Thai Oil Public Company Limited, or TOP has announced that the crisis which pressured the company over the past two years has "passed its lowest point." CEO Bundit Thamprapojit expressed full confidence that the company is ready to rise again with strong support from all sectors.
The key driver is the Clean Fuel Project (CFP), regarded as a "Game Changer" that will elevate TOP's global competitiveness. The project is currently under full construction progress, with budget control assured, and is expected to reach full commercial operation (Full COD) by Q3 2026.
Bundit Thamprapojit, CEO and Managing Director of Thai Oil Public Company Limited (TOP), shared the business direction, noting that this year marks the company's 22nd year as a listed company on the Stock Exchange of Thailand. He acknowledged that the past two years represented the first major crisis since listing.
However, through collaborative efforts to resolve the situation, the company can now confidently say that "the crisis has been resolved and the lowest point has passed." TOP has regained trust from financial institutions, investors, and all stakeholders, ready to advance the business on an upward trajectory.
Under the vision "Creating quality of life with sustainable energy and chemicals," TOP has clearly outlined its growth roadmap in two phases:
Phase one (2025-2030) focuses on strengthening current businesses and accelerating completion of the Clean Fuel Project (CFP), with no major new investments until CFP reaches commercial operation by 2028.
Additionally, the company plans to expand its chemical and solvent customer base internationally to support future growth, aiming for a significant earnings leap after CFP completion.
Phase two (2031-2040) targets new business ventures (New S-Curve), focusing on high-margin, low-carbon products and specialty chemicals, aiming for new business to contribute 20% of total profits by 2035.
Bundit explained that the Clean Fuel Project (CFP) is the key to elevating TOP's global competitiveness, serving as a new platform to extend downstream business and generate higher profits.
The latest progress includes completion of major equipment procurement and key contractor hiring, reaching 97% project completion. Contractors have begun mobilizing, with a workforce expected to reach 15,000–18,000 by Q1 2026.
"We are confident the budget will not overrun, as main contracts have been finalized. We will begin gradually commissioning utilities and expect full commercial operation (Full COD) by Q2 2028, earlier than the original plan of Q3 2028."
Vanida Boonpirak, Executive Vice President of Finance and Accounting at Thai Oil (TOP), said that in financial management, TOP has converted some assets into cash by leasing infrastructure such as oil tanks and buoys to other PTT group companies and leasing them back, generating over 18 billion baht without impacting core business.
The cash proceeds have been effectively used to manage debt, improving financial ratios: Net Debt to EBITDA has decreased from 5.8 to 4.8 times, and the Debt-to-Equity ratio stands at 0.6 times, below the policy limit of 1.0 times.
Currently, TOP’s financial position is strong, with credit rating agencies maintaining its Investment Grade status and cash on hand exceeding 1.6 billion US dollars (excluding operating cash), supporting growth and attracting fund flow from both Thai and international investors who recognize TOP as a quality, flexible, and sustainable stock.
Regarding the refinery business, which contributes over 70% of company profits, TOP is confident the overall outlook remains very positive this year, supported by strong demand and supply factors.
Data shows many refineries in Europe and the United States have been shutting down, reducing production capacity. Although some new refineries have opened, the net increase in capacity is less than the growing annual energy demand.
Therefore, refining margins are expected to remain at a healthy level this year, with a declining trend in new refinery projects, projecting margins at 5–6 US dollars per barrel.
Moreover, the company adds value by processing raw materials into petrochemical products such as aromatics, detergent ingredients, and base lubricants, contributing nearly 2 US dollars per barrel in added value.
Overall, the expected margin this year is approximately 7–8 US dollars per barrel, reflecting efficient value extraction from crude oil.
Additionally, short-term support comes from ongoing geopolitical conflicts in Venezuela, Iran, and the prolonged Russia situation, which have pushed oil prices higher and bolstered the industry’s short-term prospects.
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