Thai Oil Public Co. Ltd. · SET:TOP
Thai Oil Public — Investor Presentation (October 2013)
83 slides from Thai Oil Public's investor presentation, October 2013
Slide 1: Thai Oil Public Company Limited Presentation to Investors
Thai Oil Public Company Limited Presentation to Investors October 2013
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: Agenda
Agenda TOP GROUP OVERVIEW Q2 & 1H/13 BUSINESS HIGHLIGHTS PERFORMANCE ANALYSIS MARKET OUTLOOK TOP WAY FORWARD
Slide 6: TOP Group Overview
TOP Group Overview
Slide 7: Strategic relationship and operational integration with PTT
-7- Strategic relationship and operational integration with PTT Thai Oil’s strong shareholder base 26.2% Benefits from PTT’s dual role as our major # of Listed 2,040 mil. Shares shares shareholder and key 49.1% business partner Free Float 49.9% Shares All transactions take place 24.7% at arm’s l
Slide 8: TOP Group Synergy & Strategic Role in PTT Group Value Chain
-8- 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 profit margins and Mixed-Xylene reduce earnings volatility Toluene ARO
Slide 9: Key milestones: 52 years, a long track record of success
-9- Key milestones: 52 years, a long track record of success 1961 – 1997 2004 – 2011 Today Capacity expansion and initial stage of business A leading integrated refining and petrochemical Listing, expansion and diversification diversification group in Asia Pacific 1961 1970 2004 • 275 kbd refinery (
Slide 10: Thai Oil Group Business Structure
-10- Thai Oil Group Business Structure 100.0% 100.0% 74.0% PTT 26.0% 100.0% 100.0% 100% Thai Paraxylene Thai Lube Base Thaioil Power Thaioil Marine Thaioil Ethanol Thaioil (TOP) (TPX) (TLB) (TP) (TM) (TET) • 5 Oil & Chemical Mitr Phol 35.0% Padaeng Aromatics Capacity: Lube Base Oil Sells Electricity
Slide 11: Process Linkage: Beauty of Integration
-11- Process Linkage: Beauty of Integration Thai Paraxylene PROCESS FLOWCHART ADIP FUELGAS Thai Oil ISOM LPG 20,000 MX HDT-1 MX 40,000 HDT-2 HDT-3 CCR-1 ULG95 85,000 CCR-2 CDU-1 50,000 ULG91 45,000 KMT-1 CDU-2 JET KMT-2 50,000 CDU-3 165,000 KEROSENE HVU-1 Thai Lube Base HVU-2 HVU-3 FCCU HDS-2 10,400
Slide 12: One of Region's Leading Refineries
-12- One of Region’s Leading Refineries Total Thailand crude refining capacity 1,095 kbd 2012 Market shares for refined petroleum product3 Fang (3 kbpd) 35% market Thai Oil (275 kbpd) shares PTT’s Principal Refiner BCP2 (120 kbpd) Esso (170 kbpd) Nelson Index - Regional Comparison IRPC2 (215 kbpd) 1
Slide 13: Strategic location with competitive advantages in access to key markets
-13- Strategic location with competitive advantages in access to key markets Close proximity to the key domestic markets Access to Indochina markets through deep water ports Our strategic location provide us with LAOS 1. Close proximity with the key domestic Bangkok VIETNAM markets and Sriracha (124
Slide 14: Competitive Performance Benchmarking
