interests is a long and complex one. Indeed, some have suggested that it is too complex and confusing. This section is a brief high level attempt to provide insight into that complexity. In a broader sense

same ground. There is also potentially confusing differences and overlap between the SEA and PLCA. In spite of wide spread training and awareness raising, market participants may not always fully

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...