affected by the decline in most of the finished product and crude oil crack spreads, as a result of the oversupply situation in finished oil products, and the anxieties over the trade war between the US and

spread between finished product and crude oil in every product category, and from the higher average crude oil price; resulting in an Inventory Gain of THB 834 million, exceeding 2016’s. Moreover, there

every finished product and crude oil price crack spreads, with supporting factors ranging from the maintenance of various refineries in North Asia, as well as concerns over supplies tightening after the

| 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

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