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 56-1 # 2552

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 56-1 # 2552

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%&' 1 ( 11


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 56-1 # 2552

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 56-1 # 2552

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1'2(กm|ก ,Wl  2*(*(ก Uก  , 3 > ' ,/8  :38 5  2 32กm|ก  ก:(3%+(W'- ,ก7%&2 กS-2* 25+( %7 ,73,ก&'

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 56-1 # 2552

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%&' 1 ( 14


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 56-1 # 2552

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%&' 1 ( 15


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 56-1 # 2552

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0 (2ก 2 กก2(  2W&2W ก&.  ก6  0 (2ก

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 56-1 # 2552

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%&' 1 ( 17


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 56-1 # 2552

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2 ก 2 *0 . 1'2<* 2733,V ก38 . -. ก2* 2 2 (5,กก 3%กW 2* 2 7ก;>กwx * 25,-V;Y> ก8 7--7 -7ก 2:ก:( 2 8 3%  &- 2 9 :3,2. :(ก 25,-V;Y>X -,&* 26 72ก ,ก6 <-( 2 W'ก:(%/&ก 2&'&3 :( &' +2ก%    8 mT~2,07ก  25,:(-(7** 26 W' +2*1.  กก&. ก&*( WWก733,V ก&'(2* 25,-V;Y>* 26 28 mT~28 07ก ก  25,-V;Y>X -,&* 26 กU 72ก ,ก&*( WWก . -. ก&'%กก:(7 *0 . :,W8' ก 2 กก 2 ก.-กU 72ก(% ก 1'2  25,ก:2,- /7ก ก 2

 5,ก2, ก 2/7ก* 26 2.1.22   3-+89:2;1+ - 3? *+ /* ,*? 0 ; %&' 31 /%3 2552 6 &-%  1'2:(ก5 2 0&ก 382 0& &'5  6 3&*( *(2ก-% * 26 :U- 2 9 -%  2  *( กก&'%กก:( %, ,ก*5,-V;Y>&' : 5,-V;Y>* 2 V:-(8' 2ก3(* 26 012(%  *( *(2: &-, &. ( &5,ก:  2& 34- /7ก* 26 - 6 กU  2(%  *( *(2&' &: 3-ก -% :1'2 8 กก% 1'2 &5,ก:2,  2& 34- ก23(,&ก .* 26 2.1.23   0 ? 5?  **3-4> 3% 0* 26 &'ก 2T5, *1. + ก5,ก ก2ก2: 3-* 26 5,ก ก2ก22ก, %กU*1. + ก3% U:กก-5ก2* 26 , T2(ก2 ก* 2* กS& %ก, 8' 9 VW=ก '% 7 23>,3** 2 5,-V;Y>* 26 -(7%-07,TPW 8' 9 : 7- ก8 32กPW* 26 1'2 %:4 +  ก8 ก3%37* 26

%&' 1 ( 18


  () ภ ()

3.

ภ ภภ ภ

3.1

     ภ ! " 3.1.1

 56-1 # 2552

  

