The Bangchak Petroleum Plc. - listed companybcp.listedcompany.com/misc/analystmeet/20080305Analyst-E.pdfThe Bangchak Petroleum Plc. Analyst Meeting •March 5, 2008 Mr. Mr. Patiparn

The Bangchak Petroleum Plc.

Analyst Meeting • March 5, 2008

Mr. Mr. Mr. Mr. PatiparnPatiparnPatiparnPatiparn SukorndhamanSukorndhamanSukorndhamanSukorndhaman

Mr. Mr. Mr. Mr. VichienVichienVichienVichien UsanachoteUsanachoteUsanachoteUsanachote

““ Running to be a complex refinery Running to be a complex refinery ””

1

2

DisclaimerThe information contained herein is being furnished on a confideThe information contained herein is being furnished on a confideThe information contained herein is being furnished on a confideThe information contained herein is being furnished on a confidential basis for discussion ntial basis for discussion ntial basis for discussion ntial basis for discussion

purposes only and only for the use of the recipient, and may be purposes only and only for the use of the recipient, and may be purposes only and only for the use of the recipient, and may be purposes only and only for the use of the recipient, and may be subject to completion or subject to completion or subject to completion or subject to completion or

amendment through the delivery of additional documentation. Exceamendment through the delivery of additional documentation. Exceamendment through the delivery of additional documentation. Exceamendment through the delivery of additional documentation. Except as otherwise pt as otherwise pt as otherwise pt as otherwise

provided herein, this document does not constitute an offer to sprovided herein, this document does not constitute an offer to sprovided herein, this document does not constitute an offer to sprovided herein, this document does not constitute an offer to sell or purchase any ell or purchase any ell or purchase any ell or purchase any

security or engage in any transaction. The information containedsecurity or engage in any transaction. The information containedsecurity or engage in any transaction. The information containedsecurity or engage in any transaction. The information contained herein has been herein has been herein has been herein has been

obtained from sources that The Bangchak Petroleum Public Companyobtained from sources that The Bangchak Petroleum Public Companyobtained from sources that The Bangchak Petroleum Public Companyobtained from sources that The Bangchak Petroleum Public Company Limited (Limited (Limited (Limited (““““BCPBCPBCPBCP””””) ) ) )

considers to be reliable; however, BCP makes no representation aconsiders to be reliable; however, BCP makes no representation aconsiders to be reliable; however, BCP makes no representation aconsiders to be reliable; however, BCP makes no representation as to, and accepts no s to, and accepts no s to, and accepts no s to, and accepts no

responsibility or liability for, the accuracy or completeness ofresponsibility or liability for, the accuracy or completeness ofresponsibility or liability for, the accuracy or completeness ofresponsibility or liability for, the accuracy or completeness of the information contained the information contained the information contained the information contained

herein. Any projections, valuations and statistical analyses conherein. Any projections, valuations and statistical analyses conherein. Any projections, valuations and statistical analyses conherein. Any projections, valuations and statistical analyses contained herein have been tained herein have been tained herein have been tained herein have been

provided to assist the recipient in the evaluation of the matterprovided to assist the recipient in the evaluation of the matterprovided to assist the recipient in the evaluation of the matterprovided to assist the recipient in the evaluation of the matters described herein; such s described herein; such s described herein; such s described herein; such

projections, valuations and analyses may be based on subjective projections, valuations and analyses may be based on subjective projections, valuations and analyses may be based on subjective projections, valuations and analyses may be based on subjective assessments and assessments and assessments and assessments and

assumptions and may utilize one among alternative methodologies assumptions and may utilize one among alternative methodologies assumptions and may utilize one among alternative methodologies assumptions and may utilize one among alternative methodologies that produce differing that produce differing that produce differing that produce differing

results; accordingly, such projections, valuations and statisticresults; accordingly, such projections, valuations and statisticresults; accordingly, such projections, valuations and statisticresults; accordingly, such projections, valuations and statistical analyses are not to be al analyses are not to be al analyses are not to be al analyses are not to be

viewed as facts and should not be relied upon as an accurate repviewed as facts and should not be relied upon as an accurate repviewed as facts and should not be relied upon as an accurate repviewed as facts and should not be relied upon as an accurate representation of future resentation of future resentation of future resentation of future

events. The recipient should make an independent evaluation and events. The recipient should make an independent evaluation and events. The recipient should make an independent evaluation and events. The recipient should make an independent evaluation and judgment with respect judgment with respect judgment with respect judgment with respect

to the matters contained herein.to the matters contained herein.to the matters contained herein.to the matters contained herein.

3

2008 : Another Year of Challenging 2008 : Another Year of Challenging 2008 : Another Year of Challenging 2008 : Another Year of Challenging

Performance FY2007Performance FY2007Performance FY2007Performance FY2007

Events and ActivitiesEvents and ActivitiesEvents and ActivitiesEvents and Activities

ContentsContentsContentsContents

►Refinery BusinessRefinery BusinessRefinery BusinessRefinery Business

► MarketingMarketingMarketingMarketing

Product Quality Improvement (PQI) & Related ProjectProduct Quality Improvement (PQI) & Related ProjectProduct Quality Improvement (PQI) & Related ProjectProduct Quality Improvement (PQI) & Related Project

4

PerformancePerformancePerformancePerformancePerformancePerformancePerformancePerformance

FY2007FY2007FY2007FY2007FY2007FY2007FY2007FY2007

5

Factors Effect to 2007 Performance

• FX appreciationFX appreciationFX appreciationFX appreciation

• Tax adjustmentTax adjustmentTax adjustmentTax adjustment

• MKM SqueezeMKM SqueezeMKM SqueezeMKM Squeeze

• TapisTapisTapisTapis crude pricecrude pricecrude pricecrude price

• Product crack spreadProduct crack spreadProduct crack spreadProduct crack spread

• Oil price hikeOil price hikeOil price hikeOil price hike

• Fuel oil export marketFuel oil export marketFuel oil export marketFuel oil export market

• Government policy to Government policy to Government policy to Government policy to

support biosupport biosupport biosupport bio----fuelfuelfuelfuel

Favorable Unfavorable

6

SingaporeSingaporeSingaporeSingapore’’’’s Oil Price Movements Oil Price Movements Oil Price Movements Oil Price Movement

USD/BblUSD/BblUSD/BblUSD/Bbl

Y2007Y2007Y2007Y2007

Y2006Y2006Y2006Y2006

DubaiDubaiDubaiDubai 95/Dubai95/Dubai95/Dubai95/Dubai

GO/DubaiGO/DubaiGO/DubaiGO/Dubai FO/DubaiFO/DubaiFO/DubaiFO/Dubai

USD/BblUSD/BblUSD/BblUSD/Bbl

----

5555

10101010

15151515

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25252525

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(25)(25)(25)(25)

(20)(20)(20)(20)

(15)(15)(15)(15)

(10)(10)(10)(10)

(5)(5)(5)(5)

----

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7

Refinery : Performance is in Better Shape$/Bbl YTD,07 YTD,06

95/DB 14.55 11.74

GO/DB 16.72 15.22

FO/DB (10.40) (12.69)

