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Thai Oil targets profits of Bt30 bn by 2030

Oct 18. 2019
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Thai Oil Plc is targeting net profits of US$1 billion (Bt30.3 billion) in 2030, up from $312 million last year once it completes the development of the Clean Fuel Project (CFP) in 2023 and Beyond CFP in 2029, Thai Oil president Wirat Uanarumit said.

The company also plans to invest Bt150 billion until 2023, most of which will be spent on the Bt3.961-billion CFP. Work on the CFP development is set to begin in the first quarter of next year and completed in the first quarter of 2023. 

The project, expected to generate 20,000 jobs, will be financed by both its own fund as well as through bank loans and the issuance of debentures. 

The CFP aims to boost Thai Oil refinery’s competitive advantage to maintain its leading position in the industry. The project is also expected to boost its manufacturing efficiency as well as create added value for the company’s environmentally friendly products as well as increase its crude-oil refining capacity from 275,000 barrels daily to 400,000 barrels per day.

The company is also in talks with PTT Plc on the possibility of jointly investing in the petrochemical business under the Beyond CFP project, he said, without elaborating.

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