 * +ภ ,'-&./-0&120 2 3  * &.-/ 4,/3# 2508  -ภ7. * 0389 &'ภ&'%4( -ภ:;ภ3+%0 115 #  * (& 1<ภ  ภภ+ ภ 9' %&' 12 &8 2539 0;( > 4 -* (4(+0ภ<?&3.00ภ<? -./-. %&' 6 <@18 2551 A;  9' B 389  7ภ 0 8 ? 'C9 ;(%ภ3 * +%( 0 65.99 4 -;( &'  0(% /-4 -* ภ%-ภ80-C9 ;( 3 * +%( 0 7.33 -ภ0'/4 -* ('-3# 2514 0. * ( ;>.3(4 --0 ภภภ --ภ0'/ 43(/%0 ภ 35,000 ?0 13.( >>ภภภ -ภ0' /H .0&0ภ&'%ภI0.1JK?ภH .0&% -ภ%- ;. ภภ* 0-%&' 14 &8 2516 03# 2528 L0( ;.3(* <'ภ0-ภ0'/+%0 63,000 ?0 ภภ<'Jภ I0. (debottleneck) 0-ภ/ 3# 2534 L0( ;.ภ<'ภ0-ภ0'/&'( ;>.4 - -ภ0'/ 4 -* +%0 185,000 ?0 * ( <'ภ0-ภ0'/4 - -ภ0'/4 -* (%ภ ;-0<V  -. 9' - &ภ0-ภ0'/ 3A;&'%0 177,000 ?0 3# 2541 * 'ภ(- --  .ภ? J <9/&' -ภ0'/&4 -* ภภ( --  .ภ?4 -* (ภ0(% 73# 2542 &ภ0-ภI0.< 0&#0 350,000 . . %'ภ (start-up) ภ-4 - --  .ภ?(C2ภ 9'  -4(ภ -ภ0'/8 %- 3# 2547 * (<'ภ0-ภI0.+#0 500,000 .  8-ภ<'ภ0-ภI0.(%.(;.'  ภภ&/ * (<'4&8% C3ภI0.%.C;< 0& (paraxylene feedstock) 4 -*  -(%ภ 0- % Powerformer &' (3(-3(+ %I0.%.C;< 0&  %I0.&/3(bภ ? 08&0' (Transalkylation) <9' ภ;-   .ภ?ภ(heavy aromatics streams) 0  & (benzene) 3( +%.C; 0& (xylene feedstocks) &ภ0-ภI0.& < 0& (paraxylene equivalent) J#0 120,000 .  %I0. 00 (solvent production unit) 4 -* ,'-* ( ภ  7ภ  08& () ภ 3%&' 1 ภ 2550 ('.(ภ-3# 2533 &ภ0-ภI0.#0 30,000 . 0 99' -ภภJภ%ภI0. (debottleneck) 08/- -I03(3A; %I0. 00&/ &ภ0-ภI0.#0 50,000 .  %I0.-ภ0 %(C2ภ 9'  -4(ภ -ภ0'/4 -* (%  ภ

%&' 1 ( 19


  () ก ()

3.1.2

 56-1 # 2552

 ก  ! "

<Vก&' 8>&'I 4 -* C ;  -4(-&/

$ 2535 -

ก%-ก80-4(C9 ;(3* (%  %( 0 12.5 3%&' 2 &8 2535

$ 2539 -

* (& 1<ก กก+ก 3(9' %  i  () ก ()j 9' %&' 12 &8 2539 * (ก (- %I0.-. / 3%J80-&0(% 7 2J?39  <@18   กกกกก ! 2540 "  #$% " &' &() *+$,ก& ก - กกก*ก ').&(' /  0  )) %, ก'1 ก0 ' 0 2"   & 3 +'- " "  & - ก" ก ' 0 $.,,)$$ก+  $,1 กก '"  ก  2% 15,500 0(

$ 2540 -

-

3%&' 3 <@ก 2540 80-&(3 -.L-8;J1< ISO 9002 3(ก%กI0.ก../-0กI0.1JK?-. ก ก-.L I0.1JK? ;. ก - (  .)

$ 2541 -

%&' 24 &8 2541 < 7<( 2 %(-<ก;J ก0(* <. 8;Kก * 3(+&':;กH .0&3 (<;>. * 'กก (- --  .ก ?4,/3%J -ก0'/ &

$ 2542 -

$ 2543 -

กก'  &%,)$ 2.&ก 2 &กก ก0 '  0 2" 31  ! 2540 "  ก'('ก,+ก

ก  , ! 2542 89 ! 2544  9 ก:$;; ' ก)<)  &('<ก., (Zero coupon bonds) =9'<ก.,  , ! 2552 89 ! 2555 , "ก('<(>ก= *& < ' * &8+ $<ก.' ) .<(,) & " (  ก.,)3 ก --  .ก ?0 -89' -8/-ก 0'กI0.39  -8 39 :  %8 2543 ?('  ?' &$%?<   3     * , -(  4(    >>4

