Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (March 2021)
75 slides from Thai Oil Public's investor presentation, March 2021
Slide 1: Thai Oil Public Company Limited Presentation to Investors
Thai Oil Public Company Limited Presentation to Investors March 2021
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 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% 100.0% 100.0% 100.0% Thai Paraxylene Thai Lube Base Thaioil Marine Thaioil Ethanol Thaioil (TOP) TOP SPP (TPX) (TLB) (TM)(2) (TET) Capacity : Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to • 5 Oil & Chemical Tankers 50.0% 275,000
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 32% 31% 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: Higher Refinery Utilization Rate as Improving Product Demand
-13- Higher Refinery Utilization Rate as Improving Product Demand TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate Mogas Jet/Kero Gasoil Total Dec’20 150% (yoy) +1.8% -72.7% +2.6% -10.8% 116% 103% (1) 113% 113% 107% 97% 111% 98% 101% 101% 93% KBD 2019 2020 100% -1
Slide 14: Key Financial Highlights
-14- KEY FINANCIAL HIGHLIGHTS
Slide 15: 2020 – A Dreadful Year
-15- 2020 – A Dreadful Year COVID-19 Pandemic Unprecedented Global Oil Demand Loss Crude Oil Price Plunged to Multi-Year Lows Total Cases Deaths mbd Global Oil Demand $/bbl Crude Oil Price End Q4/20 81,485,119 1,798,154 5 80 Price War COVID-19 Today 108,693,809 2,396,408 Vaccine (As of 15 Feb 21) 0
Slide 16: Thaioil – The Last Man Standing
-16- -16- Thaioil – The Last Man Standing Thaioil’s Extraordinary Efforts 1 People First COVID-19 Response • Established I-COVID center & measures • Optimum operation & commercial • Comprehensive preventive & protective measures across our full value chain • All safe and clear from COVID-19 • Procur
Slide 17: 1. People First
17- --17- 1. People First People First COVID-19 Response • Established I-COVID center & measures THAIOIL CHANA Recognized among the first & proactive corporate initiatives APPLICATION • Comprehensive preventive & protective measures Including WFH using extensive digital platform, workforce segregati
Slide 18: 2. ST Profitability Improvement
18- --18- 2. ST Profitability Improvement Short Term Profitability Improvement Maximize Profitability Operation Commercial Financial • Optimized overall value-chain utilization • Crude & feedstock optimization • Excellent productivity improvement & & production, boosting LAB and lube • Spare variety
Slide 19: 3. LT Strategy Execution
19- --19- 3. LT Strategy Execution Long Term Strategy Execution Preparation for beyond COVID-19 Managed CFP Project Restructure Organization & Accelerate the Reform People Preparedness • Boost up productivity amidst COVID-19 • Rationalize existing businesses (Power & Marine) • Ensure organizational
Slide 20: Q4/20 & FY/20 - Market Highlights
-20- Q4/20 & FY/20 - Market Highlights Key Market Highlights QoQ Crude Oil YoY Crude Oil Crude Price ($/bbl) (ending price) Dubai rose from $41.5/bbl to $49.8/bbl Dubai dropped from $64.9/bbl to$49.8/bbl 69.3 MB-DB dropped from $0.9/bbl to $-0.3/bbl MB-DB dropped from $4.4/bbl to $-0.3/bbl 49.8 64.9
Slide 21: Q4/20 & FY/20 - Financial Performance
-21- Q4/20 & FY/20 - Financial Performance TOP Group Net Profit Unit :Million THB (MB) Net Profit Contributions Q3/20 Q4/20 FY/19 FY/20 Excluding stock gain/(loss) & one-time items* 715 MB 7,257 MB 6,277 MB (3,301) MB 13% 12% 343 28% 659 5,801 Q3/20 Q4/20 56% 1,581 5,801 10% 59% 32% Gain on selling
Slide 22: Integrated Margin & Competitive Cash Cost
-22- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Interest Expense (net) Operating Cost 6.8 6.7 7.6 (excl. one-time non-operating item) 5.2 4.7 4.3 3.13.6 2.9 3.4 0.4 0.1 1.4 1.
