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REFINERY

Thai Oil posts first quarterly losses

Thai Oil reported its first quarterly loss since listing in 2004 as falling crude prices lowered the value of inventories.



 

 The refiner reported a net loss of Bt5.72 billion in the third quarter of this year, compared with a revised profit of Bt3.23 billion a year earlier.

 The loss reflects the declining value of Thai Oil's crude inventories after prices declined 28 per cent in the third quarter. - Bloomberg

 Oil prices jumped US$4 a barrel to above US$64 on Monday as world stock markets rallied on news of a massive Chinese economic stimulus plan, which could spur global economy.

 In another development, oil retailers in Thailand will cut petrol and gasohol prices by 80 satang per litre. Effective on Tuesday, the octane-91 petrol price would be Bt26.19 while gasohol 95 will be Bt21.09.


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