Thai oil expects record profits in 2008

Thai Oil Plc, the country’s largest oil refinery, expects record profits in 2008, with sales up by 35% from this year, according to Managing Director Viroj Mavichak. ”We recorded the highest net profit of 16 billion baht (US$507,840) in 2006, and now we look forward to seeing a better figure next year,” Viroj said. He said the optimistic projection depended on an average refining margin of US$6 per barrel in 2008. Thaioil plans to begin the final revamp of its crude distillation unit 3 (CDU-3) from October 6 to December 10. After the program finishes, its distillation capacity would increase to 165,000 barrels per day from 115,000 barrels per day. (September 28, 2007)