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, which is a substitute raw material compared to growing of crude palm oil price. In contrast, market P2F of natural fatty alcohols in FY2019 was at 507 USD/ton, improved by 8% from FY2018

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

, as coconut oil price declined, which the coconut oil is the substitute raw material to crude palm kernel oil, as a result, some producers had used coconut oil to be raw material and thus short chain

and its subsidiaries recorded total EBITDA of THB 2,514 million (-38% YoY, -38% QoQ), the performance softened, especially for Refinery Business, which was affected by the continuously lowering crude

. Total GRM increased by 5% YoY and 17% QoQ from the improved Market GRM that rose due to significant increase of production after the turnaround maintenance (TAM) , combined with crude cost that benefited

). Total Gross Refinery Margin (Total GRM) rose 67% YoY and 26% QoQ, while Market GRM lowered from the decreasing production volume. Moreover, the average crude price adjusted upward in the quarter, leading

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a

Oil price; Crude Palm Oil stock remains high. Management Discussion and Analysis of Business Operation for 1Q/2018 Bangchak Corporation Plc. I 16 3. Gross profit adjusted upward from raw material cost

of 0.96 THB. The company and its subsidiaries recorded total EBITDA of THB 3,580 million (+28% YoY, +42% QoQ), performance improved, especially for the Refinery Business, of which average crude run