Investor updateInvestor updateOctober 2009October 2009
DisclaimerDisclaimer
The information contained in our presentation is intended solely for your personal reference only. In addition, such information contains projections and forward-looking statements that reflect our current views with respect to future events and financial performance. These views are based on assumptions subject to various risks and p juncertainties. No assurance is given that future events will occur, that projections will be achieved, or that our assumptions are correct. Actual results may differ materially from those projected.correct. Actual results may differ materially from those projected.
22
ContentsContents
About Thailand
Introduction to PTTIntroduction to PTT
Activities & Operational Results
Financial Performance
2H/2009 Outlook
3
About Thailand
Population : 66 million Russia
General Information
Population : 66 millionArea (sq.km) : 513,100Climate : Tropical ClimateW h 24 37 C
Mongolia
Russia
KoreaWeather: 24-37 CChina
JapanKorea
India
Middle East
Economic InformationThailand
GDP (2008) : US$ 272 bnGDP Growth : 2.6%
Economic Information
1H/2009 Energy InformationTotal Petroleum Supply : 1,598 KBD
Crude Oil : 1,073 KBD- Import (incl. refined prod.) 853 KBD (79%)- Domestic 220 KBD (21%)
Total Petroleum Demand & Export : 1,439 KBDDomestic Demand : 1,198 KBD- Refined Products 727 KBD (61%) - Natural Gas 471 KBD (39%)
4
( )Natural Gas : 525 KBD- Import 127 KBD (24%)- Domestic 398 KBD (76%)
G ( 9 )Export : 241 KBD- Refined Products 195 KBD (81%)- Crude Oil/Condensate 46 KBD (19%)
ContentsContents
Introduction to PTT
About Thailand
Introduction to PTT
Activities & Operational Results
Financial Performance
2H/2009 Outlook
5
PTT’s Strategic Importance to the Thai EconomyOwnership : Ministry of Finance ‘Direct and Indirect’ ~ 67%, Public ~ 33%
PTT has the largest market cap on the SET Shareholders’ structure
Others72%
PTT13%
Ministry of Finance
52%
Public33%Affiliates
15%72% 52%
VayupakFund 1 15%
Data as of 7 September, 2009
Mkt. Cap (MM Baht) %SETPTT Group
5,802,0991,614,760
100.027.8
“Ministry of Finance holds majority stake in PTT”
pPTTPTTEPPTTCHTOPIRPC
, ,744,435481,762111,88892,82185 975
Thailand’s only fully-integrated Oil and Gas Company with leading position in E&P, transmission, refining, marketing & trading f P t l d P t h i l d t
27.812.88.31.91.61 5IRPC
PTTARBCPOTHERS
85,97573,20216,4958,182
f
of Petroleum and Petrochemical productsKey driver of Thailand’s economic growth and industrial development
1.51.30.30.1
66
Data as of 1 Oct 2009
Recognition: Confidence & CredibilityPTT is widely recognized among business community both local and international
PTT international ratings are comparable to sovereign ratingsPTT international ratings are comparable to sovereign ratings
Foreign Currency : A3/BBB+/BBB/A- (Moody’s/S&P/Fitch/JCR) Local Currency : A2/BBB+/A-/A+ (Moody’s/S&P/Fitch/JCR)
118th/2009 Global 500 The World’s Largest Corporations
(135th/2008,207th/2007, 265th//2006, 373rd/2005)
Platts Global Energy Awards 2008 “CEO OF THE YEAR”
Top 250 Global Energy Awards 20081st Fastest Growing Integrated Oil
and Gas in Asia, 4th Fastest Growing Energy Company in Asia, 5th Overall
P f i A i
205th/2008 Global 2000 The Biggest Listed Companies in The World
(354nd/2007 372nd /2006 (135 /2008,207th/2007, 265 /2006, 373 /2005)
1st in Thailand / 2nd in Asia in 2006 : The Best Company For CG2008 : Asia’s Best Managed and Governed
Performance in Asia (354nd/2007, 372nd /2006425th/2005 & 461st/2004) Thailand’s Business Leader of
the Year: 2005
The Best Company For CG The Best For Disclosure & Transparency
The Best For Shareholders’ Right & Equitable Treatment
1st : Large-Cap Corporate 2005/2006
2008 : Asia s Best Managed and Governed Companies Poll 2008
2005 : The Best Managed Companyin Asia/in Thailand/The Oil & Gas Sector
1st : Best CEO in Thailand 2004 & 20051st : Best Investor Relations in Thailand
1st : Asia’s Best Companies on Corporate Governance 2006 & 2007
Global Top 40 Executives inCh i l b ICIS 2006
1st : Best CFO 2008/20061st : Best Managed Company 2008/2006/20051st : Best IR 2008/20062nd : Best CG 2008/2006/20052nd : Most Committed to a Strong Dividend Policy 2008 Chemical by ICIS 2006
Best State Enterprise 2008 Awards
2 : Most Committed to a Strong Dividend Policy 2008
SET Awards 2008- Best CSR Award- Shareholders AwardSET Awards 2006
Board of the Year Awards 2007/2005 & 2006/2003 & 2004/2002
77
Best State Enterprise 2008 Awards1. Best Performance 2. Best Board of Directors3. Best Managed company4. Social and Environmental
Commitment
Trusted brands 2009 in oil station
For 2001-2009
SET Awards 20061st : Best CSR 2006 1st : Best IR 2006 and Distinction in Maintaining Excellent CG Report 2006
Thailand Corporate Excellence Awards 2007• Leadership Excellence• Corporate Social Responsibility• Overall Corporate Excellence
Strategic Intents Drive Specific Sector ActionsFocusing on business management execution through PTT business groups
Business Areas Activities Strategic IntentsMajor Operator (%)
E&PE&PPTTEPPTTEP 65.53% Exploration and Production
• Maintain growth through- Replicating gas value chain success in
adjacent geographiesE&PE&P
GasGas
PTT PLCPTT PLCGas Pipeline 100% Sole owner/operator of the
Transmission pipeline
- Capturing mega trends• Accelerate growth through M&A• Maintain production plateau • Solidify domestic position & enhance
value via operation excellence• Expand international gas value chain U
pstr
eam
Ups
trea
m
S&M 100% Supply & Marketing of Natural GasGSP 100% Extracting Hydrocarbon contents
in NG for Petrochemical’s feedstock
• Expand international gas value chain –supply potential to Thailand
• Enter adjacent energy sectors (e.g., coal, power)
UU
R fi i &R fi i &TOPTOP 49.10%
• Capture synergy through cross-refinery Integrated Complex RefineryRefining &Refining &PetrochemicalPetrochemical
(Aromatics)(Aromatics)
PTTAR PTTAR 48.66%IRPCIRPC 36.77% SPRCSPRC 36.00% Stand alone Complex RefineryBCPBCP 29.75% Complex Refinery & Retail Stations
• Capture synergy through cross-refinery integration
• Maximize PTT Group value chain• Enhance value through operational
excellence and capital efficiency
• Grow through Market-back strategy
Integrated Complex Refinery& Petrochemical
idst
ream
idst
ream
Oil MarketingOil MarketingPTT PLCPTT PLC• Oil Marketing 100% Retail service Stations and
• Maintain market leader position in retail station and lubricant
• Expand non oil businessesamam
BCPBCP 29.75% Complex Refinery & Retail Stations
PTTCH PTTCH 49.30% Gas-based Olefins Chain Petrochemical
PetrochemicalGrow through Market back strategy
• Develop new businesses & strategic M&A• Enhance value through operational
excellence and capital efficiency
Mi
Mi
Oil MarketingOil Marketing • Oil Marketing 100% Retail service Stations and commercial Marketing
• Int’l Trading 100% Import/Export/Out-Out trading of petroleum and petrochemical products
Int’l TradingInt’l Trading
• Expand non-oil businesses• Strengthen commercial market• Ensure operational excellence• Take active trading role for PTT Group• Expand out-out/derivative trading and
international footprint• Ensure disciplined risk management to D
owns
trea
Dow
nstr
ea
products • Ensure disciplined risk management to limit exposure
DDIn
t’l
Int’
l
InternationalInternational PTT Inter PTT Inter 100% Overseas investment arm of PTT• Capitalize on Group value chain capabilities in
oil, gas & coal• Invest in new energy & related businesses• Expand through partnership and M&A 88
Performance Highlights : RevenuesLower global oil price impacted revenue
1H/09 R B kd
Crude Dubai (US$/bbl)+38% YoY
-50% YoY
6894 104
51
Unit : MM Baht
20%
1H/09 Revenue Breakdown
Gas
PTTEP
US$ 19,642 mm+33% YoY
2 000 816
1,508,129
20%
7% Petrochem 2%
Oil
-36% YoY1,082,559
Coal 0.6%
2,000,816
690 565
Others 0.1%
24%46%
Oil Marketing
Int’l Trading
690,565
2007 2008 1H/08 1H/09
Others Coal Petrochem PTTEP Gas Int'l Trading Oil Marketing
2007 2008 %YoY 1H/08 1H/09 %YoY
Note : Excluding eliminations
Others - - - - 398 -Coal - - - - 4,823 -Petrochem 70,749 36,256 -49% 19,400 14,735 -24%PTTEP 94,059 136,752 45% 64,969 54,585 -16%
9Note : All figures after restatement; Segmentation of Revenues do not include eliminations
Gas 267,408 312,822 17% 146,630 151,120 3%Int'l Trading 809,602 1,188,523 47% 651,346 355,029 -45%Oil Marketing 417,116 513,151 23% 289,719 182,256 -37%
Performance Highlights : EBITDALower EBITDA from decrease in prices
104
Crude Dubai (US$/bbl)
-50% YoY+38% YoY
6894 104
51Unit : MM Baht
145 971
1H/09 EBITDA BreakdownUS$ 1,747 mm
Petrochem1%
Others-1%Oil Mkt
9%+7% YoY
156,133 Int’ Trd
Coal2%
0
145,971
24%
Gas
PTTEP
TM 18%S&M -1%GSP 5%Others 2%
1%, Int Trd
2%-25% YoY
82,29361,417
Others Coal Petrochem PTTEP Gas Int'l Trading Oil Marketing
24%63%
Others 2%
2007 2008 1H/08 1H/09
EBITDA Margin
2007 2008 %YoY 1H/08 1H/09 %YoYOthers -2 044 -2 081 -2% -1 022 -883 14%
9.7% 7.8% 7.6% 8.9%EBITDA Margin
Note : Excluding eliminations
Others -2,044 -2,081 -2% -1,022 -883 14%Coal - - - - 1,515 -Petrochem 19,751 695 -96% 582 613 5%PTTEP 66,849 97,760 46% 48,799 38,444 -21%Gas 53,232 54,437 2% 29,572 14,809 -50%
10Note : All figures after restatement; Segmentation of EBITDA do not include eliminations
: Petrochem subsidiaries = PTTPM, PTTPL, PTTAC, HMC, PTT TANK Other subsidiaries = ENCO, PTTICT, BSA
Int'l Trading 3,030 4,318 43% 2,309 1,326 -43%Oil Marketing 5,151 722 -83% 2,141 5,548 159%
Performance Highlights : Net Income1H/09 earnings dropped YoY despite improved 2Q/09 earnings
94 104 1H/09 N t I B kd
Crude Dubai (US$/bbl)+38 YoY
-50% YoY
6894 104
51
1%
Unit : MM Baht
97,804
1H/09 Net Income Breakdown
US$ 778 mm-47% YoY
51 705
Other Affi.
