Thai Oil Public Company Limited (TOP) announced that Moody’s Investors Service has affirmed the company’s senior unsecured debt ratings at Baa3 and its Baseline Credit Assessment (BCA) at ba2, with the overall outlook remaining negative.
Moody’s decision reflects Thai Oil’s strengthened balance sheet following its proactive debt reduction efforts throughout 2025. Over the past nine months, the company has repaid approximately US$933 million in debt, supported by an additional THB 18.23 billion (approximately US$550 million) in funding from a collaborative asset monetisation transaction with PTT Group, announced on 25 September 2025. This collaboration has further reinforced Thai Oil’s financial stability and liquidity position.
The company’s Clean Fuel Project (CFP) continues to progress steadily, with completion expected in the third quarter of 2028 at a total investment cost of US$7.151 billion. To maximise efficiency and ensure transparency at every stage, Thai Oil has appointed Foster Wheeler Thailand Company Limited to manage the Engineering, Procurement, and Construction Management (EPCM) process. This initiative aims to accelerate project execution, strengthen cost control, and support Moody’s positive assessment of the company’s credit profile.
Moody’s also forecasts that Thai Oil’s financial performance will continue to improve over the next two years, driven by stable cash flows, disciplined financial management, and effective cost control measures.
Thai Oil remains committed to advancing the CFP in alignment with its strategic financial framework. With the continued strong financial support of its flagship shareholder, PTT Public Company Limited, Thai Oil is well-positioned to maintain investor confidence and strengthen its role as a strategic and essential oil refinery for Thailand.
Currently, Thai Oil operates the country’s largest oil refinery, with a production capacity of 275,000 barrels per day, representing approximately 22% of Thailand’s total refining capacity. The company continues to align its operations with renewable and sustainable development strategies, reinforcing long-term competitiveness and investor confidence.
This transformative project underscores Thai Oil’s commitment to enhancing refinery standards, operational flexibility, and environmental responsibility – marking a vital step towards a more sustainable energy future for Thailand.