Bangkok, Thailand — Bandhit Thamprajamchit, the Chief Executive Officer and President of Thai Oil Public Company Limited (SET: TOP), announced significant executive changes during a board meeting on October 25. The board decided to appoint Kris Imsang as the new executive, replacing Suchat Ramarch. Additionally, Pattarallada Sa-ngasang will take over from Pannalin Mahavongthigul. These changes will take effect on November 1, 2024. Both Kris and Pattarallada have also been appointed to the Risk Management Committee, effective the same day.
In light of recent reports about subcontractors rallying in front of the Thai Oil refinery in Sriracha, Chonburi, Thai Oil addressed concerns regarding the Clean Fuel Project (CFP). Reports indicated that the project faced an indefinite delay due to financial issues affecting the primary contractor, including Samsung E&A (Thailand) Co., Ltd., Petrofac South East Asia Pte. Ltd., and Saipem Singapore Pte. Ltd., collectively known as UJV. These contractors reportedly struggled with funding, impacting their ability to pay subcontractors.
Thai Oil clarified that the CFP is a complex project designed to enhance oil refining efficiency and strengthen Thailand’s energy sustainability. It requires significant funding and specialized expertise, which is currently limited in the country. Thai Oil has been studying the feasibility of the CFP since 2014, with engineering design and production processes starting in 2015-2016. This groundwork was necessary to prepare for bidding on the engineering, procurement, and construction (EPC) contract for the CFP.
In 2016, Thai Oil thoroughly evaluated its bidders, assessing financial statements, financial ratios, and experience to ensure compliance with corporate governance principles.
Despite UJV’s claims of funding issues causing delays in subcontractor payments, Thai Oil stated it has consistently paid UJV on time and in full, providing necessary financial support. The company emphasized that the recent protests outside its Sriracha refinery have not resulted in an indefinite delay for the CFP, countering reports from various media outlets.
Thai Oil reiterated its commitment to fulfilling its obligations under the EPC contract, although UJV has yet to reimburse its subcontractors as required.
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