Bangkok, 9 Aug – Thai Oil (TOP) announces operating results for the 2nd quarter of 2023. The overall performance has declined. according to the economic slowdown and crude oil prices weakening While in the second half of the year, the overall business outlook is likely to improve. from tighter oil supply in the second quarter of 2023, coupled with seasonally increasing demand
Mr. Bundit Thamprachachit, Chief Executive Officer and President of Thai Oil Public Company Limited or TOP, revealed that “In the second quarter of 2023, Thai Oil Group had a net profit of 1,117 million baht, a decrease from the first quarter of 2023 due to The difference in the price of petroleum products compared to the price of Dubai crude oil. weaker After the supply of oil from Russia continued to be traded in the market. for aromatics business price of paraxylene Supported by late-summer demand in Asia While the price of benzene dropped considerably. However, such factors had a positive effect. As a result, the benzene-based precursor manufacturing business has a higher gross margin. As for lube base oil business, it declined. from lower demand in the region especially in China
Crude oil prices in the second quarter of 2023 declined due to a slowdown in demand. Due to concerns about the economic recession after the policy rate increase by central banks around the world to stem inflation. Including concerns about the recovery of the Chinese economy.
“The overview of Thaioil's business in the second half of the year is expected to tend to improve. This was supported by tighter oil supply in the second quarter of 2023 after OPEC Plus led by Saudi Arabia. and Russia continued to cut crude oil production. While demand tends to increase seasonally. Including the sudden maintenance shutdown of refineries in the US, Europe and Asia, resulting in below-average global oil stocks. Although there are risks from the global economic slowdown. Thaioil Group has been watching out for various fluctuations. potential and have follow-up measures To be prepared to deal with and continuously seek opportunities to generate income appropriate to market conditions, ”said Mr. Bundit. -Thai News Agency
Source: Thai News Agency