<?0 >>  <?ก  7ก  08& () ก * (4 ;กJ?089' -ก4 - -ก0'/%/- <? 9'&'ก&'%4( -3(ก   7ก

 08& () ก +%-J 20,834 0( 84 <?ก(%208 .0A; (Fair market value) ,'- I2( <?   03%&%ก/ * (  ;กJ?0 <?. - B 0 /ก08913.(

%&' 1 ( 20


  () ภ ()

 56-1 # 2552

-9' 44 - >>  <?+%0 12 # *  9ภ 2$;; ภ

$ 2544 -

 &ภภภ$@"  *3 *&   "   .ภ .@+ภ % ('3

$ 2547 -

* (<'4&8% C3ภI0.%.C;< 0& (paraxylene feedstock) 4 -* (%ภ0- % Powerformer &' (3(-3(+ %I0.%.C;< 0&  %I0.&/ 3(  b ภ    ?  0 8&  0'  (Transalkylation) <9'   ภ  ; -   . ภ?   ภ(heavy aromatics streams) 0  & (benzene) 3(+%.C; 0& (xylene feedstocks) &ภ0-ภI0.& < 0& (paraxylene equivalent) J#0 120,000 .

$ 2550 -

* (ภ 8- (-ภภ0 8- (--;4 -* ,'-ภ(% (ภ) ภ<';4 -* 0ภภ0ภ>> -ภ-&'ภ&'%4( -ภ <? -ภ0'/ <9' -&/-ภ2( (4) ภ ภภ4 -  7ภ 08& ( ) ภ 4(+ %,'-4 -* (8) ภ0(-I04;   0 (-) ภ0 -ภ2(3 <9' 89&/ %&'& 2   ภ;( > <9'   4. +8/-ภ3.00ภ<? - ;(4 -'&ภ 9/ 43.00ภ<? - J %&' 6 <@18 <.. 2551

$ 2551 -

3.2

+  ภภ ภ, - .

* +I2(ภภภ -ภ0'H .0& 0 I0.1JK?H .0&8%- (integrated) &ภ/-* ภI0.0 I0.1JK?  .ภ?08&1JK? 9' B * 4I0.1JK?H .0&ภ02ภ8(  I -89 4 &'ภ%(-4%-4 - C&ภ/8(0&ภ13.(9' ภ8( %/-4 .-3(ภ02ภ8( 318 ;. ภ 8( - ภ0ภ9  ภภ&/ * -4I0.1JK?  .ภ?08&1JK? 9' B &' * I0.3(ภ02ภ8(318 ;. ภ13 0<9'  -. - * +,'-3389  7ภ 0 8 ? ' (Exxon Mobil Corporation) ,-' +,-' 3 <0--&'3> &' ;4 - 0ภ* ,C9 %-ภ:;ภ  -&% 2-4 - 7ภ 0 8 ? ' ,'-( &'A<9/L%0ภ<'208 3(ภI2(C9 ;(  ภภ&/  ? 9' B ,'-* (ภภ+,'-3 389 4 - 7ภ 0 8 ? ' -%C,-8%&'%>3ภภ/0%.C; 89 4  ภ I0.1JK?H .0&08&1JK?'% 0ภภภ-(8  0& ภ-0%%ภ&'   0 8-ภ%0<V  ภภ&/ * -( ?ภภ3(89' -ภ8( i j 0 89' -ภ8( 9' B ,'-(ภ ;>.3(3( :ภ 7ภ 0 8 ? '0/9 389 4 - 7ŕ¸

 0 8 ? ' %/-8% %09 -(;80ภuvภ088 0ภ  ;-( :;ภภ 7ภ 0 8 ? '0/9 389 4 - 7ภ 0 8 ? '

%&' 1 ( 21


  () ภ ()