Q4Q4Q4Q4Q4Q4Q4Q4 YTDYTDYTDYTDYTDYTDYTDYTD

2007200720072007 2006200620062006 2007200720072007 2006200620062006

M.Baht $/BBL M.Baht $/BBL M.Baht $/BBL M.Baht $/BBL

EBITDA +1,507 (906) +3,768 +1,141

� Base GRM 989 3.88 69 0.33 3,033 3.13 1,877 2.01

� Improvement Programs - 0.00 41 0.19 15 0.02 295 0.32

� GRM Hedging (117) (0.46) (6) (0.03) 47 0.04 681 0.73

� Inventory Gain / (Loss) 1,027 4.03 (1,048) (4.98) 1,803 1.85 (655) (0.70)

� Inventory Write Down - - 295 1.40 54 0.06 (55) (0.06)

Total GRMTotal GRMTotal GRMTotal GRM 1,8991,8991,8991,899 7.467.467.467.46 (649)(649)(649)(649) (3.09)(3.09)(3.09)(3.09) 4,9524,9524,9524,952 5.105.105.105.10 2,1432,1432,1432,143 2.292.292.292.29

� Other Income 9 0.04 16 0.08 128 0.13 42 0.04

� Expenses (401) (1.57) (273) (1.30) (1,312) (1.35) (1,044) (1.12)

� Adjusted EBITDAAdjusted EBITDAAdjusted EBITDAAdjusted EBITDA +480+480+480+480 (153)(153)(153)(153) +1,911+1,911+1,911+1,911 +1,851+1,851+1,851+1,851

Crude Run (KBD) 68 45 66 56Net Sale (KBD) 81 62 77 67

3.42 0.50 3.19 3.05

8

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MaxMaxMaxMax MinMinMinMin CloseCloseCloseClose

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Refinery : Performance is in Better Shape

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Marketing : MKM Squeezed in 2007GasoilGasoilGasoilGasoilGasoilGasoilGasoilGasoil Price & MKMPrice & MKMPrice & MKMPrice & MKMPrice & MKMPrice & MKMPrice & MKMPrice & MKMG

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Marketing : MKM Squeezed in 2007

2007200720072007 2006200620062006

2007200720072007 2006200620062006

UNL95UNL95UNL95UNL95UNL95UNL95UNL95UNL95 Price & MKMPrice & MKMPrice & MKMPrice & MKMPrice & MKMPrice & MKMPrice & MKMPrice & MKMU

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11

UNIT:BAHT/LITRE

EX-REFIN. TAX M. TAX OIL CONSV. WHOLESALE VAT WS&VAT MARKETING VAT RETAIL

(AVG) B./LITRE B./LITRE FUND (1) FUND PRICE(WS) MARGIN PRICE

ULG 95R ; UNLULG 95R ; UNLULG 95R ; UNLULG 95R ; UNL 21.8555 3.6850 0.3685 4.0000 0.0700 29.9790 2.0985 32.0775 0.7593 0.0532 32.89

GASOHOL95GASOHOL95GASOHOL95GASOHOL95 21.3905 3.3165 0.3317 0.3000 0.0630 25.4016 1.7781 27.1797 1.5984 0.1119 28.89

ULG 91R ; UNLULG 91R ; UNLULG 91R ; UNLULG 91R ; UNL 21.4375 3.6850 0.3685 3.3000 0.0700 28.8610 2.0203 30.8813 0.6624 0.0464 31.59

GASOHOL91GASOHOL91GASOHOL91GASOHOL91 21.2058 3.3165 0.3317 -0.2000 0.0630 24.7169 1.7302 26.4471 1.5354 0.1075 28.09

H-DIESEL(0.035%S)H-DIESEL(0.035%S)H-DIESEL(0.035%S)H-DIESEL(0.035%S) 23.9292 2.3050 0.2305 0.7000 0.0700 27.2347 1.9064 29.1411 0.1859 0.0130 29.34

Biodiesel (B5)Biodiesel (B5)Biodiesel (B5)Biodiesel (B5) 23.6481 2.1898 0.2190 -0.1000 0.0665 26.0234 1.8216 27.8450 0.4626 0.0324 28.34

PRICE STRUCTURE OF PETROLEUM PRODUCT IN BANGKOKPRICE STRUCTURE OF PETROLEUM PRODUCT IN BANGKOKPRICE STRUCTURE OF PETROLEUM PRODUCT IN BANGKOKPRICE STRUCTURE OF PETROLEUM PRODUCT IN BANGKOK28-Dec-0728-Dec-0728-Dec-0728-Dec-07

Marketing margin was bad but Bio-fuel is better than normal grade

Source : EPPO

12

0

5

10

15

20

25

30

35

40

45

50

55

0

100

200

300

400

500

600

700

800

Highlight of Marketing Achievement in 2007

1st rank market share of Biodiesel B5

Ref : Channel service station for Year 2007

Increase Biodiesel B5 outlet from 200 stations in 2006 to be 700 stations in 2007

Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4 Q2 Q3 Q4

2006 2007

Vol, M.liter/Month (Bar) No. Stations (Line)

BCPBCPBCPBCP

76.8%76.8%76.8%76.8%

PTTPTTPTTPTT

23.1%23.1%23.1%23.1%

0

2

4

6

8

10

12

14

16

18

20

22

24

0

50

100

150

200

250

300

350

400

450

500

Increase Gasohol 91 outlet

from 250 stations in 2006 to be 500 stations in 2007

Vol, M.liter/Month (Bar) No. Stations (Line)

Total sale increase 5.2%

Q1 Q2 Q3 Q4 Q1 QQ1 Q2 Q3 Q4 Q1 QQ1 Q2 Q3 Q4 Q1 QQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 Q3 Q4 2 Q3 Q4 2 Q3 Q4

2006 2007

1,000

1,500

2,000

2,500

1st Qtr 2nd Q tr1,000

1,050

1,100

1,150

1,200

Total Sale

No. ofServiceStation

20072006

Vol, M.liter (Bar) No. Stations (Line)

13

Marketing : MKM Squeezed in 2007

M.Baht St./L. M.Baht St./L. M.Baht St./L. M.Baht St./L.

EBITDA (209) +193 +209 +472

� Retail Margin -34 -6 305 61 509 24 682 33

� Industrial Margin 66 34 104 44 274 32 460 50

� Lube Margin 34 949 13 433 115 826 66 559

Total MKMTotal MKMTotal MKMTotal MKM 66666666 9999 422422422422 57575757 898898898898 30303030 1,2081,2081,2081,208 41414141

� Other Income 132 17 103 14 500 17 435 15

� Operating Expenses (407) (54) (332) (45) (1,189) (40) (1,170) (40)

� Sale Volume KBD ML/MO KBD ML/MO KBD ML/MO KBD ML/MO

- Retail Vol. 39 189 35 171 37 179 35 170- Industrial Vol. 13 64 16 77 15 72 16 78

Total 52 254 51 248 52 250 51 248

4 55 26 39


2007200720072007 2006200620062006 2007200720072007 2006200620062006

14

Sales Volume & Thruput per Service Station

2006200620062006 4Q20074Q20074Q20074Q2007 % Growth% Growth% Growth% Growth

(Million Liter per Month)Sales VolumeSales VolumeSales VolumeSales Volume

- Dealer 88.82 86.20 -2.95% - Bangchak Green-Net - Bangchak Green-Net - Bangchak Green-Net - Bangchak Green-Net 39.0539.0539.0539.05 52.9552.9552.9552.95 35.60%35.60%35.60%35.60%

- Co-op 42.33 50.52 19.36%Total 170.19 189.67

(K.Liter/Month/Station)Thruput Per StationThruput Per StationThruput Per StationThruput Per Station