-51% YoY
Coal
31%
37%
-3%1%51,705 PTT
RefiningAsso.
56,01727,344
PTT PTTEP Petrochem Affi. Refining Asso. Coal Other Affi. 29%5%Petrochem
Affi. PTTEP
2007 2008 1H/08 1H/09
2007 2008 %YoY 1H/08 1H/09 %YoYGain on Divest/Invest 4 859 443 -91% - - -
Affi. PTTEPEPS (Baht per Share)
34.82 18.33 19.88 9.68
Gain on Divest/Invest 4,859 443 -91% - - -Other Affi. 559 -3,175 n.m. -442 -828 -87%Coal - - - - 141 -Refining Asso. 27,982 -11,692 -142% 15,094 9,996 -34%Petrochem Affi. 10,508 6,180 -41% 6,050 1,323 -78%
11
PTTEP 18,378 27,605 50% 14,581 8,080 -45%PTT 35,517 32,344 -9% 20,734 8,632 -58%Note : Other Affiliates comprise of Affiliates in Gas (PTTNGD, PTTINTER, etc.), Utilities (DCAP, PTTUT, etc.), Oil (PTTT, PTTRB, PTTGE, etc.), Others (ENCO, PTTICT, etc.)
ContentsContents
About Thailand
Introduction to PTT
Activities & Operational Results
Introduction to PTT
- PTTEP- PTT- Petrochemical Associates- Refining Associates
Financial Performance
2H/2009 Outlook
12
PTTEP: The only Exploration and Production Arm of PTTGrow in conventional oil & gas in priority countries
Proved Reserves 944 MMBOEProved Reserves 944 MMBOEOperations : 41 Projects in 13 Countries
By Product By Geography
Overseas31%
By Product By Geography
Liquid21%
Middle East (4)• Oman• Iran• Bahrain
Domestic69%
Gas79%South East Asia (11)
• Myanmar• Vietnam•Indonesia• Cambodia•Malaysia
Thailand (19)*
Reserves Replacement Ratio 0.98Reserve Life Index (year) 10
North Africa (3)• Algeria• Egypt
ProjectsExploration 19Development 5
Australasia (4)• New Zealand• Australia
Development 5Production 17Total 41
1313*Remark: Including overlapping area
PTTEP: Operating and Financial performancePotential growth through conventional E&P and M&A opportunities
Sales Revenue
Financial Performance2008 1H/09
%YoY %YoY Sales Revenue +46% -17%
1H/2009 Product Mix
By Volume By Revenue
90 764
132,621
Sales RevenueEBITDANI
Unit: MM Baht
EBITDA +44% - 20%Sales Revenue +46% -17%
Net Income +46% -44% Liquid33%Gas
67%Gas59%
Liquid41%
90,764
63,218 52,55865,957
95,054
47,340 37,74128,455 41,67521,902
12,243
67% 59%
Gas (US$/MMBTU) 5.41Liquid (US$/bbl) 46 6912,243
2007 2008 1H/08 1H/09
Sales Volume and Price2008 1H/09
Activities in 1H/2009
Liquid (US$/bbl) 46.69Avg. sales price (US$/BOE) 37.13
39 78 49.69 51.60
100Sales Vol. (BOED)Avg. Sales Prices ($/BOE) +25% -28%
+22% +8.5%
2008 1H/09 %YoY %YoY
Success ratio was 12:153 dry wells write-off with total
39.78 49.69 51.6037.13
0
50 expenditure of Bt 2,001 mmAustralasia (Jabiru/Challis) started sales in 2Q2009 sales volume was
179,767 219,314 207,533 225,119
-100
-50
2007 2008 1H/08 1H/0914Source: PTTEP analyst meeting
sales in 2Q2009 sales volume was approximately 5,900 BBLD
PTTEP: Sales Volume and Investment ProfileA substantial oil & gas reserve upside potential with continuous investment
Expected Sales VolumeExpected Sales Volume
300
350
’000 BOED
300 284 M9295 301
150
200
250
MTJDA
219240
Vietnam 16-1
Algeria
Australasia
0
50
100
150
Bongkot
Arthit North
MTJDA
Arthit
0
2009 2010 2011 2012 2013Others
Vietnam 16-1,BKT S th
Algeria M9Arthit North, MTJDAPTTEP AA (M t )
Q2 09 = 232,957 BOED
2008A
CAPEX 108,172 65,391 69,868 60,481 37,381 341,293 ~$9.5 bn
BKT SouthPTTEP AA (Montara)
Long Term Upside: Myanmar Projects, Phase II&III of Existing Projects, Exploration Projects in 13 Countries
Note : 2009 expenditures do not include 102 MMUSD cash received from unwinding oil price hedging instrument in Coogee Resources, FX = 36 Baht/US$ 15
OPEX
108,172 65,391 69,868 60,481 37,381 341,293
29,989 30,128 28,574 27,112 28,070 143,873
$
~$4 bn
PTT: Transmission Pipeline NetworkSole owner and major operator of transmission pipelines in Thailand
MYANMARLAOS Gas Transmission PipelinesGas Transmission Pipelines
PuhomCurrent Capacity of Current Capacity of 44,,380 380 mmscfdmmscfd
Current pipeline length: 3,498 km
YadanaWang Noi
Tha Luang Kaeng KhoiKarnchanaburi
Nampongp p g ,
- Onshore: 1,402 km
- Offshore: 2,096km
Yetagun Rayong
SBKRatchaburi Bang Pakong
CAMBODIA
E i ti 1 t Pi li
Key projects are strategically linked Key projects are strategically linked
and timely corresponding to meet and timely corresponding to meet Thap Sakae
BenjamasTantawanPlatong
Expansion Under Master Plan 3
Existing 2nd Pipeline
Existing 1st Pipeline
demanddemand
Khanom
Platong
PRPPailin Arthit
Bongkot
JDA
ErawanChevron Add.
Arthit FPSO
Pailin Add.
