Thailand’s oil refining capacity in 2022 (January - December) Total production capacity: 1,244.5 thousand barrels per day. Source: Energy Policy and Planning Office Operator Domestic market share 1. PTT 39.6% 2. Bangchak 10.9% 3. Esso 10.5% 4. Thai Oil 7.0% 5. Shell 6.7% 6. IRPC 4.2% 7. Others small operators 21.1% Source: Department of Energy Business (January - December 2022) IRPC’s domestic market share in which only sales of products under self-distribution were calculated - excluding sales to Section 7 traders. Source: Webinar 2022, The Annual Petroleum Outlook Forum: Thriving amid Global Energy Volatility towards Sustainable Future TOP PTTGC IRPC ESSO SPRC BCP Fang 275 287 280 153 215 175 177 133 175 152 120 120 3 0.46 Capacity Crude Run Major operators in Thailand’s oil industry include PTT, Esso, Bangchak, Shell, Chevron, and others, with domestic market share as follows: Petroleum Industry Forecast 2023 PTT Prism Experts, together with the Petroleum Refining Industry Club, forecast that the overall 2023 energy situation will continue to be volatile as the result of geopolitical uncertainty and the use of fiscal policies to try to stabilize the global economy. The average Dubai crude price is projected at USD 85-95 per barrel, down from 2022’s USD 99 per barrel, due to economic recovery that is expected by the second half of 2023 while Russia’s oil supply may disappear from the open market following Europe’s total embargo on Russian oil in late 2022. In the meantime, OPEC Plus is expected to cooperate to stabilize oil prices. It remains to be seen if other producers are capable of increasing production to make up for the shortfall in supply from Russia, while the possibility of lifting oil embargo on Iran and Venezuela can become a game changer to boost crude oil supply to the market. Planned Major Turnaround 75 Structure and Business Operations of IRPC IRPC PUBLIC COMPANY LIMITED
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