- Dealer 220.39 228.65 3.74% - Bangchak Green-Net - Bangchak Green-Net - Bangchak Green-Net - Bangchak Green-Net 235.23235.23235.23235.23 326.85326.85326.85326.85 38.95%38.95%38.95%38.95%

- Co-op 79.71 95.32 19.59%Total 154.72 177.43

15

32.6 %32.6 %

16.0 %17.3 %

12.7 %12.7 %

8.4 %8.4 %

OthersOthers

13.0 %13.0 %

34.3 %34.3 %

15.4 %16.9 %

12.1 %12.1 %

8.3 %8.3 %

OthersOthers

13.0 %13.0 %

Y2006

Source : DOEB, MOESource : DOEB, MOESource : DOEB, MOESource : DOEB, MOE

6% Market Share increasing in Service Station

4th RankY2007

16

EBITDA 1,298 (712) 3,977 1,613

� Depreciation & Amortization (204) (211) (819) (822)

� Net Interest Expense (121) (122) (462) (573)

� FX-Other Gain (Loss) (21) 39 (74) (81)

� Impairment Adjustment (41) 3 (41) 4

� � � � Profit / (Loss) before TaxProfit / (Loss) before TaxProfit / (Loss) before TaxProfit / (Loss) before Tax 911911911911 (1,003)(1,003)(1,003)(1,003) 2,5812,5812,5812,581 141141141141

� Tax (510) 335 (890) 107

Net Profit (Loss)Net Profit (Loss)Net Profit (Loss)Net Profit (Loss) 401401401401 (669)(669)(669)(669) 1,6911,6911,6911,691 248248248248

- -

- INVENTORY GAIN / (LOSS) 1,027 (1,048) 1,803 (655)

- INVENTORY WRITE DOWN - 295 54 (54)

Adjusted EBITDA 271 41 2,120 2,323

Company Performance FY2007

: Million Baht: Million Baht: Million Baht: Million Baht

*

* Included tax reversion from year 2006 Baht 102 million to suspense for RD’s verdict


2007200720072007 2006200620062006 2007200720072007 2006200620062006

17

-20%

0%

20%

40%

60%

80%

100%

120%

1 2 3

Refinery

Marketing

Performance Ratio Between Business Unit in term of EBITDA

-20%

0%

20%

40%

60%

80%

100%

120%

1 2 3

Refinery

Marketing

Y2005 Y2006 Y2007

EBITDA (EBITDA (EBITDA (EBITDA (MBtMBtMBtMBt.).).).) 4,6204,6204,6204,620 1,6131,6131,6131,613 3,9773,9773,9773,977

Adjusted EBITDA (Adjusted EBITDA (Adjusted EBITDA (Adjusted EBITDA (MBtMBtMBtMBt.).).).) 2,2612,2612,2612,261 2,3232,3232,3232,323 2,1202,1202,1202,120

18

PQI &PQI &PQI &PQI &PQI &PQI &PQI &PQI &Related Project Related Project Related Project Related Project Related Project Related Project Related Project Related Project

19

USD/bbl

10

8

6

4

2

0

Product Quality Improvement Project (“PQI”)

What is PQI ?What is PQI ? Result from PQIResult from PQI

CounterpartiesCounterparties

• PQI is the Investment in “Hydrocracking Unit” and other

supporting units

• These units enable BCP to turn current fuel oil output to

be gas oil without increasing the capacity

• Feasibility Study UOP LLC & Foster Wheeler Corporation

• Technology License UOP LLC• EPC Contractor CTCI Corporation• Project MgntConsultant Foster Wheeler Corporation

• Investment Cost USD 378 million (Included Contingency 30 MUSD)

• Construction Period May’06 - Year end 2008

Investment & ConstructionInvestment & Construction

MEME FEFEMEME FEFE

CurrentSimple Refinery

AfterPQI Completion

EnhanceEnhance

Crude MixCrude Mix

FlexibilityFlexibility

Less FOLess FO

OutputOutput

PortionPortion

SurgeSurge

GRMGRM

CurrentSpread

CurrentSpread

FeasibilitySpread

LPG, 3%

LPG, 3%

LPG, 3%

LPG, 3%

Diesel, Diesel, Diesel, Diesel,

35%35%35%35%ULG, 18%ULG, 18%ULG, 18%ULG, 18%

Jet Fuel, Jet Fuel, Jet Fuel, Jet Fuel,

11%11%11%11%

Fuel Oi l, Fuel Oi l, Fuel Oi l, Fuel Oi l,

33%33%33%33%

LPG, 5%

LPG, 5%

LPG, 5%

LPG, 5%

Diesel , Diesel , Diesel , Diesel ,

52%52%52%52%

ULG, 25%ULG, 25%ULG, 25%ULG, 25%

Jet Fuel , Jet Fuel , Jet Fuel , Jet Fuel ,

9%9%9%9%

Fuel Oi l, Fuel Oi l, Fuel Oi l, Fuel Oi l,

9%9%9%9%

IncreaseIncrease

Crude Crude

RunRun

~ 70 KBD (58%) ~ 100 KBD (83%)

20

-

2,000

4,000

6,000

8,000

10,000

12,0002003

2004

2005

2006

2007

2008F

2009F

2010F

2011F

THB mil

-

2

4

6

8

10

12

USD/bblEBITDA

EBITDA (feasibility study)

GRM

GRM (feasibility study)

“Return from investment competitive in long-term, hence BCP decided to pursue PQI”

Note: (1) EBITDA 2008F-2011F based on GO/DB USD15.21/bbl and FO/DB USD -12.00/bbl

(2)EBITDA (feasibility study) 2008F-2011F based on GO/DB USD10.5/bbl and FO/DB USD -3/bbl

Both cases based on gradually growing crude run from 65 KBSD before COD after that run max 100 KBSD

(1)

(2)

Note : Not included inventory effect

Prosperous Return from PQI

21

No. of Paid-up Shares 691 Million Shares

No. of Paid-up Shares 1,119 Million Shares

No. of Fully Dilution

1,406 Million Shares

L/T Loan 8,400L/T Loan 8,400

FI 2,064FI 2,064

PTT 3,930PTT 3,930

Debt Equity Operation

Cash 390Cash 390

PTT(CD) 585PTT(CD) 585

Total Sources of Fund 15,369

Unit : THB Million

• Financial closed on May 16, 2006

• Syndicated loan from 3 local banks

• PTT&FI purchase common share at price Baht 14.00 per share

• PTT became to major shareholder with 29.75%

PTT, 30%PTT, 30%PTT, 30%PTT, 30%

MOF, 11%MOF, 11%MOF, 11%MOF, 11% Public, Public, Public, Public,

59%59%59%59%

PTT, 27%PTT, 27%PTT, 27%PTT, 27%

MOF, 9%MOF, 9%MOF, 9%MOF, 9%Pub lic, Pub lic, Pub lic, Pub lic,

64%64%64%64%

FullyFullyFullyFullyDilutedDilutedDilutedDiluted

PQI Fund Raising

1,119 1,119 1,119 1,119 1,119 1,119 1,119 1,119 M.SharesM.SharesM.SharesM.SharesM.SharesM.SharesM.SharesM.Shares

1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 M.SharesM.SharesM.SharesM.SharesM.SharesM.SharesM.SharesM.Shares

PQI Fund Raising

BCP’s Share Capital Structure

After all Quasi-Equity Convert

22

0

10

20

30

40

50

60

70

80

90

100

110

Project Month & Accumulate %Project Month & Accumulate %Project Month & Accumulate %Project Month & Accumulate %