-14- Competitive Performance Benchmarking Solomon (Bi-Annually) Shell Global Solutions International (SGSi) 2008 2010 Operational Performance Review Hydrocarbon Management Review + 1 NOTCH to Q1 Operational Troubleshooting + 1 NOTCH to Q1 Staff Competency Development + 1 NOTCH to Q1 Knowledge Manage
Slide 15: Integrated Margin & Competitive Cash Cost
-15- Integrated Margin & Competitive Cash Cost Gross Refined Margin TOP’s Cash Cost (Unit: US$/bbl) (Unit: US$/bbl) Marketing GRM Accounting GRM (Marketing GRM + Stock G/L) Operating Cost Interest Expense (Net) 6.4 6.2 6.6 5.3 4.5 5.5 1.8 2.1 2.0 4.1 4.6 5.1 3.8 1.4 1.4 1.5 1.5 1.6 3.4 3.3 3.6 0.7 0
Slide 16: Financial Performance
-16- Financial Performance Sales Revenue EBITDA Unit: THB Million Unit: THB Million 447,432 EBITDA (excl stk G/L) EBITDA (incl stk G/L) 446,241 399,125 28,760 318,391 284,123 23,868 22,808 22,897 21,393 198,147 17,381 20,350 12,846 14,585 104,914 93,233 5,856 9,615 7,949 7,651 4,397 3,759 3,255 2008
Slide 17: TOP Group Key Highlights
-17- TOP Group Key Highlights Thailand’s largest and Diversified earnings 1 2 one of the region’s through integration most advanced and with, and significant competitive refineries contribution from, our subsidiaries Strategic relationship Strategic location with Industry with high 3 4 5 and operati
Slide 18: Business Highlights
Business Highlights
Slide 19: Q2/13: Business Highlights
-19- Q2/13 : Business Highlights Economic / Industry Highlights • Weak global economy especially a slowdown in • Concerns on global oil demand growth China triggering IMF has revised down world GDP & China while Europe show some sign of recovery • Oil price volatility resulted in Stock Loss • Market
Slide 20: Q2 & 1H/13: Economic Uncertainties…Pressured Earnings
-20- Q2 & 1H/13: Economic Uncertainties…Pressured Earnings Top Group Net Profit Gross Refinery Margin - GRM Unit : million THB NP w/o Stock G/L Stock G/(L) LCM $/bbl Q1/13 Q2/13 1H/13 Before tax Marketing GRM 6.6 3.6 5.1 Q1/13 Q2/13 1H/13 Stock Gain/(Loss) (1.1) (1.4) (1.3) 4,363 MB* (1,565) * MB 2,
Slide 21: Performance Analysis
_ — Performance Analysis
Slide 22: Q2/13: Stagnant Economy…Diminishing Crude Price
Refining -22- Q2/13: Stagnant Economy…Diminishing Crude Price $/bbl Apr May Jun Jul Aug Sep 160 Dubai Crude Oil Price 102 100 100 104 107 108 140 Avg. Dec’12 108.1 $/bbl 106 109 106 $/bbl as of 11 Oct 120 100 Avg. Mar’12 122 $/bbl Avg. Sep’12 Avg. Mar’13 Avg. Sep’13 80 Avg. Dec’11 111 $/bbl 105 $/bb
Slide 23: Q2/13: Contracted Product Spreads…Lower GRM
Refining -23- Q2/13: Contracted Product Spreads…Lower GRM LPG - DB (Unit: $/bbl) GO - DB + Supportive ME and African summer demand Q4TD 11 Oct + Refineries run cuts and outage in India and Taiwan - Closed arbitrage to West -39.1 -41.7 -46.7 -32.6 -38.9 -41.6 -43.5 -40.4 -40.3 - Exports from China on
Slide 24: Crude Price Volatility…Causing Stock Loss
Refining -24- Crude Price Volatility…Causing Stock Loss Apr May Jun Jul Aug Sep (Unit: $/bbl) 102 100 100 104 107 108 200 Marketing Gross Refinery Margin – Marketing GRM Dubai Crude Oil Price (Unit: $/bbl) 180 108.1 $/bbl as of 11 Oct 7.7 5.2 6.6 4.0 4.6 4.3 5.1 160 3.6 Avg. Mar’12 Q1/12 Q2 Q3 Q4 Q1
