerns 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 -0.9 -0.3 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 Y2
Slide 35: Improving Product Demand to Drawdown Floating Storage Levels
-35- -35- Improving Product Demand to Drawdown Floating Storage Levels A Gradually Increasing in Oil Demand with 2nd Wave Concerns B Falling in Floating Storage but Still Higher than Normal Level Change in Global Oil Demand by Product (y-o-y) MBBL Petroleum Products in Floating Storage by Product Ga
Slide 36: Recovering Gasoline Demand after Lockdown Easing while Jet Remains Under Pressure
-36- -36- Recovering Gasoline Demand after Lockdown Easing while Jet Remains Under Pressure Gasoline Market Jet Market A Lifting City Lockdown to Boost Gasoline Demand Globally A Improving Jet Demand from Bottom Level in Apr’20 MBD Global Gasoline Demand Asia Pacific Driving Mobility Index ‘000 Flig
Slide 37: Resuming Gasoil/Fuel Oil Demand on Economic Recovery amid High Supply
-37- -37- Resuming Gasoil/Fuel Oil Demand on Economic Recovery amid High Supply Gasoil Market Fuel Oil Market A Improving Gasoil Demand Following Economic Recovery A Lower Demand after End of Summer Season in Middle East Index PMI Manufacturing Index MBD Global Gasoil Demand value MBD Middle East HS
Slide 38: Recovering Domestic Demand Growth after Lockdown Easing
-38- -38- Recovering Domestic Demand Growth after Lockdown Easing A Increasing Gasoline Demand on High Chance for the Next Re-opening Phase BC Recovering Jet Demand on Higher Domestic Flight Movement Gasoline Demand vs. Non-Durable Goods Index Jet Demand vs. Tourist Number MML/Day Index MML/Day Mill
Slide 39: Weaker Aromatics Market on High Inventory and Additional Capacity
-39- -39- Weaker Aromatics Market on High Inventory and Additional Capacity A Slightly Improve Market in 2H-20 due to Expected Recover Demand B Lower Chinese Import due to Additional Capacity in China AP/ME PX and BZ Capacity Addition vs. Demand Growth Chinese PX Import Chinese BZ Import Mil TON PX
Slide 40: Soft Base Oil Market due to New Capacity Addition and Lower Maintenance
-40- -40- Soft Base Oil Market due to New Capacity Addition and Lower Maintenance A Recovering Demand amid Steady Capacity Addition in 2H-20 B Lower Number of AP Plants Maintenance in 2H-20 AP Base Oil Effective Capacity Addition vs. Demand Growth KTON AP Base Oil Plant Maintenance in 2020 Mil TON 1
Slide 41: 2H/20 Industry Outlook Conclusion
-41- -41- 2H/20 Industry Outlook Conclusion (vs. 1H/20) Crude Oil Demand Recovery but Limited Upside by Resuming OPEC+ Supply and High Stock Refinery Recovering Refinery Margin on Improving Demand Despite 2nd Wave COVID Concerns Aromatic Weaker Aromatics Market on High Inventory and Additional Capac
Slide 42: Appendix
-42- APPENDIX • Performance analysis • Sustainability / ESG • Awards & Recognitions • World GRM / Inventories • Thailand petroleum demand by products
Slide 43: Refinery: Improving Mkt GRM Supported by Lower OSP
Performance Analysis -43- Refinery: Improving Mkt GRM Supported by Lower OSP Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2019 2020 2019 Q1/20 Q2/20 1H/19 1H/20 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 1H Q3TD* FY 111% 98% 109% 105% DUBAI (DB) 63.5 67.4 61.1 62.1 50.9 30.6 40.7 43.7 63.5 %
Slide 44: Aromatic: Improving Contribution from LAB
