Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Q2 2014 Earnings Presentation
73 slides from Thai Oil Public's earnings presentation, Aug 15, 2014
Slide 1: Q2 & 1H/2014 Analyst Presentation
Thai Oil Public Company Limited Q2 & 1H/2014 Analyst Presentation 15 August 2014 Time : 2.00 - 4.00 pm. Venue : The Okura Prestige Hotel
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.
Slide 3: Corporate Vision, Mission and Values
-3- Corporate Vision, Mission and Values A LEADING FULLY INTEGRATED REFINING & PETROCHEMICAL VISION COMPANY IN ASIA PACIFIC • To be in top quartile on performance and return on investment • To create a high-performance organization that promotes MISSION teamwork, innovation and trust for sustainabil
Slide 4: Corporate Governance Policy
-4- Corporate Governance Policy Roles and Responsibilities for Corporate Governance Policy Stakeholders The board of directors, management • Truthfully report company’s situation and and all staff shall commit to moral future trends to all stakeholders equally principles, equitable treatment to all
Slide 5: Thaioil Group Sustainable Development
-5- Thaioil Group Sustainable Development Member of DJSI Emerging Markets 2013 with Highest Ranked Level in Gold Class of Global Oil & Gas Companies
Slide 6: DJSI Gold Class 2014-Oil & Gas Ranking
-6- DJSI Gold Class 2014-Oil & Gas Ranking Average score: 48 Best score: 83 TOP Score 82
Slide 7: Presentation Agenda
-7- Presentation Agenda Q2/14 KEY HIGHLIGHTS Q2 & 1H/14 PERFORMANCE ANALYSIS 2H/14 & 1H/15 MARKET OUTLOOK 2014 KEY ACTIVITIES / PROJECT UPDATE KEY TAKE AWAY MESSAGES
Slide 8: Q2/14 Key Highlights
-8- Q2/14 KEY HIGHLIGHTS
Slide 9: Q2/14 Business Highlights
-9- Q2/14 Business Highlights Macro-economies / Industry Highlights $4/bbl rise in Dubai crude price driven by violence in Stock Gains from rising Dubai Iraq, Libya, Ukraine & Russia Weak CN oil demand causing higher diesel export into the Soften Market GRM region as reflected by high Singapore
Slide 10: Q2 & 1H/14: Group's Earnings Among Headwind
-10- Q2 & 1H/14: Group’s Earnings…Among Headwind Top Group Net Profit Gross Refining Margin - GRM Unit : million THB NP w/o Stock G/L Stock G/(L) LCM Before tax $/bbl Q1/14 Q2/14 1H/14 Q1/14 Q2/14 1H/14 Marketing GRM 5.1 4.4 4.8 2,534* MB 2,094* MB 4,628* MB Stock Gain/(Loss) (1.7) 1.4 (0.2) Account
Slide 11: Q2 & 1H/14 Performance Analysis
-11- Q2 & 1H/14 PERFORMANCE ANALYSIS
Slide 12: Q2/14: Supply Disruption from Unrests, Rising Dubai Crude Price
Refining -12- Q2/14: Supply Disruption from Unrests…Rising Dubai Crude Price Dubai Crude Price Average Y2013 = 105 $/bbl Y2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3TD* $/bbl 108 101 106 107 104 106 105 120 115 111 108 107 108 108 108 110 106 107 106 106 106 104 105 104 105 104 103 105 102 100 100 100 95 Jan Feb Mar
Slide 13: Q2/14: Lower Middle Distillate Cracks, Thinner Market GRM
Refining -13- Q2/14: Lower Middle Distillate Cracks…Thinner MKT GRM LPG - DB (Unit: $/bbl) Diesel - DB - High Chinese export from low domestic demand Q3TD 13 Aug - Slow regional demand i.e. fishing ban in China leading to high stock in Singapore (43.7) + limited regional supply as T/A season and out
