For Upstream Business in 2023, the Adjusted EBITDA was Baht 24,364 million, which increased from the previous year by 13%, and the Adjusted EBITDA Margin was at 7%. The overall product sales volume increased from 2022. The Company’s petroleum product sales volume at 64.8 million barrels. The Company’s petrochemical product sales volume of 5.1 million tons. The Company had the planned maintenance shutdown of Olef ins plant 2/2 in Q1/2023, the planned maintenance shutdown of Aromatics plant 2 in Q3/2023 and the planned maintenance shutdown of Olefins plant 1 in Q4/2023. The commercial operation of Olefins 2 Modification Project started in 2023, resulting in the Company increased propane usage as feedstock, which align with the Company’s strategy to enhance feedstock f lexibi l i ty and long-term compet i t iveness. The performance decreased as a result of the following: 1. For the Refinery business in 2023, the performance decreased from 2022 resulting from economic recession. Despite the China’s re-opening in January 2023, the economic indicators presented the slowdown of economic activities and reflected that demand recovery was weaker than expected, which impacted the demand of Petroleum products. Also, geopolitical tensions remain a significant risk factor, including the ongoing conflicts in Russia and Ukraine which led to a decline of market supply. However, the production of the Middle East and Russia was stable, even with production cuts in Saudi Arabia. Petroleum product spreads decreased from 2022 which included Diesel, Jet, Gasoline, and Low Sulfur Fuel Oil spreads mainly due to higher export from China and freight rate. The Company’s Market GRM in 2023 decreased to 9.4 USD per barrel. 2. For the Aromatics business in 2023, the performance increased from the previous year resulting from an increase in Paraxylene and Benzene over Condensate spread as a recovery of downstream market, especially the Polyester and textile market mainly due to China’s re-opening in January 2023 and the shift in the feedstock to gasoline blending. Also, Benzene spread was supported by China’s re-opening and the Chinese New Year holiday in January 2023 supported demand recovery of downstream market with control supply by several producers. The Market P2F in 2023 increased to 189 USD per ton. 3. For the Olefins business in 2023, the performance decreased from 2022 resulting from the Olefins products spread was decreased from the higher production capacities in Asia and a weak demand of downstream market from economic recession, despite control of production by Asian ethylene producers. The Company’s sale volume was increased in 2023 mainly due to a start of the commercial operation of Olefins 2 Modification Project in July 2023. 115 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2023
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