IRPC Annual Report 2023

Thailand’s oil refining capacity by oil refining company in 2023 (Jan.-Dec.) Total production capacity: 1,244.5 thousand barrels per day Source: Energy Policy and Planning Office Major operators in Thailand’s oil industry include PTT, Bangchak, Esso, Thaioil, Shell and others, with domestic market share as follows: 2024 Petroleum Refining Industry Outlook PTT Group PRISM experts, together with the Petroleum Refining Industry Club of the Federation of Thai Industries, forecast that the average Dubai crude price in 2024 will hover in the range of USD 75-85 per barrel. A close watch must be kept on the OPEC Plus’ policy on oil production cuts to bolster prices and China’s economic stimulus measures. The experts also advised paying attention to Western governments’ tight monetary control to blunt the impact of inflation as well as how energy companies explore new opportunities and how well they adapt during the energy transition. As for the oil demand forecast for 2024, there is an upward trend in demand growth due to the rise in purchasing power in the United States, an economic rebound in Europe and a surge in oil consumption of China’s aviation industry following the post-COVID-19 reopening. At the same time, oil demand is expected to grow space among developing countries that rely on imported fossil energy. However, the switch to clean energy has accelerated in countries that are technologically adept and supported by conducive regulatory policies This will dampen the Supply growth to a certain extent. The oil supply in 2024 is projected to grow by approximately 1.3 million barrels per day from the current level. Source: Online Seminar 2023 The Annual Petroleum Outlook Forum: Change for Chance: Adapt, change, move toward the new era of future energy sources Operator Domestic market share PTT 38.1% Bangchak 12.5% Esso 10.2% Thaioil 6.7% Shell 6.5% IRPC 4.3% Other operators 21.7% Source: Department of Energy Business (January-December 2023) IRPC’s domestic market share in which only sales of products under self-distribution were calculated - excluding sales to Section 7 traders. TOP PTTGC IRPC ESSO SPRC BCP Fang 275 301 280 181 215 193 177 118 175 145 120 115 Capacity Crude Run 3 0.49 78 Structure and Business Operations of IRPC IRPC Public Company Limited

RkJQdWJsaXNoZXIy ODg4NTI=