Performance Analysis -44- Aromatic: Improving Contribution from LAB Aromatics Spreads and Margins Aromatics Production 2019 2020 2019 Q1/20 Q2/20 1H/19 1H/20 $/ton Q1 Q2 Q3 Q4 Q1 Q2 1H Q3TD* FY 81% 75% 78% 78% PX-ULG95 508 273 194 163 218 214 216 145 285 Q2/20 Market BZ-ULG95 18 (12) 60 33 126 90 10
Slide 45: Base Oil: Lower Contributions from Weak Lube & Bitumen Demand
Performance Analysis -45- Base Oil: Lower Contributions from Weak Lube & Bitumen Demand Base Oil & Bitumen Spreads & Margins Base oil Production 2019 2020 2019 Q1/20 Q2/20 1H/19 1H/20 $/ton Q1 Q2 Q3 Q4 Q1 Q2 1H Q3TD* FY 81% 89% 87% 85% 500SN-HSFO 330 287 283 384 369 372 371 333 321 % Base Oil & Spec
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 (1) TOP and 20.79% via TP) Electricity 1,240 1,234 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 (1) Power Profit Profit Lube Base New Business (excl. Stock G/(L) (Loss) (incl. Stock G/(L) Q1/20 (4,488) 743 586 177 (2,982) (10,772) (13,754) Q2/20 2,652 375 716
Slide 48: Q2/20 & 1H/20 TOP Group Consolidated P&L
Performance Analysis -48- Q2/20 & 1H/20 TOP Group Consolidated P&L (MB) Q2/20 Q1/20 QoQ+/(-) Q2/19 YoY+/(-) 1H/20 1H/19 YoY+/(-) (A) (D) Sales Revenue 49,372 76,652 (27,280) 91,962 (42,590) 126,023 183,588 (57,565) Net Realized G/(L) on Financial Instrument (45) (19) (26) 90 (135) (64) (76) 12 (B) (
Slide 49: 1H/20 Consolidated Cash Flow
Performance Analysis -49- 1H/20 Consolidated Cash Flow (Unit: MB) 1H/20 1H/19 1H/20 1H/19 Operating Cash Flow (899) 8,647 Investments (66,440) 26,266 Net income (11,076) 5,083 + Dividend income 867 541 Depreciation & NRV 4,724 3,026 Other adj. (1,628) (1) 1,234 (1) ST investments (42,009) 36,259 Cha
Slide 50: ESG/Sustainability Highlights 2020
ESG -50- ESG/Sustainability Highlights 2020 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 Sustainability Award (Gold Class) 6th year of “Gold Class" position Oil & G
Slide 51: Asia Pacific and Middle East Refinery Addition
Refinery -51- Asia Pacific and Middle East Refinery Addition Oil Demand to Outpace Refining Addition amid Firm Projects in 2023 AP & ME Demand Growth Thailand Vietnam India Japan Other AP China ME Close Middle East Net Addition Operating Rate [RHS] KBD Operating Rate, % Key Projects : 6000 100 Count
Slide 52: Asian Margin Vs. US-EU Margin
World GRM -52- Asian Margin Vs. US-EU margin $/BBL $/BBL SINGAPORE GRM EU – US Margins 35 15 30 10 25 5 20 0 15 10 -5 5 -10 0 -15 -5 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. Crud
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 6M’20, LPG demand plunged by 16.7% YoY following the decrease in all sectors, especially in the transportation sector. 20 LPG demand in the automobile sector decrea
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 6M’20, Gasoline demand decreased by 7.6% YoY to an 2020 2019 2018 2017 average of 29.7 MML/day while only Gasohol* demand 34 decreased by 7.2% Y
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 6M’20, Jet consumption decreased by 48.9% 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 6M’20, Gasoil demand decreased by 4.9% 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 Fuel Oil Demand Highlight 2020 2019 2018 2017 MML/Day • In 6M’20, Fuel Oil consumption fell by 21.9% YoY, as the demand 8 in the transportation sector, which accounted for 55.3% of total Fuel Oil demand, dro
Slide 63: Thank You
--63- 63- Thank You Any queries, please contact: at email: ir@thaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
Thai Oil Public Company — Investor Presentation (September 2020) on 6ix