THAI OIL Thai Oil Public Company Limited
Presentation to Investors
February 2024
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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 made in this material are forward-looking with relevant assumptions, which are subject to uncertainties, which may cause the actual result/performance to be materially deviated from any future result/performance implied by such forward-looking statements. Please note that the company and management/staff are not capable to control and guarantee if these forward-looking statements will be accurately materialized, they are subject to various risks and uncertainties.
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Presentation Agenda
TOP GROUP BUSINESS OVERVIEW
KEY HIGHLIGHTS
FINANCIAL HIGHLIGHTS
STRATEGIC INVESTMENT PLANS
OUTLOOK
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TOP GROUP BUSINESS OVERVIEW
Strategic Relationship and Operational | -5- |
Integration with PTT | |
Thai Oil's strong shareholder base |
# of Listed | 2,233.8 | |||
Shares | mil. shares | |||
Free Float | 52.0% | |||
Shares | ||||
PTT | * | |||
Foreign Investors
Local Investors
NVDR
12.63%
26.30%48.00%*
13.07% | 48.00%* |
As of 9 Feb 2024 |
- Benefits from PTT's dual role as our major shareholder and key business partner
- All transactions take place at arm's length and in adherence with strong corporate governance principles
Key strategic benefits for Thai Oil
1. Long-term | 2. Business | 3. Operational | ||
strategic partnership | partnership | synergies | ||
• Thai Oil is PTT's principal | • | Product offtake | • | Freight costs reduction |
refiner | • | Crude procurement | • Knowledge transfer and shared | |
• Long-term strategic | • | services | ||
shareholder and joint | Close management collaboration | |||
investment | and secondment of trained staff | |||
Remark
* PTT holds total of 48.00 % both direct and indirect.
TOP Group Synergy & Strategic Role in PTT Group Value Chain
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Upstream
IntermediateDownstream
CRUDE IMPORT
NATURAL GAS
Diversifying to a broad range of downstream products to enjoy higher profit margins and reduce earnings volatility
REFINERY
POWER
SOLVENTS
AROMATICS & LAB
PLATFORMATE | REFINED |
LONG RESIDUE | PETROLEUM |
LUBE BASE
TP & TOP SPP provides electricity and steam to Thai Oil group and sells its
remaining power to the national grid
Solvent
Pentane
Hexane
Toluene
Mixed-Xylene
Paraxylene
Mixed-Xylene
Toluene
Benzene
LAB
LPG
Gasoline
Jet/Kero
Diesel
Fuel Oil
Lube Base Oil
Slack Wax
Extract
TDAE
Bitumen
The majority of refined petroleum products are sold domestically to
PTT
PTT is our principal domestic customer for our lube base products
Thai Oil's Businesses
Key Milestones: 62 Years, A Long Track | -7- |
Record of Success | |
1961 - 1997 | 2004 - 2011 |
Capacity expansion and initial stage of business | Listing, expansion and |
diversification | diversification |
Today
A leading integrated refining and petrochemical group in Asia Pacific
1961 | 1970 | ||
• | Incorporated | • | Refining capacity |
expanded to 65 kbpd | |||
1964 | |||
• | Commenced operation | 1989 | |
with distillation capacity of | • | Increased refining capacity | |
35 kbd | to | ||
• Simple refinery with Nelson | 90 kbpd |
complexity Index ~ 41
2004
- IPO and listed on the SET
- Acquired remaining shares in Thai Paraxylene and Thai Lube Base which became our wholly-owned subsidiaries
- 275 kbd refinery ( approximately 22% of
Thailand's total refining capacity) - Nelson index 9.81
- Diversified business through 16 subsidiaries
2010-2011
2017-2018
• 2017 Record High net profit |
24,856 MB |
• Completed lorry expansion |
1961 - 1964
1993
- We expanded our refining capacity to 190 kbd
1994 - 1997
- Increased total refining capacity to 220 kbd
- Initial investment in Thai Paraxylene ("TPX") and Thai Lube Base ("TLB")
- IPT became the first IPP to enter into a PPA with EGAT2 with 700 MW capacity ; separately, Thaioil Power ("TP") constructed the power generation plant under the SPP with 118 MW capacity
2007
- Increased refining capacity to 275 kbd
2008
- The first refinery in Thailand with diesel production to comply with the sulfur content requirements of Euro IV
- Capacity expansion of Thai Paraxylene with total aromatics capacity of 900,000 tons p.a.
- Invested in Solvents business in Thailand and Vietnam
- Established Thaioil Ethanol
- Manufactured diesel and ULG in compliance with the sulfur and BZ aromatics content requirements of the Euro IV
2013-2014
- Established LABIX
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Invested in power biz via GPSC &
TOP SPP - Completed Emission Improvement, HVU-2 Debottlenecking & CDU-3 Preheat Train project
2015-2016
- Completed LABIX & TOP SPP
• | project (10 to 15 mml/day) |
Established Thaioil Treasury | |
• | center (TTC) |
CFP Investment ($4.8 bn) |
2019
- ERU Carve-out to reduce CFP project cost (CFP cost $4.1 bn)
2021-2023
- Olefins investment in Chandra Asri (CAP) $1.183 bn
- Power business restructuring
- Capital increase
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Process Linkage: Beauty of Integration
PROCESS FLOWCHART
ADIP | FUEL GAS | ||||
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 | KMT-2 | JET | |||
50,000 | |||||
CDU-3 | |||||
180,00 | KEROSENE | ||||
0 | |||||
HVU-1 | |||||
HVU-2 | FCCU | ||||
HDS-2 | |||||
HVU-3 | 10,400 | ||||
95,000 | HMU-1 | HDS-3 | AGO | ||
HMU-2 | 75,000 | ||||
TCU | 140TH2 | DIESEL | |||
19,000 | |||||
HCU- | |||||
1 | |||||
HCU 2 | |||||
50,000 | |||||
FUEL OIL | |||||
BBU | BITUMEN | ||||
1,800 | |||||
SRU-1/2 | |||||
ADIP | |||||
SRU-3/4 | SULPHUR | ||||
2x210 |
CCR
One of Region's Leading Refineries | 10 |
Total Thailand crude refining capacity 1,244.5 kbd (1) | Market shares for refined petroleum product (3) |
Fang (2.5 kbpd)
BCP (120 kbpd)
PTTGC (2) (280kbpd)
Thai Oil 22% Share
Nameplate Capacity
Thai Oil (275 kbpd)
PTT's Principal Refiner
Esso (177 kbpd)
IRPC (2) (215 kbpd)
SPRC (175 kbpd)
31% | 31% |
market | market |
shares | shares |
Q3/23Q4/23
Nelson Index - Regional Comparison (4)
Remarks:
- Nelson Complexity Index measures refinery's upgrading capability for comparison
- It is the ratio of complexity barrels divided by crude distillation capacity
Note: 1. Source: Energy Policy and Planning Office (EPPO), Ministry of Energy Thailand as of Jul 2020
- PTT holds a 47.6% interest in IRPC, a 47.7% interest in PTTGC as at 4 Aug 2020
- Calculate by total domestic sales of refined petroleum products (excluding by product & LPG) of Thai Oil divided by total sales of petroleum products in Thailand excl LPG. Source from EPPO
- Source: Worldwide Refinery Survey and Complexity Analysis 2019 from Oil & Gas Journal and company information
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Disclaimer
Thai Oil pcl published this content on 01 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2024 11:12:34 UTC.
