Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (January 2020)
69 slides from Thai Oil Public's investor presentation, January 2020
Slide 1: Thai Oil Public Company Limited Presentation to Investors
-1- Thai Oil Public Company Limited Presentation to Investors January 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 MARKET OUTLOOK APPENDIX
Slide 4: TOP Group Business Overview
-4- TOP GROUP BUSINESS OVERVIEW
Slide 5: Strategic Relationship and Operational Integration with PTT
-5- Strategic Relationship and Operational Integration with PTT Thai Oil’s strong shareholder base 9.1% • Benefits from PTT’s dual role as our major 22.9% shareholder and key 47.5% business partner • All transactions take PTT place at arm’s length and in adherence with Foreign 20.5% strong corporate
Slide 6: TOP Group Synergy & Strategic Role in PTT Group Value Chain
-6- TOP Group Synergy & Strategic Role in PTT Group Value Chain Upstream Intermediate Downstream Solvent Pentane Diversifying to a broad Hexane range of downstream Toluene SOLVENTS The majority of Mixed-Xylene products to enjoy refined petroleum higher profit margins Paraxylene products are sold and
Slide 7: Key Milestones: 58 Years, A Long Track Record of Success
-7- Key Milestones: 58 Years, A Long Track Record of Success 1961 – 1997 2004 – 2011 Today Capacity expansion and initial stage of Listing, expansion and A leading integrated refining and business diversification diversification petrochemical group in Asia Pacific 1961 1970 2004 • 275 kbd refinery (
Slide 8: Thai Oil Group Business Structure
-8- 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) Aromatics Capacity: Lube Base Oil Sells Electricity/Steam to • 5 Oil & Chemical Tankers 50.0% Paraxy
Slide 9: Process Linkage: Beauty of Integration
-9- 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-3 180,000 KEROSENE HVU-1 HVU-2 FCCU HDS-2 HVU-3 HVU-3 10,400 95,
Slide 10: One of Region's Leading Refineries
-10- One of Region’s Leading Refineries Total Thailand crude refining capacity 1,235 kbd Market shares for refined petroleum product3 Thai Oil 22% Share Fang (3 kbpd) Nameplate 30% 31% Capacity market market shares shares Thai Oil (275 kbpd) PTT’s Principal Refiner Q3/19 Q2/19 BCP (120 kbpd) Esso (1
Slide 11: Strategic Location with Competitive Advantages in Access to Key Markets
-11- Strategic Location with Competitive Advantages in Access to Key Markets Access to Indochina markets through deep water Close proximity to the key domestic markets ports and trucks Our strategic location provide us with LAOS 1. Close proximity with the key domestic markets VIETNAM and Indochina
Slide 12: Optimized & Flexible Operations…Superior Performance
Crude -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 Domestic demand for Reference Price TOP configuration* Crude output petroleum products** %
Slide 13: Refinery: Lower U-Rate, while Robust Domestic & CLMV Sales
-13- Refinery: Lower U-Rate, while Robust Domestic & CLMV Sales TOP/ Domestic Refinery Utilization Rate Domestic Oil Demand Unit: % Utilization Rate KBD 9M/18 9M/19 116% 1.8% 113% 115% 115% 112% 800 108% 110% 103% 105% (1) 600 97% 1.4% 98% 98% 96% 96% 400 3.8% 90% 97% 97% 94% 93% 93% 0.2% 200 70% -
Slide 14: Competitive Performance Benchmarking (Yr 2016 vs 2018)
