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Great Profitability at Thailand’s Largest Refinery and Supplier of Petroleum


Thai Oil Public Company Limited is Thailand’s largest refinery and supplier of petroleum products.

Thai #Oil Public Company Limited is #Thailand’s largest refinery and supplier of petroleum products

Its current refining capacity is 275,000 barrels per day. TOP also has related businesses of aromatics, lube-base oil, power generation, marine and pipeline transport, and solvents.

Business Description

TOP is a 49%-owned subsidiary of PTT Public Company Limited (PTT TB) and operates in eight business segments. Oil refining, which produces gasoline, diesel, jet fuel, kerosene, fuel oil and liquefied petroleum gas accounts for 85% of revenue. TOP’s refining capacity is the largest in Thailand at 275,000 barrels per day or 22% of the country’s overall refining capacity. In 1Q18, 85% of TOP’s refinery sales were domestic.

Its other major business includes lube-base oil refining, which is a product of crude oil distillation; Petrochemicals, such as paraxylene, benzene, toluene and mixed xylenes; Solvent and chemical products, such as hydrocarbon and chemical solvents.

TOP is a 49%-owned subsidiary of #PTT Public Company Limited ($PTT.TB)

TOP operates its petrochemicals and lube-base business through wholly owned subsidiaries Thai Paraxylene Co., Ltd., which has 838,000 tonnes per annum (tpa) of aromatic capacity and Thai Lube Base PCL, which has 267,000 tpa of base oil and 350,000 tpa of bitumen capacity

TOP’s new Clean Fuel Project, expected to start operations in 2022, aims to process cheaper crude oil and increase refining capacity.


Thosaporn Sirisumphand has been the chairman of Thai Oil since 2017. Thosaporn earned a Bachelor of Public Administration from Chulalongkorn University, Thailand and a Master of Public Administration and a Ph.D. in Policy Analysis, Public Administration and Comparative Politics, Northern Illinois University, US.

CEO Atikom Terbsiri is also on the board of directors of another #PTT-controlled company, Global Power Synergy PCL ($GPSC.TB)

Atikom Terbsiri is the CEO of TOP and has been in the position since 2014. He is also on the board of directors of another PTT-controlled company, Global Power Synergy PCL (GPSC TB). Atikom received a Bachelor’s degree in Business Administration from Assumption University, Thailand, an MBA from Armstrong State University, US, and a Doctorate Degree in Human Resources from Golden Gate University, US.

World Class Benchmarking

Profitable Growth ranked in the top 20% in 2015-2017, however, the rank fell one step to #3 in the past 12 months. TOP ranked among the top 99 out of 330 large Energy companies worldwide.

Profitability has been TOP’s main strength and the company has consistently ranked in the top 20% since 2015. Growth has ranked poorly at #8 since 2017.

In the past 12 months, #TOP ranked among the top 99 out of 330 large #Energy companies worldwide

Asset utilization has persistently ranked in the top 30%. Profit margin has fallen to a #5 rank since 2017.

Sales growth ranked average in 2015-2017 but fell to #7 in the past 12 months. Margin change has fluctuated a lot and ranked at #8 in the past 12 months.


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