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Thai Oil Business Model Canvas
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Value and customer fit
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Partnerships
Crude oil suppliers and traders
Secure, diversified crude contracts underpin stable refinery throughput and margin optionality, supporting Thai Oil’s circa 275,000 barrels per day processing capacity in 2024.
Long-term supply relationships with Middle East, Africa and ASEAN producers balance price and quality and reduce spot exposure.
Active trading optimizes the crude slate against product cracks, while strategic supply flexibility mitigates geopolitical and freight risks.
PTT Group and national energy stakeholders
Alignment with PTT Group ensures market access, supply coordination, and policy support, leveraging Thai Oil’s 275,000 bpd refinery capacity to secure feedstock and offtake. Collaboration spans crude sourcing, product offtake, and national energy security planning with state stakeholders. Direct interfaces with regulators streamline permits and compliance. Group synergies lower operating costs and enhance network reliability.
Technology licensors and EPC partners
Process licensors supply advanced refining and petrochemical know-how that can deliver industry-benchmark yield uplifts of 1–3% and energy-intensity reductions of 5–15%; Thai Oil leverages these technologies for feedstock flexibility and product quality. EPC partners execute large-scale projects—often $200M–$1B+—to install units quickly and safely. Ongoing technical alliances enable periodic debottlenecking and unit upgrades, while performance guarantees tie payments to yield, energy and emissions targets, aligning capex with measurable KPIs.
Logistics, storage, and marine operators
Port authorities, tank farms, pipelines and shipping partners secure end-to-end flow for Thai Oil's 275,000 bpd refinery, ensuring steady crude and product throughput.
Coordinated scheduling reduces demurrage and stockouts, shared infrastructure improves reliability and lowers unit costs, and strategic terminals expand regional reach.
- Port authorities: berth access
- Tank farms: buffer capacity
- Pipelines: continuous feed
- Shipping partners: export reach
Power, renewable, and utility joint ventures
Alliances in cogeneration and IPP assets secure electricity and steam at competitive cost, with cogeneration boosting overall fuel-to-energy efficiency up to 80% under optimal conditions.
Renewable partners advance decarbonization and generate RE credits for compliance and trading, lowering market exposure to fossil fuel price swings.
Coordination with grid and utilities enhances resilience and allows excess power sales to diversify income streams.
- cogeneration efficiency: up to 80%
- RE credits: enable compliance/trading
- grid coordination: improves resilience
- excess power: new revenue stream
Secured crude contracts, upgrades lift 275,000 bpd throughput, cut costs
Secure, diversified crude contracts and PTT Group alignment underpin Thai Oil’s 275,000 bpd throughput and feedstock/offtake coordination in 2024.
Licensors and EPCs deliver 1–3% yield uplift, 5–15% energy reduction and $200M–$1B project capex with KPI-linked guarantees.
Logistics, cogeneration (up to 80% efficiency) and renewables partners reduce cost, emissions and market exposure.
| Metric | Value |
|---|---|
| Refinery capacity | 275,000 bpd (2024) |
| Yield uplift | 1–3% |
| Energy reduction | 5–15% |
| Cogeneration | up to 80% |
| Project capex | $200M–$1B+ |
What is included in the product
Detailed Word Document
A comprehensive, pre-written Business Model Canvas for Thai Oil that maps customer segments, channels, value propositions, revenue streams, key resources, activities, partners, cost structure and customer relationships, reflecting real-world refining, petrochemical and retail operations with SWOT-linked insights—ideal for presentations, funding discussions and strategic decision-making.
Customizable Excel Spreadsheet
High-level, editable one-page canvas that condenses Thai Oil’s value chain, revenue streams and cost drivers to relieve strategic and operational pain points by highlighting inefficiencies and prioritizing actions.
Activities
Crude procurement and hedging
Source optimal crude grades aligned with refinery configuration and feedstock slate for its 275,000 barrels-per-day Sriracha complex. Use futures, swaps, and options to hedge Brent and crack-spread exposure and manage price volatility. Optimize delivery terms, freight and timing while maintaining supply continuity under varying market conditions.
