As prices dip below US$30 a barrel, PTT is urging policymakers to take action to cut the country's crude oil reserve in half. President and chief executive Chansin Treenuchagron said the company will urge the government to reduce the volume of its oil reserve to 9-10 days worth of daily production for crude oil, down from the current volume of 18-20 days. PTT wants refined oil volume to remain the same at 4 days worth of daily production.
In order to stave off significant Q1 losses from the tumultuous price war in the global oil market, the company expects to decrease its commercial oil reserve. In 2008 and 2014, a group that includes IRPC Plc, Thai Oil Plc, and refining flagship PTT Global Chemical Plc already experienced losses from huge drops in oil prices. The three oil refiners controlled by PTT in Thailand have a total refining capacity of 1,234 kilo barrels per day and a total refining output of more than 62 percent or 770 kilo barrels per day. PTT expects the situation to return to normal by the end of March.
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Published on March 12, 2020 12:31 AM (GMT+8)Last Updated on March 12, 2020 12:31 AM (GMT+8)