Slide 23: Financial Performance
-23- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L) EBITDA (incl stk G/L) 36,925 389,344 32,675 362,179 33,448 337,388 25,496 22,867 274,739 20,239 242,840 13,833 13,214 5,344 4,285 3,819 1,702 3,493 2,881 833 76,652 49,372 57,225 59,592 (2,055)
Slide 24: Q4/20 TOP Group Strong Financial Position & Financial Ratios
-24- Q4/20 TOP Group Strong Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 31 Dec 20 (Unit: million THB) 283,445 306,188 Total IBD Net Debt 41,167 Trade Payable 144,902 million THB 73,221 million THB Cash & ST 41,322 71,681 / Others investmen
Slide 25: TOP Group Strategic Investment Plan
25- --25- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Updated as of December 2020 Estimated Budgeting for Actual Investment Plan Project 2020 2021 - 2024 CFP project (1) 1,400 1,903 Total Ongoing CAPEX 89 200 Reliability, Efficiency and Flexibility Improvement 31 47 Infrastruct
Slide 26: Dividend Payment
-26- 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 3.08 2
Slide 27: Strategic Investment Plans
-27- STRATEGIC INVESTMENT PLANS
Slide 28: Thaioil's Strategic Direction: Accelerate the Transformation
-28- 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 29: TOP's Power Business Structure
-29- -29- TOP’s Power Business Structure Power Business Structure Power Business Structure Power Business Structure (Before 2021) (2021-2023) (After Q1-2023) 48% 22.81% 48% 31.72% 31.72% 48% Electricity 118 MW Electricity 118 MW Steam of 216 tons/hr Steam of 216 tons/hr 100% 8.91% 100% 20.78% 100% 2
Slide 30: TOP SPP's Expansion
-30- -30- TOP SPP’s Expansion Key Objective and Benefit o Ensure power & steam reliability and increase efficiency for TOP Group o Support future growth of TOP Group o Replace a 25-year-old SPP of TP after the expiry of PPA with EGAT in March 2023 o Expect to achieve good return on investment from c
Slide 31: Marine Business Restructuring
-31- -31- Marine Business Restructuring After Objective Existing Shareholders Structure Restructuring Transaction Details • Focus on TOP’s strategic direction (Refinery, Petrochemical, Power, New Business) 100% Benefit Cash & Dividend from selling 100% • Unique opportunity to capture win- win bene
Slide 32: CFP Rationale & Timeline
-32- 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 33: Scope of CFP & Technical Aspect
-33- 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 34: CFP Competitiveness
-34- 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 35: CFP Value Proposition
-35- 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 36: CFP Key Progress
36- --36- CFP Key Progress 2020 Key Achievements Foundation Stone Complete Majority of Piling Commence Equipment & Reactor Delivery / Logistic C-COT & Piperack, New Laying Ceremony & Priority Foundation Work Module Prepare for installation Readiness Priority Tanks Project Progress Budget Utilization
Slide 37: 2021 Outlook
-37- -37- 2021 OUTLOOK • Crude Oil • Refinery • Aromatic • Base Oil & Bitumen
Slide 38: Improving Demand in 2H amid Limited Crude Supply to Support Oil Market
-38- -38- Improving Demand in 2H amid Limited Crude Supply to Support Oil Market A Hopes on Vaccine Injections to Limit COVID-19 Spreading B Oil Demand Recovery in 2021 (‘000 people) % Population Vaccination Timeline for 1st Dose Population % 800 Global Daily New Cases Global Demand Growth YoY 600 E
Slide 39: Recovering Refinery Margin on Improving Demand and Easing Stock Levels
-39- -39- Recovering Refinery Margin on Improving Demand and Easing Stock Levels Singapore Cracking GRM ($/BBL) 8.2 7.2 7.1 7.0 6.5 6.4 6.4 6.1 6.1 5.9 4.3 3.7 3.2 3.5 1.7 1.2 1.2 1.8 0.0 0.4 -0.9 Q1-17 Q2-17 Q3-17 Q4-17 Y2017 Q1-18 Q2-18 Q3-18 Q4-18 Y2018 Q1-19 Q2-19 Q3-19 Q4-19 Y2019 Q1-20 Q2-20 Q