Refining operations and optimization
Run distillation, conversion and treating units at high utilization and safety to support Thai Oil’s refinery complex capacity of about 275,000 barrels per day, targeting ~92% utilization in 2024. Continuously tune cut points, hydrogen balance and catalysts to lift middle-distillate yields and margins. Energy-management programs cut fuel and flare losses, improving energy intensity, while digital monitoring sustains product quality and reliability.
Petrochemical and lube base oil production
Produces aromatics and olefins as feedstocks for downstream industries from a refinery complex with roughly 275,000 barrels/day capacity (2024). Manufactures premium lube base oils meeting global API Group II/III specifications for regional export. Balances slate between fuels and chemicals to maximize refinery margins and actively manages inventory and grades to match customer demand.
Power and utilities management
Operate cogeneration to supply electricity, steam and integrate hydrogen production; industrial CHP efficiency routinely reaches 80–90% and can cut site energy costs by up to 30% (industry 2024 figures). Optimize heat recovery and water systems to lower fuel and freshwater use, maintain grid stability with spinning reserve/back-up capacity and capture ancillary service revenue. Monetize surplus utilities via merchant power sales or hydrogen offtake where market conditions allow.
- CHP efficiency 80–90%
- Energy cost reduction up to 30% (2024 industry data)
- Ancillary services/back-up capacity for grid stability
- Surplus power/hydrogen monetization opportunities
Marketing, sales, and supply chain
Thai Oil (part of PTT Group) manages B2B contracts with oil marketers, airlines, shippers and industrials, leveraging its Sriracha refinery capacity of ~275,000 barrels/day to meet bulk needs. Operations schedule pipeline, marine and truck deliveries to SLAs with a commercial focus on maintaining >95% on-time fulfillment. Technical support and product certification underpin contract compliance while S&OP aligns production to demand patterns.
- Refinery capacity: ~275,000 bpd (Sriracha)
- Targets: >95% on-time deliveries to SLA
- Customers: oil marketers, airlines, shippers, industrials
- Core processes: contract mgmt, delivery scheduling, technical certs, S&OP
Source optimal crude for 275,000 bpd; 92% utilization, CHP 80-90%, >95% on-time
Source optimal crude for 275,000 bpd Sriracha; hedge Brent and crack via futures, swaps and options.
Operate distillation, conversion and treating at ~92% utilization (2024), tune hydrogen and catalysts to lift middle‑distillate yields.
Run CHP at 80–90% efficiency, monetize surplus power/hydrogen and deliver >95% on-time to B2B customers.
| Metric | 2024 |
|---|---|
| Refinery capacity | ~275,000 bpd |
| Utilization target | ~92% |
| On-time deliveries | >95% |
| CHP efficiency | 80–90% |
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Resources
Integrated refinery and petrochemical complex
Integrated high-complexity refinery (Thai Oil/TOP circa 275,000 bpd crude processing capacity) enables a flexible product slate and supports higher refining margins. Downstream integration with aromatics and lube plants captures value from intermediates, boosting petrochemical yield. Onsite hydrogen and sulfur recovery units plus turnaround-ready infrastructure enhance self-sufficiency and extend asset life.
Terminals, pipelines, and tank farms
Deepwater jetties and tank farms at Thai Oil support large crude and product movements tied to the Sriracha refinery’s 275,000 barrels-per-day crude capacity. Pipeline links between terminals and refineries speed deliveries and reduce logistics costs across supply chains. Segregated tanks preserve product quality and enable flexible blending. Strategic locations provide coverage for domestic demand and ASEAN exports.
Skilled workforce and safety culture
Experienced operators, engineers and traders at Thai Oil (refinery capacity ~275,000 bpd) drive operational performance and margin optimization; a 2024 TRIR of 0.12 and zero‑fatality record year-to-date reflect strong HSE systems that cut incidents and downtime. Continuous training — >40 hours per employee annually in 2024 — sustains competency and compliance, while cross-functional teams accelerated a 5% throughput improvement in 2024.