-14- 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 Mechanical Availability, Maintenance Index, US independent 3rd party who % $/EDC applies Comparative Performance Analysis
Slide 15: TOP Group Key Highlights
-15- TOP Group Key Highlights Thailand’s largest and Diversified earnings one of the region’s through integration with, 1 2 most advanced and and significant competitive refineries contribution from, our subsidiaries Strategic relationship Strategic location with Industry with high barriers and oper
Slide 16: Key Financial Highlights
-16- KEY FINANCIAL HIGHLIGHTS
Slide 17: Key Market Highlights
-17- Key Market Highlights Crude Oil (Dubai soften to $61/bbl from $67) Average Dubai Crude Price ($/bbl) 70.1 • M.E. crude supply disruption due to drone attack in Saudi Arabia. (Disrupted 5.7 67.4 MBD or 5% of global crude supply) 64.0 61.1 • Increased crude supply from US (140 kbd QoQ) 2.3 0.4 •
Slide 18: Key Business Highlight
-18- Key Business Highlight Operational Commercial Financial • Completion of MTA in Jul’19 - CDU-3 • Captured higher domestic & • Interim Dividend 2019 at 1.00 Baht & Aromatics Complex of 30 & 45 Indochina sales per share days respectively Q2/19 Q3/19 • Tremendously successful $565 mn USD • One-time
Slide 19: Net Income Performance
-19- Net Income Performance TOP Group Net Profit Unit : million THB (MB) Net Profit Contributions Q2/19 Q3/19 9M/18 9M/19 Excluding Stock Gain/(loss) Others 567 MB (683) MB 14,961 MB 4,293 MB & New Business Petroleum 487 4% Power F/X G/L on foreign 19% 339 287 currency assets & 147 liabilities 5,896
Slide 20: Integrated Margin & Competitive Cash Cost
-20- Integrated Margin & Competitive Cash Cost Gross Refining Margin Refinery’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Market GRM Accounting GRM (Market GRM + Stock G/L) Operating Cost Interest Expense (net) (excl. one-time non- operating item) Higher refinery cash cost due to 7.6 MTA CDU-3 cost
Slide 21: Financial Performance
-21- Financial Performance Sales Revenue EBITDA Unit: Million THB Unit: Million THB EBITDA (excl stk G/L & NRV) EBITDA (incl stk G/L & NRV) 36,925 389,344 32,675 33,448 337,388 274,739 288,893 25,496 23,412 265,916 22,867 22,253 20,239 9,906 91,962 82,329 4,293 7,006 2,959 2,072 3,134 2016 2017 2018
Slide 22: Q3/19 TOP Group Strong Financial Position & Financial Ratios
-22- Q3/19 TOP Group Strong Financial Position & Financial Ratios Statements of Financial Position Consolidated Long-Term Debt as at 30 Sep 19 (Unit: million THB) 256,453 255,863 Total IBD Net Debt 31,702 34,374 Trade Payable 99,000 million THB 19,232 million THB Cash & ST 79,768 / Others 94,178 (US
Slide 23: Dividend Payment
-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 4.97 4.39 4.57 2.75 3.75 2.44 3.00 2
Slide 24: Strategic Investment Plans
-24- STRATEGIC INVESTMENT PLANS
Slide 25: Thaioil's Strategic Direction 2030
-25- Thaioil‘s Strategic Direction 2030 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 & Strategic comprehensive Petchem portfolio Dire
Slide 26: Key Focused Areas
-26- Key Focused Areas S trengthen Refinery & Power • CFP – on time & on budget • Emphasize healthy profitability thru Biz transformation • Operations & Commercial Excellence • Strengthen market positioning & distribution (regional market expansion) P etrochemical & Hydrocarbon Value Chain Extension
Slide 27: TOP Group Strategic Investment Plan
