Thai Oil
Thai Oil (SET: TOP) is Thailand's largest refiner by capacity and the anchor refining asset in PTT Group. FY2024 consolidated revenue approximately THB 460B. Sriracha refinery operates at nameplate 275,000 barrels per day across crude distillation, vacuum, hydrocracker, aromatic, lube units. The Clean Fuel Project (CFP) expansion targets 400,000 bpd, upgraded residue-upgrading unit, originally targeted 2025-2026 but delayed to 2028. TOP also operates petrochemical units (paraxylene, benzene), lube oils, waxes, and selected trading, logistics subsidiaries. PTT holds ~45%.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 460B
FY2024
Refining capacity
275K bpd (CFP -> 400K)
FY2024
Ticker
SET: TOP
Listed 2004
Location
Sriracha, Chonburi
Anchor asset
What this company actually does
TOP refines imported crude into gasoline, diesel, jet, fuel oil, LPG, and naphtha at the Sriracha refinery (275K bpd). Downstream integration covers paraxylene, benzene (petrochemical feedstocks for PTTGC, external buyers), lube base-oils, waxes, and trading, logistics (pipelines, storage, fleet). Refined products are sold to OR, Bangchak, other retailers, industrial users, export. The Clean Fuel Project expansion adds a residue-upgrading unit, capacity lift to 400K bpd; originally targeted 2025-2026 operational, now 2028, with capex running over budget in project execution.[]
Strategic position: TOP is the Thai refining pure play. Earnings are primarily driven by Singapore complex gross refining margin (GRM) — the regional benchmark. GRM volatility is high; $5-10/bbl swings quarter-over-quarter are common. Near-term variables: (a) global crude, refining cycle; (b) CFP delivery schedule, capex overrun; (c) Oil Fuel Fund repayment obligations; (d) EV-adoption impact on domestic gasoline demand (slow through 2030); (e) regional petchem cycle affecting paraxylene, benzene. PTT parent provides crude supply via the PTT international trading desk.[, ]
Watchpoints
Singapore complex GRM
Core earnings driver; cycle volatility high.
CFP delivery, capex overrun
400K bpd expansion target 2028; overrun, schedule slippage tracked.
Paraxylene, benzene margin
Downstream petchem spread; cross-cycle with PTTGC.
OFF repayment, levy burden
Cross-subsidy obligations through 2028.
Segment breakdown
Core
Refining (275K bpd Sriracha)
Crude-distillation, vacuum, hydrocracker, converting imported crude into diesel, gasoline, jet fuel, LPG, naphtha. Revenue contribution ~75% of consolidated revenue. GRM is the primary earnings lever.
Downstream
Petrochemicals — paraxylene, benzene
Integrated petchem units supply feedstocks to PTTGC and external buyers. Paraxylene margin runs counter-cycle to refining GRM, providing partial earnings diversification.
Downstream
Lube base oil, waxes, solvents
Higher-margin refined products sold to lubricant blenders, industrial customers. Differentiates TOP's output basket from pure-refining peers.
Expansion
Clean Fuel Project (CFP) to 400K bpd
Residue-upgrading unit, capacity expansion; target delivery 2028. Capex estimated at ~USD 4.5B. Once operational, eliminates high-sulphur fuel oil yield overhang and lifts complex GRM.
PTT Group refining peers: capacity and position
Refining capacity
~294K bpd (incl. Esso Rayong)
Location
Bangchak, Rayong
PTT stake
0% (independent)
| Entity | Refining capacity | Location | PTT stake |
|---|---|---|---|
| Thai Oil (TOP) | 275K bpd (CFP → 400K by 2028) | Sriracha, Chonburi | ~45% |
| IRPC | 215K bpd | Rayong | ~38% |
| Bangchak Corporation | ~294K bpd (incl. Esso Rayong) | Bangchak, Rayong | 0% (independent) |
Related Market profiles
Peers, parents, partners, agencies, and other Oil & Gas actors.