South BongkotTTM Pipeline
1616
JDA
Power Plant
Gas FieldCOD : Commercial Operation Date
Better performance from pipeline tariff adjustment despite flat demandPTT : Transmission Pipeline
Customer ProfileGas Sales Volumes (mmscfd) @ heat 1,000Existing pipeline’s capacity ~ 4,380 mmscfd
EGAT IPP SPP GSP Industry NGV
3 6063,655
2009 2008 2007 2006 2005+2% YoY
+10% QoQ +5% YoY
3 450
-0.2% YoY
3 4433 443
572 583 610 600
328 346 352 353 23 74 53 122
3,606
3,346
3,554 2008
3 443
1H/2009avg. 3,443
3,2723,450 3,4433,443
17%
10%4%
847 968 987 824
462 459 463 447
572 583 600
3,280
,
3,216 3,167
3,319 3,3183,284
3,1053,138
3,075 2006
2007avg. 3,272
avg. 3,443
24%
13%
1,040 1,013 985 1,097
847 968 987 3,016
3,075
2,9703,013
3,061
2,9402005
avg. 2,996
avg. 3,084
32%
2007 2008 1H/08 1H/091Q 2Q 3Q 4Q
The increased volume from EGAT and NGV was offset by the decreased volume from IPPs SPPs and GSP
17
The increased volume from EGAT and NGV was offset by the decreased volume from IPPs, SPPs and GSPReceipt Pipeline tariff adjustment of ~2 Bt/mmbtu (Td & Tc) or ~10% starting from Apr. 1, 2009 Expected natural gas demand for the year 2009 to be flat
PTT: Gas Separation PlantsGSP is designed to extract higher product value from natural gas
Gas Separation PlantGas Separation Plant
5 existing gas separation plants with
production capacity of ~4.1 MTAproduction capacity of ~4.1 MTA
GSP products price linked to world
market price
GSP #1-3 & #5
market priceRayongRayong
Production Capacity MTA
NakornsriNakornsri
Production Capacity MTA
- Ethane 1.1- Propane/LPG 2.6
N t l li 0 4
GSP #4
thammaratthammarat - Natural gasoline 0.4Total 4.1
18
PTT : Gas Separation PlantsPerformance dropped from lower selling prices
Product Prices ($/ton)Price
2008%YoY
1H/09%YoY
1,350 1,536
1,643
1,039 1,331 1,535 1,624
871 HDPE1/
HDPEPPNaphthaLPG-CP
+14%+15%+18%+28%
-37%-38%-51%-50%
1,001 625 740
871
423608
777 845
426
Feedstock (NG)
LPG2/
Naphtha3/
PP1/LPG CPFeedstock(NG)
28%+13%
50%+4%
221 250 243 253
2007 2008 1H/08 1H/09
93 97 96 94
Sales Volume (x 1,000 tons)
Note: 1/ SEA Spot 2/ Contract Price (CP 50:50) 3/ MOP’S
Feedstock (NG)
% Utl
241 180
93 97 96 94
Sales Vol. 2008
%YoY
T t l 3%
1H/09%YoY
1%3,944 4,066
+3% YoY
2 253 2 384
521 534
280 259
929 968
531 520
241 180
88 135Propane
Ethane
TotalPropaneEthaneNGL
+3%-25%+4%+2%
-1%+53%
-2%-8%
-1% YoY
12%25%6%
2,129 2,110
2,253 2,3841,230 1,196
280 259
2007 2008 1H/08 1H/09
NGL
LPG
19
LPG +6% -3%57%
12%
PTT : Oil BusinessMarket leader in oil retails at 34% market share with 1,069 gas stations nationwide (excl. PTTRM)
Unit : million liters
Oil Marketing : sales volume ~226 KBOE/d Thailand’s Market ShareThailand’s Market ShareAs of June As of June 20092009
PTTRM(Jet)-1% YoY
1 481 1 397 2,027 2,008
2,989 3,275 LPGGasoline 34%
19%3%
PTT
Others
-16% YoY
(Jet)14,278 14,181
7,7466 516
1% YoY
2,518 1,704 1,073 675
5,263 5,797 3,312 2,908
1,481 1,397
770 635 975 1,147
1,615 1,151 Jet/IK
DieselFuel Oil 8%
12%12%
12%
BCPShell
Caltex6,516
2007 2008 1H/08 1H/09Source : Department of Energy Business, Note : Excluded supply sales and LPG sold to Petrochem
Int’l Trading : trade volume ~984 KBOE/d
BCPESSO
Shell
Gross Margin Gross Margin –– Oil Mktg.Oil Mktg.Unit : Baht/Litre
Source : Department of Energy Business
47 40653,990
Unit : million litersUnit : Baht/Litre20072007
11H/H/0808
20082008+14% YoY 0.33
0.42
0.54
34 497 39,097
4,407 4,855
2,428 2,923
2,229 2,102
1,079 1,020
6,273 7,936
3,791 4,241
47,406,99
27,601 28,329Refined Product PetrochemC d
Trading MarginTrading Margin20072007
11H/H/0909+3% YoY
0.80
0 10
0.08
34,497 39,0920,303 20,145
,
2007 2008 1H/08 1H/09
CondensateCrude
20Source : PTT, Note : excluded inter company volume
11H/H/0808
20082008
11H/H/0909 0.06
0.10
0.10
PTT: CAPEX (Company Only)PTT plans to invest ~Bt 230 bn ($6.8bn) during 2009-2013, mostly into gas business expansion
CAPEX 2009 - 2013 229,340
CAPEX 2009 70 6965 Years CAPEX Breakdown
HO&Others
CAPEX 2009 70,696
82,515
Unit: MM BahtBy Business Unit
JVHO &Others
2%JV-LNG12%
25,8111,765
1,597 JVOilGas
70,69624%
Oil
3,580
1,92522,614
263 36,08541,569
Gas58%
4%
42,73753,182
8611,432
1,465
17,13713,956
8,567
1,087
801
748
24,89615,148
58% of total investment goes to Gas Business Group: Ethane
23,308 19,61014,063
3,252 1,478 9,671
2009 2010 2011 2012
Plant, GSP#6 and Pipeline#4.
Most of JV investment go to LNG Terminal and new opportunities20131H/09A
2121
2009 2010 2011 2012
Sources : PTT (Board approval on 22 Dec 2008) ; FX = Baht 34 per USD
Terminal and new opportunities20131H/09A
Major Projects Update : All projects are on track
LNG Receiving Terminal Phase IGas Separation Plant Unit6
Location : Map Ta Phut, RayongProj Cost : US$780 mm Capacity : 1,840 KTA
Location : Map Ta Phut, RayongProj Cost : US$880 mmCapacity : 5 MTACOD : 3Q/2011
Commissioning : 1Q/2010Progress : 96% (as of July 09)
COD : 3Q/2011Progress : 34% (as of July 09)Facilities : Tank, Jetty,
Regasification
Onshore Gas Pipeline #4Ethane Separation Plant
Location : Rayong Kangkoi
Location : Map Ta Phut, RayongProj Cost : US$560 mmC i 763 KTA
Location : Rayong - KangkoiProj Cost : US$ 1,040 mmCapacity : 1,400 MMCFDCOD : Phase I 2Q/2011
Capacity : 763 KTACommissioning : 1Q/2010Progress : 96% (as of July 09)
QPhase II 2012Phase III 2014
Progress : 98% of Engineeringf l
22
Design (as of July 09)EIA : Approved in Jun 09
Strategic Roadmap : Core Value CreatorsInfrastructure is under expansion to enhance capability to meet future gas demand
6,000
Gas Demand OutlookGas Demand OutlookUnit : mmscfd
3 000
4,000
5,000
6,000
Industry 20%
GSP 22%12%
1,000
2,000
3,000
Power 58%71%
17%
0
2008 2009 2010 2011 2012 2013Additional Additional
Source Source of Supplyof Supply
Arthit North JDA B17 Bongkot SouthLNGArthitJDA A18
PipelinePipeline
Project Completed
of Supplyof Supply
4th Onshore Pipeline ph 2
Pipeline
3rd Pipeline ph2
Offshore Compressor &4th Onshore Pipeline ph1
JDA A18
~4,380 ~4,380 ~5,580 ~6,980 ~6,980
GSP#6 Ethane Plant
Pipeline Capacity
~4,380 mmscfd
Project Completed
2323
~4.1 GSPGSP
~6.7 ~6.7 ~6.7 ~6.7Production Capacity ~4.1 mta
Note : Pipeline capacity include onshore pipeline to Namphong field of 140 mmscfd
Petrochemical Affiliates Lower product prices impacted performance
93% 99% 102% 112%PTTCH (PTT 49.30%)
Unit : MM Baht
Product Prices
Unit : US$/Ton HDPE % Utl
25,343 20,258
16 014 19,167
85% 84% 93% 92%
1,355 1,350 1,536
1,643
1 178 1 193
Olefins % Utl
16,014
5,931
,
11,739 10,994
1,747
2007 2008 1H/08 1H/09
1,079 952
501
1,039 1,178 1,193 1,311
685
62 740
871
HDPE1/
Ethylene1/
MEG2/
Naphtha3/ 2007 2008 1H/08 1H/09EBITDA NI
625 423
2007 2008 1H/08 1H/09 HMC (PTT 41.44%) PP 450 KTA
Naphtha3/
2,419 2 26
85% 87% 89% 98%
1 1511,320 1,408
1,331 1,535
1,624
1,001 PP1/
% Utl
2,419 2,084
1,248 1,473
2,265
1,380 964 1,068
1,151
734625
740 871
423
Propylene1/
Naphtha3/
PP1/
2007 2008 1H/08 1H/09EBITDA NI
2007 2008 1H/08 1H/09
Note : 1/ SEA spot 2/ NEA Spot 3/MOP’S Source : ICIS 24
New businesses are under development to utilize assets, enhance competitiveness, and diversify risks
55
Petrochemical: Strategic Roadmap - Integrated Value Enhancers
201120112010201020092009 55--year year CAPEXCAPEX
Propylene 50 KTA Ethylene 100 KTADebotDebot II44--22 $$5757MMMM
LDPE 300 KTA
20122012--20132013Unit : MM USDUnit : MM USD
(49.30%)
Company (PTT Stake)
Ethylene 1,276 KTAPropylene 437 KTAHDPE : PTTCH 250 KTAHDPE : BPE 250 KTAPS : TSCL 90 KTA
opy e e 50
Ethylene 1,000 KTA
LDPE 300 KTA
$$11,,300300MMMMEthane CrackerEthane Cracker
LDPE/LLDPE LDPE/LLDPE
MPR 14 KTA(Fatty Alcohol Derivatives)
$$1919MMMM
PS : TSCL 90 KTAMEG : TOCGC 395 KTAEthoxylates : TEX 50 KTAME/FAOH/ 331 KTAGlycerin : TOL
1,135
Ethanolamines 50 KTAEO DerivativesEO Derivatives $$5151MMMM
LLDPE 400 KTA
HDPE E i
//
FAOH/Fatty Acids/ 962 KTAGlycerin/Specialty:(50% COM)VCM : (25% VNT) 481 KTA
PhenolPhenol
: BPEHDPE 250 KTA
HDPE Expansion: PTTCH (I-1)HDPE 50 KTA
$$1515MMMM
BisBis PhenolPhenol AA$$283283MMMM $$251251MMMM
$$168168MMMM
190Phenol 200 KTAAcetone 124 KTA
PhenolPhenol
PDH/PPPDH/PP
BisBis--PhenolPhenol--AA
$$636636MMMM
$$283283MMMM $$251251MMMMBPA 150 KTA(40.00%)
(41.44%)
PP 450 KTA
180
603
Propylene 310 KTAPP 300 KTA
AN 200 KTAAN/MMAAN/MMA $$760760MMMM(48.50%)
2525
22,,108108Grand Total
MMA 70 KTA
Note : FX = 34 Baht/US$
Refinery Business in ThailandPTT as the strong leadership position, ensures stable supply to downstream and related businesses
PTT Group represents PTT Group represents 3636% of total refining capacity% of total refining capacity by equity portionby equity portion
Total refining capacityTotal refining capacityg p yg p y~ ~ 11,,234 234 kbpdkbpd
TOP (275 kbpd)(PTT 49.10%)
ESSO (177 kbpd)
RPC (17 kbpd)
BCP (120 kbpd)(PTT 29.75%)
IRPC (215 kbpd)(PTT 36.77%) • TOP/SPRC/PTTAR – complex refineries
with potential for upgrade &SPRC (150 kbpd)(PTT 36.00%)
PTTAR (280 kbpd)
with potential for upgrade & expansion.