-UseonlyforKMSession- -27- TOP Group Strategic Investment Plan CAPEX Plan (Unit US$ million) Estimated Budgeting for 5-year Investment Plan Total Project 2019 - 2023 2019 2020 2021 2022 2023 CFP project * 4,015 935 1,920 1,080 463 (383) GPSC’s Equity Injection 574 574 Total Ongoing CAPEX 325 162 116
Slide 28: Clean Fuel Project (CFP) Project Update
-28- Clean Fuel Project (CFP) Project Update Project Description Capacity Product Yield Crude Intake Benefit to Thaioil • Investment Size (4,825 $M) • Rejuvenate our facilities • Technical / Construction Magnitude • Capacity growth & Features • Upgrading product mix 15,000 – 20,000 labor force at
Slide 29: Clean Fuel Project (CFP): Rationale & Timeline
-29- Clean Fuel Project (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 ser
Slide 30: Scope of CFP & Technical Aspect
-30- 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 31: CFP Competitiveness
-31- 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 32: CFP Value Proposition
-32- 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 33: Industry Outlook (2020 & Beyond)
INDUSTRY OUTLOOK (2020 & Beyond) • Crude Oil • Refinery • Aromatic • Base Oil & Bitumen
Slide 34: OPEC Balancing Oil Market amid Uncertain Oil Demand Growth
-34- OPEC Balancing Oil Market amid Uncertain Oil Demand Growth A Higher Supply led by Non-OPEC BC OPEC Cuts to Reduce Market Surplus Non-OPEC and Iran/Venezuela Supply Growth MBD OPEC-11* Production 28 *OPEC-11 excludes Qatar (left OPEC during early Jan’19), Venezuela, Iran, MBD and Libya from prod
Slide 35: Refining Margins Boosted by Higher Demand from IMO
-35- Refining Margins Boosted by Higher Demand from IMO Singapore Cracking GRM ($/BBL) 7.7 8.2 6.7 7.2 7.1 7 6.1 6.4 6.4 6.1 6.1 6.5 5.9 5.0 5.2 4.2 3.2 3.5 1.6 0.5 Q1-16Q2-16Q3-16Q4-16 Y2016 Q1-17Q2-17Q3-17Q4-17 Y2017 Q1-18Q2-18Q3-18Q4-18 Y2018 Q1-19Q2-19Q3-19Q4-19 Q1TD- 20* Remark : *QTD as of 8 J
Slide 36: IMO 2020 Drives Light Crude and Middle Distillate Demand
-36- IMO 2020 Drives Light Crude and Middle Distillate Demand A Required Additional Low Sulphur Fuel Supply INDUSTRY IMPLICATION Asian 0.5% Bunker Fuel Supply and Demand IMO impacts on Refinery Mil TON Crude Product 12 Heavy sour crude Gasoline Inventory 10 Required Additional Supply Light sweet cru
Slide 37: Higher Domestic Demand Growth Aligning with Economic Expansion
-37- Higher Domestic Demand Growth Aligning with Economic Expansion A Steadily High Car Sales to Support Gasoline BC Higher Jet Demand Following Flight Movement Gasoline Demand vs. Passenger Car Sales Jet Demand vs. Number of Flight Movement MML/D ‘000 Units MML/D Million Flights 35 500 24 1.2 Milli
Slide 38: Weak Aromatic Market from New Capacity Addition
-38- Weak Aromatic Market from New Capacity Addition A Market Pressured by New Capacity Addition B Lower Chinese Import due to New Plant Startup AP/ME PX Capacity Addition vs. Demand Growth Chinese Net PX Import Volume Mil TON Heng Li 20 Mil TON Zhejiang 2 16.4 15.6 Sinochem 14.8 10 Sinopec Hainan A
Slide 39: Weak Base Oil Market from High Supply amid Steady Demand
-39- Weak Base Oil Market from High Supply amid Steady Demand A Market Pressured by New Capacity Addition B Higher Domestic Bitumen on New Road Projects AP Base Oil Capacity Addition vs. Demand Growth Bitumen road distance in Thailand Kilometer Mil TON 46,000 3.0 2.5 2.3 45,000 2.0 44,000 1.5 1.1 1.
