TOP Expects to Commence CFP in 2023, Boosting EBITDA by $1.2bn

TOP Expects to Commence CFP in 2023, Boosting GIM by $4/bbl and EBITDA by $1.2bn.

Mr. Wirat Uanarumit, Chief Executive Officer and President of Thai Oil Public Company Limited (TOP), said that the Clean Fuel Project (CFP) that the company had invested USD 4.8 billion will increase GIM, excluding fuel stock, by USD4/barrel, and its EBITDA will increase USD 1,200 million per annum.

 

The CFP, which will enhance TOP’s refinery performance and increase the production from 275 billion/day to 400 billion/day, is expected to start a COD in the first quarter of 2023.

Mr. Wirat also stated that the impact of virus outbreak is still limited to the company. However, overall, the outbreak would slow down oil demand, especially jet fuel due to a deceleration in tourism. In addition, TOP has made an adjustment according to the situation by lowering the refinery of jet fuel from March to April by 8-10% from the previous 23%. The company will increase the production of diesel and other fuel types instead.

As for the Gross Refinery Margin (GRM) that fell below USD2/bbl, Mr. Wirat has asserted that TOP’s refinery sector has efficiency and received a slight impact from this matter.

The negative factors which occurred at the beginning of this year give the company time to prepare and adjust. Moreover, the company already had major maintenance last year which will make it easier for TOP to cope with the fluctuated situation.

 

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