Slide 40: Improving Product Demand to Drawdown Inventory Levels
-40- -40 - Improving Product Demand to Drawdown Inventory Levels A Increasing Petroleum Demand after COVID-19 Relief C Product Inventory in Major Hubs to Stay in 5 Years Avg. Level Change in Global Petroleum Product Demand (vs 2019) Onshore MBBL Gasoil and Jet Inventory MBD MBBL Gasoline Inventory I
Slide 41: Supportive Refinery Margin due to Announced Refinery Closures
Supportive Refinery Margin due to Announced Refinery Closures/Converting to terminal or Biofuel in 2020/21 Permanent Closure Extending Maintenance Netle’s Naantali (58KBD) Converting to Terminal Convert to terminal Converting to Biofuel plant Japan (approx. 110 KBD) Permanent Closure Antwerp BRC (11
Slide 42: Improving Gasoline Demand Led by Rising Asian Market
-42- -42- Improving Gasoline Demand Led by Rising Asian Market A Extended Lockdown to limit Demand Recovery in 1Q’21 B Global Gasoline Demand Mainly Boosted by Asia MBD Global Gasoline Demand Growth by Region (y-o-y) Mobility Index MBD Global Gasoline Demand 0.8 200 1.0 0.6 Thousands 30 0.5 0.4 0.3
Slide 43: Recovering Jet/Kerosene Market Driven by Heating and Domestic Flight Demand
-43- -43- Recovering Jet/Kerosene Market Driven by Heating and Domestic Flight Demand A Firm Heating Demand in Dec’20-Feb’21 from Cold Weather B Jet Demand to Improve Mostly on Domestic Flights Japan’s Kerosene Demand ‘000 no. Global Commercial Flight of flight 140 2020: 120 • Domestic Flight fell 4
Slide 44: Rising Gasoil Demand on Improving Economic Activity mainly in Asia
-44- -44- Rising Gasoil Demand on Improving Economic Activity mainly in Asia A Booming E-Commerce Demand and Goods Delivery in China B Rising Asian Demand due to Improving Economic Activity Chinese Logistics Performance Chinese Gasoil Demand MBD MBD Global Gasoil Demand Growth by Region (vs 2019) 70
Slide 45: Increasing Fuel Oil Demand on Recovering Trading Activity and Limited Supply
-45- -45- Increasing Fuel Oil Demand on Recovering Trading Activity and Limited Supply A Rising Asian Demand on Improving Economic Growth B Higher Asian Bunker Demand on Recovering Trading Activity Asian Bunker Demand MBD Asian Fuel Oil Demand MBD 3.2 3.0 MGO VLSFO HSFO 2020: -0.07 MBD (or +3% Y-o-Y
Slide 46: How would COVID-19 have an impact on domestic petroleum demand?
-46- How would COVID-19 have an impact on domestic petroleum demand? The growth rate of petroleum demand in Thailand is expected to increase only 0.8% from the previous year due to the contraction of the economy that was affected by the second wave of Covid-19 pandemic in 2021. 2020F 2021F 2020F 202
Slide 47: Improved Aromatics Market on Less Additional Capacity and Demand Recovery
-47- Improved Aromatics Market on Less Additional Capacity and Demand Recovery A ShortCapacity Less Term Support by SM Addition RunPartial amid Rate and Lower BZDemand Recovered Stock B Improved market Less Capacity in 2021amid Addition due Partial to LessRecovered Capacity Addition Demand AP/ME PX
Slide 48: Firm Base Oil Market on Remain Low New Capacity
-48- Firm Base Oil Market on Remain Low New Capacity A Lower Base Oil Supply from Limited Feedstock on Run-Cut B Easing Tight Supply on Higher Run-Rates with Recovered Demand KTON AP Major Exporter Volume Percent Asian Refinery Run-Rate 800 Lube plant MTA 90% Pre-COVID levels from end-2020 Pre-COVID
Slide 49: 2021 Outlook Conclusion
-49- 2021 Outlook Conclusion Crude Oil Improving Oil Demand on Widely Vaccine Roll Out amid Limited Surplus Supply Refinery Recovering Refinery Margin on Improving Demand after COVID-19 Relief Aromatic Improved Aromatics Market on Demand Recovery and Less Additional Capacity Lube Base Firm Base Oil