 56-1 # 2552

I0.1JK?H .0&4 -* ,'-I0.3 %C,-ภw H .0&0% (LPG) /  / 9/ <0- ภ//ภw /& 0 /.0-.  &ภ/-* -&I0.1JK?0 09'   ภภI0.1JK?H .0&0(% * &I0.1JK?  .ภ? ,'-ภ(%< 0&&'3(+%.C; ภI0.ภ z0ภ(purified terephthalic acid (iPTAj)) ,'-3(+%.C; ภI0.I zH0? <0& . ? ; 1JK?  0I(3 -8? %8&1JK? 9' B 4 -* (ภ00 (solvents) 0 <0 .ภ  ? (plasticizers) * +(4 -0I2(ภภภ -ภ0'/8 <07ภ? (complex refinery) ,'-&ภ0-ภภ0' / 177,000 ?0. % 0+(4 -0I2(ภภ --  .ภ? (aromatics plant) ,'-&ภ0-ภ I0.< 0& 500,000 .. # 0 %I0. 00 ,'-&ภ0-ภI0. 50,000 .. #  --. 0 -&/ (9'  -4(ภ %ภ0'/0ภ%ภภ0'/4 -* 8%- /-&/  %ภ0'/0  %I0.4 -* &&'./- ,'-&8%(&< 2 3ภ0(ภ 9 /0,ภ0|-&'& -%0;& 0 2  -<&-J 120 ภ 0.-.% ภ|&-3.(4 -ภ;-<* ,'-+.00ภ&' 8>4 -I0.1J K? H .0&4 -* 8%(&4 -&'./- -ภ0'/4 -* - %0.(;0ภ3(ภ8%80 -.%3 ภ -I0.1JK?H .0&4 -* I /-- - -C;ภ0-9 3.3

ภภ ภ, - /0 /   0   ภ/,1 -

* +,'-3389 4 - 7ภ 0 8 ? '  9' B389 4 - 7ภ 0 8 ?  ' C9 ;(3* %ภ+%( 0 65.99 0ภ%-ภ80-+I2(C9 ;(( 0 7.33 4 -;(&'  0(% * &  5  (ภ % ภ -  ;. ภ ภ   %<V ;. ภ ภ  <  .. ?  7. ?<

ภ   &- 7. ? ภ 0 0  7 ?< 

() ภ  % ภ -  ;. ภ ภ   %<V ;. ภ ภ  <  .. ?  7. ? <

ภ ภภภ3( &'0 8 ภ- ภ* 13.( >> %   &- 7. ? ภ :;ภ C&ภ/&' I0.1JK?H .0&13.(. 8(  0 0 0:;ภ( %ภ9/ &'  8( ; 18 18 9' B     0  7   ?  <  ()   ภ      :;  ภ  3(   ภ    04 - I0 . 1 J K? H .0& .  -ภ7& 3A; -ภ0 % (ภ:;ภ0(%

%&' 1 ( 22


  () ภ ()

 56-1 # 2552

 ภภ&/* (C9 ;(3  -H .0& ภ 0 9/ <0-ภภ;-< ภ ()   -H .0& ภ + % (Associate) % -* 0I2(ภภภ/  9' B <9' ภภ(-0 ภภ -I0.1JK?H .0& ,'-4 -I0.1JK? /3 (clean products) ภ/- -ภ0'/4 -* 0 -ภ0'/4 - .  0? 3&-  ภภ;-< ( 9 -0 ;%J12) 080-/3 1 002ภภ 03-% ;& 09/ <0-ภภ;-< ภ () .@+ภ ภ,ภ ภ>).&()? ภ0 " , ภ&).&()? "ภ ภ0 I12. &/ -C,- 8- (-ภC9 ;(3. - B &'* C9 ;( %  .-9  (  J %&' 31 :%8 2552



