Release date: November 29, 2023 19:57
IRPC's oil refinery facility in Mueang district, Rayong. (Photo: IRPC)
Pichin Afiwantanaporn, senior executive vice president of IRPC Plc, the petrochemical arm of state-run oil and gas conglomerate PTT Plc, said the benchmark price for Dubai crude oil will be lower per barrel next year due to slowing global economic growth. He said the stock is expected to fall to between $83 and $85.
He said the new average price is slightly lower than the estimated $86-$87 per barrel in the fourth quarter of this year.
IRPC's forecast is in the same direction as other oil analysts, who also predict a fall in prices.
Star Petroleum Refining earlier said global oil prices are likely to fall for the rest of the year despite high energy demand, but are still subject to fluctuations caused by geopolitical conflicts and economic adjustments by major powers. He said he was easily influenced.
The cause of the price decline is thought to be the surplus of major oil supply companies.
IRPC said that the development of oil operations and the use of renewable energy are progressing well.
Construction of the $420 million ultra-clean fuel (UCF) production facility is 96 percent complete and scheduled to begin operations this year, Pichin said.
The UCF project is in line with the government's plan to require refineries to produce diesel that meets Euro 5 environmental emissions standards, due to come into effect on January 1 next year.
He said the UCF plant will produce up to 75,000 barrels of diesel each day.
Meanwhile, IRPC is nearing completion of installing 250 million baht worth of floating solar panels and plans to begin commissioning at the facility soon, Pichin said.
The company's sales in the third quarter of 2023 decreased by 12% year-on-year to 70.7 billion baht. In the first nine months, IRPC earned his 224 billion baht, down 15%. This is mainly due to the drop in crude oil prices.
Net profit for the third quarter rose 192% to 2.4 billion baht from a loss of 2.5 billion baht in the same period last year. Net profit for the first nine months was 494 million baht, down 82% from the same period last year.
