annual maintenance, resulting in the refinery to lower the level of crude oil inventory and increase oil products inventory to serve the sales during refinery maintenance period. However, in Q1/2018, oil

stations sales. The company carried out various marketing strategies, also increasing service station network to be more encompassing, and the development of Non-oil businesses synnergy to increase oil

| 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

of crude oil and not to record material revenues and other account in AIE’s accounting system causing inaccuracy in AIE’s financial statements for Q1-Q3 of the year 2014 and the financial statement for

crude oil and not to record material revenues and other account in AIE’s accounting system causing inaccuracy in AIE’s financial statements for Q1-Q3 of the year 2014 and the financial statement for the

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

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

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

. 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