Pro

gre

ss

%P

rog

res

s %

Pro

gre

ss

%P

rog

res

s %

Actual 1.0 2.5 3.0 5.6 8.0 8.7 9.7 11.2 15.0 18.5 20.9 23.4 30.2 34.1 39.6 44.3 50.8 55.5 61.4 68.2 73.5

Plan 61.4 65.5 70.3 78.8 85.7 90.1 93.2 96.3 97.5 98.1 98.6 99.3 99.9 100.0

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

All LLIs delivery

to siteReady for piling

and civil work

Piping and Instrument

Diagram for

construction

Start of Distributed Control

System factory acceptance test Substation Power

no.5 energizedMechanical

Completion

Provisional

Acceptance

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Month

Q4

2006 2007 2008

PQI Progress (E/P/C)

23

Cogeneration Power Plant

Stability of Electricity�s Plant System is increased Increase efficiency of public utility system using energy

Save money of building reserve boiler about 2.1 M$

Expense decreasing from producing and buying electricity and stream

Saving from using Natural Gas instead of Fuel Oil

BenefitBenefit

� Since PQI Project will has done, electricity and

steam demand will be increased.

15.7

12.1

3.6

76

Change

+

29.1

20.9

8.2

13.4

8.8

4.6

Electricity Demand (MW)

By ourselves

Buy from Metropolitan

Electricity Authority

15680

Steam Demand (Ton/Hour)

By ourselves

After PQI

Project will

has done

CurrentDemand @ Crude Run 100 KBD

about 1,000 square metersSpace

2Q- 2009COD

90 tons per hourSteam Capacity

After 25 years then transfer ownership to BCPOperate Period

Vary to CPI and GPI,CPI = Consumer Price IndexGPI = Gas Price Index

Steam Price

MEA minusElectricity Price

19.7 MWElectricity Capacity

HOA SummaryHOA Summary

STRICTLY PRIVATE & CONFIDENTIAL

24

More than Bt. 300 Million/Yr Saving from Cogeneration Project

945

-

413

(2.6 Baht/KWH)

532

(724 Baht/Ton)

New (B)

(Co-Gen Power Plant)Saving (B)-(A)

Existing (A)

(Thermal Power Plant

+Package Boiler)

(107)639

(871 Baht/Ton)� Steam cost

(337)1,282Total

(23)23

(0.14 Baht/KWH)

� Maintenancecost

(207)620

(3.9 Baht/KWH)� Electrical cost

(Million Baht/Year)(Million Baht/Year)(Million Baht/Year)(Million Baht/Year)

1/ Base on Fuel Oil Ex.Refinery Price 56 Usd/BBL (@Sep 2007)

2/ Steam Production 90 Ton/hr

3/ Electrical Production 19.7 MW Run 340 Days

* Roughly estimate, base on assumption

1/

2/

3/

Sa

vin

g f

rom

Co

-ge

n

Illustration Only

STRICTLY PRIVATE & CONFIDENTIAL

25

Natural Gas (NG) for Plant Feed

Existing Plant : Use fuel oil (FO) and fuel gas (FG) as plant feed

NG Project : Will replace FO by NG for feed instead

Concept

- NG available from pipeline used for Cogeneration project

- Use NG and sell FO

- Investment cost of NG project is less than Bt. 100 million- Saving from this project more than Bt. 200 million

Sa

vin

g f

rom

NG

1,898

279 Baht/MMBTU

19,968 MMBTU/Day

New (D)

(Use NG)

Saving (D)-(C)Existing (C)

(Use FO)

FO 3.3 KBDEnergy 1/

Equivalent

(245)2,143Total

56 $/BblEnergy Price

(Million Baht/Year)(Million Baht/Year)(Million Baht/Year)(Million Baht/Year)

1/ Run at 100 KBD 340 days per yearRoughly estimate, base on assumption

Energy Requirement = 19,968 MMBTU / Day

Illustration Only

26

2008 : 2008 : 2008 : 2008 : 2008 : 2008 : 2008 : 2008 : Another YearAnother YearAnother YearAnother YearAnother YearAnother YearAnother YearAnother Yearof Challenging of Challenging of Challenging of Challenging of Challenging of Challenging of Challenging of Challenging

27

We Concern

• PQI Focusing

• Normal Operation

�Oil Price Situation

�Export Market

�Crude Selection

�GRM

�FX Appreciation

�Marketing Margin Squeeze

�Marketing Market Share

• Looking Forward to Value Creation

28

PQI Focusing

ConstructionConstruction

• LP Testing LP Testing LP Testing LP Testing

• Crude PlanningCrude PlanningCrude PlanningCrude Planning

• Tank/Barge FacilitiesTank/Barge FacilitiesTank/Barge FacilitiesTank/Barge Facilities

• Plant ReliabilityPlant ReliabilityPlant ReliabilityPlant Reliability

• RecruitmentRecruitmentRecruitmentRecruitment

• TrainingTrainingTrainingTraining

• Working CapitalWorking CapitalWorking CapitalWorking Capital

CommissioningCommissioning

DistributionDistribution

30% 30% 30% 30% OfftakeOfftakeOfftakeOfftake

AgreementAgreementAgreementAgreementbybybyby

PTTPTTPTTPTT

Production (KBD) Production (KBD) Production (KBD) Production (KBD) 100100100100100100100100

60% 60% 60% 60% ThroughThroughThroughThrough

ourourourourExistingExistingExistingExistingChannelChannelChannelChannel

10% 10% 10% 10% AnotherAnotherAnotherAnother----

ChannelChannelChannelChannel

& Use/ & Use/ & Use/ & Use/ LossLossLossLoss

29

45454545

50505050

55555555

60606060

65656565

70707070

75757575

80808080

85858585

90909090

95959595

100100100100

105105105105

110110110110

115115115115

120120120120

125125125125GO 0.5%S

UNL 95

Dubai

????

$$$$/BBL/BBL/BBL/BBL

J F M J F M J F M J F M A M J J A S O A M J J A S O A M J J A S O A M J J A S O N D J F M A N D J F M A N D J F M A N D J F M A M J J A S O N M J J A S O N M J J A S O N M J J A S O N DDDD’’’’07070707 ‘‘‘‘08080808

* Based on Morgan Stanley, Mitsui & Lehman forward price as of Mar. 3 ‘08 Except Mar. ‘08 Price is actual month to date (1-3).

95.07

119.28

110.28

how is the 2008 oil price

Oil Price Situation

30

NEGATIVE FACTORSNEGATIVE FACTORSNEGATIVE FACTORSNEGATIVE FACTORSPOSITIVE FACTORSPOSITIVE FACTORSPOSITIVE FACTORSPOSITIVE FACTORS

2008 Oil Price Trend Analysis

• World Oil DemandWorld Oil DemandWorld Oil DemandWorld Oil Demand

• World Oil SupplyWorld Oil SupplyWorld Oil SupplyWorld Oil Supply

• New / Expanded RefineriesNew / Expanded RefineriesNew / Expanded RefineriesNew / Expanded Refineries

• Speculator / Hedge FundSpeculator / Hedge FundSpeculator / Hedge FundSpeculator / Hedge Fund

• Weak US. CurrencyWeak US. CurrencyWeak US. CurrencyWeak US. Currency (Currency Impact on (Currency Impact on (Currency Impact on (Currency Impact on OPEC Basket Price)OPEC Basket Price)OPEC Basket Price)OPEC Basket Price)

• EconomicEconomicEconomicEconomic (Slowdown(Slowdown(Slowdown(Slowdown esp. USA. From esp. USA. From esp. USA. From esp. USA. From

SubSubSubSub----prime Mortgages)prime Mortgages)prime Mortgages)prime Mortgages)• High level of inventoryHigh level of inventoryHigh level of inventoryHigh level of inventory (esp. USA)(esp. USA)(esp. USA)(esp. USA)

• Political TensionPolitical TensionPolitical TensionPolitical Tension

• Storms / WeatherStorms / WeatherStorms / WeatherStorms / Weather

31

World Oil Supply/Demand

86.5 ????85.6World Supply

87.7

49.5

38.2

86.0

49.2

36.8

World Demand

OECD Demand

Non-OECD Demand

2008(F)2007Unit : MBD

50.6

37.1

35.9 ????

