Operational integration with and strategic importance to PTT. Favorable cost structure and flexibility in feedstock selection. Strong domestic market position with good prospects in core business. Intermediate to modest financial profile. Single site and customer concentration risks. Inherent industry risk, coupled with limited vertical integration. Thai Oil Public Co. Ltd. (Thaioil) is the leading petroleum refiner and supplier of refined petroleum products in Thailand. The company owns and operates a refinery with a nameplate capacity of 220 thousand barrels per day (kbd). It is also involved in power generation, petrochemical production, and marine transportation. The rating on Thaioil reflects its strengthening financial profile, as the company used its strong operating cash flows to reduce borrowings. For the year ended Dec.
