subsequent mourning period to October 2017, Entertainment and promotional marketing decrease out of respect to the country beloved King and out of request from the Government along with a decrease in private

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...

operation and ensure capital adequacy Associations related to securities businesses ë Grant license and register associations and their regulations Rama: The Leader of Righteousness and Compassion The beloved