On shipping, it said it has taken a proactive approach even as global developments could affect key routes such as the Strait of Hormuz, which it noted carries around 20% of the world’s crude oil. The group said it has already prepared contingency plans to diversify sources, including crude from regions that do not require passage through Hormuz, such as Africa and the Americas, to prevent any crude shortage entering the refining system.
It added that, despite energy-market volatility pushing up costs—including crude premiums, freight, and insurance—refiners are continuing forward crude purchases and maintaining production to ensure there will be enough fuel to meet domestic demand.
During the current crisis, the group said it is working closely with the government to monitor developments and maintain energy stability so the public and industry have sufficient fuel in all circumstances.
It said Thailand currently has oil in the system to support use for about 65 days, and that refiners have additional crude purchases planned to sustain production for more than 30 days. Combined, this would provide the country with roughly 95 days of supply. The group said it will continue procuring crude to support Thailand’s long-term energy stability.