Thai Oil Public Co Ltd - Company Profile
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Business Description
Thai Oil Public Co Ltd (Thai Oil) is primarily engaged in the operation and supply of petroleum products. Its main activities include refining crude oil, producing petrochemical products, and manufacturing lube base oil. The company’s operations span across various industries including oil refinery, petrochemicals-aromatics, lube base oil, power generation, solvents and chemicals, pipeline transportation, renewable-energy generation, and recruitment services. The company operates in various geographic locations, with a focus on markets in Asia, including Thailand, Vietnam, Indonesia, India, Myanmar, Cambodia, Laos, and the Philippines. The company operates through eight reportable business segments: Oil Refinery, Aromatics and LAB, Lube Base Oil Refinery, Power Generation, Solvent, Ethanol, Olefins and Others. In FY2025, the company’s capital expenditure stood at THB10,697.9 million, which was 2.7% of the company’s total revenue and grew 11.9% YoY.
R&D Overview
Thai Oil in FY2025, developed and implemented new Research and Development (R&D) plans focusing on the development of product prototypes, along with tests with customers for further production and commercialization. The company initiated 17 new R&D projects, continued seven ongoing projects, and completed seven projects. Key initiatives included the development of high-value products such as Rubber Process Oil, VOCs and Hydrocarbon Decontamination Chemicals, and a Multipurpose Waterless Hand Cleaner. The company also focused on innovation management, achieving significant progress in prototype development and commercialization. The R&D activities of Thai Oil are managed through six Centers of Excellence: Crude Excellence Center; Catalyst & Adsorbent Excellence Center; AI/Robotics Solution Provider; High Value Product/High Value Business; Polymer & Olefins Derivatives; and Sustainability & New Business. These centers focus on evolving new research work with academic and business partners to meet current and new customer needs through efficient cross-functional teams. The company has also filed several patents, including those for VOCs and Hydrocarbon Decontamination Chemicals, the Multipurpose Waterless Hand Cleaner, and the Mild Surfactant Ingredient for Personal Care Products. it also focuses on collaborations with institutions such as the Petroleum and Petrochemical College (PPC) of Chulalongkorn University, Vidyasirimedhi Institute of Science and Technology (VISTEC), National Nanotechnology Center (Nanotec/NSTDA), and the National Center for Genetic Engineering and Biotechnology (BIOTEC/NSTDA). In FY2025, the company spent THB60 million on research and development.
Business Segments
Overview
Carries out the production of upstream aromatic petrochemicals including paraxylene.
Performance
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Overview
It involves the production and distribution of ethanol used to produce gasohol fuels including gasohol E10, E20, and E85.
Performance
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Overview
It is primarily involved in the production and distribution of lube-based oil. The segment produces lubricants such as slack wax, sulfur, aromatic extract, treated distillate aromatics extract (TDAE), and bitumen.
Performance
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Overview
Carries out the company’s core operations such as crude oil distillation, conversion and upgrading processes. The segment’s products include gasoline, diesel, jet fuel, kerosene, fuel oil, and liquefied petroleum gas (LPG). It operates in Thailand and caters to regional markets in Asia Pacific.
Performance
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Overview
Operates as an extension of the company’s refining business to the petrochemical business through investment in PT Chandra Asri Pacific Tbk. Fulfills petrochemical demand particularly olefins in the Indonesian market.
Performance
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Overview
Includes Energy services, digital solutions and other operations.
Performance
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Overview
The segment is involved in the cogeneration power business, supplying power and steam for Thai Oil and Subsidiaries’ core businesses.
Performance
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Overview
Involves in the production and distribution of solvents and chemicals. Serves domestic and overseas markets, including Vietnam, Indonesia, India, Myanmar, Cambodia, Laos, and the Philippines.
Performance
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Geographical Segments
Performance
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Performance
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Performance
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