Thai Oil posts healthy profits in 2010

Thai Oil PCL said that its 2010 operating profit exceeded its target of 8 billion baht (US$256.62 million) and is forecasting a robust 2011 due to healthy refinery margins. “This year will be a good year for Thai Oil if the gross refinery margin can be maintained at the current level of around US$5-6 per barrel. Also, the company has no plans to shut down for any maintenance this year, unlike other refiners,” Chief Executive Surong Bulakul said. The oil refiner is running at full capacity of 275,000 barrels per day. Thai Oil also plans to double its liquefied petroleum gas capacity to 30,000 tons per month, after the government decided to allow refiners to adjust the ex-factory price of LPG, up nearly in line with global prices. He said the higher capacity, which will take effect in one to two months, will boost its annual revenue by around 2.5 billion baht (US$80.19 million). (January 24, 2011)