49.7

36.3

35.9

Non-OPEC

Call on OPEC Inc. NGL

OPEC Production Inc. NGL

-1.2-0.4Implied Stockbuild

Source : IEA@ 13 FEB 2008Source : IEA@ 13 FEB 2008Source : IEA@ 13 FEB 2008Source : IEA@ 13 FEB 2008Source : IEA@ 13 FEB 2008Source : IEA@ 13 FEB 2008Source : IEA@ 13 FEB 2008Source : IEA@ 13 FEB 2008

32

World Oil Demand

Asia/Middle East main demand driversAsia/Middle East main demand driversAsia/Middle East main demand driversAsia/Middle East main demand driversAsia/Middle East main demand driversAsia/Middle East main demand driversAsia/Middle East main demand driversAsia/Middle East main demand drivers


33

World Oil Supply

NonNonNonNonNonNonNonNon--------OPEC Supply Growth Lead by FSUOPEC Supply Growth Lead by FSUOPEC Supply Growth Lead by FSUOPEC Supply Growth Lead by FSUOPEC Supply Growth Lead by FSUOPEC Supply Growth Lead by FSUOPEC Supply Growth Lead by FSUOPEC Supply Growth Lead by FSU

Global Supply GrowthGlobal Supply GrowthGlobal Supply GrowthGlobal Supply Growth((((mb/dmb/dmb/dmb/d))))

2006200620062006 0.80 1.0%0.80 1.0%0.80 1.0%0.80 1.0%2007200720072007 0.17 0.2%0.17 0.2%0.17 0.2%0.17 0.2%2008200820082008 0.97 1.1%0.97 1.1%0.97 1.1%0.97 1.1%


34

OPEC Crude Production [OPEC Crude Production [OPEC Crude Production [OPEC Crude Production [OPEC Crude Production [OPEC Crude Production [OPEC Crude Production [OPEC Crude Production [mbpdmbpdmbpdmbpdmbpdmbpdmbpdmbpd]]]]]]]]

Source : PVM

World Oil Supply

35

Refinery

Source : PVM

Refinery Capacity Expansion 2007Refinery Capacity Expansion 2007Refinery Capacity Expansion 2007Refinery Capacity Expansion 2007Refinery Capacity Expansion 2007Refinery Capacity Expansion 2007Refinery Capacity Expansion 2007Refinery Capacity Expansion 2007--------2011 IEA 2011 IEA 2011 IEA 2011 IEA 2011 IEA 2011 IEA 2011 IEA 2011 IEA vsvsvsvsvsvsvsvs PVM [PVM [PVM [PVM [PVM [PVM [PVM [PVM [mbpdmbpdmbpdmbpdmbpdmbpdmbpdmbpd]]]]]]]]

36

Refinery

World Crude Distillation Capacity Increases by Region : MBDWorld Crude Distillation Capacity Increases by Region : MBDWorld Crude Distillation Capacity Increases by Region : MBDWorld Crude Distillation Capacity Increases by Region : MBDWorld Crude Distillation Capacity Increases by Region : MBDWorld Crude Distillation Capacity Increases by Region : MBDWorld Crude Distillation Capacity Increases by Region : MBDWorld Crude Distillation Capacity Increases by Region : MBD

Source : PVM

0.6 0.5

1.4

0.25

0.9

0.30.65

0.2 0.25

37

MBDMBDMBDMBDMBDMBDMBDMBD

0000

10101010

20202020

30303030

40404040

50505050

60606060

70707070

80808080

90909090

100100100100

110110110110

120120120120

2006200620062006 2007200720072007 2008200820082008 2009200920092009 2010201020102010 2011201120112011 2012201220122012 2013201320132013 2014201420142014 2015201520152015

Refinery CapacityRefinery CapacityRefinery CapacityRefinery Capacity Additional CapacityAdditional CapacityAdditional CapacityAdditional Capacity

Demand Growth 1%Demand Growth 1%Demand Growth 1%Demand Growth 1% Demand Grow th 3%Demand Grow th 3%Demand Grow th 3%Demand Grow th 3%

Source : Analyst Team: BP statistical report 2007, IEA Nov. Source : Analyst Team: BP statistical report 2007, IEA Nov. Source : Analyst Team: BP statistical report 2007, IEA Nov. Source : Analyst Team: BP statistical report 2007, IEA Nov. ’’’’07 report, PVM Nov. 07 report, PVM Nov. 07 report, PVM Nov. 07 report, PVM Nov. ’’’’07.07.07.07.

World CDU Capacity Expansion vs. Demand Growth

87.2487.2487.2487.2487.2487.2487.2487.24 88.2988.2988.2988.2988.2988.2988.2988.29 89.4489.4489.4489.4489.4489.4489.4489.44 91.5491.5491.5491.5491.5491.5491.5491.54 92.7492.7492.7492.7492.7492.7492.7492.74 94.4994.4994.4994.4994.4994.4994.4994.49 94.0094.0094.0094.0094.0094.0094.0094.00 96.0996.0996.0996.0996.0996.0996.0996.09 96.5996.5996.5996.5996.5996.5996.5996.59 96.8996.8996.8996.8996.8996.8996.8996.89

38

MBDMBD

0

5

10

15

20

25

30

35

2006 2007 2008 2009 2010 2011

Asic Pacific Capacity Additional Capacity Demand 1% Demand 3%

Source : Reuters, Source : Reuters, Source : Reuters, Source : Reuters, PlattsPlattsPlattsPlatts, MS ,GS as of 07 Sep. 2007 , MS ,GS as of 07 Sep. 2007 , MS ,GS as of 07 Sep. 2007 , MS ,GS as of 07 Sep. 2007

2007200720072007 2008200820082008 2009200920092009 2010201020102010 2011201120112011

AsiaAsiaAsiaAsia 23.923.923.923.9 24.524.524.524.5 25252525 26.426.426.426.4 26.726.726.726.7

Additional CapacityAdditional CapacityAdditional CapacityAdditional Capacity 0.60.60.60.6 0.50.50.50.5 1.41.41.41.4 0.30.30.30.3 0.90.90.90.9

Demand 1%Demand 1%Demand 1%Demand 1% 24.924.924.924.9 25.125.125.125.1 25.425.425.425.4 25.625.625.625.6 25.925.925.925.9

Demand 3%Demand 3%Demand 3%Demand 3% 25.325.325.325.3 26.126.126.126.1 26.926.926.926.9 27.727.727.727.7 28.528.528.528.5

Asia Oil Refining Addition and Oil Demand/Supply Growth

39

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

45

50

55

60

65

70

75

80

85

90

95

100

105Future & Options

WTI

$/B$/B$/B$/B$/B$/B$/B$/BBLBLBLBLBLBLBLBLBBBBBBBBBL BL BL BL BL BL BL BL ((((((((,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000))))))))