Technology, IP, and digital platforms
Licensed processes, proprietary catalysts and advanced control systems lift yields and selectivity, with APC/digital twins delivering typical throughput uplifts of 1–3% and energy savings of 3–5% in refining operations (2024 industry benchmarks). Digital twins and APC bolster stabilization and cut unplanned downtime by ~20–30%. LIMS and QA maintain >99% spec adherence while analytics shorten decision cycles by up to 50%.
- Licensed processes: higher selectivity, +1–3% yield
- APC/digital twin: −3–5% energy, −20–30% downtime
- LIMS/QA: >99% spec adherence
- Data & analytics: decision speed up to +50%
Financial strength and liquidity
Financial strength underpins Thai Oil’s multi-year capex program, supported by a solid balance sheet and maintained credit lines and hedging facilities to manage commodity and FX volatility.
Comprehensive insurance and enterprise risk frameworks protect operating cash flow, while strict investment discipline and portfolio review processes aim to sustain returns through market cycles.
- Capex backing: balance sheet resilience
- Liquidity: committed credit lines + hedging
- Protection: insurance & risk frameworks
- Governance: disciplined investment reviews
275,000 bpd refinery — 3-5%, 20-30%
Integrated Sriracha refinery (275,000 bpd) plus aromatics/lubes, onsite H2/sulfur units and deepwater jetties secure feedstock flexibility and export access. Skilled workforce (2024: TRIR 0.12, >40 training hrs/yr, +5% throughput) and proprietary catalysts/APC/digital twins (−3–5% energy, −20–30% downtime) boost yields and reliability. Strong balance sheet, committed credit lines and hedging underpin multi‑year capex.
| Metric | 2024 |
|---|---|
| Crude capacity | 275,000 bpd |
| TRIR | 0.12 |
| Training | >40 hrs/emp |
| Throughput gain | +5% |
| APC energy | −3–5% |
Value Propositions
Reliable, secure fuel supply
Thai Oil's large-scale refining capacity of about 275,000 barrels per day and diversified crude sourcing underpin continuity of supply. Long-term offtake contracts and maintained inventory buffers aligned with Thailand's 30-day strategic reserve target reduce stockout risk. Rapid outage response capability supports power, transport and industrial sectors. Alignment with national energy security policy adds systemic resilience.
High-quality fuels and lubes
Thai Oil supplies fuels and lubes meeting Thai Industrial Standards and international specs such as ASTM, leveraging its 275,000 barrels-per-day refining complex to ensure consistent chemistry and performance that lowers customers’ operational risk. Dedicated technical teams assist customers with certification and engine-warranty requirements, while end-to-end batch traceability and certificate-of-analysis processes underpin quality assurance.
Integrated fuels-to-chemicals offering
Integrated fuels-to-chemicals offering makes Thai Oil a single supplier of gasoline, diesel, jet, LPG, aromatics and propylene, leveraging its ~275,000 bpd refining capacity and ~30% domestic market share in 2024; coordinated supply reduces transaction costs and logistics complexity, while flexible volumes match customer seasonality; portfolio co-optimization drives unit cost efficiencies that are passed to clients through tighter pricing and margin management.
Cost-competitive delivery
Economies of scale from Thai Oil's 275,000 barrels/day refining complex (2024 capacity) and streamlined logistics compress landed cost per barrel, while energy-efficient processes lower variable costs and improve margins. Strategic terminals across the Gulf of Thailand cut lead times and distribution costs, and active hedging programs smooth customer pricing against crude volatility.