Slide 14: Q2/14: Crude Price Up, Glory in Inventory Gain
Refining -14- Q2/14: Crude Price Up…Glory in Inventory Gain Dubai Crude Price Marketing Gross Refining Margin – Marketing GRM Average Y2013 = 105 $/bbl Y2014 (Unit: $/bbl) Q1 Q2 Q3 Q4 Q1 Q2 Q3TD * $/bbl 108 101 106 107 104 106 105 120 6.6 5.0 5.1 4.4 5.1 4.8 3.6 1.9 Q1/13 Q2 Q3 Q4 Q1/14 Q2 1H/13 1H/
Slide 15: Optimized & Flexible Operations, Superior Performance
Refining -15- Optimized & Flexible Operations…Superior Performance Crude Assays based on Sources of Product Spread over Domestic demand for TOP configuration Crude output Dubai (US$/bbl) petroleum products* 1 % S = 1.54 % S = 2.13 % S = 0.79 Others 9% 4% -44.0 LPG API = 31.2 API = 30.4 API = 39.7 PL
Slide 16: Strong Domestic Sales despite Flatten Local Demand
Refining -16- Strong Domestic Sales despite Flatten Local Demand Domestic Oil Demand / Domestic Refinery Intake Domestic Oil Demand *including TOP intake (Excluding TOP = 62%) KBD 1H56 1H57 Utilization = 94% KBD 92% 88% 93% 89% 92% 92% 91% 1,200 85% 89% 86% 85%* 85% 100% 0.3% 1,000 1,000 80% 800 800
Slide 17: Q2/14: Bottom PX Spread, Plunge Aromatics Margins
Aromatics -17- Q2/14: Bottom PX Spread…Plunge Aromatics Margins Aromatics Spreads and Margins Aromatics Production 2013 2014 Q1/14 Q2/14 1H/14 $/ton Q1 Q2 Q3 Q4 Q1 Q2 1H 2013 95% 79% 87% PX*-ULG95 559 462 476 445 273 220 246 486 Paraxylene (PX) BZ-ULG95 303 305 249 297 285 254 270 289 - Weak polyest
Slide 18: Q2/14: Softer Bitumen Spread, Slightly Lower Lube Margins
Lube Base Oil -18- Q2/14: Softer Bitumen Spread…Slightly Lower Lube Margins Base Oil & Bitumen Spreads & Margins Base oil Production 2013 2014 Q1/14 Q2/14 1H/14 $/ton Q1 Q2 Q3 Q4 Q1 Q2 1H 2013 100% 99% 100% 500SN-HSFO 419 494 519 509 486 501 494 485 Lube Base Oil BITUMEN-HSFO -19 -7 -3 -27 -69 -77 -
Slide 19: Beauty of Integration, Sustainable GIM
Performance Breakdown -19- Beauty of Integration…Sustainable GIM (Unit: US$/bbl) 21.6 20.3 16.5 18.6 18.4 8.2 4.8 6.7 Product to Feed 2% to GIM Q1/13 Q2 Q3 Q4 Q1/14 Q2 1H/13 1H/14 6.6 5.0 5.1 5.1 4.8 3.6 4.4 Crude 1.9 Marketing GRM (excluded stock gain / loss) 82% to GIM Q1/13 Q2 Q3 Q4 Q1/14 Q2 1H/1
Slide 20: Q2/14: Performance Breakdown
Performance Breakdown -20- Q2/14: Performance Breakdown Refinery Aromatic Lube Base IPT Plant TP Plant SAKC Ship Sapthip Mae Sod UBON Utilization Production Production Availability Utilization Utilization Utilization Utilization Utilization Utilization 130%138% 99% 105%100%99% 94% 102% 87% 91% 90% 7
Slide 21: 1H/14: Performance Breakdown
Performance Breakdown -21- 1H/14: Performance Breakdown Refinery Aromatic Lube Base IPT Plant TP Plant SAKC Ship Sapthip Mae Sod UBON Utilization Production Production Availability Utilization Utilization Utilization Utilization Utilization Utilization 132%133% 99% 101% 100% 101% 89% 94% 100% 87% 78
Slide 22: Consolidated Financial Performance
Financial -22- Consolidated Financial Performance (US$/bbl) Q2/14 Q1/14 Q2/13R QoQ+/(-) 1H/14 1H/13R YoY+/(-) Marketing GRM 4.4 5.1 3.6 (0.7) 4.8 5.1 (0.3) Marketing GIM 5.1 6.1 5.6 (1.0) 5.6 7.2 (1.6) Accounting GIM 6.4 4.5 4.2 1.9 5.4 5.9 (0.5) (million THB) Sales Revenue 101,063 112,228 93,233 (1
