Bangkok--Jan 23--Thai Oil
Thai Oil Public Company Limited repaid loan of USD 100 million, out of USD 150 million outstanding under the USD Revolving Credit Facility Agreement, and succeeded in negotiating to reduce interest rates under its on-shore long-term loan agreement of one of its subsidiaries, Independent Power ( Thailand) Company Limited (IPT) in approximately Baht 135 million per year .
Dr. Viroj Mavichak, Managing Director of Thai Oil Plc., disclosed that “ due to Thaioil’s currently high financial liquidity position, the company decided to repay USD 100 million, out of USD 150 million outstanding on January 11 th,2006, under the USD 200 Million Revolving Credit Facility Agreement. This partial repayment will allow the company to efficiently and effectively manage its financial liquidity and lower the interest burden. The interest rate under the Facility Agreement, a floating interest rate, is currently approximately 5% per annum.”
Under this 5 years, USD 200 million Revolving Credit Facility Agreement, expiring in June 2010, the company can repay and re-withdraw the facility, within the maximum of USD 200 million, as and when it wishes, throughout the 5 years term of the Facility Agreement.
For IPT, one of Thaioil’s subsidiaries, Managing Director added that
“ With its excellent performance in the year 2005 and its ability to resume the full, stable capacity utilization, IPT was successful in its negotiation with the local creditors to reduce domestic interest rates under its on-shore long-term loan agreement. Effective as from November 24th,2005, the interest rates have been reduced by 1.125% to 1.25% per annum, resulting in an interest saving of approximately Baht 135 million throughout the remaining loan life of approximately 8 years.”
Besides, on 11th January, 2006, The Euromoney Magazine has awarded Thai Oil Public Company Limited as “Best Newly Listed Company in Asia” and “ Most Improved Companies in Asia — 6th Ranking” for the year 2005. The awards were based on a survey of 67 market analysts at leading banks and research institutes in Asia in which 368 listed companies were nominated.
Dr.Viroj Mavichak said “ the awards reflected the investors’ confidence on Thaioil’s business direction, the expansion projects of Thaioil and its subsidiaries such as the project to expand Thaioil’s capacity by 50,000 barrels per day at its CDU-3 unit, the secondary expansion of Thai Paraxylene Company Limited (TPX) to increase Aromatics to a total of 853,000 tons per year and the project to produce fuel ethanol from cassava are in progress as planned, resulting in strong overall performance and secure financial status.”
This is the 2nd consecutive year that Thaioil receives the award from Euromoney. In 2004, Thaioil has awarded “Best Equity Deal in Asia”, in recognition of the company’s success in offering its Initial Public Offering (IPO) which is the largest-scale IPO in the Southeast Asia.
Established in 1961, Thai Oil Plc. is the largest petroleum oil refiner and supplier in Thailand. The company’s current production capacity is 235,000 barrels per day. It has been listed on the Stock Exchange of Thailand since October 2004 under the name “ TOP”. End.