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

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a

of 0.96 THB. The company and its subsidiaries recorded total EBITDA of THB 3,580 million (+28% YoY, +42% QoQ), performance improved, especially for the Refinery Business, of which average crude run

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

price of crude and finished product to make its downward trend. With demand for fuel consumption declining across the globe, combined with the Organization of Petroleum Exporting Countries [ OPEC] and

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

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

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

of the virus has caused demand for consumption of fuel around the world to decline with significance. This factor is putting pressure on the price of crude and finished product to drop significantly

revenues from the manufacturing business accounted for only 4.4 - 9.6 percent of the total revenues as a result of a more intense competition, particularly a more variety of imported products with relatively