Parent
PTT
Parent PTT holdco; ~45% ownership of TOP.
Open Market profile →
Competitor
IRPC
Fellow PTT-controlled refiner at Rayong (215K bpd).
Open Market profile →
Competitor
Bangchak Corporation
Main independent refiner (post-Esso 294K bpd combined).
Open Market profile →
Sector peer
Bangkok Aviation Fuel Services
Aviation fuel into-plane services, pipeline at Suvarnabhumi, Don Mueang; tourism-recovery beta; FY2024 revenue ~ $144.9M.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Oil Fuel Fund (OFF) — Retail Fuel Subsidy, Stabilisation Scheme
Publisher
Oil Fuel Fund Office, Ministry of Energy
Grade
Primary
As of
2026-03-31
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Thai Oil PCL (SET: TOP) FY2024 Form 56-1 One Report | Thai Oil PCL | Primary | 2025-03-31 |
| Oil Fuel Fund (OFF) — Retail Fuel Subsidy, Stabilisation Scheme | Oil Fuel Fund Office, Ministry of Energy | Primary | 2026-03-31 |
Reports featuring this profile
Thailand Biodiesel & Renewable Diesel Market Intelligence
Refinery-gate blending, Clean Fuel Project, SAF roadmap
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Sits alongside 3 other Atlas profilesThai Oil (TOP): Refining Margin Cycle and Petrochemical Integration
Largest Thai refiner; 275K bpd Sriracha refinery; FY2024 revenue THB 455.86B; net income THB 14.58B; CFP capex programme lifts capacity to 400K bpd by Q3 2028.
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Sits alongside 2 other Atlas profilesThai SAF (Sustainable Aviation Fuel): BCP, PTT, and the Jet-Fuel Cycle
PTT-controlled refining-petrochemical operator; SAF feedstock-processing positioning.
Open report →
Sits alongside 6 other Atlas profilesIRPC: Integrated Petrochemical Margin Through the Cycle
Largest Thai refiner at 275K bpd capacity; Singapore-cracked GRM exposure; PTT-affiliated peer; CFP capacity expansion underway.
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Sits alongside 3 other Atlas profilesGPSC: Petrochemical Captive Power and the Renewables Pivot
Sriracha refining customer for GPSC's Energy Recovery Unit (ERU) cogeneration plant under Thai Oil Clean Fuel Project (CFP); COD targeted 2025.
Open report →
Sits alongside 5 other Atlas profilesThailand Oil & Gas Market Intelligence
Thailand's largest refiner; 275K bpd Sriracha, CFP expansion to 400K bpd; FY2024 revenue ~THB 460B.
Open report →
Sits alongside 8 other Atlas profilesThailand LNG & Natural Gas Market Intelligence
Thai Oil (SET: TOP) refining, gas distribution, LNG import.
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Sits alongside 2 other Atlas profilesThailand Palm Oil Biodiesel Deep Dive
Thai Oil refiner, biodiesel blender.
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Sits alongside 6 other Atlas profilesBangchak: Refining Margin and the Renewable Pivot
Adjacent SET:TOP in Thai refining
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Sits alongside 3 other Atlas profilesPTTEP: Upstream Portfolio and the Myanmar Exposure Question
Downstream affiliate adjacent to PTTEP
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Sits alongside 2 other Atlas profilesRelated Market profiles
parent
PTT
State-linked integrated Thai petroleum holdco; six listed subsidiaries; FY2024 consolidated revenue ~THB 2.8T; ~15% of SET market cap.
competitor
IRPC
Integrated refiner, petrochemical at Rayong; 215K bpd refining, olefin, aromatic, specialty polymers; FY2024 revenue ~THB 290B.
competitor
Bangchak Corporation
Main independent Thai refiner; post-Esso ~294K bpd, 1,800 retail stations; biofuels, BCPG solar; FY2024 revenue ~THB 330B.