Thai Oil Public Company Limited Thai Oil Public Company Limited “PTT Management, Fund Managers & Analysts Site Visit” “PTT Management, Fund Managers & Analysts Site Visit” January 15, 2005 January 15, 2005
• Company Overview • Industry Overview • Profit Enhancement Plan • Progress of Investment Programs CONFIDENTIAL – NOT FOR DISTRIBUTION, NOT AN OFFER OF SECURITIES
Company Overview Company Overview ! Leading refinery in Thailand Leading refinery in Thailand – – 21% of Thailand 21% of Thailand’ ’s total refining capacity s total refining capacity ! Business Business ! One of the most complex refinery in Asia One of the most complex refinery in Asia – – currently 220,000 bbl/d currently 220,000 bbl/d ! capacity and will increase to 270,000 bbl/d by end 2006 capacity and will increase to 270,000 bbl/d by end 2006 ! Near deep sea port and only 124 km from Bangkok Near deep sea port and only 124 km from Bangkok ! Location Location ! Access to crude receiving and product delivery network Access to crude receiving and product delivery network ! Shell/ Other Caltex Public Other 10% 40.5% 18% 28% Share- -holders holders Share & & PTT PTT CPB Off- Off -takers takers TPX/ BCP 46% 49.5% 0.02% 8% Off- Off -takers takers Share- -holders holders Share Thaioil Thai Thai Lube Thai Petroleum Thaioil Power Other Businesses Other Businesses Marine Paraxylene Base Pipeline (55%) (% Ownership) (% Ownership) (100%) (100%) (100%) (9%) IPT Thaioil Thaioil (56%) (24%) (24%) 3
Company Overview – Map of Operations Company Overview – Map of Operations 9% 10% 59% 11% 11% Source: Ministry of Energy 2003 ! Close proximity to high consumption area Close proximity to high consumption area ! ! Available multi Available multi- -product pipeline capacity product pipeline capacity ! ! Next to deep sea port Next to deep sea port ! 4
Company Overview – Plant Configuration / Efficiency Company Overview – Plant Configuration / Efficiency Plant Configuration Plant Configuration Maintaining Plant Efficiency Maintaining Plant Efficiency Scheduled turnaround every 3 to 6 years to Scheduled turnaround every 3 to 6 years to ! ! ADIP FUEL GAS lengthen plant availability and ensure plant lengthen plant availability and ensure plant LPG ISOM integrity integrity HDT PREMIUM CCR 1-2-3 1-2 REGULAR Plant consists of multiple units which Plant consists of multiple units which ! MX ! MX CRUDE CRUDE CDU allow for separate major turnaround, KMT JET allow for separate major turnaround, 1-2-3 OIL OIL KEROSENE regular repair and maintenance work on regular repair and maintenance work on FCCU specific units without interrupting entire specific units without interrupting entire HDS AGO 1-2 HVU HMU operations operations IMPORTED LONG 1-2-3 1-2 DIESEL RESIDUE HCU 1-2 Allows for additional debottlenecking debottlenecking Allows for additional ! ! TCU FUEL OIL opportunities with minimal interruption to opportunities with minimal interruption to BITUMEN BBU other processes other processes ADIP SRU SULPHUR 1-2 1-2 Continuous operations and high efficiency help establish Thaioil as one of the lowest cost refiners 5
Company Overview – Infrastructure Company Overview – Infrastructure Significant Infrastructure Available Significant Infrastructure Available Thaioil Refinery Thaioil Refinery for Future Expansion for Future Expansion Land available for Land available for ! ! VILLAGE J ETTY " CDU- CDU -3 3 debottlenecking debottlenecking " KHAO PTT PHO BAI FIRE Integration and expansion of " " Integration and expansion of STATION Thai Paraxylene Thai Paraxylene plant plant CLEANING ETP YARD " Up to 1,400 MW IPP expansion Up to 1,400 MW IPP expansion " TOC- 2 TOC- 1 ISOM. TOC- 4 OMCR Up to 80 MW for SPP BP/ Q8 UTILITIES " " Up to 80 MW for SPP TANK MCB SITE FLARE OFFICE FARM ILB expansion expansion TOC- 3 TLB RAW LORRY WATER LOADING RESERVOIR SPP TOC- 5 MX CCR- 2 Other available infrastructure Other available infrastructure ! ! HMU- 2 IPT HDS- 2 / 3 including 28- -inch natural gas inch natural gas including 28 ESSO LAND VILLAGE pipeline, 230 KV transmission lines pipeline, 230 KV transmission lines SHELL and 16- -inch and 28 inch and 28- -inch water inch water and 16 DEPOT TPX pipelines pipelines MARSHALLING YARD Main Access Road 6
Company Overview - ISO Achievements ISO 9002 ISO 9002 : : ! ! Accredited in in 1996 Accredited 1996 ISO / / IEC IEC Guide Guide 25 ISO 25 : : ! ! Accredited in in 1996 Accredited 1996 ISO 14001 ISO 14001 : : ! ! Accredited in in 1999 Accredited 1999 ! TIS TIS 18000 : 18000 : ! Accredited in July 2001 Accredited in July 2001 7