• BCP is undertaking “Product Quality
Note : Data as of 31 Dec 2008
(PTT 48.66%) Improvement” project to enhance product mix.
26
Refining Associates’ GRM & GIMLower market GRM & GIM from decelerated oil demand
Market GRM * Market GIM *
10
13
GRM ($/bbl)
2008 (avg)99..33 10.2
10
13 GIM ($/bbl)
2008 (avg) 1H/2009 (avg)
5
8 55..88
2008 (avg)
44..2244..5533 66
55..9933..22
1H/2009 (avg)
5.8
4.2
5.8 5.35
8
10 55..99 55..55
0
3
33..6622..22 2.3
0
3
5
1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09
$/bbl 2008 1H/08 2H/08 1H/09
1Q/08 2Q/08 3Q/08 4Q/08 1Q/09 2Q/09
$/bbl 2008 1H/08 2H/08 1H/09
Market GRM 5.8 6.8 4.7 3.2
Note: Weighted Average Market GRM of PTT’s associates’ complex refineries(TOP, PTTAR and SPRC)
Note: Weighted Average Market GIM of PTT’s associates’ integrated refineries(TOP, PTTAR and IRPC)
Market GIM 5.9 8.0 3.3 5.5
27
Refining Associates Declined performance from lower GRM despite better P2F margin
EBITDA NI %Utl
96 100 102 101
TOP 275 kbpd (PTT 49.10%) Unit : MM Baht
SPRC 150 kbpd (PTT 36%)
17,415 12 051 12 236
10187 97 106
28,959
7,949 23,058
13,935 19,118
224
14,420 8,473
(7,098)12,051
7,322 12,236
(5,446)8,395
4,774
2007 2008 1H/08 1H/09100
2007 2008 1H/08 1H/09
PTTAR 280 kbpd (PTT 48.66%)
26,588
(3,833) 10,023 11,91618,018
91 8797 100
55 62 60 69
BCP 120 kbpd (PTT 29.75%)
(3,833)(8,465) 5,591 5,956
2007 2008 1H/08 1H/09
IRPC 215 kbpd (PTT 36.77%)
3,977 530
4,324 7,046
1,764 (750)
2,697 4,293
55
14,132 9,054
5 868 13,683
81 81 8561
p ( )2007 2008 1H/08 1H/09
(13,234),
5,868 ,
(18,262)6,754 4,044
2007 2008 1H/08 1H/0928
New businesses are under development to utilize assets, enhance competitiveness, and diversify risks55 yearyear
Refining Strategic Roadmap : Integrated Value Enhancers
2013201320102010 20112011 20201212 55--year year CAPEXCAPEX(MM$) (MM$)
PP Ethanol Project (JV)
Refining CapacityRefining Capacity
20092009
177TOP
TOP Ethanol Project (JV)
200,000 Litre/DayProject Cost $60 MM
(TOP 30%)
TLB Specialties-TDAEProject Cost $25 MM
EURO IVProject Cost $30 MM
~ 275,000 bpd
~ 280,000 bpd
PTT
AR
PTT
AR
GT Nox + Bio-diesel + VRUProject Cost $ 73 MM
428DHDS (EURO IV)Project Cost $ 221 MM
Synergy Project - PSA Project Cost $ 35MM
Efficiency ImprovementProject + MRU
127Ethanol ProjectCP
CP
PQI ProjectVDU 35 KBDHCU 25 KBD
jjProject Cost $12MM
127~ 120,000 bpd EURO IVProject Cost $40 MM
Ethanol Project200 k.litre/Day
(Project Cost $ 68 MM)(BCP 40%)
BC
BC Project Cost $378 MM
Bio diesel Project (JV) 300,000 Litre/Day
Project Cost $30 MM(BCP 70%)
274~ 215,000 bpdPropylene BoosterProject Cost $ 88 MMPower Plant 216 MW
Project Cost $ 220 MM
HDPE CompoundProject Cost $ 13 MM
IRP
CIR
PC
29
Grand Total
Project Cost $ 220 MM
1,021Note :FX=35 Baht/US$
PTT International : An Overseas Investment Arm of PTTPTT holds 100%
PTT
PTT I t
100%East Mediterranean Gas Company S.A.E. (EMG )
l ff h lPTT Inter
EMG
25%
PTT APM60%
Own an export terminal in Egypt, offshore NG pipeline from Egypt to Israel (~677 mmcfd capacity) and a receiving terminal in IsraelEMG buys NG from Egypt and sells to end-users in Israel
d 15 EMGthrough Lints
SAR
47.1%
under 15 yrs agreementStart delivery of NG to Israel since Jul 1, 2008, current gas flow ~205 mmcfd.
Performance
Revenue EBITDA NI
Sales Volume and Price
Average Selling Price US$/Ton
265315
Revenue EBITDA NI
Unit : MM US$77 85 85
6485
Unit : KT
162 140 176
62 65 62100
126
38 36 58 57
2,162 1,652 2,101
4,197 3,753
30
38 36 21
2Q/08 1Q/09 2Q/09 1H/08 1H/09 2Q/08 1Q/09 2Q/09 1H/08 1H/09Note: The average selling price is FOB basis
ContentsContents
Introduction to PTT
About Thailand
Introduction to PTT
Activities & Operational Results
l k
Financial Performance
2H/2009 Outlook
31
Financial Highlights
Unit : MM Baht 2007 2008 %YoY 1H/08 1H/09 %YoY
Sales & Services 1,508,129 2,000,816 33% 1,082,559 690,565 (36%), , , , , , , ( )
Cost of sales (excl. DD&A) 1,328,906 1,801,702 36% 994,856 627,160 (37%)
EBITDA 145,971 156,133 7% 82,293 61,417 (25%)
Depreciation, depletion and amortization 28,840 32,170 12% 14,628 19,595 34%
Shared income(loss) from assoc. 31,080 (6,251) (120%) 21,093 10,432 (51%)
Financial Charges 10,459 10,528 1% 5,433 6,313 16%Financial Charges 10,459 10,528 1% 5,433 6,313 16%
Gain (loss) from FX. 5,392 (1,982) (137%) 1,226 2,225 81%
Tax Expense 38,655 43,333 12% 22,806 17,110 (25%)
-PTT 13,144 9,909 (25%) 6,187 4,526 (27%)
-PTTEP 22,946 32,879 43% 16,296 11,472 (30%)
-Others 2 565 545 (79%) 323 1 112 244%Others 2,565 545 (79%) 323 1,112 244%
Net Income Before Gain 92,945 51,262 (45%) 56,017 27,344 (51%)
Gain on Divestment/Investment 4,859 443 (91%) - - -
32
Net Income 97,804 51,705 (47%) 56,017 27,344 (51%)
EPS (Baht/share) 34.82 18.33 (47%) 19.88 9.68 (51%)
Net Income (Equity Method)
Unit : MM Baht 2007 2008 %YoY 1H/08 1H/09 %YoYNet Income (Cost Method) 63,225 59,994 (5%) 37,367 17,498 (53%)Less: Dividend Received (19,434) (27,616) 42% (16,633) (8,866) 47%Less: Dividend Received (19,434) (27,616) 42% (16,633) (8,866) 47%
Gain from Investment Disposal (8,274) (34) (100%) - - -Net Operating Income 35,517 32,344 (9%) 20,734 8,632 (58%)E&P - PTTEP 18,378 27,605 50% 14,581 8,080 (45%)( )Petrochem - PTTCH 9,734 5,689 (42%) 5,601 918 (84%)
- HMC, PPCL, PTTPL, PTTPM, etc . 774 491 (37%) 449 405 (10%)10,508 6,180 (41%) 6,050 1,323 (78%)
Refinery - TOP 9,272 119 (99%) 6,131 3,873 (37%)- PTTAR 9,583 (3,315) (135%) 2,877 1,545 (46%)- SPRC 4,360 (1,858) (143%) 2,504 2,022 (19%)- IRPC 4,269 (6,427) (251%) 2,773 1,315 (53%)- BCP 498 (211) (142%) 809 1,241 53%
27,982 (11,692) (142%) 15,094 9,996 (34%)Gas & Utilities TTM PTTNGD PTTINTER etc 889 (1 652) (286%) (101) (1 491) n mGas & Utilities - TTM, PTTNGD, PTTINTER, etc . 889 (1,652) (286%) (101) (1,491) n.m.Coal - PTTAPM - - - - 141 -Oil & Others - PTTRB, PTTT, PTTGE, etc. (330) (1,523) 362% (341) 663 294%Total Share of Net Income from Affiliates/JV 57 427 18 918 (67%) 35 283 18 712 (47%)
33
Total Share of Net Income from Affiliates/JV 57,427 18,918 (67%) 35,283 18,712 (47%)Gain on Divestment/Investment 4,859 443 (91%) - - -Net Income (Equity Method) 97,804 51,705 (47%) 56,017 27,344 (51%)
Balance Sheets : Maintain Liquidity & Financial Strength
Unit : MM Baht• Completion of
• 100% Coogee acquisition by PTTEP
Strong Financial Position
• 3rd pipeline started commissioning
• De-conso. PTTCH
11%%
Co p e o oArthit-MTJDA Pipeline
• 60% SBI acquisition
++1818%% 1,042,48014.0 14.8
10.8
ICRICR
198,549 81,190 90,819
96,434 258,479
Other Liabilities
--11%%
Cash & S/T Invest
891,524 885,193
0 4 0 4 0 50.6 0.6
0.7 1.0 1.0
2.0 Net Debt/EBITDANet Debt/EBITDA
Net Debt/EquityNet Debt/EquityIBD/EquityIBD/Equity
293,535
233,628 152,595
239 126
323,766
271,873 215,531 Other
CurrentAssets
L/TLiabilities(incl. due within 1 yr)
0.4 0.4 0.5
2007 2008 1H/09
• Expected higher Net Debt/EBITDA due to
261,563 267,165 220,999
239,126 Others
Non-currentAssets
within 1 yr)
Sh h ld ’
Expected higher Net Debt/EBITDA due to economic crisis.