Slide 23: Strong Financial Performance
Financial -23- Strong Financial Performance Statements of Financial Position Consolidated Long-Term Debt as at 30 Jun 14 1) (Unit: million THB) Total Long-Term Debt Net Debt 208,662 197,539 76,508 million THB 30,498 million THB Trade Payable Cash & ST 43,815 39,482 24,406 / Others (US$ 2,347 million
Slide 24: 2H/14 & 1H/15 Market Outlook
-24- 2H/14 & 1H/15 MARKET OUTLOOK • Macroeconomics & Crude Prices • Petroleum Market • Aromatics & Base Oil • Conclusion
Slide 25: Macroeconomics & Crude Prices
-25- Macroeconomics & Crude Prices
Slide 26: 2014 Global GDP Growth by IMF
Macroeconomics & Crude Prices -26- 2014 Global GDP Growth by IMF Hoping for better world economy in the rest of the year !!! Marking down global GDP, reflecting the weak in Q1, particularly in the US and a less optimistic outlook for some emerging markets. Growth 2014 (%YoY) 2013 China US EU World A
Slide 27: 2014 Global Oil Demand Growth
Macroeconomics & Crude Prices -27- 2014 Global Oil Demand Growth IEA forecasted 2014 world oil demand increases around 1.23 mbd Unit: KBD 2012/2013/2014 Source: IEA, Oil Market Report, July 2014 Demand Growth Demand Growth Demand Growth IEA EIA OPEC (mbd) (mbd) (mbd) (mbd) (mbd) (mbd) 2012 90.19 +1.
Slide 28: 2014 Non-OPEC Supply Growth
Macroeconomics & Crude Prices -28- 2014 Non-OPEC Supply Growth IEA forecasted 2014 Non-OPEC oil supply increases around 1.46 mbd mainly from North America Unit: KBD 2012/2013/2014 Source: IEA, Oil Market Report, July 2014 Supply Growth Supply Growth Supply Growth IEA EIA OPEC (mbd) (mbd) (mbd) (mbd)
Slide 29: 2014 World Oil Market Balance & OPEC Spare Capacity
Macroeconomics & Crude Prices -29- 2014 World Oil Market Balance & OPEC Spare Capacity OPEC spare capacity to stay around 5 MBD in 2014 on excess non-OPEC supply, weighed down by uncertainty growth of OPEC capacity World Oil Demand (LHS) World Oil Supply (LHS) OPEC Spare Capacity (RHS) (OPEC + Non-O
Slide 30: More Crude Availability in the Market to Pressure Oil Price
Macroeconomics & Crude Prices -30- More Crude Availability in the Market to Pressure Oil Price $/BBL $/BBL 120 2014 Dubai $105 120 $109 110 $106 $105 $104.4 $106.1 $105.3 $105.3 110 $103 100 100 90 90 80 80 70 70 2011 2012 2013 1Q14 2Q14 3Q*14 4Q14 2015 Latest Forecast Actual Estimated as of 5 Aug 1
Slide 31: Resumption of Libya, Iraq, Iran Oil Output
Macroeconomics & Crude Prices -31- Resumption of Libya, Iraq, Iran Oil Output Easing concerns over tight supply in 2H-2014, however unstable unrest in the MENA to add volatility to crude price movement in 2014 OPEC Oil Production (MBD) Libya : capacity 1,400 kbd (actual 450 kbd) • Libya's oil export
Slide 32: Petroleum Product Market
-32- Petroleum Product Market
Slide 33: Overview 2014-18 Refinery Status (Effective Additional Capacity)
Refinery -33- Overview 2014-18 Refinery Status (Effective Additional Capacity) “Limited net capacity addition as refinery closure in Japan, Australia & project postponement in China” CDU Addition VS Additional Demand – AP & ME Addition KBD Company AP Additional Demand ME Additional Demand China Jan-