J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A S O N D S O N D S O N D S O N D S O N D S O N D S O N D S O N D J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A J F M A M J J A S O N DS O N DS O N DS O N DS O N DS O N DS O N DS O N D’’’’’’’’0707070707070707 ‘‘‘‘‘‘‘‘0808080808080808

Long 158 MB Long 158 MB Long 158 MB Long 158 MB (+23 MB) at 26/02/08(+23 MB) at 26/02/08(+23 MB) at 26/02/08(+23 MB) at 26/02/08

Speculators Effect (NYMEX Crude Futures & Options)

40

All USA. oil stock level are moving in

comfortable level esp. gasoline stock

USA. Oil Stocks

41

WTIWTIWTIWTI BrentBrentBrentBrent DubaiDubaiDubaiDubai

Barclays CapitalBarclays CapitalBarclays CapitalBarclays Capital 87.4087.4087.4087.40 85.8085.8085.8085.80 81.4081.4081.4081.40

BNP Par ibasBNP Par ibasBNP Par ibasBNP Par ibas 88.8088.8088.8088.80 87.0087.0087.0087.00 82.8082.8082.8082.80

CitigroupCitigroupCitigroupCitigroup 80.0080.0080.0080.00 80.0080.0080.0080.00 74.0074.0074.0074.00

Deutsche BankDeutsche BankDeutsche BankDeutsche Bank 80.0080.0080.0080.00 80.0080.0080.0080.00 74.0074.0074.0074.00

EIAEIAEIAEIA 84.7384.7384.7384.73 ---- 78.7378.7378.7378.73

Economist Intelligence UnitEconomist Intelligence UnitEconomist Intelligence UnitEconomist Intelligence Unit 79.5679.5679.5679.56 78.0078.0078.0078.00 73.5673.5673.5673.56

ESAIESAIESAIESAI 78.9078.9078.9078.90 78.1078.1078.1078.10 72.9072.9072.9072.90

Goldman SachsGoldman SachsGoldman SachsGoldman Sachs 95.4895.4895.4895.48 93.9893.9893.9893.98 89.4889.4889.4889.48

INGINGINGING 76.0076.0076.0076.00 74.0074.0074.0074.00 70.0070.0070.0070.00

JP MorganJP MorganJP MorganJP Morgan 65.0065.0065.0065.00 64.0064.0064.0064.00 59.0059.0059.0059.00

LehmanLehmanLehmanLehman 84.0084.0084.0084.00 84.0084.0084.0084.00 78.0078.0078.0078.00

Merr ill LynchMerr ill LynchMerr ill LynchMerr ill Lynch 82.0082.0082.0082.00 82.0082.0082.0082.00 76.0076.0076.0076.00

Morgan StanleyMorgan StanleyMorgan StanleyMorgan Stanley 65.0065.0065.0065.00 64.0064.0064.0064.00 59.0059.0059.0059.00

SG CIBSG CIBSG CIBSG CIB 80.9080.9080.9080.90 80.4080.4080.4080.40 74.9074.9074.9074.90

Standard Char teredStandard Char teredStandard Char teredStandard Char tered 75.0075.0075.0075.00 74.0074.0074.0074.00 69.0069.0069.0069.00

UBSUBSUBSUBS 74.0074.0074.0074.00 74.0074.0074.0074.00 68.0068.0068.0068.00

2008200820082008

2008 Crude Oil Price Forecast Summary

Source : Analyst Team as of Jan. 2008.Source : Analyst Team as of Jan. 2008.Source : Analyst Team as of Jan. 2008.Source : Analyst Team as of Jan. 2008.

2008

WTI = 89-93

Brent = 87-91Dubai = 82-86

$/BBL

42

45454545

50505050

55555555

60606060

65656565

70707070

75757575

80808080

85858585

90909090

95959595

100100100100

105105105105

110110110110

115115115115

120120120120

125125125125GO 0.5%S

UNL 95

Dubai

$$$$/BBL/BBL/BBL/BBL

J F M J F M J F M J F M A M J J A S O A M J J A S O A M J J A S O A M J J A S O N D J F M A N D J F M A N D J F M A N D J F M A M J J A S O N M J J A S O N M J J A S O N M J J A S O N DDDD’’’’07070707 ‘‘‘‘08080808

* Based on Morgan Stanley, Mitsui & Lehman forward price as of Mar. 3 ‘08 Except Mar. ‘08 Price is actual month to date (1-3).

95.07

119.28

110.28

2008 Product Crack Spread Forecast

AVG. 2007DB = 68.3395 = 82.82GO = 84.96

Dubai PriceDubai PriceDubai PriceDubai Price = = = = 82 - 86

UNL 95 Crack= UNL 95 Crack= UNL 95 Crack= UNL 95 Crack= 12 - 14G.O. 0.5%S Crack = 16 G.O. 0.5%S Crack = 16 G.O. 0.5%S Crack = 16 G.O. 0.5%S Crack = 16 ---- 18181818

43

Where are Oil Price Headed

•• While demand remains buoyant, little chance to build While demand remains buoyant, little chance to build sufficient spare capacitysufficient spare capacity

•• Demand destruction has only been apparent in poorer Demand destruction has only been apparent in poorer countriescountries

•• US, Global slowdown may well curtail 2008/2009 demand US, Global slowdown may well curtail 2008/2009 demand growthgrowth

•• Prices will remain extremely volatilePrices will remain extremely volatile

•• Weak dollar will be a key factor in determining Weak dollar will be a key factor in determining ‘‘headlineheadline’’price.price.

•• Technology will play an increasingly important roleTechnology will play an increasingly important role

•• NGLsNGLs, alternative energy to grow., alternative energy to grow.

Oil will never be “cheap” again

44

Events &Events &Events &Events &Events &Events &Events &Events &Activities Activities Activities Activities Activities Activities Activities Activities

45

Board of the Year

2nd Consecutive Time

“Board of the Year for Exemplary Practices”2006/2007

December 11, 2007

2nd Consecutive Time

“Board of the Year for Exemplary Practices”2006/2007

December 11, 2007

46

Top CEO at the 6th CNBC Asia Leaders Awards

Asia Corporate Social Responsibility Asia Corporate Social Responsibility Asia Corporate Social Responsibility Asia Corporate Social Responsibility of the Yearof the Yearof the Yearof the Year

AnusornAnusornAnusornAnusorn SangnimnuanSangnimnuanSangnimnuanSangnimnuan

of The Bangchak Petroleum Plc. of The Bangchak Petroleum Plc. of The Bangchak Petroleum Plc. of The Bangchak Petroleum Plc.

for his outstanding contributions to for his outstanding contributions to for his outstanding contributions to for his outstanding contributions to education, the environment and education, the environment and education, the environment and education, the environment and

community development community development community development community development

47

Buy Used Cooking Oil 17 Baht/Liter

10101010101010101212121212121212

1313131313131313

14141414141414141616161616161616

1717171717171717

48

Launching Gasohol E20 Launching Gasohol E20 Launching Gasohol E20 Launching Gasohol E20

Ford Escape

Ford Focus

Every Honda car model 2008

New TIDA &

TEANA

49

Co-operative among PTT Group

PTT Group Ship Vetting (PTT, TOP, RRC, BCP, IRPC)