Slide 25: Optimized & Flexible Operations…Superior Performance
Refining -25- Optimized & Flexible Operations…Superior Performance Crude Assays based on Sources of Product Spread over Domestic demand for TOP configuration Crude output Dubai (US$/bbl) petroleum products* 1 % S = 1.54 % S = 2.13 % S = 0.79 1% 4% -41.6 LPG Others API = 31.2 API = 30.4 API = 39.7 8%
Slide 26: Growing Country Demand…Max Domestic Sales
Refining -26- Growing Country Demand…Max Domestic Sales Domestic Oil Demand / Domestic Refinery Intake Domestic Oil Demand KBD Utilization = 102% KBD +4% 1H/12 1,200 92% 88% 93% 89% 90% 91% 100% 83% 87% 88% 85% 89% 90% 1H/13 79% 1,000 80% 70% +4% 800 60% +5% +9% +7% 600 50% 40% -15% 400 30% 653 648
Slide 27: Q2/13: Weaker Demand…Limited Aromatics Margins
Aromatics -27- Q2/13: Weaker Demand…Limited Aromatics Margins Aromatics Spot Prices and Margins 2013 Aromatics Production Q1 Q2 1H (US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q2 1H 82% 87% 84% PX-ULG95 482 380 394 536 448 534 435 485 BZ-ULG95 72 84 139 336 158 303 305 304 Paraxylene (PX) - Weak polyester de
Slide 28: Q2/13: Improved Seasonal Demand…A Bounce in Margins
Lube Base -28- Q2/13: Improved Seasonal Demand…A Bounce in Margins Base Oil & Bitumen Spot Prices & Margins 2013 Base oil Production Q1 Q2 1H (US$/Ton) Q1/12 Q2 Q3 Q4 2012 Q1/13 Q2 1H 97% 105% 101% 500SN-HSFO 500 621 497 460 519 419 494 457 BITUMEN-HSFO -99 -32 -41 15 -39 -19 -7 -13 Lube Base Oil (U
Slide 29: Beauty of Integration…Sustainable GIM
Integrated Margin -29- Beauty of Integration…Sustainable GIM (US$/bbl) 20.3 18.1 16.3 18.2 16.5 17.0 18.4 12.8 Product to Feed 24% to GIM Q1/12 Q2 Q3 Q4 Q1/13 Q2 1H/12 1H/13 4.6 7.7 5.2 6.6 5.1 4.0 3.6 4.3 Crude Marketing GRM (excluded stock gain / loss) Q1/12 Q2 Q3 Q4 Q1/13 Q2 1H/12 1H/13 68% to GI
Slide 30: Q2/13: Performance Breakdown
Performance Breakdown -30- Q2/13: Performance Breakdown Refinery Aromatic Lube Base GPSC Plant TP Plant SAKC Ship Sapthip Mae Sod Utilization Production Production Availability Utilization Utilization Utilization Utilization Utilization Run rate of 2 plants: PTTUT+IPT since Q1/13 138% 141% 102% 102%
Slide 31: 1H/13: Performance Breakdown
Performance Breakdown -31- 1H/13: Performance Breakdown Refinery Aromatic Lube Base GPSC Plant TP Plant SAKC Ship Sapthip Mae Sod Utilization Production Production Availability Utilization Utilization Utilization Utilization Utilization Run rate of 2 plants: 139% PTTUT+IPT in Q1/13 133% 101% 103% 10
Slide 32: Consolidated Financial Performance
Financial -32- Consolidated Financial Performance (US$/bbl) Q2/13 Q1/13 Q2/12 QoQ+/(-) 1H/13 1H/12 YoY+/(-) Marketing GRM 3.6 6.6 4.6 (3.0) 5.1 4.3 0.8 Marketing GIM 5.6 8.8 7.2 (3.2) 7.2 7.0 0.2 Accounting GIM 4.2 7.7 (3.2) (3.5) 5.9 4.3 1.6 (MB) Sales Revenue 93,233 104,914 112,387 (11,681) 198,14