• PTT international ratings are comparable to sovereign ratings
315,143 374,614 453,962 398,652 430,536
460,235
PP&E
Shareholders’Equity
− FC : Moody’s (A3), S&P (BBB+),
JCR (A-), FITCH (BBB)
− LC : Moody’s (A2), S&P (BBB+),
JCR (A+) FITCH (A )
3434Note : Figures after restatement at ending periods
2007 2008 1H/09
JCR (A+), FITCH (A-)
Debt portfolio is structured to natural hedge and minimize financial risks
Debt Profile : Control Cost & Manage Risk
Consolidated debt ~Bt314 bn ($9.2 bn)Consolidated debt ~Bt314 bn ($9.2 bn)Debt PortfolioDebt Portfolio
ConsolidatedConsolidatedPTT OnlyPTT Only
THB
PTTEP18%
Others: PTT Inter 3.0%: TTM 3.0%
: Cost of debts ~ 5.0%: % fixed-rate ~ 83%: Avg. debt life ~ 6.6 years
: Cost of debts ~ 5.4%: % fixed-rate ~ 91%: Avg. debt life ~ 7.3 years
8,238
THBUSDYen
PTT72%
Others10%
: .: Enco 1.6%: HMC 1.4%: PTTAC 0.5%: DCAP 0.2%
Unit : Bt mm
313,753
(3%)
70 527
79,226
8,966 8,238 6,893
8,966
(3%)
238,614
192,240 (4%)PTT’s repayment schedule (Company Only)PTT’s repayment schedule (Company Only)206,300
220,361225,807
(4%)
(25%)
226 289
45,094 58,564 56,846 53,945 70,527 6,893
8,966
8,238
~44% of total debt (Bt100 bn) will be repaid within 5 years.
( )
(23%)
(25%)
126,203
(29%)(5%)
(28%)
(4%) (25%)
140,253 138,770 160,723 159,523 159,121
226,289
57,39479,754
1 685 2 982
13,968
38,211,
(72%)(73%)
10,322 17,920
71,362(67%)
(67%)(71%)
(72%)
35
2007 2008 1H/09 2007 2008 1H/09
Note : Data as of 30 Jun 2009 (THB/USD = 34.1693, THB/JPY = 0.358174) Excluding liabilities from finance leases; Cost of debts includes withholding tax
8,637 14,938,
1,685 2,982
< 1Yr 1-2 Yr 2-5 Yr > 5 YrPTT JPY PTT USD PTT THB
ContentsContents
Introduction to PTT
About Thailand
Introduction to PTT
Activities & Operational Results
Financial Performance
2H/2009 Outlook
36
2H/2009 Outlook
Crude oil price has strengthened from $36/bbl at end-December 2008 to
$72/bbl at end-June 2009 with average of $51/bbl for 1H/2009, partly due
to the perception that global economy is starting to recover. For 2H/2009,
crude oil price is expected to move in the $60-$70/bbl range with
enormous uncertainty surrounding ; pace of global economic recovery,
OPEC’s production, countries’ inventory levels etc.
Market GRM is expected to weaken to ~$2-$4/bbl.Market GRM is expected to weaken to $2 $4/bbl.
To cope with oil price fluctuation, PTT enhances risk management
g th G i il i h dgi g k d h dgi g tprograms across the Group, i.e. oil price hedging, crack spread hedging etc.
Petrochemical price in 2H/2009 is expected to weaken due to the addition
3737
of significant new production capacity, especially in the Middle East.
Thank youThank youyouyou
3838
PTT Public Company Limited – Capital Market & Investor Relations DepartmentTel. +66 2 537-2792, Fax. +66 2 537-2791, Email: [email protected], http://www.pttplc.com/
Create Value Through Business ChainPTT Group has strong presence in various sectors throughout the hydrocarbon value chain
39
Subsidiaries ConsolidatePTT Exploration & Production Plc. PTTEP 65.53%
Subsidiaries ConsolidatePTT (Cambodia) Co., Ltd. PTTCL 100.00%S bi C d S C 100 00%
Petrochemical Subsidiaries ConsolidatePTT Polymer Marketing Co., Ltd. PTTPM 50.00%PTT P l L i ti C Ltd PTTPL 100 00%
Petrochemicals & Refining Business GroupE&P and Gas Business Group Oil Business Group
PTT Natural Gas Distribution Co., Ltd. PTTNGD 58.00%PTT LNG Co., Ltd. PTTLNG 100.00%Combined Heat and Power producing Co., Ltd CHPP 100.00%PTT International Co., Ltd. PTTINTER 100.00%
Joint Ventures ProportionateTrans Thai-Malaysia (Thailand) Co., Ltd. TTM (T) 50.00%
Subic Bay Energy Co., Ltd. SBECL 100.00%PTT Retail Business Co., Ltd. PTTRB 100.00%PTT Green Energy Pte. Ltd PTTGE 100.00%Retail Business Alliance Co., Ltd. RBA * 49.00%Business Service Alliance Co., Ltd. BSA * 25.00%
Associates EquityK l il PTT LPG Sd Bhd KPL 40 00%
PTT Polymer Logistics Co., Ltd. PTTPL 100.00%PTT Tank Terminal Co., Ltd. PTTTANK 100.00%
Associates EquityPTT Chemical Plc. PTTCH 49.30%PTT Phenol Co., Ltd. PPCL 40.00%IRPC Plc. IRPC 36.77%PTT Maintenance and Enginee ing Co Ltd PTTME 40 00%Trans Thai-Malaysia (Malaysia) Sdn. Bhd. TTM (M) 50.00%
District Cooling System and Power Plant DCAP 35.00%
Associates EquityThai Oil Power Co., Ltd. TP 26.00%Independent Power (Thailand) Co., Ltd. IPT 20.00%PTT Utility Co., Ltd. PTTUT 40.00%
Keloil-PTT LPG Sdn. Bhd. KPL 40.00%Thai Lube Blending Co., Ltd. TLBC 48.95%Vietnam LPG Co., Ltd. VLPG 45.00%Thai Petroleum Pipeline Co., Ltd. THAPPLINE 33.19%PetroAsia (Thailand) Co., Ltd. PA(Thailand) 35.00%
Others CostPTT M t C Ltd PTT M t 49 00%
PTT Maintenance and Engineering Co., Ltd. PTTME 40.00%
Joint Ventures ProportionateHMC Polymers Co., Ltd. HMC 41.44%PTT Asahi Chemical Co., Ltd. PTTAC 48.50%
Refining Associates EquityThaioil Plc TOP 49 10%
Others CostRatchaburi Power Co., Ltd. RPCL 15.00%
PTT Mart Co., Ltd. PTT Mart 49.00%PetroAsia (Huizhou) Co., Ltd. PA(Huizhou) 25.00%PetroAsia (Maoming) Co., Ltd. PA(Maoming) 20.00%PetroAsia (Shantou) Co., Ltd. PA(Shantou) 15.00%Intoplane Services Co., Ltd. IPS 16.67%Fuel Pipeline Transportation Co., Ltd. FPT 2.76%
Oth F i V l
Thaioil Plc. TOP 49.10%PTT Aromatics and Refining Plc. PTTAR 48.66%Star Petroleum Refining Co., Ltd. SPRC 36.00%Bangchak Petroleum Plc. BCP 29.75%
Others Fair ValueBangkok Aviation Fuel Services Plc. BAFS 7.06%
International Trading Business Group
Others
Subsidiaries ConsolidatePTT International Trading Pte. PTTT 100.00%
4040
Others Fair ValueDhipaya Insurance Plc. TIP 13.33%
Subsidiaries ConsolidateEnergy Complex Co., Ltd. EnCo 50.00%
* Remark : Subsidiaries that PTT holds less than 50% but being consolidated because PTT has the power to control the financial and operating policies.Data as of 30 June 2009
Associates EquityPTT ICT Solutions Co., Ltd. PTTICT 20.00%
Oil and gas are major sources of energy and likely to remain so for many yearsEnergy Consumption : Growing along with Economic Expansion
Energy consumption forecast (CAGR during 2009-2020): Total ~ 4%: Gas ~ 4%: Oil ~ 2%: Coal ~ 4%kboed 22,,410410: Hydro ~ 12%2,500
ll
Hydro/OthersHydro/Others1818%%
66%%
22,,410410
2,000 CoalCoal
22%%
11,,624624
1,500
4545%%
1919%%
22%%
11,,144144
1,000 GasGas4040%%
3333%%
1414%%
500
OilOil3939%% 3131%%5151%%
41
02000 2003 2006 2009 2012 2015 2018
Source : EPPO (Exclude Renewable Energy)/PTT
Natural Gas : Strong and Increasing Demand over Long TermNatural gas is a fuel of choice for power producers and increasingly transportation industry
mmscfd
Gas demand forecast (CAGR during Gas demand forecast (CAGR during 20082008--20212021)): Total ~ : Total ~ 44%%: Power ~ : Power ~ 33%%: GSP ~ : GSP ~ 55%%
I d tI d t 66%%
6,000
mmscfd : Industry ~ : Industry ~ 66%%: NGV: NGV ~ ~ 1111%%
NGVNGV55%%
5,000
GSPGSP
IndustryIndustry
33,,443443
2020%%
1313%%
3,000
4,000 GSPGSP
1717%%
33,,443443
1010%%
1313%%22%%
2,000
1717%%
88%%
11,,970970
6262%%1515%%
1,000PowerPower
7777%%
7171%%
4242
0
2000 2003 2006 2009 2012 2015 2018 2021Source : PDP 2007 (Revision 2)
PTT: Natural Gas Sales Customer Breakdown During 1998 - 2008
By Unit By percentagemmscfd
ปรับ
9%
16%
7%
17%
12%
420 GSP
Industry3,443
9%