- Scale: 275,000 bpd capacity (2024)
- Energy efficiency: reduces variable OPEX
- Terminals: shorter lead times, lower logistics cost
- Hedging: stabilizes end-customer prices
Lower-carbon and compliance solutions
- Energy efficiency: cogeneration 60–90% efficiency
- Bio-blends: up to 50–70% lifecycle CO2e reduction
- Emission controls: >90% SOx/NOx removal
- Reporting: GHG Protocol–aligned, supports customer disclosures
275,000 bpd fuels-to-chemicals refinery: ~30% market, low-carbon cogeneration, >90% SOx/NOx control
Thai Oil offers large-scale, integrated fuels-to-chemicals supply from a 275,000 bpd refinery (2024) with ~30% domestic market share, ensuring supply continuity and cost efficiencies. Quality assurance meets Thai and international specs with batch traceability. Lower-carbon options (cogeneration 60–90%) and >90% SOx/NOx controls reduce regulatory and customer risk.
| Metric | Value (2024) |
|---|---|
| Refining capacity | 275,000 bpd |
| Domestic market share | ~30% |
| Cogeneration efficiency | 60–90% |
| SOx/NOx removal | >90% |
| Strategic reserve target | 30 days |
Customer Relationships
Long-term offtake agreements
Multi-year offtake agreements provide volume security for both parties, often covering portions of Thai Oil's 275,000 barrels-per-day refinery throughput. Indexed pricing tied to Brent and MOPS benchmarks ensures market-aligned margins and transparent settlement. Service-level commitments on uptime and delivery windows assure reliability, and scheduled performance reviews drive continuous improvement and contract optimisation.
Key account management
Dedicated key-account teams handle large oil marketers, airlines and petrochemical clients, reflecting Thai Oil’s role as a 275,000 bpd refinery supplier. Joint planning with clients improves forecast accuracy and inventory turn, while customized commercial terms address fuel specifications, credit and logistics needs. Regular quarterly business reviews sustain operational and strategic alignment across accounts.
Technical support and co-development
Application engineering optimizes fuel use and blending across Thai Oil’s 275,000 barrels-per-day refinery, improving combustion and lifecycle performance for customers. Lab testing and certificates of analysis validate product quality and specs before shipment. Co-development of grades for specific equipment or processes and rapid troubleshooting reduce customer downtime and operational risk.
Collaborative supply planning
Collaborative supply planning aligns S&OP interfaces to synchronize Thai Oil production with domestic demand, cutting mismatches and supporting a 97% on-time delivery rate in 2024 pilot programs. VMI and consignment models lowered working capital needs, trimming inventory days by about 15% in deployed corridors. Shared data dashboards improved logistics timing and exception management routes spikes and outages to predefined contingency flows.
- S&OP sync: 97% on-time (2024 pilot)
- VMI/consignment: ~15% fewer inventory days
- Shared data: improved ETAs, fewer delays
- Exception mgmt: rapid reroute for spikes/outages
After-sales and incident response
24/7 support resolves quality or delivery issues rapidly for Thai Oil, supporting its 275,000 bpd refining complex (2024); root-cause analysis after incidents prevents recurrence, contingency supply (≈30 days strategic stock) minimizes disruption, and formal feedback loops raised service KPIs in 2024.
- 24/7 support: rapid incident handling
- Root-cause analysis: recurrence prevention
- Contingency supply: ≈30 days stock
- Feedback loops: improved KPIs (2024)
Brent/MOPS pricing secures 275,000 bpd capacity; pilots achieve 97% OTIF
Long-term offtakes and Brent/MOPS-indexed pricing secure volumes for Thai Oil’s 275,000 bpd refinery and align margins. Key-account teams, joint S&OP and VMI reduced inventory days ~15% and achieved 97% on-time in 2024 pilots. 24/7 support, ≈30 days contingency stock and RCA-based improvements raised service KPIs in 2024.
| Metric | 2024 |
|---|---|
| Refinery capacity | 275,000 bpd |
| On-time delivery (pilot) | 97% |
| Inventory days reduction | ~15% |
| Contingency stock | ≈30 days |
Channels
Direct B2B contracts
Direct B2B contracts channel Thai Oil's refined output—275,000 barrels per day refinery capacity—into sales to oil marketers, airlines, shipping lines and industrials under negotiated volumes, specifications and delivery points. Pricing and service are relationship-driven, with multilayer SLAs and flexible volume clauses. Dedicated account and operations teams provide contract management, logistics coordination and on-call technical support.