Slide 33: Strong Financial Performance
Financial -33- Strong Financial Performance Statements of Financial Position Consolidated Long-Term Debt as at 30 June 13 1) (Unit: MB) Total Long-Term Debt Net Debt 200,660 170,676 Trade Payable THB 74,149 million THB 25,203 million 39,133 Cash & ST / Others (US$ 2,371 million) (US$ 806 million) 33
Slide 34: Dividend Payment
Financial -34- Dividend Payment Dividend Policy : Not less than 25% of consolidated net profit after deducting reserves, subject to cash flow and investment plan Dividend Payment THB/Share Payout EPS FY/04 1.80 25% Total dividend FY/05 3.50 40% THB/Share FY/06 3.50 45% 9.40 n.a. Interim 1.50 9.19 An
Slide 35: Q3 & 2H-2013 Market Outlook
Q3 & 2H-2013 Market Outlook • Macroeconomics & Crude Prices • Petroleum Market • Aromatics & Base Oil • Conclusion
Slide 36: Macroeconomics & Crude Prices
Macroeconomics & Crude Prices Rising global oil supply and slowdown Chinese economy to pressure oil prices … Supply disruption in MENA to limit losses for Q3
Slide 37: 2013 GDP by IMF – Growing Pains in Global Growth
Macroeconomics & Crude Prices -37- 2013 GDP by IMF – Growing Pains in Global Growth IMF revised down global GDP forecast in 2013 from its Apr’s forecast, driven by a large extent by appreciably weaker domestic demand and slower growth in China Growth (%YoY) 2012 2013* 2014 12% China 7.8% 7.8% 7.7% 9
Slide 38: Global Oil Demand Growth in 2013
Macroeconomics & Crude Prices -38- Global Oil Demand Growth in 2013 IEA revised down 2013 global oil demand growth due to lower macroeconomics forecasts by IMF FSU North America Unit: KBD Europe 240 120 110 80 -230 -400 -540 -180 -260 Middle East Asia 230 180 100 1,140 740 420 Africa Latin America 1
Slide 39: Non-OPEC Supply Growth in 2013
Macroeconomics & Crude Prices -39- Non-OPEC Supply Growth in 2013 Stronger non-OPEC supply growth in 2013 at around 1.1 mbd, mainly from the North of America FSU North America Unit: KBD 1250 1190 Europe 100 90 10 500 -300 -300 -260 Middle East Asia -100 -180 -90 Africa 60 -40 Latin America 250 -200
Slide 40: OPEC to Balance Demand/Supply
Macroeconomics & Crude Prices -40- OPEC to Balance Demand/Supply Due to increasing Non-OPEC oil supply in 2013 by 1.1 MBD, call on OPEC crude will drop to 29.8 MBD Well-supplied oil market in 2013 (MBD) Growth Rate 100 (MBD) 90 2011 2012 2013 Call on Call on 80 +0.6 +1.1 +0.9 OPEC Crude OPEC Crude 2
Slide 41: Oil Supply Disruption in Middle East and North Africa (MENA)
-41- Oil Supply Disruption in Middle East and North Africa (MENA) Since the start Q3-13, crude oil supply lost from MENA is around 1 – 1.5 MBD (mainly from Libya & Iraq) Syria : 164 kbd Egypt : 728 kbd • Internal unrest continues • Egypt's political crisis • Concerns over chemical after Morsi period
Slide 42: In Q3-13… Oil price to recover from sharply fall in Q2
Macroeconomics & Crude Prices -42- In Q3-13… Oil price to recover from sharply fall in Q2 What We See…. Ongoing MENA Unrest, N.Sea Maintenance, Hurricane Season to Support Crude Oil Prices in Short term $/BBL $/BBL 120 2013 Dubai $104.8 120 $109 $108 110 $106 $106 $105 110 $101 100 100 90 90 80 80 7
