Thaioil to expand capacity on the back of higher net profits

Surong Bulakul, chief executive of Thaioil Plc, is upbeat about the company’s operating profits, saying that the company will benefit this year from the wider spread between crude and refined oil prices, as jet fuel and diesel fuel make up to 70% of the company’s production. Industry analysts estimate that Thailoil’s full year net profit will be 13.6 billion baht (US$449.6 million) in 2011, compared to 8.99 billion baht (US$297.19 million) in 2010, which was down 25.5% from 2009. The company is investing US$1.5 billion from 2011-2015 to expand its production of specialty grades of paraxylene, benzene, ethanol, lube oil and wax, he said. Thaioil is Thailand’s largest oil refinery. (April 2,2011)