IRPC Public Company Limited (IRPSY)

収益の仕組み

Revenue comes from selling refined fuels, petrochemicals and related products at market prices, so profit depends on the spread between the cost of crude oil and the price of what comes out the other end — a margin that swings with global oil and petrochemical markets rather than being set by the company. PTT supplies essentially all of its crude, but at market price rather than at a discount, so ownership does not translate into a lower input cost.

IRPC buys its main input, crude oil, at market price even from its own parent company, and sells fuels and basic petrochemicals that are largely undifferentiated commodities priced on global markets. Being Thailand's second-largest refiner gives it local scale, but not a cost or pricing advantage over other refiners exposed to the same crude and product prices.

As a refiner and petrochemical producer, results move with global crude oil prices and refining margins, which swing with the broader economy, energy demand and regional refining capacity — not with any steady, non-discretionary consumption pattern.