3.4



2 - 1 - /341

(ภภ4 ภ(% %:;ภภภ0'/0 / (Downstream Segment) 0 % :;ภH .8& (Petrochemical Segment)  %:;ภภภ0'/0 / ภ(% 4ภI0.1JK?H .0&4 -* ,'-%C,-/ 72 (ภ(%ภw H .0&0% 0/ ) / 72ภ,'-ภภ,'- (ภ(%/9/ <0- ภ//ภw 0/& 0) 0/ 72 ภ(ภ(%/.0-. ) 0I0.1JK?0 09' %:;ภH .8& ภ(%(ภภ 4I0.1JK?  .ภ?08&1JK? 9' B 4 -* ,'-%C,-< 0&  &4(4( 000 

%&' 1 ( 23


  () ก ()

 56-1 # 2552

<0 .ก  ? /-&/ 844 -* (%1& < .0- -4(ก -;/9/ <0-%((% ,'-* &(&'ก70 -. 3(ก  %-4 -L&'ก&'%4( -.  .--. &/ -(กก44 -* I0.1JK?H .0& 0(กก4ก I0.1JK?  .ก ?08&1JK? 9' B 4 -*  %-%0&';

%&' 1 ( 24


  () ก ()

 56-1 # 2552

$ 5 4 31   2551 2552 /341 กก 1 / , - /341 กก 1 / , - /341 กก 1 / , , / /341 กก , / /341 กก , / /341 กก , /  , /  , /  2550

(1   /ก1 7 1 / )

0  กก ก5!  4! 90 /5! : 5!  !  : ; <4

กw H .0&0% ....................................... 4,072 (1) /  ............................................... 57,339 %/ 72 ....................... 61,411 5!  !  : ; <4ก=-9กก=-

/9/ <0- ก//กw ............. 14,806 /& 0 ..................................................... 81,334 %/ 72ก,'-กก,'-....... 96,140 5!  !  : ; <49ก /.......................................................... 13,347 -.  ...................................................... 1,877 %/ 72ก ..................... 15,224 >7+?@90 A /0 09'0&................................................... 3,459

2.0 28.7 30.7

3,995 62,253 66,248

1.8 28.0 29.8

3,695 47,571 51,266

2.3 29.2 31.5

7.4 40.7 48.1

18,244 91,979 110,223

8.2 41.4 49.6

10,214 66,407 76,621

6.2 40.8 47.0

6.7 0.9 7.6

17,866 1,742 19,608

8.0 0.8 8.8

12,555 1,845 14,400

7.7 1.1 8.8

1.7

3,286

1.5

3,057

1.9

9' B(2) .............................................................

4,388

2.2

3,808

1.7

986

0.6

( ;:กก(3) ...................................  /341 กก , / 0 กก ก5!  4! 90 /5!  ...........

476

0.2

455

0.2

515

0.3

181,098

90.6

203,628

91.6

146,845

90.1

0 ก E27 : < 0& .....................................................

 &4(4( .........................................

00..................................................

<0 .ก  ?...................................... 9' B(4) ........................................................... ( ;:กกก

15,999 1,235 941 553 78 0

8.0 0.6 0.5 0.3 0.0 0.0

11,988 1,065 3,413 2,078 0 62

5.4 0.5 1.6 0.9 0.0 0.0

11,863 430 2,332 1,375 0 65

7.3 0.3 1.4 0.9 0.0 0.0

 /341 กก , / 0 ก E27  ........................................ ................

18,806

9.4

18,606

8.4

16,065

9.9

 /341 กก , /......................................

199,904

100.0

222,234

100.0

162,910

100.0

%&' 1 ( 25


  () ภ ()

(1) (2)

 56-1 # 2552

(4)

(ภภ4/ (%(ภภ4z0&z ?.%((% ( 9' B %(ภภ4/ ,'-* ( 9/ ภ389 . (4. ภ&'4( 2 ภ%ภภ0' 0-%C,- 8(&' 3( %ภ9/ ( ;:ภภ 0ภภ(% 8 3( : (franchise fee) ภ.%  8 ภI0.1JK? 08 ภ7ภ 8(ภ02ภ8(3:;ภภ 08   ( 9' B ภภ4I0.1JK?H .8& 9' B

3.5

,1 341 /Fภ,0-,

(3)