Slide 34: Potential Refinery Run Cuts in Asia Pacific
Macroeconomics & Crude Prices -34- Potential Refinery Run Cuts in Asia Pacific According to poor margin with lower than $2/BBL in Jun, many Asian refineries decided to reduce their run rates since Jun and may keep low rates at least until Aug % Utilization rates of Country Q1-2014 Q2-2014 Q3-2014 Q4
Slide 35: Gasoil Crack Bottom in Q2 BUT Recover in 2H-2014
Refinery -35- Gasoil Crack Bottom in Q2 BUT Recover in 2H-2014 China’s Gasoil Exports (KBD) 600 2 In Jun, export volume 2011 500 was 170 KBD higher 2012 than May. 2013 400 2014 300 200 1 2013 100 2014 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Gasoil Market Trend… 3 2013 Q2-2014: Weak gasoil
Slide 36: Recovery GRM in 2H-14 on Limited Surplus Supply
Refinery -36- Recovery GRM in 2H-14 on Limited Surplus Supply ($/bbl) Q1-14 Q2-14 Q3TD-14* 2H-2014** 1H-2015*** ULG95-DB 14.5 16.0 13.7 JET-DB 17.0 14.2 13.1 GO-DB 17.7 16.0 13.2 HSFO-DB -8.4 -10.6 -10.9 Adj. Cracking SG GRM 3.4 2.5 0.8 Adj Cracking SG GRM assuming 3% F&L of Dubai crude cost Remark
Slide 37: Thailand Oil Demand 2014 Outlook
Refinery -37- Thailand Oil Demand 2014 Outlook Year on Year 2011 2012 2013 2014F LPG +15 % +7 % +2% +2% Mogas* -1 % +5 % +7% +2% Jet/Kero +8 % 0% +9% +3% Diesel* +4 % +7 % +2% +1% Fuel Oil -6% -4 % -8% -18% Total +3 % +6 % +3% +1% GDP Growth +0.1% +6.5% +2.9% +1.5%** Remarks : * Mogas and diesel hav
Slide 38: Aromatics
& ~ Group Aromatics -38-
Slide 39: Has PX Spread Hit the Bottom?
-39- Has PX Spread Hit the Bottom? PX CFR-ULG95($/t) PX CFR-ULG95 Nameplate Capacity-Demand (KTA) 800 14000 Japan 7.2 mil tons of new PTA plants Tsunami start-up in China (Yisheng Dalian, 700 Fears over Yisheng Hainan, Hengli 2) QE1 EU debt Q4’13-Q1’14 12000 600 Lehman Brothers 2.5 mil ton PX showed
Slide 40: Heavy PX Capacity Addition Causing Supply Surplus
Aromatics -40- Heavy PX Capacity Addition Causing Supply Surplus MTPA 3.5 Feedstock Uncertainty Sinopec Hinan 3.0 Expected delayed HC Petrochem 2.5 TPPI Tenglong1 Tenglong2 2.0 1.5 1.0 0.5 0.0 Jan Sep Oct Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 Addition Plan KTPA Company China
Slide 41: PX Spread Recovered Since May'14
Aromatics -41- PX Spread Recovered Since May’14 Key Events Description Illustration • Due to weak PX market during Feb- Plant Reduction in Period Capacity Apr’14, PX makers begin to make losses operating rate (KTA) Run Cut PX JX Nippon 40-50% May-Jun 2,620 plants and PX units begin to be idled, cuts
Slide 42: PX Demand/Supply Outlook
Aromatics -42- PX Demand/Supply Outlook AP/ME PX Capacity* and Demand Effective Additional Capacity Forecast Forecast MTA MTA 2010-2013 2014 2015-2019 Dem: 8.1% Dem: 5.4% Dem: 6.1% 8 60 Cap: 6.2% Cap: 17.9% Cap: 7.9% 50 55 6 54 48 5.8 40 45 42 4 5.3 41 40 30 38 35 38 4.0 32 31 34 3.2 3.4 29 27 30 28
Slide 43: BZ Demand/Supply Outlook
Aromatics -43- BZ Demand/Supply Outlook AP/ME BZ Capacity* and Demand Effective Additional Capacity Forecast Forecast MTA MTA 2010-2013 2014 2015-2019 50 Dem: 5.4% Dem: 5.5% Dem: 4.7% 4 Cap: 5.3% Cap: 7.5% Cap: 4.3% 40 46 44 3 39 41 3.1 3.1 37 39 30 35 2 2.6 2.4 31 33 33 32 29 30 27 28 20 24 26 1 1.
