and facilities. Most importantly, we remain steadfast in our commitment to help communities, farmers, SME’s, and the Thai people in order to allow Thailand to move forward stably and pass through the

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...

Aside from the steadfast endeavor to enhance the quality of audit, the SEC promoted the insight and understanding of the CFOs and audit committees of listed companies about the issues concerning the