Thai Oil Public Company Limited (TOP) announced that the crisis pressuring the company over the past two years has "passed its lowest point." CEO Bundit Thamprapachat expressed full confidence in the company's comeback, supported by all sectors.
The key driver is the Clean Fuel Project (CFP), regarded as a "game changer" that will elevate global competitiveness. Construction is now in full swing with budget control assured, aiming for full commercial operation (Full COD) by Q3/2028.
Bundit Thamprapachat, 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 entity. He acknowledged that the past two years presented the first major crisis since listing.
However, through collaborative efforts in resolving the situation, he confidently stated the crisis has been resolved and the bottom has been passed. The company has regained trust from financial institutions, investors, and all stakeholders, ready to advance during the upturn.
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 the CFP completion, with no major new investments until CFP achieves commercial operation by 2028.
Additionally, the company plans to expand its chemical and solvent customer base abroad to support future growth, aiming for a performance leap once CFP is complete.
Phase two (2031–2040) targets new businesses (New S-Curve) emphasizing high-margin, low-carbon products and specialty chemicals, aiming for these new ventures to generate 20% of total profits by 2035.
Bundit elaborated on the Clean Fuel Project (CFP), calling it the key to elevating TOP's global competitiveness. It serves as a new platform to extend downstream business and boost profits.
The latest progress includes completing the procurement of main equipment and key contractor hiring, achieving 97% completion. Contractors are mobilizing on site, expecting a workforce of 15,000–18,000 by Q1/2026.
“We are confident the budget will not overrun since major contracts are finalized. Utility units will gradually come online, with full commercial operation (Full COD) expected in Q2/2028, ahead of the original Q3/2028 plan.”
Wanida Boonpirak, Deputy Managing Director of Finance and Accounting at Thai Oil (TOP), stated that for financial management, TOP has converted some assets into cash by leasing infrastructure such as oil tanks and buoys to PTT group companies, then leasing them back. This transaction brought in over 18 billion baht and does not affect the core business.
The cash received has been used effectively to manage debt, improving financial ratios. Net Debt to EBITDA decreased from 5.8 times to 4.8 times, and the Debt-to-Equity ratio stands at 0.6 times, below the policy limit of 1 time.
Currently, TOP maintains a strong financial position, with credit rating agencies affirming its Investment Grade status. The company holds over $1.6 billion in cash excluding operating cash flow, supporting growth and attracting fund flows from domestic and international investors, positioning TOP as a high-quality, resilient, and sustainable stock.
The refining business, accounting for more than 70% of company profits, is expected to perform well this year, supported by strong demand and supply fundamentals.
Data show many refineries in Europe and the US have been shutting down, reducing capacity. Although some new refineries have opened, net incremental capacity remains below the annual energy demand growth.
This suggests refining margins will remain strong this year, with a downward trend in new refinery projects. Margins are expected to stay at $5–6 per barrel.
Moreover, the company adds value by processing raw materials into petrochemical products such as aromatics, detergent components, and base lubricants, contributing nearly an additional $2 per barrel in value.
Together, the overall margin for this year is estimated at about $7–8 per barrel, reflecting efficient value extraction from crude oil.
Short-term factors include ongoing geopolitical conflicts in Venezuela, Iran, and the prolonged Russia issue, which have pushed oil prices higher and supported a robust industry outlook.
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