Slide 43: Impact of higher US tight oil on crude spread
Macroeconomics & Crude Prices -43- Impact of higher US tight oil on crude spread – Opportunity for Asian refinery to buy more W. African crude Pipeline capacity from Cushing to USGC NGLs Tight Oil Conventional Crude Source: FGE, June 2013 Source: Wood Mackenzie, Jul 2013 Brent – Dubai To be narrowed
Slide 44: Petroleum Product Market
Petroleum Product Market GRM in Q3 to be better than Q2 … Supported by Summer & Ramadan demand as well as limited Chinese exports however, keep watching the coming up new Jubail Refinery
Slide 45: 2013 Refinery Status – Supply to Match with Demand
Petroleum Market -45- 2013 Refinery Status – Supply to Match with Demand CDU Capacity Addition VS Additional Demand – AP & ME CDU Capacity Addition VS Additional Demand – AP & ME Addition KBD Company and (Site) China Q2-13 200 PetroChina Pengzhou (Sichuan) AP Additional Demand ME Additional Demand D
Slide 46: Firm growth thanks to active government policy
Petroleum Market -46- Firm growth thanks to active government policy % year on year 2011 2012 Q2-13 2013F LPG +15 % +7 % +2% +5 % Gasoline -1 % +5 % +10% +7 % Jet/Kero +8 % 0% +11% +5 % Gasoil +4 % +7 % +2% +4 % Fuel Oil -6% -4 % -29% 0% Total (exclude LPG) +2 % +5 % + 2% +5 % Factor to Watch “Stron
Slide 47: Peak Asian gasoline price in Jul
Petroleum Market -47- Peak Asian gasoline price in Jul due to Strong Indo. import ahead of Ramadan month in Jul 9 – Aug 9, 2013 Indonesia’s Pertamina refinery turnaround in Jun Refineries outage in India, Taiwan end-May to Aug Tracking increasing US reformulated gasoline blendstock for oxyge
Slide 48: In the rest of Q3'13… Less demand as Ramadan & Summer season ended
Petroleum Market -48- In the rest of Q3’13… Less demand as Ramadan & Summer season ended Watch for Impact of new 400 KBD Jubail refinery ($/bbl) Q2-13 Q3-13 Q4TD-13 Q4-13** LPG ($/t) 772 824 832 ULG95-DB 14.6 12.4 8.4 JET-DB 15.3 17.0 16.2 GO-DB 16.8 17.3 17.3 HSFO-DB -3.6 -10.7 -8.0 Note: Q4TD as o
Slide 49: Aromatics
Aromatics PARAXYLENE …. Ongoing delays in new PX capacity result in firm PX market
Slide 50: Stronger-than-expected PX margin in Q3
Aromatics -50- Stronger-than-expected PX margin in Q3 “PX VS ULG95” “Delayed PX Supply in 2013” KT “Asia Polyester Demand” Seasonal low demand and + New PX plants continue to delay start-up from technical Chinese New issues. Year Holiday + Stronger polyester in Q3-Q4 demand will help push up PX and
Slide 51: PX Demand/Supply Outlook
Aromatics -51- PX Demand/Supply Outlook “PX Supply and Demand Addition In Asia” “Asia PX Net Import” Total Capacity Addition 18.6 MT Forecast Total Demand Addition 17.6 MT Higher PX Import 2012 PX production 24.6 MT 2.5 MT Growth 2.1 MT Growth PX demand 26.8 MT per year per year “Constraint on MX Fe
Slide 52: Why BZ spread was soften in Q3?
