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

purchase volume of Crude Palm Oil in order to help alleviate farmers encountering the low Crude Palm Oil crisis. Together with Trade Account Payable of Nido Petroleum Limited increased by THB 222 million

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

remains high, and gross refinery margin improved from the increase of crack spread for all products, along with a record of inventory gain from rising average crude oil price during the quarter. Marketing

affected by the year round global oil price fluctuation, especially in the last quarter which oil price plunged drastically. Moreover, the refinery recorded lower crude run due to its 45 days turnaround

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

effect of the widened Crude premium over Dubai, as well as the lowered oil product spread over crude oil price. There was an Inventory Loss of THB 70 million, and GRM hedging loss. Marketing Business Group

swaps between major oil companies (petroleum traders in accordance with section 7) and sales of crude oil products Performance for Q4/2019, the refinery business recorded EBITDA THB 1,073 million, an

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

included (Reversal of) losses on inventories devaluation (NRV) 2/ Sales volume does not include oil swaps between major oil companies (petroleum traders in accordance with section 7) and sales of crude oil