Pipelines and regional terminals
Pipeline deliveries to depots and airports enable speed and scale; Thai Oil's Sriracha refinery nameplate crude throughput of 275,000 barrels per day underpins large-scale pipeline dispatch. Terminal networks extend national reach and inventory positioning at regional terminals reduces last-mile risk. Shared terminal assets and common handling systems lower per-unit handling costs.
Marine and coastal shipping
Handy (35,000–60,000 DWT) and MR (25,000–54,999 DWT) tankers move crude and products efficiently along Thai routes. Coastal deliveries serve Thailand’s ~3,219 km coastline and roughly 1,430 islands, linking refineries to ports and island markets. Dedicated bunkering channels supply marine customers at major ports like Laem Chabang. Tight scheduling reduces demurrage exposure and voyage delays.
Distributors and blenders for lubes
Channel partners expand coverage to OEMs and industrial users, with distributors and blenders enabling on-site supply to automotive and manufacturing clusters; packaging and blending services tailor viscosity and quality for segment-specific specs, while service centers support smaller buyers and co-branding deals improve market penetration across Thailand in 2024.
- OEM reach: expanded via distributors
- Customization: in-line blending and packaging
- Support: service centers for SMEs
Commodity trading desks and platforms
Commodity trading desks and platforms balance spot sales to absorb production-demand swings, with paper and physical trades used to hedge exposures; Asian Brent averaged about $85/bbl in 2024, sharpening hedging needs. Access to regional buyers broadens price discovery and rapid execution captures arbitrage across Singapore and Bangkok hubs.
- Spot sales: buffer swings
- Hedging: paper+physical
- Regional access: wider discovery
- Execution: capture arbitrage
B2B contracts unlock 275,000 bpd, nationwide reach and arbitrage on $85/bbl
Direct B2B contracts leverage Thai Oil’s 275,000 bpd Sriracha capacity into wholesale sales with SLA-backed logistics and account teams. Pipeline/terminals plus MR/Handy tankers enable nationwide reach across 3,219 km coastline and ~1,430 islands. Trading desk hedges exposure as Asian Brent averaged ~$85/bbl in 2024, supporting spot/physical arbitrage.
| Metric | Value |
|---|---|
| Refinery capacity | 275,000 bpd |
| Asian Brent 2024 avg | $85/bbl |
| Coastline / islands | 3,219 km / ~1,430 |
Customer Segments
Oil marketers and retail networks
Supplies gasoline, diesel and LPG to national and independent retail brands, leveraging Thai Oil’s refinery capacity of about 275,000 barrels per day to serve high-volume demand. Operations enforce strict spec adherence and quality control across product lines. Logistics synchronization ensures timely deliveries to depots and stations, supporting retail network expansion and promotional campaigns.
Aviation and marine operators
Jet fuel for airlines and marine bunkers for shipping firms are core needs, with on-spec, on-time deliveries mission critical to operations. Contracted supply is focused at hubs and ports such as Map Ta Phut and Laem Chabang to ensure reliability. Technical assurance adheres to ASTM D1655 for jet fuel and IMO 2020 0.5% sulfur cap for bunkers. Thai Oil’s refining capacity is about 275,000 barrels per day (2024).
Industrial and commercial users
Factories, mining sites and logistics fleets rely on stable supplies from Thai Oil's Sriracha complex, which has a refining capacity of 275,000 barrels per day, ensuring reliable diesel and fuel oil availability. Tailored delivery schedules and on-site bunkering minimize downtime. Energy-efficiency advisory services and fuel-management programs lower consumption. Flexible credit terms help customers manage working capital.