SrirachaSrirachaSrirachaSriracha Oil TankOil TankOil TankOil Tank

SBMSBMSBMSBM

CoCoCoCo----loadingloadingloadingloading

PQI TrainingPQI TrainingPQI TrainingPQI Training

Price Risk ManagementPrice Risk ManagementPrice Risk ManagementPrice Risk Management

CoCoCoCo----ProcurementProcurementProcurementProcurement

CoCoCoCo----Generation & Natural GasGeneration & Natural GasGeneration & Natural GasGeneration & Natural Gas

Crude SourcingCrude SourcingCrude SourcingCrude Sourcing

The Co-Generation Signing (Feb 25, 2008)

50

BCP’s Lab certified ISO 17025

51

Company VisitCompany VisitCompany VisitCompany Visit

Thank YouThank You

For more informationFor more information

www.bangchak.co.thwww.bangchak.co.th

Email : Email : [email protected]@bangchak.co.th0202--33545833354583

0202--33545873354587

AppendicesAppendices

54

Refining Production & Marketing Channel

Jobbers

ThaiAirways

Factories

Jobbers

BCP’s

Refinery

Business

BCPBCP’’ss

RefineryRefinery

BusinessBusiness

ImportImportCrudeCrude(25%)

LocalLocalCrudeCrude(75%)

Simple Ref inerySimple Ref ineryNameplate : 120 KBDNameplate : 120 KBD

Wholesalers

PTT

Wholesalers

Export

Wholesale Customers

Retail Customers (Service Stations) 45%

RefinedRefinedProductsProducts

BCP’s

Marketing

Business

BCPBCP’’ss

MarketingMarketing

BusinessBusiness

GRM

MKM

CrudeCost

Ex-RefPrice

WholesalePrice

RetailPrice

HSDHSD 35%35%MogasMogas 18%18%IK/JPIK/JP--1 1 11%11%LPGLPG 3%3%FOFO 33%33%

MKM

CO 261

JV 156

DODO 114

CO-OP 532

+ Non Oi l

Value Chain

40%

60%

2%

5%

33%

◄ Standard Size (Stations)

NGV StationLUBE

◄ Small Size (Stations)

Mogas91, GSH95, GSH91, HSD, B5, E20

Mart

Car Care

Coffee Shop & Other Facilities

Industrial Customers 15%

JP-1, FO, HSD, LPG

JP-1

FO, LPG, LUBE

HSD

Gas Station LPG

• Product slate weighted towards heavy fuel oil and diesel

• Investment in PQI to

turn from simple refinery to be a complex refinery

531

55

Logistic

Manufacturing

Sale

PR

Finance

HR

IT

Preparation Ensure PQI Completion� Maximize Capacity Readiness Task ForceMaximize Capacity Readiness Task ForceMaximize Capacity Readiness Task ForceMaximize Capacity Readiness Task Force� NG Supply SystemNG Supply SystemNG Supply SystemNG Supply System� DCS UpgradingDCS UpgradingDCS UpgradingDCS Upgrading� Additional LR Feed LineAdditional LR Feed LineAdditional LR Feed LineAdditional LR Feed Line� Boiler Preparation Boiler Preparation Boiler Preparation Boiler Preparation � Tank ReparationTank ReparationTank ReparationTank Reparation

� PTT/Supply Sale/Export PTT/Supply Sale/Export PTT/Supply Sale/Export PTT/Supply Sale/Export � Retail SaleRetail SaleRetail SaleRetail Sale� Industrial SaleIndustrial SaleIndustrial SaleIndustrial Sale� Depot FacilityDepot FacilityDepot FacilityDepot Facility

� IT System Implementation:IT System Implementation:IT System Implementation:IT System Implementation:Oil Record, L/P, SimulationOil Record, L/P, SimulationOil Record, L/P, SimulationOil Record, L/P, Simulation

� Lab Information SystemLab Information SystemLab Information SystemLab Information System� Management InformationManagement InformationManagement InformationManagement Information

� Road Show / External PRRoad Show / External PRRoad Show / External PRRoad Show / External PR� Internal PRInternal PRInternal PRInternal PR

� Crude Rec eiving FacilityCrude Rec eiving FacilityCrude Rec eiving FacilityCrude Rec eiving Facility� Barge FleetBarge FleetBarge FleetBarge Fleet� LP & SimulationLP & SimulationLP & SimulationLP & Simulation� NG Supply ContractNG Supply ContractNG Supply ContractNG Supply Contract� Fuel Own us ed PlanFuel Own us ed PlanFuel Own us ed PlanFuel Own us ed Plan� Crude Supply PlanCrude Supply PlanCrude Supply PlanCrude Supply Plan

� Working Capital PreparationWorking Capital PreparationWorking Capital PreparationWorking Capital Preparation� Loan ManagementLoan ManagementLoan ManagementLoan Management� Contingency Res erveContingency Res erveContingency Res erveContingency Res erve

� RecruitmentRecruitmentRecruitmentRecruitment� TrainingTrainingTrainingTraining� Office ExpansionOffice ExpansionOffice ExpansionOffice Expansion� Individual KPIIndividual KPIIndividual KPIIndividual KPI

56

PTTPTTPTTPTT

34.7%34.7%34.7%34.7%

SHELLSHELLSHELLSHELL

17.1%17.1%17.1%17.1%

ESSOESSOESSOESSO

11.3%11.3%11.3%11.3%

BCPBCPBCPBCP

22.0%22.0%22.0%22.0%

Ot hersOt hersOt hersOt hers

3.0%3.0%3.0%3.0%

J ETJ ETJ ETJ ET

5.4%5.4%5.4%5.4%

CTXCTXCTXCTX

6.5%6.5%6.5%6.5%

PTTPTTPTTPTT

31.0%31.0%31.0%31.0%


17.6%17.6%17.6%17.6%

ESSOESSOESSOESSO

16.1%16.1%16.1%16.1%

BCPBCPBCPBCP

13.1%13.1%13.1%13.1%

CTXCTXCTXCTX

9.6%9.6%9.6%9.6%

JETJETJETJET

6.7%6.7%6.7%6.7%

OthersOthersOthersOthers

5.9%5.9%5.9%5.9%

PTTPTTPTTPTT

33.4%33.4%33.4%33.4%


15.1%15.1%15.1%15.1%

ESSOESSOESSOESSO

18.0%18.0%18.0%18.0%

BCPBCPBCPBCP

12.5%12.5%12.5%12.5%


6.5%6.5%6.5%6.5%

JETJETJETJET

6.7%6.7%6.7%6.7%

CT XCT XCT XCT X

7.8%7.8%7.8%7.8%BCPBCPBCPBCP

76.8%76.8%76.8%76.8%

PTTPTTPTTPTT

23.1%23.1%23.1%23.1%

GASOHOLGASOHOLGASOHOLGASOHOLMOGAS POOLMOGAS POOLMOGAS POOLMOGAS POOL HSD POOLHSD POOLHSD POOLHSD POOL Bio Diesel 5%Bio Diesel 5%Bio Diesel 5%Bio Diesel 5%