Slide 50: Appendix
-50- APPENDIX • Performance analysis • Sustainability / ESG • Refinery capacity addition • Aromatics • World GRM / Inventories • Thailand petroleum demand by products
Slide 51: Refinery: Improving Mkt GRM Supported by Lower Crude Cost
Performance Analysis -51- Refinery: Improving Mkt GRM Supported by Lower Crude Cost Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization 2019 2020 2019 Q3/20 Q4/20 FY/19 FY/20 $/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY20 FY19 93% 101% 107% 101% DUBAI (DB) 63.5 67.4 61.1 62.1 50.9 30.6 42.9 4
Slide 52: Aromatic: Higher Contribution Supported by BZ Spread
Performance Analysis -52- Aromatic: Higher Contribution Supported by BZ Spread Aromatic Spreads and Margins Aromatics Production 2019 2020 2019 Q3/20 Q4/20 FY/19 FY/20 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY20 FY19 56% 70% 70% 71% PX-ULG95 508 273 194 163 218 214 143 146 180 285 Q4/20 Market BZ-ULG95 18 (1
Slide 53: Base Oil: Stable Contribution Supported by Lube Spread
Performance Analysis -53- Base Oil: Stable Contribution Supported by Lube Spread Base Oil & Bitumen Spreads & Margins Base oil Production 2019 2020 2019 Q3/20 Q4/20 FY/19 FY/20 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY20 FY19 89% 93% 83% 88% 500SN-HSFO 330 287 283 384 369 372 340 474 389 321 BITUMEN-HSFO (40
Slide 54: Power Sector Performance…Growing Contribution to the Group
Performance Analysis -54- Power Sector Performance…Growing Contribution to the Group Power Business Sector Equity holding in SPP (4) 74% 100% Power & Steam Sales (4)TOP shareholding 24.29% (8.91% via (1) 2,491 2,455 TOP and 20.79% via TP) Electricity GPSC is an associate company of TOP. 612 622 620
Slide 55: Performance Breakdown
Performance Analysis -55- 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) Q3/20 (715) 391 833 184 (2,271) 2,986 715 Q4/20 8,628 936 510 209 5,466
Slide 56: Q4/20 & FY/20 TOP Group Consolidated P&L
Performance Analysis -56- -56- Q4/20 & FY/20 TOP Group Consolidated P&L (MB) Q4/20 Q3/20 QoQ+/(-) Q4/19 YoY+/(-) 2020 2019 YoY+/(-) Re-presented (A) (D) Sales Revenue 59,592 57,225 2,367 96,263 (36,671) 242,840 361,768 (118,928) Net Realized G/(L) on Financial Instrument (254) 144 (398) 288 (542) (1
Slide 57: FY/20 Consolidated Cash Flow
Performance Analysis -57- -57- FY/20 Consolidated Cash Flow (Unit: MB) 2020 2019 2020 2019 Operating Cash Flow (CFO) 2,435 13,087 Investments (CFI) (47,490) 23,343 Net income (2,595) 6,933 Dividend income 1,281 763 Depreciation & NRV 7,769 5,668 ST investments (17,221) 72,285 Other adj. (7,261) (724
Slide 58: ESG/Sustainability Highlights 2020
ESG/Sustainability -58- ESG/Sustainability Highlights 2020 Environmental Social Governance Toward Green Economy Toward Better Quality of Life Toward Transparency Greenhouse Gases (GHGs) Communities Structure & Oversight • Reduced 4% direct GHG emission from BAU by • Thaioil CSR program supported med
Slide 59: ESG/Sustainability Highlights 2020
ESG/Sustainability -59- ESG/Sustainability Highlights 2020 (8 consecutive years recognized as member) (6 years) Industry Leader Platinum Award (6 consecutive years) in oil & gas refining and marketing industry for 6 years Environmental Social Governance Energy Efficiency Sustainable Energy for Corpo
Slide 60: Medium-Term Demand Growth to Balance with Refinery Addition
Petroleum -60- -60- 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 China Japan India Vietnam Thailand Philippines MBD New Zealand Australia Key Projects : 3.0 Other AP Net Addition
Slide 61: Supportive Refinery Margin due to Announced Refinery Closures