Slide 44: Paradigm Shift of BZ Spread
Aromatics -44- Paradigm Shift of BZ Spread (from 100 to 300 $/ton) $/t BZ FOB-ULG95 500 US import from Asia Pacific 400 Financial Crisis 300 200 100 0 -100 -200 Oct Oct Oct Oct Oct Oct Oct Jul Jul Jul Jul Apr Jul Jul Jul Jan Jan Jan Jan Jan Jan Jan Apr Apr Apr Apr Apr Apr 2008 2009 2010 2011 2012 20
Slide 45: Short Supply during May-Jul Supported PX Market
Aromatics -45- Short Supply during May-Jul Supported PX Market ($/t) Q1-14 Q2-14 Q3TD-14* 2H-2014** 1H-2015** PX-ULG95 273 221 400 BZ-ULG95 286 254 345 TL-ULG95 81 48 166 Note: PX = Paraxylene, BZ = Benzene, TL = Toluene *QTD until 13 Aug 14 ** Compared to 1H-14 *** Compared to 2H-14 Factor to Watch
Slide 46: Lube Base & Bitumen
& ~ Group Lube Base & Bitumen -46-
Slide 47: Depressed Base Oil Price on Thin Demand
Lube Base Oil & Bitumen -47- Depressed Base Oil Price on Thin Demand Stronger Gr.I margin mainly driven by light grade $/t 2013 YTD-14 Key Factors 800 500SN-HSFO 485 494 600 • 500SN spread increased, tracking stable demand and softer fuel oil price. 400 • 150SN spread also supported by Gr.II 150SN-H
Slide 48: Soft Demand & Abundant Supply Pressures on Base Oil
Lube Base Oil & Bitumen -48- Soft Demand & Abundant Supply Pressures on Base Oil ($/t) Q1-14 Q2-14 Q3TD-14* 2H-2014** 1H-2015*** 500SN-HSFO 486 501 497 Bitumen-HSFO -69 -77 -78 Remark : *QTD until 13 Aug 14 **Compared to 1H-14 ***Compared to 2H-14 Factor to Watch for 2H 2014 Factor to Watch for 1H 2
Slide 49: Conclusion
& ~ Group Conclusion -49-
Slide 50: 2H/14 & 1H/15 Market Conclusion
Conclusion -50- 2H/14 & 1H/15 Market Conclusion Refinery • More crude availability in the market to pressure oil price • Sideway GRM in 2H-14 due to higher winter demand amid uncertainty in Chinese demand • Mild local oil demand growth in 2014 pressured by slower economy Aromatic • Improved PX sprea
Slide 51: 2014 Key Activities / Project Update
-51- 2014 KEY ACTIVITIES / PROJECT UPDATE
Slide 52: CDU-3 Major Turnaround Successfully Completed 9 Days Ahead
2014 Key Activities -52- CDU-3 Major Turnaround… Successfully Completed & 9 Days Ahead of Announced Schedule CDU-3 (165 KBD) major turnaround was completed 9 days ahead of the announced schedule (~46 vs 55 Days) Completion within budget & having excellent safety & environmental record (YTD annua
Slide 53: Broadening Growth, Capturing Step Out, Pursuing Sustainability
Project Update -53- Broadening Growth, Capturing Step Out ,Pursuing Sustainability Operational Excellence Growth (Core & Step Out) Core Business Quick win Value Chain Enhancement Adjacent Logistics New Business AEC countries Geography
Slide 54: Strategic Investment Plan
Project Update -54- Strategic Investment Plan CAPEX Plan (Unit US$ million) Remaining capital investment Projects COD Total Project 2017- Cost 2013 2014 2015 2016 2019 Refinery upgrading 2014 137 99 29 Our CAPEX investments Reliability, efficiency and - 353 65 91 56 13 34 will cover improvements fle
Slide 55: 2014 Key Project Completion
Project Update -55- 2014 Key Project Completion Project Detail Progress HVU Revamp: • Modify HVU-2 • COMPLETED • Phase I: PSA-3 • Capable to produce more diesel/jet at the expense of • Phase II: HVU- fuel oil (1-2%) Operate 2 Revamp • Capable to process cheaper heavier crude oil in May’14 • Incremen
Slide 56: 2014 Key Project Update: CDU-3 Crude Preheat Train
Project Update -56- 2014 Key Project Update : CDU-3 Crude Preheat Train Project Detail Progress CDU-3 Crude • Set up, replace & rearrange heat exchangers in CDU-3 to • COMPLETED Preheat Train reduce fuel usage Improvement • Improve tray & equipment in CDU-3 to enhance refining Operate efficiency by
Slide 57: 2014 Key Project Update: LAB
