Bangchak Petroleum bares losses due to flooding

Bangchak Petroleum Pcl said that the recent flooding in Thailand had caused the company to temporarily close its biodiesel and solar power plants, a move which they expect could result in monthly revenue losses amounting to 80-100 million baht (US$2.5-3.2 million). Sales of oil products have gone down to 300,000 liters a day, which accounts for 6-7% of total sales. Bangchak President Anusorn Sangnummuan said that despite all these, the company is expected to meet its 2011 revenue target of 150 billion baht (US$4.7 billion). “We expect revenue and profit to be in line with our targets although there will be some drop in the fourth quarter,” he said. Anusorn also said that he expects 2011’s average refining margins to reach US$6.0-6.5 per barrel. Earlier this month, the company shut down its power plant, biodiesel factory and storage depot in central Ayutthaya Province because of the floods. But Anusorn said that the company’s 120,000-barrel-per-day refinery and storage depot in Bangkok have not been affected by the floods and that operations in the other plants will resume in two months. (October 21, 2011)