Bangkok, Thai Oil Public Company Limited announced operating results for the 3rd quarter of 2023. The overall picture of the Thai Oil Group's business improved compared to the 2nd quarter of 2023.
Mr. Bandit Thamprajajit, Chief Executive Officer and President of Thai Oil Public Company Limited or TOP, revealed that “In the 3rd quarter of 2023, the Thai Oil Group had a net profit of 10,828 million baht, resulting from the increased supply of refined oil. Tightness from maintenance shutdowns of refineries in the United States and Europe, as well as Russia's announcement of a temporary ban on diesel and gasoline exports. Jet fuel price difference and the difference between the price of diesel compared to the price of Dubai crude oil has increased. Similarly, the business producing precursors for cleaning products (LAB) also improved. Meanwhile, the aromatics business was pressured by high raw material prices and economic growth in China that did not meet expectations. The lubricant base business was affected by the slowdown in economic activity in China and the lower demand for lubricants in the region during the rainy season.
Crude oil prices in the 3rd quarter of 2023 increased from the previous quarter due to the trend of tighter crude oil supply. After Saudi Arabia further reduced production capacity and Russia reduced exports As a result, Thaioil Group had a profit from oil stocks of 9,638 million baht and a gross profit from the group's production including the impact from oil stocks at 23.3 USD per barrel.
Mr. Bandit added that the overall picture of Thaioil Group's business in the last three months of the year is expected to remain at a good level. This is because there is a demand for oil for heating during the winter. and the tourism sector that continues to grow Likewise, crude oil prices are expected to remain high. This is because Saudi Arabia and Russia announced production cuts until the end of the year. For the aromatics business, it is expected that will be supported by increased demand during the winter. and demand for beverage packaging (PET) tends to increase during the tourist season and New Year festivals. and China's economic stimulus measures
In addition, it is also expected that The lubricant base oil business will also improve. This is due to a decrease in supply from the permanent shutdown of the Group 1 lubricant base oil production plant in Japan. Thaioil will continue to closely monitor the market situation. To prepare for the fluctuating market situation. For continued good operating results.
Source: Thai News Agency