13%
28%
459
583
SPP
GSPIndustry
IPP
SPP
1,570
69%
28%
968
1 083
104
135248 IPP
SPP
EGAT 30%1,0131,083
EGATEGAT
Power producers are still major buyers of NG supply (~70%)EGAT proportion is decreasing while IPP and SPP is increasing
43
Industrial usage proportion, with higher margin, is increasing
Natural Gas Price StructureGas prices are mostly agreed under long-term contracts and volatility pass-through to ensure stable returns
CustomersCustomersSales Price StructureSales Price Structure
Gas Pool PriceGas Pool Price Supply MarginsSupply Margins Pipeline TariffsPipeline Tariffs+ +
Power Producers ~ Power Producers ~ 6969%%
: EGAT ~ : EGAT ~ 3232%% 11..7575%%22 //
: IPP ~ : IPP ~ 2424%%
: SPP ~ : SPP ~ 1313%%
Average Purchased Average Purchased Gas PriceGas Price
11..7575%%
99..3333%%
~ ~ 2121..7 7 Bt/Bt/MMBtuMMBtu(Td (Td 2020..6553 6553 ++
TcTc 11..11121112))
GSP ~ GSP ~ 1717%% Charged at the same price structure of power producersCharged at the same price structure of power producers
Petrochemicals Feedstocks:
Ethane, Propane, LPG Profit-sharing mechanism based on market prices of petrochemicals
Reference to Saudi Aramco’s contract price
NGL Reference to Naphtha market price
Local Cooking Gas
Export Cooking Gas
Ex-refinery price being capped at Bt 10.996/kg or ~315 USD/ton
Reference to Saudi Aramco s contract price
Industry ~ Industry ~ 1010%% Charged at prices comparable to fuel oilCharged at prices comparable to fuel oil
NGV NGV ~ ~ 44%% Charged at prices competitive to dieselCharged at prices competitive to diesel
Export Cooking Gas
4444
• Thailand's Energy Regulatory Commission has approved an increase in pipeline tariff (Td+Tc) from 19.7 to 21.7 Bt/MMBtu effective on 1 April, 2009.
Note : 2Q/2009 data
• Contract periods are ~ 25-30 years or until depletion of gas fields or the expiration of concessions
Performance Highlights in 2Q/2009
PTT• On July 31, 2009, PTT issued Baht debentures in the total amount of Bt 35,000 mm.• At the end of July 2009, The Office of the Council of State issued an opinion that the
relevant government authorities may issue permits or licenses if operators (including PTT & its affiliates) have complied with the existing laws and regulations (i.e. guidelines for EIA preparation & approval process)preparation & approval process)
Oil Business
The government agreed to reimburse PTT the differences between PTT's LPG imported • The government agreed to reimburse PTT the differences between PTT s LPG imported costs and the cap price. The amount incurred by PTT in 2008 was ~Bt 7.9 bn. Up until August 17, 2009, PTT has received ~Bt 2.45 bn and will receive ~ Bt 400 mm per month from September 2009. For those of 2009, PTT will receive < Bt 500 mm per month. from September 2009. For those of 2009, PTT will receive Bt 500 mm per month.
• From Jan – July, 2009, PTT imported ~240,000 tons of LPG and the outstanding account receivables – Oil Fund (imported LPG) as of August 17, 2009 was ~Bt 6,443 mm
4545
Performance Highlights in 2Q/2009 (Continued)
PTTEP• On May 29, 2009 ,PTTEP issued Baht debentures in the total amount of Baht 40,000 mm.• Entered into “Zero Collar” oil price hedging at $55 - $86/bbl (Brent) for 20,000 bpd in
2H/2009, with total volume of 3.6 million barrels.• BOD approved an interim dividend payment at 1.48 Bt/share or 40% payout to be paid on pp p y p y p
August 28, 2009.Gas Business
• Energy Regulatory Commission approved pipeline tariff adjustment of Bt 2 0218/mmbtu Energy Regulatory Commission approved pipeline tariff adjustment of Bt 2.0218/mmbtu (Td & Tc) from Bt 19.7447/mmbtu to Bt 21.7665/mmbtu, up ~10%, effective on April 1, 2009 onward.
4646
Performance Highlights in 2Q/2009 (Continued)
Refining BusinessPTTAR• On April 30, 2009, PTTAR issued 5-year debentures in the total amount of Bt 15,000 mm
with 5.5% p.a. interest rate.• During April 26 – May 2, 2009, the Hydrocracking Unit “HCU” at the refinery (AR1) was
shutdown to fix the leakage at the reboiler of the HCU. BCP • On May 21, 2009, the HCU, a part of the PQI Project, was shutdown to repair the pumping On May 21, 2009, the HCU, a part of the PQI Project, was shutdown to repair the pumping
and valves’ control system, damaged during the commissioning process.
Coal Business• On June 15, 2009, Lints has completed the Mandatory General Offer for all the remaining
shares of Straits Asia Resources (SAR). The Offer has not become unconditional in accordance with the terms of the Offer, thus the total numbers of SAR shares owned and controlled by Lints remains unchangedcontrolled by Lints remains unchanged.
4747
Performance Highlights : RevenuesHigher revenue QoQ from increased prices and volume
117 104
Crude Dubai (US$/bbl) -50% YoY+34% QoQ -50% YoY
2Q/09 Revenue Breakdown44 59
10451
Unit : MM Baht 1,082,559-36% YoY
18%7%
Petrochem
Gas
PTTEP
US$ 11,114 mm
Coal
589,451
-34% YoY+28% QoQ
303 509 387 056
690,565
23%49%
2%1%
Oil Marketing
Int’l Trading
OthersCoal
303,509 387,056 gTrading
Note : Excluding eliminations2Q/08 1Q/09 2Q/09 1H/08 1H/09
Others Coal Petrochem PTTEP Gas Int'l Trading Oil Marketing
2Q/08 1Q/09 2Q/09 %YoY %QoQ 1H/08 1H/09 %YoY
Note : Excluding eliminations
Others - 207 190 - -9% - 398 -Coal - - 4,823 - - - 4,823 -Petrochem 10,554 6,783 7,952 -25% 17% 19,400 14,735 -24%PTTEP 37,798 26,018 28,567 -24% 10% 64,969 54,585 -16%G 76 897 72 472 78 648 2% 9% 146 630 151 120 3%
48Note : All figures after restatement; Segmentation of Revenues do not include eliminations
Gas 76,897 72,472 78,648 2% 9% 146,630 151,120 3%Int'l Trading 360,748 147,673 207,356 -43% 40% 651,346 355,029 -45%Oil Marketing 156,893 86,503 95,753 -38% 11% 289,719 182,256 -37%
Performance Highlights : EBITDAImproved EBITDA QoQ from higher margins & volume and started recognition of new coal assets
117 1042Q/09 EBITDA Breakdown
Crude Dubai (US$/bbl) -50% YoY+34% QoQ -50% YoY
44 59104
51
Unit : MM Baht
45 661
-23% YoY+33% QoQ
-25% YoY82,293
61,417G
US$ 1,007 mm
Petrochem1%
Others-2%Oil Mkt
10% Int’ Trd2%
Coal4%
045,661
26,36135,056
26%59%
Gas
PTTEP
TM 15.8%S&M 0.4%GSP 8%Others 2%
Others Coal Petrochem PTTEP Gas Int'l Trading Oil Marketing
2Q/08 1Q/09 2Q/09 1H/08 1H/09
EBITDA Margin
2Q/08 1Q/09 2Q/09 %YoY %QoQ 1H/08 1H/09 %YoYOthers -523 -316 -567 -8% -79% -1 022 -883 14%
7.7% 8.7% 9.1% 7.6% 8.9%EBITDA Margin
Note : Excluding eliminations
Others -523 -316 -567 -8% -79% -1,022 -883 14%Coal - - 1,515 - - - 1,515 -Petrochem 245 248 365 49% 47% 582 613 5%PTTEP 28,915 18,069 20,375 -30% 13% 48,799 38,444 -21%Gas 16,070 5,594 9,215 -43% 65% 29,572 14,809 -50%
49Note : All figures after restatement; Segmentation of EBITDA do not include eliminations
: Petrochem subsidiaries = PTTPM, PTTPL, PTTAC, HMC, PTT TANK Other subsidiaries = ENCO, PTTICT, BSA
Gas 16,070 5,594 9,215 43% 65% 29,572 14,809 50%Int'l Trading 794 690 637 -20% -8% 2,309 1,326 -43%Oil Marketing 178 2,063 3,484 1857% 69% 2,141 5,548 159%
Performance Highlights : Net IncomeEarnings surged 167% QoQ contributed by all businesses
2Q/09 Net Income Breakdown
Crude Dubai (US$/bbl) -50% YoY+34% QoQ -50% YoY
117 104
-1%1%Unit : MM Baht
US$ 571 mm
-33% YoYPTT
Other Affi.