* 9' %  * &4( (&3ภ4 -4&' 8>-&/ ภ   ภ  !"# $ %&#'( ภ)*+," -ภ0'/8 <07ภ?4 -* 3(* &8%80 -.%  - 2-3ภ0-/&'4( <9' 3( +I0.1 JK?&'&20 8  2-3J&' ภภ%  ( %8% Cภ3(/ &'ภ. ภภ0'(/  1&'ภ. ภภ0'ภ&8.'ภ% / '%) ภภ% 0.(;.'ภ%  - C.   -8% .( -ภ4 -02ภ8(( 34J&'* ภ7 C<'I0ภ(  -.7&' -ภ0'/4 -* (ภ ภ 3(& . %8% C3ภภภC. ภ0-ภภ0' (hydro-treating-to-refining ratio) &' 2- 8+(  0 83 ,'- . %&/ 2 3&'&9' &&ภ -ภ0'/ - 9' B 31218 & zH8 && ภ4( 204 - Oil and Gas Journal Worldwide Refining Survey # 2551 03(* &8%80 -.%ภ4,/3ภ 09 ภ3(/&'&ภC 2- 0<'8% C3ภI0./& 0&'&ภC.'(ภ4,/(%  +," %&- ภภ . "-  ภ,   . %/ #, &*"0 ภ 0 ภ . * 1&. . %&#'( ภ "  (Energy Efficiency) & . " !)* (Operational Availability) .#F ภภ:;ภ4 -* &8 3( 3ภ-&'+- 0.(;ภ;-ภ&'8 4(-.' 9' &&ภ -ภ0'/ - 9' B 31218 & zH8 /-&/ภ-ภ0'/% 61  -31218   & zH8&'4( %3ภ %# 2551 ,'-ภ  Solomon Associates ,'-4,/;ภB -# * (ภ  2 3ภ0; &'&&' ;4 -ภ &' - ภ+ &'ภ0;   (top quartile) 3(ภ& 8 3( 3ภ-&'+-  % (total cash operating expenses) 8 3( 3ภ-+-  ,-'  %8 3( ภ&'%ภ<0-- (non-energy cash operating expenses) 0.(;ภ;-ภ (maintenance costs) &'.' &' ; 34J&'* &8  :1<3ภ3(<0-- (energy efficiency) 2 3ภ0; &'&&' ; (.&'ภÂ&#x201A;ภ&&/ % :1<ภ3(<0-- (energy intensity index)) 0 -ภ0'/4 -* &8%<( 4 - %I0. ( <JC,-ภH -ภ0'/ ภภภ) &' 2-&' ;

%&' 1 ( 26


  () ก ()