Refinery -61- Supportive Refinery Margin due to Announced Refinery Closures/Converting to terminal or Biofuel in 2020/21 Permanent Closure Extending Maintenance Netle’s Naantali (58KBD) Converting to Terminal Convert to terminal Converting to Biofuel plant Japan (approx. 110 KBD) Permanent Closure A
Slide 62: AP/ME PX Balance
Aromatic -62- AP/ME PX Balance AP/ME PX Supply Demand Balance 2011-2019 (CAGR) 2020 2021 2022-2025 (CAGR) Mil TON Cap: 5.9% 15.6% 4.6% Cap: 4.1% Operating Rate Dem: 6.6% -7.5% 6.8% Dem: 2.5% 100 100% 80 90% 60 73.5 73.5 80% 62.3 65.2 65.9 59.7 40 45.3 43.7 51.5 46.2 45.9 47.4 48.8 49.8 50.2 70% 40.6
Slide 63: AP/ME BZ Balance
Aromatic -63- AP/ME BZ Balance AP/ME BZ Supply Demand Balance 2011-2019 (CAGR) 2020 2021 2022-2025 (CAGR) Cap: 3.2% 7.6% 3.0% 2.1% Mil TON Dem: 4.9% -1.9% 4.9% 3.7% Operating Rate 60 90% 50 48.8 49.6 51.9 51.9 80% 40 45.6 46.9 40.2 42.4 37.2 37.7 39.0 38.3 39.6 30 32.9 32.8 34.5 36.8 33.2 32.5 34.1
Slide 64: Asian Margin Vs. US-EU margin
World GRM -64- 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 Feb-21 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 SING CRACK SING HYDRO BRENT CRACK BRENT HYDRO WTI CRA
Slide 65: Global Crude Oil Inventories
Inventories -65- 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 2021 avg
Slide 66: Global Gasoline Inventories
Inventories -66- 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 2021 avg 16-20 5yr-range 2019 2020 2021
Slide 67: Global Middle Distillate Inventories
Inventories -67- 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 2021 avg 16-20 5yr-r
Slide 68: Global Fuel Oil Inventories
Inventories -68- 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 2021 avg 16-20 5yr-range 20
Slide 69: China's Refined Product Exports
Inventories -69- 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 70: Domestic LPG Demand
Thailand petroleum demand by products -70- -70- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day 2020 2019 2018 2017 • In 2020, LPG demand plunged by 13.7% YoY following the decrease in all sectors, especially in the automobile sector. LPG 20 demand in the automobile sector decrea
Slide 71: Domestic Gasoline/Gasohol Demand
Thailand petroleum demand by products -71- -71- Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/GASOHOL Demand Highlight MML/Day • In 2020, Gasoline demand was reduced by 1.5% YoY to an 2020 2019 2018 2017 average of 31.7 MML/day while only Gasohol* demand 36 34.7 34.4 dec
Slide 72: Domestic Jet Demand
Thailand petroleum demand by products -72- -72- Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day 2020 2019 2018 2017 • In 2020, Jet consumption decreased by 61.7% YoY, as the flight 24 22.4 number dropped by 55.8% YoY from the suspension of domestic 19.3 and international flights
Slide 73: Domestic Gasoil and NGV Demand
Thailand petroleum demand by products -73- -73- Domestic Gasoil and NGV Demand Thailand Gasoil Demand Gasoil Demand Highlight MML/Day 2020 2019 2018 2017 • In 2020, Gasoil demand decreased by 1.5% YoY, as the logistic 72 activities were limited by lower manufacturing and agricultural 69.1 68.8 produ
Slide 74: Domestic Fuel Oil Demand
Thailand petroleum demand by products -74- -74- Domestic Fuel Oil Demand Thailand Fuel Oil Demand 2020 2019 2018 2017 Fuel Oil Demand Highlight MML/Day • In 2020, Fuel Oil consumption fell by 11.2% YoY, as the demand 8 in the transportation sector, which accounted for 55.7% of total Fuel Oil demand,
Slide 75: Thank You
--75- 75- Thank You Any queries, please contact: at email: ir@thaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
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