Yea

r 20

06Y

ear

2007

484 ML/Mo-0.8%

142 ML/Mo+35.5%

885 ML/Mo-1.2%

37 ML/Mo+33 ML/Mo

PTTPTTPTTPTT

31.9%31.9%31.9%31.9%


17.3%17.3%17.3%17.3%

ESSOESSOESSOESSO

15.7%15.7%15.7%15.7%

BCPBCPBCPBCP

12.6%12.6%12.6%12.6%


6.1%6.1%6.1%6.1%

JETJETJETJET

6.8%6.8%6.8%6.8%

CTXCTXCTXCTX

9.6%9.6%9.6%9.6%

PTTPTTPTTPTT

37.4%37.4%37.4%37.4%


19.9%19.9%19.9%19.9%

ESSOESSOESSOESSO

7.8%7.8%7.8%7.8%

BCPBCPBCPBCP

23.2%23.2%23.2%23.2% CTXCTXCTXCTX

5.8%5.8%5.8%5.8%

JETJETJETJET

3.8%3.8%3.8%3.8%

Ot hersOt hersOt hersOt hers

2.1%2.1%2.1%2.1%

PTTPTTPTTPTT

35.5%35.5%35.5%35.5%


14.4%14.4%14.4%14.4%

ESSOESSOESSOESSO

17.6%17.6%17.6%17.6%

BCPBCPBCPBCP

11.9%11.9%11.9%11.9%

CTXCTXCTXCTX

7.5%7.5%7.5%7.5%

JETJETJETJET

6.3%6.3%6.3%6.3%


6.8%6.8%6.8%6.8%

PTTPTTPTTPTT

57.3%57.3%57.3%57.3%

BCPBCPBCPBCP

42.7%42.7%42.7%42.7%

489 ML/Mo 105 ML/Mo 896 ML/Mo 4 ML/Mo

Vol. +28.9%Vol. +3.7% Vol. +3.9% Vol. +27 ML/Mo

Market Share of Service Station 2007

57

Vol. ML/Mo GSH 95 GSH 91

Total Year PTT BCP SHELL ESSO OTHERS

55.7 2005

104.6 2006

�88.8%

141.7 2007

�35.5%49.2

39.1

21.1

31.2

24.2

20.2

24.2

20.8

11.4

16

8.2

21.1

12.3

0.9

2.1

- 20 40 60 80 100 120 140 160

PTT BCP SHELL ESSO OTHERS-

20.2 20.2 20.2 20.2

16.4 16.4 16.4 16.4 7.8 7.8 7.8 7.8

13.3 13.3 13.3 13.3 16.8 16.8 16.8 16.8

GasoholGasoholGasoholGasohol95959595

GasoholGasoholGasoholGasohol91919191

Current StatusCurrent StatusCurrent StatusCurrent Status(Jan 2008)(Jan 2008)(Jan 2008)(Jan 2008)

Current StatusCurrent StatusCurrent StatusCurrent Status(Jan 2008)(Jan 2008)(Jan 2008)(Jan 2008)

Volume : Volume : 18.618.6 MLML

Stations : 704 UnitsStations : 704 Units

Volume : Volume : 23.2 ML23.2 ML

Stations : 522 UnitsStations : 522 Units

+25.8.8% +28.9% +16.3% +95.1% +71.5%

The Leader in Renewable Energy

Unit : Million liter / Month

58100.0100.0-1.1%1,384.81,369.5Total

-0.24.44.2-5.2%61.057.8Others

-0.12.22.1-5.8%29.928.2PETRONAS

+0.26.56.7+2.4%89.691.8JET

+0.28.38.4+1.0%114.3115.5CALTEX

+0.612.112.7+3.8%168.2174.5BCP

+0.416.917.3+1.3%233.9237.1ESSO

AVG. YTD (Jan.-Dec.)

16.0

32.6

2007

Market Share (%)

+2.5%

-6.0%

+0.615.4213.5218.8SHELL

-1.734.3474.4446.0PTT

200620062007

Sales Volume (ML/Month)

Market Share - Service Station

59100.0100.0-0.8%488.5484.4Total

-0.13.53.4-2.9%17.316.8Others

0.02.52.5-0.2%12.112.0PETRONAS

-0.16.86.7-2.9%33.332.4JET

0.09.69.6-1.4%47.046.3CALTEX

+0.612.613.1+3.6%61.463.7BCP

+0.415.716.1+1.6%76.677.8ESSO

AVG. YTD (Jan.-Sep.)

17.6

31.0

2007

Market Share (%)

+0.8%

-3.8%

+0.317.384.785.4SHELL

-1.031.9156.0150.0PTT

200620062007


Market Share - Service Station (Mogas Pool)

60100.0100.0+35.5%104.6141.7Total

0.01.21.2+41.7%1.21.7Others

+0.71.01.7+137.6%1.02.4PETRONAS

+1.63.85.4+92.3%4.07.6JET

+0.85.86.5+53.1%6.09.3CALTEX

-1.123.222.0+28.9%24.231.2BCP

+3.57.811.3+95.7%8.216.0ESSO


17.1

34.7

2007

Market Share (%)

+16.5%

+25.9%

-2.819.920.824.2SHELL

-2.637.439.149.2PTT

200620062007


Market Share - Service Station (Gasohol)

61100.0100.0-1.2%896.3885.2Total

-0.24.94.7-5.7%43.541.0Others

-0.22.01.8-9.6%17.916.2PETRONAS

+0.46.36.7+5.5%56.359.4JET

+0.37.57.8+2.7%67.369.1CALTEX

+0.611.912.5+3.9%106.7110.9BCP

+0.417.618.0+1.2%157.3159.3ESSO


15.1

33.4

2007

Market Share (%)

+3.6%

-7.0%

+0.714.4128.8133.3SHELL

-2.135.5318.4296.0PTT

200620062007


Market Share - Service Station (Diesel)

62

Source : DOEB

Market Share - Service Station (Bio Diesel)

+0.02-0.020.01-0.01JET

100.0100.033.73.537.2Total

+33.243.676.827.11.528.6BCP


23.2

2007

Market Share (%)

6.6 -33.256.42.08.6PTT

200620062007


63

CSDR

CD to PTT

CS

Warrant

CDDR

ESOP Warrant

Listed

Listed

Listed

Non -Listed

Non

Non --Listed

Listed

• Capital protected by MoF THB13 / per unit at maturity date Feb 2, 2014• Force conversion : when BCP-DR1 > THB 20.80, 15 consecutive days

• No capital protection• Par value of THB 1.00 per share

• Right offering in 2Q06• Exercise price THB 18 per CS, Quarterly• Maturity in May 2011 (5 years)

• Capital protected by MoF @ THB10,000 per unit (Jan 29,2014)• Coupon 3% p.a., Semi-annual• Conversion : THB 14.30 per CS, Quarterly• Force conversion : when BCP-DR1 > THB 21.45, 15 consecutive days

• Solely issued to PTT for PQI funding• Conversion price THB 14.00 per CS, Quarterly• Coupon 3% p.a., Semi-annual

BCP-DR1

BCP

BCP-W1

BCP141A

TickerTickerNameName

• Issued to BCP’s directors and employees maturity at Aug 24, 2009• Exercise price THB 5 per CS when BCP-DR1 > THB 21, 5 consecutive days

Note: CSDR, CS, Warrant are tradable in Stock Exchange of Thailand (SET)CDDR is tradable in TBDCWarrant (BCP-W1 and ESOP) exercise ratio is 1 Warrant per 1 CS

Significant Terms & ConditionsSignificant Terms & ConditionsTypeType

Common Share Depository Receipt

Convertible Debenture

Common Share

Warrant

Convertible Debenture Depository Receipt

Warrant

BCP’s Instrument & Features

Documents

The Bangchak Petroleum Plc. - listed companybcp.listedcompany.com/misc/analystmeet/20080305Analyst-E.pdfThe Bangchak Petroleum Plc. Analyst Meeting •March 5, 2008 Mr. Mr. Patiparn