Company Overview - Integration among Thaioil’s Group LR 850,000 T/yr MX 250,000 T/yr SSA 80 Bt.M. TLB SSA 150 Bt.M. TPX Thaioil By Products Return By Products Return N.Gas 8 mmcfd Back SSA 50 MW SSA 50 Bt.M. 200 up 84 T/hr Bt.M. G/O Back up G/O IPT N.Gas 120 mmcfd 9 MW, 10 T/hr 11.5 MW, 42 T/hr 700 MW Black Start Thaioil Power N.Gas EGAT 41 MW PTT 28 mmcfd (SPP) Back up Power • TOP SSA : Land, Admin., Back-up fuel, Utilities, Common Infra., Desal Water and O&M. • TPX SSA : Land, Admin., Back-up fuel, Utilities, Jetty and Storage. • IPT SSA : Land, Admin., Back-up fuel, Fire Fighting and Pipeline. • TLB SSA : Land, Water Treatment System, Fire Fighting, Jetty and Material. 8
Company Overview - 9 Months Performance Company Overview - 9 Months Performance GRM continues to grow Capacity Utilization Rate GRM continues to grow Capacity Utilization Rate (US$/bbl) 7.24 6.48 106% 104% 103% 3.38 94% 2.61 88% 1.34 2001 2002 2003 1H 2004 9M 2004 2001 2002 2003 1 H 2004 9 M 2004 Net Profit Net Profit EBITDA EBITDA 18,344 (Bt mm) 10,049 6,750 7,787 12,028 5,319 9,242 5,647 507 359 2001 2002 2003 9M 2003 9M 2004 2001 2002 2003 9M 2003 9M 2004 9
Industry Overview - Oil Prices Movement Industry Overview - Oil Prices Movement Oil Prices Movement Oil Prices Movement US$/bbl US$/bbl Middle Distillate prices surged during Middle Distillate prices surged during 6 0 ! ! 5 5 Oct – Oct – Nov 04 due to stock piling in Nov 04 due to stock piling in Diesel Diesel 5 0 Gasoline anticipation of higher heating oil 4 5 Gasoline anticipation of higher heating oil Tapis Tapis 4 0 demand for winter. demand for winter. Dubai Dubai 3 5 3 0 Fuel Oil Fuel Oil 2 5 High stock and milder weather than High stock and milder weather than ! ! 2 0 Jan 04 M ar A p r Ju l O ct N o v D ec Jan 05 expected in US caused the heating oil F eb M ay Ju n A u g S ep expected in US caused the heating oil prices to decline in Dec 04. prices to decline in Dec 04. Year End Oil Prices Year End Oil Prices Price rebounded in Jan 05 due to the Price rebounded in Jan 05 due to the ! ! OPEC production cut, colder weather OPEC production cut, colder weather in US and violence in Iraq. in US and violence in Iraq. (US$/bbl) (US$/bbl) Dec 03 Dec 03 Dec 04 Dec 04 +/- +/ - • Gasoline Gasoline 42.88 42.88 44.43 44.43 +1.55 +1.55 • Average stock gain for 2004 is appx Average stock gain for 2004 is appx. . ! ! • Diesel Diesel 37.10 37.10 47.55 47.55 +10.45 +10.45 • 0.75 – 0.75 – 1.00 US$/bbl. 1.00 US$/bbl. • • Dubai Dubai 28.42 28.42 34.17 34.17 +5.75 +5.75 • Tapis Tapis 32.45 39.84 +7.39 • 32.45 39.84 +7.39 10
Industry Overview - Singapore GRM in 2004 Industry Overview - Singapore GRM in 2004 Singapore Gross Refinery Margins Singapore Gross Refinery Margins Strong demand in US and Asia (mainly in Strong demand in US and Asia (mainly in ! ! China) and no new grass root refineries. US$/bbl US$/bbl China) and no new grass root refineries. 14 Refineries in Asia Pacific operated at full Refineries in Asia Pacific operated at full ! ! 10 capacity in 2004. capacity in 2004. 6 Growth in Middle Distillate demand in Asia Growth in Middle Distillate demand in Asia ! ! 2 Pacific is higher than other products. Pacific is higher than other products. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -2 High utilization rate caused higher fuel oil High utilization rate caused higher fuel oil ! ! Complex Hydroskimming surplus hence lowering the fuel oil price. surplus hence lowering the fuel oil price. Asia Pacific Oil Demand / Supply - - 2004 2004 Asia Pacific Oil Demand / Supply Far East – – sweet crude price was higher than sweet crude price was higher than Far East ! ! Middle East (M/E)– – sour crude by an average sour crude by an average Middle East (M/E) 90% of 6- of 6 -7 US$/bbl due to the high Middle Distillate 7 US$/bbl due to the high Middle Distillate 87% demand. demand. 86% 83% 84% 22315 20925 High complex margin was supported by lower High complex margin was supported by lower ! ! 20304 20069 19929 price M/E crude and high Middle Distillate price M/E crude and high Middle Distillate price. price. 2000 2001 2002 2003 2004 Demand (kbd) Utilization Rate Source: FACTS, Fall 2004 (Jan- Source: FACTS, Fall 2004 (Jan -Sep 04) and Thaioil Sep 04) and Thaioil (Oct (Oct – – Dec 04) Dec 04) 11
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