 56-1 # 2552

ก ,   ," ก ก , ก )*& *ก# &ก * ,. .ก G ก - * +I2(- -ก0'/0 --  .ก ?&'8%- %/-89 4  C&ก /8(0&ก&'ก&' ;3ก0; I2(8(/% -&'ก :;ก3 ก-8 %-&/3(* &ก (margin) &' 2- * 09 กI0.I0.1JK?&'&I0.  2-ก% % -กก ก0'/0กกI0.  .ก ? /-&/ (%8% %09 ก ก z.?%?&'  ,'- C %3ก ก  %กI0.I0.1JK?. 0(  -  ก-&'8%-&/- C %0.(;ก-(% +I09' -กก %ก - .(;8-&'% -กก -ก0'/0กกI0.  .ก ?  กก&/ * 9' % ก--( ก.04 -* ,'-8 80; --ก<J? (%C,-02ก8(3ก0;  ;. ก I2(8( - ;. กก 0ก9 ) ก8(0&ก0ก - ก 3(* &8%0ก03ก กก%  &ก/--+ก  8% C4 -* &'09 กI0.I0.1JK? ,'-3(I0. &' 2-ก%  * 9' %  ก- 8%- %3(* C4 -4(3.0&'&ก4 -4 2-0&ก0&'0-.0 %0  # ' .  กกก   % & G  * 3L,'-3 389 4 - 7ก  0 8 ? ' (%-&'&8%+&%  - 2-4 - 7ก  0 8 ? '3(3:;ก0ก- 2ก:;ก4 - * ; -(&' A<9/L%0ก<' 208 3(ก I2(C9 ;( * (ก  ;-(ก- 8  0&0 กก  -& :1<ก 7ก  0 8 ? ' * C3( ?ก8% C3 ก/'% 0ก4 - 7ก  0 8 ? ' <9' ก/  -& :1<-(.(;0 &0 -%.C;&'  <9' กกก0'/4 - * 0- C3(89 4 4( 20ก4I0.1JK? H .0&08&1JK?&'& 2 %' 0ก4 - 7ก  0 8 ? ' <9' 3((I0 ? 2- ;3ก  I0.1JK?4 -* 09 ' -ก* 4(+82 >>3 >>%<9/L (Standard Research Agreement) ก  389 4 - 7ก  0 8 ? ' * ,-& :3 8-ก%0<V&' ก 389 4 - 7ก  0 8 ? ' 0<? -A>>&'ก&'%4( * (4( >>ก389 4 - 7ก  0 8 ? ' ,'-3(ก  ;-(:;ก0 8  0& <9' 3(&  : 1<-( .( ; %/- ก>& กก02ก 8( - <ก;8800 ก

  *0*  กก&/ * -( ?กก3(89' -ก8( i j 089' -ก8( 9' B ,'( ;>.3(3( :ก 7ก  0 8 ? ' 0/9 389 4 - 7ก  0 8 ? ' %/8% %09 -(;80กuvก088 0ก  ;-(:;กก 7ก  0 8 ?  '0/9 389 4 - 7ก  0 8 ? '

%&' 1 ( 27


  () ภ ()

 56-1 # 2552

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3.6.1

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 56-1 # 2552

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3.6.6

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 56-1 # 2552

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 56-1 # 2552

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 56-1 # 2552

  

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  () ภ ()

 56-1 # 2552

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 56-1 # 2552

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66&>5/> &%7;= 01:92' (ภ) ภ (0 1: ภ( 4ภ ภ5( @4011 4ภ1=(1 0 ?7445 ?~ 92 '  :, ภภ?=ภภ&'%ภQ 74&41&BA\: (5) ภ5(;/05( @4011 4ภ,(1%1=(1 0 ?7445 ?~&'( 5( @4011 0ภ4 % (1) 1% %42 0(%%ภ40%9 4 (0) ภภ 4ภ9: 06645( @4011&'(2 QC7

66&>92'  :5 0 +

791(1)

ANCON ,-C@( ภB7ภ40ภB,(ภ + 9:

 Â&#x201A;0&' @ ,1%C 5 0+ 1%C7 =114B ภ4 1% @62  & /'0ภ% 0ภ5 00 ภ 04 2 0ŕ¸

177

EMCT ,-C@(,( 4,( +  7% 0<ภ 36

%&' 1 ( 102


  () ภ ()

 56-1 # 2552

 ' /'0;2 =( 0 (  ( 4 100

66 =67,(,( ?, Exxon Mobil EMC 7ภ40,( + & ?,(12' 0ภ1( ESSO, EXXON 4 ESSO 12' 0ภ1(  Corporation Oval C47BA\:1(4&ภ&5' , C47BA\:Q 74&1(4&ภ(7EMC=) (Petroleum Retail Products EMC .  Trademark License Agreement) 5 0,12 4  7 08 ,12  3ภ  4 1 : '

66Â&#x201E;4&'1 ,( 12' 0 EMC  + 7ภ405( 66&>92' ภÂ&#x201E;4&'1 ,( ,ภภ =0 49Â&#x2026; ภ1( (Trademark Cost Sharing 12' 0ภ1( C47BA\:Q 74&1(4&ภ ภ2 ภ12' 0 Agreement) ภ1(&'ภ, 66 =67,(,( ?,12' 0ภ1( C47BA\: Q 74&1(4&ŕ¸