Slide 40: 2020 Industry Outlook Conclusion
-40- 2020 Industry Outlook Conclusion (vs. 2019) Softer to Stable Crude Price on Higher Supply despite OPEC Crude Oil Production Cut Higher Refining Margins Supported by Rising Middle Refinery Distillate Demand post IMO Implementation Aromatics Weak Aromatics Market from New Mega Capacity Addition W
Slide 41: Beyond 2020 Industry Outlook
-41- Beyond 2020 Industry Outlook A Higher Oil Supply Led by Medium and Heavy Crude B Higher Oil Demand Led by Middle Distillate Global Oil Supply Global Product Demand MBD MBD 110 110 100 100 Other Non-OPEC 90 90 32.8 32.3 80 80 31.4 Gasoline 70 2020-2030 70 Dem Growth : 0.3% U.S. 27.8 27.9 60 18.3
Slide 42: Beyond 2020 Industry Outlook (2)
-42- Beyond 2020 Industry Outlook (2) Oil Demand Growth Outpaces Refinery Addition in Medium-term KBD Asia Pacific/Middle East Crude Capacity Addition vs Demand Growth Operating Rate, % 3500 100 2500 1386 1431 90 1500 875 762 1024 799 517 458 562 697 470 654 208 306 80 500 5 -500 70 2011 2012 2013 2
Slide 43: Thank You
-43- Thank You Any queries, please contact: at email: ir@thaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
Slide 44: Appendix
-44- APPENDIX • Performance analysis • Sustainability / ESG • Refinery & Aromatics Addition VS Additional Demand – AP & ME • World GRM / Inventories • Thailand petroleum demand by products
Slide 45: Refinery: Improved Mkt GRM Supported by Higher Product Spread
-45- Refinery: Improved Mkt GRM Supported by Higher Product Spread Dubai Crude Price & Key Petroleum Product Spreads Refinery Utilization Q2/19 Q3/19 9M/19 2018 2019 2018 103% 97% 105% $/bbl Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4 FY18 DUBAI (DB) 63.9 72.1 74.3 67.4 63.5 67.4 61.1 64.0 62.1 69.4 % MB Intake/OSP*
Slide 46: Aromatic: Weak PX Spread pressured Aromatic Contribution
-46- Aromatic: Weak PX Spread pressured Aromatic Contribution Aromatics Spreads and Margins Aromatics Production 2018 2019 2018 Q2/19 Q3/19 9M/19 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4 FY18 64% 54% 70% PX-ULG95 304 268 451 528 508 273 194 325 163 388 Q3/19 Market BZ-ULG95 231 126 126 81 18 (12) 60 22 33 1
Slide 47: Base Oil: Lower Contribution pressured by Lower Lube Spread
-47- Base Oil: Lower Contribution pressured by Lower Lube Spread Base Oil & Bitumen Spreads & Margins Base oil Production 2018 2019 2018 Q2/19 Q3/19 9M/19 $/ton Q1 Q2 Q3 Q4 Q1 Q2 Q3 9M Q4 FY18 85% 81% 85% 500SN-HSFO 512 481 417 376 330 287 283 300 384 447 % Base Oil & Specialty Sales Volume BITUMEN-
Slide 48: Beauty of Integration…Sustainable GIM
-48- Beauty of Integration…Sustainable GIM (Unit: US$/bbl) 16.4 16.9 20.2 18.8 Product to Feed 11.9 11.0 12.2 14.4 11.6 9.9 5.5 Q1/17 Q2 Q3 Q4 Q1/18 Q2 Q3 Q4 Q1/19 Q2 Q3 6.5 6.1 8.1 6.0 5.7 5.0 4.0 5.7 3.0 2.6 4.1 Crude Marketing GRM (excluded stock gain / loss) Q1/17 Q2 Q3 Q4 Q1/18 Q2 Q3 Q4 Q1/19 Q
Slide 49: Power Sector: Stable Contribution to Group
-49- Power Sector: Stable Contribution to Group Power Business Sector Equity holding in SPP GPSC **** 74% 100% Power & Steam Sales **** TOP shareholding 24.29% (8.91% (1) via TOP and 20.79% via TP) Electricity 1,912 1,856 GPSC is an associate company of (GWh) TOP. Equity method is applied to 606 634
