Thai Oil Public Company Limited (TOP) led by Mr. Bandhit Thamprajamchit, Chief Executive Officer and President of Thai Oil Plc, stated that on 25 September 2025, the Board approved the establishment of a new subsidiary, with PTT Tank holding a 49% stake. This subsidiary will invest in a 21-year long-term lease of selected infrastructure assets, located in Si Racha District, Chonburi Province, including crude oil storage tanks, Single Buoy Mooring (SBM), lorry loading station, and associated land.
TOP is entering a leaseback arrangement of the assets back to the company for ongoing oil refinery business. Upon completion of the transaction, the Company will realize additional cash inflows, thereby reinforcing its financial position, improving key financial ratios, and enhancing its capital recycling.
“This Asset Monetization initiative is aligned with the Company’s strategic direction to strengthen its financial position. This transaction will provide stable long-term cash inflows from leased assets while allowing TOP to continue utilizing them in its operations. It also creates additional value from existing infrastructure assets and helps reduce long-term financial risks amid dynamic economic and industrial environments,” added Bandhit.
The collaboration with PTT Tank, the flagship infrastructure and logistics company of PTT Group’s refining and petrochemical businesses, will create synergies and enhance efficiency in integrated asset management operations..
Bandhit further stated that upon the establishment of the transaction, the Company has reviewed and considered the impacts on all stakeholders with primary emphasis on the interests of the Company and its shareholders. To ensure the transparency, the Board of Directors has appointed Capital Advantage Company Limited as the Independent Financial Advisor to assess the appropriateness of the transaction and prepare a report for shareholders’ consideration. The Company will convene the Extraordinary General Meeting of Shareholders on 9 December 2025 via electronic platform. The record date to determine shareholders eligible to attend the meeting is set for 9 October 2025.