$/BBL. Furthermore, the Thai Baht had appreciated 1.27 THB/USD when compared to 2018.  During 2019, the refinery business made gains from crude and product oil price hedging contract THB 147 million

foreign exchange as the US Dollar appreciated against the Norwegian Krone (NOK). However, during this quarter there were no impairments on Technical Goodwill, due to adjustments of production profile and

resulting in capital inflows to the bond and equity markets in emerging markets, including Thailand. Consequently, in 2017 the Thai baht appreciated by 10 percent from 35.82 THB/USD at the beginning of

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...