56,017
27 344
-51% YoY
Coal44 59104
51
35%37%29,885
33% YoY+167% QoQ
19,895
7,449
RefiningAsso.
27,344
PTT PTTEP Petrochem Affi. Refining Asso. Coal Other Affi.
21%7%
PetrochemAffi. PTTEP
2Q/08 1Q/09 2Q/09 1H/08 1H/09
2Q/08 1Q/09 2Q/09 %YoY %QoQ 1H/08 1H/09 %YoY
EPS (Baht per Share)
10.60 2.64 7.04 19.88 9.68
2Q/08 1Q/09 2Q/09 %YoY %QoQ 1H/08 1H/09 %YoYOther Affi. -988 -697 -131 87% 81% -442 -828 -87%Coal - - 141 - - - 141 -Refining Asso. 10,404 2,649 7,347 -29% 177% 15,094 9,996 -34%Petrochem Affi. 3,007 -31 1,354 -55% 4468% 6,050 1,323 -78%
50
PTTEP 8,573 3,787 4,293 -50% 13% 14,581 8,080 -45%PTT 8,898 1,741 6,891 -23% 296% 20,734 8,632 -58%Note : Other Affiliates comprise of Affiliates in Gas (PTTNGD, PTTINTER, etc.), Utilities (DCAP, PTTUT, etc.), Oil (PTTT, PTTRB, PTTGE, etc.), Others (ENCO, PTTICT, etc.)
Demand recovery with pipeline tariff adjustmentPTT : Transmission Pipeline
EGAT IPP SPP GSP Industry NGV
Customer ProfileGas Sales Volumes (mmscfd) @ heat 1,000Existing pipeline’s capacity ~ 4,380 mmscfd
EGAT IPP SPP GSP Industry NGV
3 6063,655
2009 2008 2007 2006 2005+2% YoY
+10% QoQ+2% YoY
+10% QoQ3,554
3 450
-0.2% YoY
3 4433 606
622 586
613 610 600
353 341
365 352 353
60 118
126 53 122 3,606
3,346
3,554 2008
3 443
1H/2009avg. 3,443
3,5543,280 3,450 3,4433,606
17%
10%3%
17%
10%4%
1,002 741
907 987 824
458 442
452 463 447
586
3,280
,
3,216 3,167
3,319 3,3183,284
3,1053,138
3,075 2006
2007avg. 3,272
avg. 3,443
25%
13%
24%
13%
1,059 1,052 1,143 985 1,097
3,0163,075
2,9703,013
3,061
2,9402005
avg. 2,996
avg. 3,084
32% 32%
2Q/08 1Q/09 2Q/09 1H/08 1H/091Q 2Q 3Q 4Q
2Q/2009 demand increased QoQ from all customer groups
51
Q Q Q g pReceipt Pipeline tariff adjustment of ~2 Bt/mmbtu (Td & Tc) or ~10% starting from Apr. 1, 2009 Expected natural gas demand for the year 2009 to be flat
PTT : Gas Separation PlantsHigher product prices, lower feedstock cost reflected better GSPs’ performance QoQ
1 643 1 738
Product Prices ($/ton)Price
2Q%QoQ %YoY
1H%YoY
1,679934
1,144
1,643
1,039
1,738
1,116
1,624
1,001
948 871 HDPE1/
PP1/
HDPEPPNaphthaLPG-CP
+22%+26%+25%-10%
-32%-36%-50%-53%
-37%-38%-52%-50%
887, 1,001
375
470 423857 448
405
845
426
243 262 243 243 253
2Q/08 1Q/09 2Q/09 1H/08 1H/09
Feedstock (NG)LPG2/Naphtha3/
LPG CPFeedstock(NG)
10%-7%
53%0%
50%+4%
2Q/08 1Q/09 2Q/09 1H/08 1H/09Sales Volume (x 1,000 tons)
Note: 1/ SEA Spot2/ Contract Price (CP 50:50) 3/ MOP’S
97 95 96 9% Utl
Sales Vol. 2Q
%QoQ %YoY
T t l 5% 2%
1H%YoY
1%
-1% YoY
6%
2,129 2,110-2% YoY5% Q Q
97 95 93 96 94
88 135TotalPropaneEthaneNGL
+5%-7%
+12%+9%
-2%+67%+3%-8%
-1%+53%
-2%-7%
1,0301,101
57%
12%
25%
6%
1,080
+5% QoQ
147
280 259
266245 275
531 520
39 70 65
88 135Propane
Ethane
NGL
52
LPG +2% -7% -3%57%
649 591 6051,230 1,196147 124 135
2Q/08 1Q/09 2Q/09 1H/08 1H/09
LPG
PTTEP: Operating and Financial performanceBetter oil price, higher volume, full Quarter realization of PTTEP AA (Coogee)’s performance
Sales Revenue
Financial Performance 2Q/2009 Product Mix2Q 1H
%QoQ %YoY %YoY By Volume By RevenueSales Revenue +9% -26% -17%
63,21852,558
Sales RevenueEBITDANI
Unit: MM Baht
Liquid33%Gas
67%Gas54%
Liquid46%
EBITDA +14% -29% - 20%Sales Revenue +9% -26% -17%
Net Income +13% -50% -44%
36,93125,167 27,391
52,558
28,15717,662 20,078
47,34037,741
12,9975 746 6,496
21,90212,243
67% 54%
Gas (US$/MMBTU) 4.99Liquid (US$/bbl) 51 885,746
2Q/08 1Q/09 2Q/09 1H/08 1H/09
Sales Volume and Price Activities in 2Q/20092Q 1H
Liquid (US$/bbl) 51.88Avg. sales price (US$/BOE) 37.21
80
Sales Vol. (BOED)Avg. Sales Prices ($/BOE)
Success ratio was 7:92 dry wells write-off with total
+0.5% -31.4% -28% +7.3% +0.1% +8.5%
2Q 1H %QoQ %YoY %YoY
54.23
37.04 37.2151.60
37.13
20
40
60
80 expenditure of Bt 807 mmAustralasia (Jabiru/Challis) sales volume in 2Q/09 was approximately
232,634 217,194 232,957 207,533 225,119
-40
-20
0
2Q/08 1Q/09 2Q/09 1H/08 1H/0953Source: PTTEP analyst meeting
volume in 2Q/09 was approximately 5,900 BBLD
PTT : Oil BusinessMarket leader in oil retails at 34% market share with 1,069 gas stations nationwide (excl. PTTRM)
Unit : million liters
Oil Marketing : sales volume ~218 KBOE/d Thailand’s Market ShareThailand’s Market ShareAs of June As of June 20092009
PTTRM(Jet)
770 975
1,147
1,615 1,151 LPG
Gasoline
Unit : million liters
34%19%
3%PTT
Others-16% YoY (Jet)
3,733 3 358 3 159
7,7466,516-21% YoY
-6% QoQ
564 338 337 1,073 675 1,766 1,520 1,389
3,312 2,908 341
338 297
770 635
485 601 546
1,147 857
561 590 Jet/IKDieselFuel Oil
8%12%
12%
12%
BCPShell
Caltex3,358 3,159
2Q/08 1Q/09 2Q/09 1H/08 1H/09Source : Department of Energy Business, Note : Excluded supply sales and LPG sold to Petrochem
Int’l Trading : trade volume ~1,028 KBOE/d
BCPESSO
Shell
Gross Margin Gross Margin –– Oil Mktg.Oil Mktg.Unit : Baht/Litre
Source : Department of Energy Business
4 211 4 241 27,601 28,329 Refined Product
Unit : million liters
Unit : Baht/Litre22QQ//0808
22Q/Q/0909
0 42
0.96
0.63
0.25
11H/H/0808
11QQ//0099+3% YoY
+11% YoY+10% QoQ
9 686 9 899 10 24620,303 20,1451,348 1,312 1,611
2,428 2,923
519 498 522
1,079 1,020
1,843 1,754 2,487
4,211 4,241
13,396 13,463 14,866 Petrochem
Condensate
Crude
Trading MarginTrading Margin22Q/Q/0808
0.80
0.42
0 10
0.09
11H/H/0808
11H/H/0909
11Q/Q/09099,686 9,899 10,246
2Q/08 1Q/09 2Q/09 1H/08 1H/09
Crude
54Source : PTT, Note : excluded inter company volume 0.06
0.10
0.01
0.1022Q/Q/0909
11H/H/0808
11Q/Q/0909
11H/H/0909
Petrochemical Affiliates Better performance from higher margins
107% 114% 109% 102% 112%
PTTCH (PTT 49.30%)Unit : MM Baht
Product Prices
Unit : US$/Ton
8 496
94% 89% 94% 93% 92%
107% 109% 102%
1,355
1,679
1,144
1,643
1 039
1,385
HDPE % UtlOlefins % Utl
8,496