Slide 50: Performance Breakdown
-50- Performance Breakdown Key Highlights Performance Industry Outlook Final Remarks Refinery Aromatic Base Oil GIM Power All business F/S & others (1) (2) Others & (3) Consolidated Stock Consolidated Petroleum Petrochemical Power Net Profit Gain/ Net Profit New Business (exclude stock gain/loss) (L
Slide 51: Q3 & 9M/19 TOP Group Consolidated P&L
-51- Q3 & 9M/19 TOP Group Consolidated P&L Key Highlights Performance Industry Outlook Final Remarks Refinery Aromatic Base Oil GIM Power All business F/S & others Unit : million Baht (MB) Q3/19 Q2/19 QoQ+/(-) Q3/18 YoY+/(-) 9M/19 9M/18 YoY+/(-) (A) (D) (F) Sales Revenue 82,329 91,962 (9,633) 100,72
Slide 52: 9M/19 TOP Group Consolidated Cash Flow
-52- 9M/19 TOP Group Consolidated Cash Flow (Unit: Million THB) 9M/19 9M/18 Investments (Unit: Million THB) 35,896 3,816 9M/19 9M/18 Dividend income 763 768 Operating Cash Flow 6,838 7,213 ST investments 55,177 4,257 Net income & non-cash adj. 10,920 25,478 + Available for sale - 2,287 Change in wor
Slide 53: Sustainability / ESG
-53- Sustainability / ESG Key Highlights Performance Industry Outlook Final Remarks Market Business Financial Performance ESG Recognitions Goals: Sustainability through ESG / DJSI & Credit Rating To maintain DJSI Industry Leader as Global Recognition Environmental Social Governance • Operate with EC
Slide 54: Key Milestones / Recognitions
-54- Key Milestones / Recognitions Key Highlights Performance Industry Outlook Final Remarks Market Business Performance ESG Recognitions Drive Awards 2019 Thaioil’s 58th Anniversary 2019 Sustainability Award Excellence By RobecoSAM by the MBA Chula Alumni Association • 58th Anniversary of the estab
Slide 55: Asia Pacific and Middle East Refinery Addition
Refinery -55- Asia Pacific and Middle East Refinery Addition Start-up Nameplate Country Company AP & ME Demand Growth Thailand period) (KBD) Teapot Vietnam Q2-19 400 Hengli Petrochemical China Dalian India Japan South Korea 37 Hyundai Lotte - Seosan Other AP China Zhejiang Rongsheng ME Close Middle
Slide 56: AP/ME PX Balance
Aromatics -56- AP/ME PX Balance AP/ME PX Supply Demand Balance 2010-2018 (CAGR) 2019 2020 2020-2024 (CAGR) Mil TON Cap: 5.9% 14.1% 17.6% Cap: 3.2% Operating Rate Dem: 6.4% 5.4% 2.1% Dem: 3.7% 80 90% 70 60 69.1 80% 62.0 65.0 65.3 50 60.8 51.7 49.9 40 43.2 45.3 44.8 46.2 47.8 70% 40.6 41.2 40.1 42.2 4
Slide 57: AP/ME BZ Balance
Aromatics -57- AP/ME BZ Balance AP/ME BZ Supply Demand Balance 2010-2018 (CAGR) 2019 2020 2020-2024 (CAGR) Cap: 3.2% 5.5% 7.7% 2.8% Mil TON Dem: 4.4% 4.9% 4.0% 3.8% Operating Rate 60 90% 50 49.1 50.0 51.0 80% 40 45.7 46.7 40.2 42.4 36.8 37.2 37.7 39.0 37.7 39.2 30 34.5 35.1 36.5 70% 32.9 32.8 32.5 3
Slide 58: Asian Margin Vs. US-EU margin
World GRM -58- Asian Margin Vs. US-EU margin SINGAPORE GRM EU - US Margins $/BBL $/BBL 14 40 12 10 30 8 6 20 4 2 0 10 -2 -4 0 -6 -8 -10 Jul-17 Apr-18 Jul-18 Apr-19 Jul-19 Oct-17 Jan-18 Oct-18 Jan-19 Jul-17 Apr-18 Jul-18 Apr-19 Jul-19 Oct-17 Jan-18 Oct-18 Jan-19 SING CRACK SING HYDRO BRENT CRACK BREN
Slide 59: Global Crude Oil Inventories
