investments to establish a sustainable value chain and ecosystem. Additionally, we advocate for the use of new financial tools to mobilize private sector capital towards achieving the SDGs. This effort requires

stated, is in accordance with the investment policies of the Company is allowing the Company to invest in several subsidiaries and associated companies to advocate the Company in providing various

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...