Key incidents in 2022 The issuance of debentures On 20 May 2022, the Company has completed fund raising from the issuance of unsubordinated and unsecured debentures with debenture holder representative in 6 tranches in the total amount of Baht 12,000 million including; Tranche 1: The debenture is offered to Individual Investors in the amount of Baht 6,000 million with tenor of 5 years. The debenture has a fixed coupon rate of 3.10% per annum. Tranche 2-4: The debentures are offered to the Institutional Investors and/or High Net Worth Investors in the amount of Operating Performance 1.1 Petroleum business unit 1.1.1 Petroleum Market Overview Crude oil situation in 2022: The global oil consumption was 100.5 million barrels per day rising by 2.1 million barrels per day from 2021 oil consumption of 98.4 million barrels per day. The Dubai price in 2022 moved between USD 71.81 per barrel and USD 127.81 per barrel, with an average of USD 96.34 per barrel that surged by USD 27.10 per barrel from USD 69.24 per barrel in 2021. The Dubai price fluctuated throughout the year. In early 2022, the Dubai price gradually rose aligning with the growing oil demand recovering from COVID-19 and then significantly boosted in late February owing to the conflict between Russia and Ukraine. Such conflict incentivized the market to predict that Russia’s crude oil and natural gas exports would be sanctioned by European countries and the U.S., Baht 4,250 million with tenor of 4-12 years. The debentures have a fixed coupon rate of 3.03% - 4.86% per annum. Digital Debenture: The debenture is offered to Individual Investors in the amount of Baht 1,000 million with tenor of 5 years. The debenture has a fixed coupon rate of 3.10% per annum. Green Debenture: The debenture is offered to the Institutional Investors and/or High Net Worth Investors in the amount of Baht 750 million with tenor of 7 years. The debenture has a fixed coupon rate of 4.17% per annum. thus the escalated crude oil price. Nevertheless, the crude oil price progressively declined in 2H22 because of recession concerns being in accordance with inflation and economic issues rising up around the world. This entailed The Federal Reserve (FED)’s benchmark interest rate increases, which occurred 4 times during 2H22 and raised the benchmark interest rate from 1.50-1.75% in 1H22 to 4.25-4.50%. Plus, the U.S. released around 200 million barrels of their Strategic Petroleum Reserve (SPR) to the market sinking the SPR inventory to a 40-year low of about 380 million barrels. In addition, the widespread COVID-19 outbreak in China in 4Q22 was another key aspect pulling the crude oil price down in late 2022. 1. Operating Performance by Business Units 56-1 One Report 2022 172 IRPC PUBLIC COMPANY LIMITED
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