Aromatics -52- Why BZ spread was soften in Q3? “BZ FOB VS ULG95” “BZ supply loss due to turnaround” “Styrene Cash Margins” -The Asian benzene capacity loss in Q3 is estimated to be at 120 KT lower than Q2. - Higher BZ supply from olefins crackers in Asia due to higher olefins demand. + Relatively hi
Slide 53: BZ Demand/Supply Outlook
Aromatics -53- BZ Demand/Supply Outlook “Global BZ Supply And Demand Addition” “Less BZ supply from Pygas” Coke US Ethylene Crackers Feedstock PX 6% 2012 Forecast Total Capacity Addition 14.6 MT 16% HDA Reformate Total Demand Addition 14.0 MT 3% 36% Pygas 38% PX Coke 20% 5% 2018 HDA Reformate 2% 39%
Slide 54: Higher PTA run rate ahead of polyester season
Aromatics -54- Higher PTA run rate ahead of polyester season ($/t) Q2-13 Q3-13 Q4TD-13 Q4-13** PX-ULG95 435 452 481 BZ-ULG95 305 249 315 TL-ULG95 138 118 162 Note: Q4TD as of 2 Oct ** Compared to Q3-13 Note: PX = Paraxylene, BZ = Benzene, TL = Toluene What happened in Q3TD .… • Strong ULG95 price pr
Slide 55: Lube Base & Bitumen
Lube Base & Bitumen Firm base oil margin from strong demand of China
Slide 56: Flooding of Group II & Group III Supply
Lube Base & Bitumen -56- Flooding of Group II & Group III Supply Global base oil demand remain on an uptrend, growing at 1.4% p.a., with the rising of Gr.II & III consumption. Fuel economy and emission standard require premium base oil. Surplus capacity of Gr.II and Gr.III in Asia Pacific (inc
Slide 57: Bitumen Market
Lube Base & Bitumen -57- Bitumen Market $/MT $/MT Bitumen-HSFO Bitumen Price FOB Asia HSFO FOB SG 800 140 700 100 600 60 500 20 400 -20 300 -60 200 100 -100 0 -140 Mar-11 Apr-12 Jun-12 Apr-13 Jun-13 Aug-11 Jan-12 Mar-12 Sep-12 Jan-13 Mar-13 Oct-11 Dec-11 Feb-12 Nov-12 Feb-13 Jan-11 May-12 Jul-12 May
Slide 58: Strong demand from China support base oil margin
Lube Base & Bitumen -58- Strong demand from China support base oil margin ($/t) Q2-13 Q3-13 Q4TD-13 Q4-13** 500SN-HSFO 494 518 521 Bitumen-HSFO -7 -1 -16 Note: Q4TD as of 2 Oct ** Compared to Q3-13 What happened in Q3TD .… •Strong demand from China for •Continue restocking activity heavy grade base
Slide 59: Conclusion
Conclusion Q3 & 2H-2013 : Supportive Fundamental amid Volatile Environment
Slide 60: Firm Fundamental
Conclusion -60- Firm Fundamental CRUDE & REFINERY “Rising global oil supply & Uncertainty over global economy pressure crude prices in Q3-13 but limited by geopolitical risks” “ Better Q3-13 GRM from strong summer demand and refinery outage” AROMATICS “Firm PX market from ongoing delays in new PX ca
Slide 61: TOP Way Forward
TOP Way Forward
Slide 62: Broadening Growth, Capturing Step Out, Pursuing Sustainability
-62- 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 63: Strategic Investment Plan
-63- Strategic Investment Plan CAPEX Plan (Unit US$ million) Remaining capital investment Projects COD Total After Project Cost 2013 2014 2015 2015 Our CAPEX investments will Refinery upgrading 2014 128.2 87.6 cover improvements in Reliability, efficiency and flexibility - 382.9 150.0 71.8 18.4 27.2
Slide 64: Investment Update
-64- Investment Update Project Detail Progress HCU Revamp: • Increase high purity hydrogen production to gain margin • COMPLETED Basic Design • Phase I: PSA-3 from high sulphur crude processing Package (BDP) & Basic • Phase II: HVU-2 • Maximize lube base oil production while increasing Design Engine
Slide 65: Investment Update
-65- Investment Update Project Detail Progress Power Expansion • Low risk power business enhance income stability • COMPLETED Front End (2 blocks of SPP) • To support reliability of electricity and steam supply for Engineering and Design TOP Group (FEED) • Develop 2 new SPP power plants = 220 MW und
Slide 66: Investment Update
