to an inventory gain of THB 856 million. However, there was a loss from crude and product oil price hedging contract at THB 75 million. Furthermore, the refinery planned to manage the stocks of

their allies unable to come to terms on oil production cuts. This further exemplified pressure on the price of crude in the global market to make a severe reduction late in the quarter. Average price of

to the previous quarter, this is supported by the decline in crude oil price which dropped in proportion that exceeded the Fuel Oil price. The excessive decline is due to pressure from Saudi Arabia

| 2 Executive Summary In 2019, overall palm oil production and crude palm oil ( CPO) inventory remained high in both domestic and international market, although the inventory plunged to a minimum record

Limited Global Green Chemicals Public Company Limited Management Discussion and Analysis | 2 Executive Summary In 1Q2019, palm oil production and crude palm oil (CPO) inventory have remained high in both

still affected by the oil price volatility in the global market. Despite the crude oil price recovery, the average crack spread between finished product and referenced crude oil price continues to decline

Limited Global Green Chemicals Public Company Limited Management Discussion and Analysis | 2 Executive Summary In 2Q/2019, overall palm oil production and crude palm oil (CPO) inventory have remained high

oil price throughout the quarter, leading to an inventory loss. However, despite the refinery Hydrogen Production Unit and Hydrocracking Unit temporary shut down, refinery’s average crude run remained

| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel

from narrower DTD/DB spread. Within this quarter there was an inventory gain of THB 241 million from the increase in crude price, but there was a loss from the crude and product oil price hedging