Thai Oil triples quarterly net profit

Thai Oil Pcl announced that the company’s net profit of 7.23 billion baht (US$240 million) for the first quarter of 2011 is more than triple the previous year’s first quarter due to strong margins in refining and petrochemical products, on the back of higher demand from Japan and China and refinery shutdowns in Japan after the earthquake. Thai Oil is involved in the oil refining and distribution business in Thailand. The company’s refinery has a capacity of 275,000 barrels per day of crude oil and other feedstocks. (May 11, 2011)