Thailand-listed Thai Oil is planning to reduce the production of heavy fuel oil, says its President and Chief Executive during an annual general shareholders meeting, according to Bangkok Post.
The reduction will take place due to an expected preference for cleaner fuels and lower demand for traditional high sulphur bunker fuel oil coming 2020, says Atikom Terbsiri.
Heavy fuel oil currently accounts for 7% of Thai Oil’s total oil production.
Terbsiri, meanwhile, introduced a $3.7 billion upgrading and expansion project called Clean Fuel Products that aims to move away from the production of low margin grades such as fuel oil to higher value material including diesel and jet fuel.
The project will also increase refining capacity from the current 275,000 barrels a day (B/D) to 400,000 B/D.
"The new oil refinery unit is set to cut our operating costs sharply, while helping us increase the crude premium in a higher range of $3-4 per barrel," notes Terbsiri.
Photo credit: Thai Oil
Published: 13 April, 2018
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