2,000 3,931
8,007 5,931 5,280
(393)2,140
5,497
1,747
1,257
615 600 608
934 , 1,039
627 743
1,311
685 948 871
HDPE1/
Ethylene1/
MEG2/
(393)
2Q/08 1Q/09 2Q/09 1H/08 1H/09EBITDA NI
375 470 423
2Q/08 1Q/09 2Q/09 1H/08 1H/09
HMC (PTT 41 44%)
Naphtha3/
83% 97% 99% 89% 98%
HMC (PTT 41.44%) PP 450 KTA
1,522 1,408
1,738
887 1,116
1,624
1,001 PP1/ % Utl
491 587 887 1,248 1,473
424 309 759 964 1,068
672 797 734948
375 470
871
423
Propylene1/
Naphtha3/
2Q/08 1Q/09 2Q/09 1H/08 1H/09
EBITDA NI
2Q/08 1Q/09 2Q/09 1H/08 1H/09
Note : 1/ SEA spot 2/ NEA Spot 3/MOP’S Source : ICIS 55
Refining Associates Better performance QoQ from stock gain & higher P2F margin
EBITDA NI %Utl
105 103 98 102 101
TOP 275 kbpd (PTT 49.10%) Unit : MM Baht
SPRC 150 kbpd (PTT 36%)
9,929 3 812
9,929 12,051 7,322 6 428 8,395
4 774
88 105 106 97 10617,252
5,283 8,653 23,058
13,935 10,546 2,283 6,189
14,420 8,473
3,812 ,6,428 2,266 2,508
,4,774
2Q/08 1Q/09 2Q/09 1H/08 1H/09
2Q/08 1Q/09 2Q/09 1H/08 1H/09
PTTAR 280 kbpd (PTT 48.66%)
7,281 4,754 7,162 10,023 11,916
4 104 1 742 4 214 5,591 5 956
88103 97 97 100
70 68 70 60 69
BCP 120 kbpd (PTT 29.75%)
4,104 1,742 4,214 , 5,956
2Q/08 1Q/09 2Q/09 1H/08 1H/09
IRPC 215 kbpd (PTT 36.77%)2,765 3,026 4,021 4,324
7,046
1,846 1,591 2,704 2,697 4,293
60
6 920 9 054 5 868
85
52
71 8561
p ( )2Q/08 1Q/09 2Q/09 1H/08 1H/09
6,920 2,568 3,300 9,054 5,868
5,126 1,621 2,423 6,754 4,044
2Q/08 1Q/09 2Q/09 1H/08 1H/0956
Cash Flow (Company Only) : 1H/2009
OperatingOperating 22,,742742 CAPEX & INVESTMENTCAPEX & INVESTMENT ((2828,,879879))
Unit : MMBaht
+Net Income & nonNet Income & non--cashcashAdjustmentAdjustment
1818,,787787**
Changes in assets Changes in assets & liabilities& liabilities
((1616,,972972))
CAPEX (PP&E)CAPEX (PP&E) ((2222,,122122))Investment in AffiliatesInvestment in Affiliates ((1616,,447447))
OthersOthers 33,,791791Dividend receivedDividend received 88,,899899
+
Free Cash FlowFree Cash FlowFinanceFinance 99,,147147
Free Cash FlowFree Cash Flow
((2626,,137137))Bond & LoanBond & Loan 2929,,354354
Share IssuedShare Issued 123123
REPAYMENTREPAYMENT ((88,,793793))
+REPAYMENTREPAYMENT ((88,,793793))
OthersOthers ((55,,888888))Dividend paidDividend paid ((55,,648648))
Cash in (Out)Cash in (Out)Beginning Cash & Beginning Cash & Cash EquivalentsCash Equivalents
Ending Cash & Ending Cash & Cash EquivalentsCash Equivalents +=
5757
((1616,,990990))
Cash Equivalents Cash Equivalents
3838,,150150
Cash EquivalentsCash Equivalents
2121,,160160
Note : * Including effect of exchange rates on cash and currency transtation differences
+=
Dividend Policy & Historical PaymentsPTT is firmly committed to pay dividend at no less than 25% of net income
EPS DPS % Dividend Payout
25%
32.4% 32.6% 29.8% 30.1% 30.3% 30.8% 33.0%
43.6% 41.3%
30 57
34.14 34.82
25%PTT’s minimum payout ratioPTT’s minimum payout ratio
22.40
30.57
UNIT : Baht / shareUNIT : Baht / share
13.43
18.33
11 50
7.71 8.75 9.68
2.50 2.85 4.006.75
9.25 10.50 11.50
8.00
4.00
5858
2.50
2001 2002 2003 2004 2005 2006 2007 2008 1H/09
Reference : Product Prices
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2QFX – THB/USD (@ end period) 35.1354 34.6679 34.3851 33.8850 31.6229 33.6588 34.1752 35.0824 35.6629 34.1693 6% -4%FX – THB/USD (Daily Average) 35.7077 34.8077 34.1736 34.0588 32.5591 32.4159 34.0160 34.9645 35.4906 34.8246 9% -2%Crude (US$/bbl)/1
20092007 2008%YoY %QoQ
Crude (US$/bbl)/
: WTI 57.99 64.90 75.49 90.66 97.94 123.98 118.06 59.06 42.97 59.71 -65% 39% : Dubai (@ end period) 63.09 66.12 76.69 89.32 97.41 136.33 87.86 36.40 46.70 71.54 -66% 53% : Dubai (Daily Average) 55.42 64.79 70.08 83.19 91.10 116.50 113.62 52.70 44.10 59.30 -62% 34%Refined Products (US$/bbl)
HSD MOP’ 70 05 81 26 86 48 102 58 114 36 154 47 139 53 70 48 53 18 66 35 66% 25% : HSD – MOP’s 70.05 81.26 86.48 102.58 114.36 154.47 139.53 70.48 53.18 66.35 -66% 25% : ULG 95 – MOP’S 68.33 85.68 81.67 95.79 105.12 129.84 119.59 56.70 54.80 68.84 -58% 26% : ULG 91 – MOP’S 67.19 84.83 80.58 94.50 104.29 128.64 118.15 54.86 52.59 66.40 -59% 26% : Fuel Oil – MOP’S 45.07 54.01 59.58 73.20 74.57 92.62 102.63 45.05 38.98 53.42 -58% 37%Refined Products (retail : HSD 23.18 25.17 25.87 28.50 29.72 36.99 36.14 32.06 19.95 24.39 -46% 22% : ULG 95 26.20 29.56 29.26 31.75 33.37 37.86 - - - - : ULG 91 25.28 28.76 28.46 30.85 32.21 36.78 37.83 34.27 25.52 30.97 -31% 21% : Gasohol 24.70 26.06 25.76 26.25 29.37 33.75 31.35 29.69 21.22 27.17 -37% 28%Feedstocks (US$/ton) : LPG (Saudi Aramco’s CP) 527 569 583 756 833 857 874 543 448 405 -48% -10% : Naphtha (MOP’S) 527 619 621 735 793 948 905 312 375 470 -60% 25% : Condensate (ATC) 504 593 621 761 809 1,026 966 422 397 464 -61% 17%Petrochemicals (US$/ton)2/
: Ethylene (SP CFR SEA) 1,222 1,140 1,203 1,156 1,237 1,385 1,379 770 627 743 -55% 19%y ( ) , , , , , , , : Propylene (SP CFR SEA) 1,181 1,142 1,128 1,164 1,293 1,522 1,572 893 672 797 -56% 19% : LDPE (Film/SP CFR SEA) 1,293 1,342 1,502 1,582 1,711 1,801 1,793 1,219 946 1,126 -47% 19% : LLDPE (Film/SP CFR SEA) 1,274 1,289 1,354 1,424 1,605 1,693 1,719 1,138 954 1,117 -44% 17% : HDPE (Film/SP CFR SEA) 1,266 1,299 1,383 1,462 1,607 1,679 1,709 1,149 934 1,144 -44% 22%
: MEG (SP FOB NEA) 900 963 1,020 1,433 1,164 1,083 910 492 465 538 -57% 16%
59591/ Source : PLATT'S SARUS2/ Source : ICIS (http://www.icislor.com/)
: MEG (SP FOB NEA) 900 963 1,020 1,433 1,164 1,083 910 492 465 538 57% 16% : PP (SP CFR SEA) 1,264 1,298 1,373 1,394 1,510 1,738 1,805 1,087 887 1,116 -49% 26% : Benzene (SP FOB Korea) 978 1,084 1,006 1,008 1,051 1,215 1,209 700 406 661 -67% 63% : Paraxylene (SP FOB Korea) 1,047 1,176 1,111 1,068 1,169 1,420 1,394 881 853 1,057 -40% 24%