Project Update -57- 2014 Key Project Update : LAB Project Detail Progress • Upgrade existing Benzene and Kerosene into higher • CONSTRUCTION Phase Linear valued product; LAB which is an intermediate feedstock (overall progress 52.2%) Alkyl Benzene in production of surfactant (LAB) • Capacity: 100 KT
Slide 58: 2014 Key Project Update: 2 SPPs
Project Update -58- 2014 Key Project Update : 2 SPPs Project Detail Progress • Low risk power business enhance income stability • EXECUTE Engineering, • Support reliability of electricity & steam supply for TOP Procurement & TOP SPP Group Construction (EPC) (2 blocks of SPP) • Develop 2 new SPP powe
Slide 59: 2014 Key Step Out on New Geography Study
Project Update -59- 2014 Key Step Out on New Geography Study Project Progress Refinery Yangon • On mid-July, 2014, Myanmar Upgrading Thanlyin Petrochemical Enterprise (MPE) Project in issued Invitation to Tender, Myanmar specifying the proposal deadline by mid-Oct, 2014 and expect to announce the re
Slide 60: Key Take Away Messages
-60- KEY TAKE AWAY MESSAGES
Slide 61: Key Take Away Messages
-61- Key Take Away Messages Business / Operational / Financial Excellence Successful Completion of CDU-3/Aromatic/Related units MTA (9 Days ahead of announced schedule , ~ 46 vs 55 Days) Revise up FY2014 Refinery U-rate to 96% from 95% estimated earlier & maintain aromatic production rate at 84%
Slide 62: Appendix
-62- APPENDIX
Slide 63: Asian Margin Vs. US-EU Margin
-63- Asian Margin Vs. US-EU margin $/bbl SINGAPORE GRM 93.7% 56.5% 53.1% Total Capacity: 17.5 MBD Total Capacity: 17.0 MBD Total Capacity: 4.9 MBD Source: EIA, Norwegian Energy, Thai Oil
Slide 64: Crude Inventory
-64- Crude Inventory Source: Norwegian Energy
Slide 65: Global Distillate Inventory
-65- Global Distillate Inventory Source: Norwegian Energy
Slide 66: Fuel Oil Inventory
-66- Fuel Oil Inventory Source: Norwegian Energy
Slide 67: China's Product Export
-67- China’s Product Export Source: Norwegian Energy
Slide 68: Domestic LPG Demand
-68- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight • LPG demand in Q2/14 augmented by 1.9% YoY thanks to incremental usage in petrochemical and auto sectors. However, demand expansion was capped by lower usage in cooking and industrial sectors, as a result of economic slowdown and pol
Slide 69: Domestic Gasoline Demand
-69- Domestic Gasoline Demand Thailand Gasoline Demand GASOLINE Demand Highlight • Mogas demand in Q2-14 increased by 0.6% YoY to MML/DAY 22.9 mml/day. This is because of new registered car, leading to transportation demand expansion. Gasohol portion was record at 93.6% comparing to 91.6% at the sam
Slide 70: Domestic Jet Demand
-70- Domestic Jet Demand Thailand JET-A1 Demand JET Demand Highlight • In Q2-14 Jet consumption declined by 2.0% YoY. This was due to lower international aircraft movement, resulted from foreign tourist declining. Compared to the last year, foreign tourist fell as they concerned over military coup.
Slide 71: Domestic Gasoil Demand
-71- Domestic Gasoil Demand Thailand Gasoil Demand Diesel Demand Highlight MML/DAY • Diesel demand in Q2-14 rose by 1.2% YoY supported by new registered car, leading to higher usage in transportation sector. Nonetheless, upside was limited by lower usage in Industrial and electrical sectors which we
Slide 72: Domestic Fuel Oil Demand
-72- Domestic Fuel Oil Demand Thailand Fuel Oil Demand FUEL OIL Demand Highlight • Fuel Oil demand in Q2-14 declined by 5.0% YoY due to declining usage in transportation and Industrial sector, impacted by economic slowdown. However, usage in electrical sector increased because of building stock duri
Slide 73: Thank You
-73- 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 — Q2 2014 Earnings Presentation on 6ix