Bandhit Thamprajamchit, Chief Executive Officer, President, and director of Thai Oil Public Company Limited (SET: TOP) revealed that during the meeting on Oct. 25, the board of executives has the resolution to replace the resigned executive as follows: Kris Imsang replacing Suchat Ramarch and appointing Pattaralada Sa-ngasang replacing Pannalin Mahavongthigul, the resolution will be in effect on Nov.1 2024.
Additionally, the board appointed Kris and Pattaralada as Risk Management Committee which would also be in effect on Nov. 1.
Meanwhile, Thai Oil also revealed that due to several news reports of subcontractors rally in front of the Thai Oil refinery at Sriracha, Chonburi, that resulted in an indefinite delay of the Clean Fuel Project (CFP), and news of TOP primary contractor of Samsung E&A (Thailand) Co., Ltd., Petrofac South East Asia Pte. Ltd., and Saipem Singapore Pte. Ltd. (collectively known as UJV) has suffered from the lack of funding in the CFP, causing a delay in payment to its subcontractor.
Because of that, Thai Oil has explained that the CFP is a complex refinery project that would help increase efficiency in oil refining and bolster Thailand’s energy sustainability and that the project is a large project that requires a lot of funding and a specialist that the country does not have. Thai Oil has studied the feasibility of the CFP since 2014, and the engineering design and production process began in 2015-2016, to gather information to offer a bid for an engineering, procurement, and construction (EPC) contract in the CFP.
In 2016, Thai Oil examined its bidder for qualifications such as financial statements analysis, financial ratio, and experience with transparency per corporate governance principles.
Meanwhile, Thai Oil also received a report of UJV failing to pay its subcontractor on schedule, UJV on the other hand claims lack of funding as the cause for a delay in payment, even though TOP has always paid the group both completely and on schedule while also providing the group with capable of financial support.
Therefore, Thai Oil has announced that the rally in front of the Thai Oil refinery at Sriracha, Chonburi, which has affected the company’s operation in that certain area, does not cause an indefinite delay on CFP construction, as reported on several media outlets.
However, Thai Oil insists that the company has compensated UJV as agreed upon in the EPC contract, but the group has failed to reimburse its subcontractor.