Petrochemical producers
Petrochemical producers rely on feedstocks such as aromatics, propylene and reformate to power downstream plants; Thai Oil's 275,000 bpd refinery capacity supports steady feedstock availability. Consistent feedstock quality sustains yields and product specifications, while flexible volumes match typical 2–5 year turnaround cycles. Long-term supply agreements underpin multiyear investment planning.
- Feedstocks: aromatics, propylene, reformate
- Capacity: Thai Oil 275,000 bpd
- Turnarounds: 2–5 years
- Contracts: long-term for capex certainty
Utilities and IPPs
Electricity and steam customers prioritize reliability and price stability, with Thai grid-synced operations ensuring continuity for onsite and offsite loads; byproduct utilities such as steam and condensate recovery increase plant efficiency, and commercial contracts commonly include fuel-cost indexation tied to market oil and gas prices, with Thailand relying on roughly 60% natural gas for power generation in 2024.
- Reliability focus
- Price stability via indexed contracts
- Grid-synced continuity
- Byproduct utilities boost efficiency
Reliable on-spec fuels, feedstocks and JIT logistics, 275,000 bpd
Retail, aviation, marine, industrial and petrochemical customers depend on Thai Oil’s 275,000 bpd refinery (2024) for on-spec fuels and feedstocks with long-term contracts and just-in-time logistics. Power/steam clients value grid-synced reliability and indexed pricing; Thailand used ~60% natural gas for power in 2024. Flexible credit, on-site services and turnaround-aware volumes support large industrial clients.
| Segment | Key needs | Metric/2024 |
|---|---|---|
| Retail | Gasoline/diesel/LPG supply | 275,000 bpd refinery |
| Aviation/Bunkers | On-spec, on-time at Map Ta Phut/Laem Chabang | IMO 0.5% sulfur |
| Petrochem | Feedstocks (aromatics, propylene) | Long-term contracts |
| Power/Steam | Reliability, indexed pricing | ~60% gas for power |
Cost Structure
Crude and feedstock procurement
Main variable cost driven by global oil prices (Brent averaged about 86 USD/bbl in 2024) and freight; feedstock typically represents the largest share of refinery cash cost. Slate optimization directly affects margin capture, supplier diversification (Thailand imports ~90% of crude) mitigates geopolitical risk, and active hedging smooths cash‑flow volatility.
Energy and utilities consumption
Fuel gas, power, steam, and hydrogen form a major portion of Thai Oil’s operating cost base; ongoing efficiency projects reduce energy intensity while cogeneration plants supply steam and power to offset external purchases and lower net fuel spend. Rising carbon pricing and emissions compliance costs are increasingly material, driving capital allocation toward low‑carbon solutions and hydrogen efficiency improvements.
Maintenance and turnarounds
Planned shutdowns, catalysts swaps and reliability programs constitute a major portion of Thai Oil’s maintenance cost base, driving scheduled capital and operational spending to prevent unplanned outages. Proactive preventive maintenance lowers frequency and duration of emergency shutdowns, improving throughput and margin stability. Rigorous contractor selection, spare-parts inventory control and vendor managed logistics are critical to control turnaround duration and cost. Expanded safety compliance and regulatory inspections add scope and budgetary requirements.
Logistics and distribution
Logistics and distribution for Thai Oil combine marine freight, pipeline tariffs, terminal handling and trucking; 2024 industry patterns show freight volatility while inventory carrying costs typically run 1–3% p.a., tying up working capital; tight scheduling and demurrage controls materially protect refinery margins; insurance and port fees add fixed overheads to per-ton costs.
- marine freight: volatile in 2024
- pipeline tariffs: fixed per-ton fees
- terminal handling & trucking: variable OPEX
- inventory carrying: 1–3% p.a.
- demurrage control: margin protection
- insurance/port fees: fixed overhead
G&A, compliance, and ESG
Staff, IT systems, and corporate services absorb recurring G&A costs, supporting 24/7 refinery and trading operations while funding cyber, ERP, and analytics platforms.
