Bangchak Petroleum expects lower revenues in 2010

Bangchak Petroleum Plc (BCP), the majority state-owned refiner, expects revenues and net profits in 2010 to decline due to losses on fuel stock and smaller gains from currency hedging, the Bangkok Post reports. However, revenues are expected to recover in the next three years after the company’s new alternative energy becomes fully operational. Nintira Abhisinha, vice president for finance and credit, said revenues in the second half would decline from the first half because of the financial burden of carrying fuel stocks acquired before global oil prices began their recent decline. However, Bangchak expects oil prices will rise in the fourth quarter as the global economy recovers. It expects its refinery will meet the 2010 projection of 90,000 barrels per day (bpd), after refining an average of 83,000 bpd in the first half. (September 2, 2010)