Operational integration with and strategic importance to PTT Public Co. Ltd.; Favorable cost structure and flexibility in feedstock selection; and Strong domestic market position with good prospects in core business. Single site and customer concentration risks; and Inherent industry risk, coupled with limited vertical integration. The rating on Thai Oil Public Co. Ltd. (Thaioil) is supported by the following strengths: Operational integration with and strategic importance to state-owned oil and gas conglomerate PTT. PTT has a 49.1% stake in Thaioil and is PTT's flagship refinery. Thaioil and PTT have a product offtake and crude oil supply agreement (POCSA), under which Thaioil procures about 50% of its crude oil through PTT and PTT purchases a minimum 49.99% of Thaioil's refining capacity,