Regulatory, quality, and reporting requirements drive ongoing compliance spend, with certification and audit costs essential to sustain export and product-liability market access.
Community and environmental programs are strategic investments tied to license-to-operate and stakeholder relations, often coordinated with ESG reporting cycles.
- Staffing & IT: operational backbone
- Compliance: continuous regulatory spend
- Certifications: market access safeguard
- Community/ESG: strategic, reputational investment
Brent ~86 USD/bbl—feedstock, freight & energy squeeze margins
Main variable cost driven by Brent at ~86 USD/bbl in 2024 and crude imports ~90% of Thailand supply; feedstock and freight are largest cash drivers. Energy (fuel gas, power, steam, hydrogen) and maintenance/turnarounds form major OPEX; inventory carrying runs ~1–3% p.a. and demurrage/freight volatility materially affect margins.
| Cost item | 2024 metric | Note |
|---|---|---|
| Brent crude | ~86 USD/bbl | price benchmark |
| Crude imports | ~90% | Thailand supply dependence |
| Inventory carry | 1–3% p.a. | working capital |
Revenue Streams
Refined fuels sales
Thai Oil's refined fuels—gasoline, diesel, jet, LPG and fuel oil—drive core revenue. The Sriracha complex capacity is 275,000 barrels/day (2024), enabling volume leverage to support margins. Indexed pricing ties product margins to Brent and regional MOPS, capturing market dynamics. Premium grades and additives uplift ASPs and value realization.
Petrochemical feedstocks
Petrochemical feedstocks—aromatics, reformate, propylene and related streams—supply regional chemical players and underpin Thai Oil’s merchant margins. A balanced contract versus spot sales mix preserves flexibility to capture upside during tight markets while smoothing revenues in downturns. Consistent product quality secures price premiums with key offtakers. Regional demand cycles in Southeast Asia and China remain primary drivers of short-term pricing.
Lube base oils
In 2024 Thai Oil sells Group I/II base stocks to lubricant blenders and OEMs, leveraging certified, consistent grades that command premium realizations. Export optionality opens SE Asia and ME markets, reducing domestic concentration risk. Value-added packaging and specialty cuts (viscosity/improved additive compatibility) increase margin per tonne.
Power and steam sales
- Grid + industrial offtake
- 10–15 year PPAs
- Byproduct heat increases efficiency
- Ancillary services = extra revenue in 2024
Trading, blending, and ancillary services
Trading, blending, and ancillary services generate margin and fee income for Thai Oil. Crude and product trading capture arbitrage and optimize the 275,000 barrels‑per‑day refinery slate. Blending services tailor specifications for industrial and retail customers, while storage and handling fees monetize terminal and tank inventory. Hedging outcomes contribute to P&L within board‑set risk limits.
- Refinery capacity: 275,000 bpd
- Revenue channels: trading margins, blending fees, storage/handling charges
- Risk control: hedging within board risk limits
275,000 bpd refinery: fuels-led revenues, petrochemicals, base oils and 10-15 yr PPAs
Refined fuels (gasoline, diesel, jet, LPG, fuel oil) are core revenue drivers, supported by Sriracha capacity of 275,000 bpd (2024) and Brent/MOPS‑linked pricing. Petrochemical feedstocks and merchant aromatics deliver cyclical margins to SE Asia offtakers. Group I/II base oils and exports raise per‑tonne realizations. Cogeneration PPAs (10–15 yrs) plus trading, blending and storage fees diversify income; hedging limits protect P&L.
| Revenue stream | 2024 metric | Notes |
|---|---|---|
| Refined fuels | 275,000 bpd | Brent/MOPS indexed |
| Petrochemicals | Merchant volumes | SE Asia/China demand driven |
| Base oils | Group I/II | Export optionality |
| Power & services | PPAs 10–15 yrs | Ancillary & heat value |