Inventories -59- Global Crude Oil Inventories U.S. Crude Stocks (excl. SPR) Crude Oil, Cushing, Oklahoma MBBL MBBL Source : EIA Source : EIA 600 80 550 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 2018 avg 14-18
Slide 60: Global Gasoline Inventories
Inventories -60- Global Gasoline Inventories MBBL U.S. Gasoline Stocks MBBL Singapore Gasoline Stocks Source : EIA Source : IE Singapore 280 20 260 240 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 2018 avg 14-18 5yr-range 2019 2018 avg 14-18
Slide 61: Global Middle Distillate Inventories
Inventories -61- Global Middle Distillate Inventories U.S. Diesel Stocks Singapore Middle Distillate Stocks MBBL MBBL Source : EIA Source : IE Singapore 180 20 160 140 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 2018 avg 14-18 5yr-range 2019
Slide 62: Global Fuel Oil Inventories
Inventories -62- Global Fuel Oil Inventories MBBL U.S. Residual Fuel Oil Stocks MBBL Singapore Residual Fuel Oil 50 Source : EIA 40 Stocks Source : IE Singapore 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 2018 avg 14-18 5yr-range 2019 20
Slide 63: China's Refined Product Exports
Chinese Export -63- China’s Refined Product Exports China’s Gasoline Exports China’s Gasoil Exports KBD KBD Source : China Custom Source : China Custom 500 700 450 600 400 350 500 300 400 250 200 300 150 200 100 100 50 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul A
Slide 64: Domestic LPG Demand
Thailand petroleum demand by products -64- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight KT/Day 2019 2016 2017 2018 • In 9M2019, LPG demand expanded 1.2% YoY. on 20 the support of 12.1% YoY increasing from 18.8 petrochemical sector, due to higher substitute 18.1 18.1 18.3 18.2 17.7 17
Slide 65: Domestic Gasoline/Gasohol Demand
Thailand petroleum demand by products -65- Domestic Gasoline/Gasohol Demand Thailand Gasoline/Gasohol Demand GASOLINE/Gasohol Demand Highlight MML/Day 2019 2016 2017 2018 • In 9M2019, Gasoline demand rose by 3.9% YoY 34 to an average 32.1 ML/day. Besides the retail 32.6 32.8 32.2 32.3 31.6 32.2 32.2
Slide 66: Domestic Jet Demand
Thailand petroleum demand by products -66- Domestic Jet Demand Thailand JET Demand JET Demand Highlight MML/Day 2019 2016 2017 2018 • In 9M2019, Jet consumption slightly increased 22 by 0.2% YoY. Despite of economic slowdown and strengthening of Thai Baht, flight number which is 20 a main support of
Slide 67: Domestic Gasoil and NGV Demand
Thailand petroleum demand by products -67- Domestic Gasoil and NGV Demand Thailand Gasoil Demand Diesel Demand Highlight MML/Day 2019 2016 2017 2018 • In 9M2019, Diesel demand slightly increased by 72 1.4% YoY due mainly to 4.7% YoY increasing 70 amount of accumulated registered diesel cars. 68 Howe
Slide 68: Domestic Fuel Oil Demand
Thailand petroleum demand by products -68- Domestic Fuel Oil Demand Thailand Fuel Oil Demand Fuel Oil Demand Highlight MML/Day 2019 2016 2017 2018 • In 9M2019, Fuel Oil consumption fell by 5.4% 8 YoY, as a result of the decrease in industrial sector by 9.5% to using environmental friendly fuel. 6 To
Slide 69: Thank You
-69- 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 (January 2020) on 6ix