with faltering heavy sour crude export from Venezuela after the country had been sanctioned by the US. Thus lowering fuel oil exports to Singapore. Management Discussion and Analysis of Business

Hurricane Harvey. Aside from this, Mogas price was pressured by the wavering demands from the Northern hemisphere during winter, leading to Mogas reserves in the United States being on the rise throughout

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...