-66- Investment Update Project Detail Progress CDU-3 Crude • Set up, replace and rearrange heat exchangers in CDU-3 • COMPLETED Basic Design Preheat Train to reduce fuel usage Package (BDP) & Front End Improvement • Improve tray & equipment in CDU-3 to enhance refining Engineering and Design efficie
Slide 67: Investment Update
-67- Investment Update Project Detail Progress Solvent Expansion • To expand solvent capacity to meet the demand growth • CONTRUCTION PHASE (SAKC) in Thailand and the region • Capacity increase to 141 KTA from 76 KTA • CAPEX = 60.6 M$ • COD = 2014 AEC Member Countries Market Demand (KTA)
Slide 68: Investment update
-68- Investment update Project Detail Progress Linear Alkyl • Upgrade existing Benzene and Kerosene into • EXECUTE Engineering, Benzene (LAB) higher valued product; LAB which is an Procurement & TPX JV with Mitsui intermediate feedstock in production of Construction (EPC) 75% : 25% surfactant (contr
Slide 69: Question & Answer
Question & Answer
Slide 70: Thank You
-70- Thank You Any queries, please contact: at email: ir@thaioilgroup.com Tel: 662-797-2999 / 662-797-2961 Fax: 662-797-2976
Slide 71: Appendices
Appendices
Slide 72: Asian Margin Vs. US-EU margin
-72- Asian Margin Vs. US-EU margin $/bbl SINGAPORE GRM 91.1% 60.5% 69.8% Total Capacity: 17.7 MBD Total Capacity: 17.0 MBD Total Capacity: 4.9 MBD Source: EIA, Norwegian Energy, Thai Oil
Slide 73: Crude Inventory
-73- Crude Inventory Source: Norwegian Energy
Slide 74: Global Distillate Inventory
-74- Global Distillate Inventory Source: Norwegian Energy
Slide 75: Fuel Oil Inventory
-75- Fuel Oil Inventory Source: Norwegian Energy
Slide 76: China's Product Export
-76- China’s Product Export Source: Norwegian Energy
Slide 77: Benchmark Product Yield
-77- Benchmark Product Yield SG DB WTI CRK BRT CRK SG DB CRK HSK Yield Reuters Reuters Reuters Reuters Yield Adj F&L Adj F&L Adj F&L Mogas 47% 25% 31% 10% Naphtha - - 7% 6% Jet 25% 25% 18% 17% GO 11% 23% 16% 16% FO 13% 18% 22% 46% LPG 4% 6% 3% 3% MTBE -2% - - - TOTAL 98% 97% 97% 98%
Slide 78: Domestic LPG Demand
-78- Domestic LPG Demand Thailand LPG Demand LPG Demand Highlight • LPG demand in 2Q-13 slightly increased by 2%YoY owing to automotive sector. • Government imposed active measures on gas distributors selling cross sectional LPG from household sector to automotive sector. • So, LGP in household cons
Slide 79: Domestic Gasoline Demand
-79- Domestic Gasoline Demand Thailand Gasoline Demand GASOLINE Demand Highlight • Gasoline consumption in 2Q-13 grew by 10% YoY. • GSH portion was 92% of total gasoline/GSH grade, led by 41% of GSH91, 38% of GSH95, 11% of E20 and 2% of E85. • Ethanol consumption was averaged at 2.58 mml/day in 2Q-1
Slide 80: Domestic Jet Demand
-80- Domestic Jet Demand Thailand JET-A1 Demand JET Demand Highlight • Jet consumption in 2Q-13 rose by 11% YoY in line with an increase in number of flights as well as a rise in tourists. • Jet consumption in Juk 13 rose by 4% MoM correlated with the increase in aircraft movements and tourist numbe
Slide 81: Domestic Gasoil Demand
-81- Domestic Gasoil Demand Thailand Gasoil Demand GASOIL Demand Highlight • Gas oil demand in 2Q-13 rose by 2%YoY due to continued capped retail price at 30B/litre. • Gas oil demand in Jul 13 dropped by 1% MoM due to low agriculture demand as the country was in the rainy season, and the commercial
Slide 82: Domestic Fuel Oil Demand
-82- Domestic Fuel Oil Demand Thailand Fuel Oil Demand FUEL OIL Demand Highlight • FO demand in 2Q-13 decreased by 29%YoY owing to low consumption of fuel oil for power sector. • FO demand increased by 10% MoM from a rise in transportation sector Thailand Fuel Oil Demand by Sector MML/Mth 350 Transp
Slide 83: Thank You
-83- 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 (October 2013) on 6ix