Friday, June 05, 2020

Thai Oil aims to cut costs, improve performance in wake of outbreak

May 23. 2020
 CEO and president Wirat Uanarumit
CEO and president Wirat Uanarumit
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By THE NATION

Thai Oil Plc plans to cut its general expenditure for this year by Bt2 billion to Bt2.5 billion from its total expenditure of Bt10 billion per year, said CEO and president Wirat Uanarumit.

The cuts are in line with the company’s policy to control costs and improve performance amid the Covid-19 pandemic, which has brought down global demand for oil by 20 per cent.

However, he said it was a good sign that the price of crude oil rose to more than US$30 per barrel over May 20 and 21 after bottoming out in April.

Wirat said he expects the company’s refinery business in the second quarter to be better than the first quarter. The company also expects oil stocks to gain in the second half.

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