66ภ7 &>  EMC EMC ,(ภ Trade Central Clearing House Sub-Account 4 Other Central % 0ภ (Clearing House Clearing House Sub-Account 92' %1% %ภ,ภ7 &> % 0 Service Agreement) ภ 92' ภ15 0?=ภ7 08

66ภ (Service Agreement) ExxonMobil Hong EMHKL 4 + ,(ภ /'0ภ4ภ ,ภภ&'%ภภภ Kong Limited %&9 4ภภ&'%ภภ<7ภ %;/0ภ/ภ2' 0 2'&' ภ&'%5( 0 (7EMHKL=) ภภ05 0 01:ภ % EMHKL ./'0 ,,12  3ŕ¸

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66ภ (Service Agreement) ExxonMobil ESCSI ,(ภ7 08 /'0%;/0ภ 4&1 92' ภC47 9' Catalyst Services 2 4&'7% 0<ภ7B5 0 4 4ภ07 08 &' ภ&'%ภ Inc. (7EMCSI=) 7% 0<ภ

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66ภ (Service Agreement) ExxonMobil  + ,(ภ7 08 &'ภ&'%ภภ74, Chemical Company (7EMCC=) EMCC .  %0B, 5 0 3ภ 4 1 : '

6654,(ภ> ExxonMobil Marine  + 54 0 >2 > 940044,(ภ7 0 8 &'ภ&'%5( 0ภ2> 94004 Limited (7EMML=) EMML 4 EMAPPL and EMAPPL EMML ./'0,  ,12  3ŕ¸

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3

1,571

0

136

4

232

17,445

110,481(2)

13

3,357

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11.1.1    ก   *( % + ,- ,./ ,  &  ก ( & 0, 12 * 3/( 4& 54+67&' 3501 93/( 4&) (:+;+% ++<ก 4&&' ;'%= ; ก;%6;ก;>*7 ;? # 2 5%&' 31 @%. 2552 3/( 4&( ;.%A   ; & ;1' 7+ ;ก;%6;ก;>*7 ;  ? &'( +% %  &. %B/ก +( ;+&' .%=

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' )"( 31 * &)  5 #$67 &$ &) &  ;ก/(1 (&2ก.(6(&2 1' ;ก/(1 2กกก&'ก&'%7( ;ก (&2กก&' ก&'%7( ;ก &) &  &) 4&  ;ก/(1

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344 (1,146) 108 20,413 7 20,420 55,070

549 2,233 179 24,068 7 24,075 62,015

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2552

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222,234 226,486 (4,252)

162,910 151,776 11,134

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4,781 (9,033) 87 (8,946) 0 218 (8,728) 1,189 (9,917) 3,053 (6,864)

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ก  %: 6(

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ก (  5 "&  (4 ก "5 ก A7)ก <ก & ' 2550)  " +,    ( + (5B))  ;6;5 2 6/ก&2ก.( 6/ก&2กก&'ก&'%7( ;ก

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400 112 (60)

(415) 353 8

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 56-1 # 2552

     

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 56-1 # 2552

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 56-1 # 2552

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 56-1 # 2552

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 56-1 # 2552

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 56-1 # 2552

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 56-1 # 2552

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 56-1 # 2552

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YW 1.        * 2. /( * "<.* 3.     (#-* 4.    F2 8 *ก"* 5. ก0Nก  0 * 6. * 7#ก* O )กก"8#* 7. .   .+* 8. "" -/ 9. 0#I #-7 10. .E/  ก" 11. . -( O -' . ; 12. 0#( /= 84;

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1. 2. 3. 4. 5. 6.

x, /, // / /, // /, // /, // /, // /, // / / / / / // // // // //

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  () ก ()

 56-1 # 2552

ก 2   ก ก กก  

-  & -

 ก  2 % 1


  () ภ ()

 56-1 # 2552

ภ 3   '( (barrel . bbl)

'( (1 '( = 158.984 (4)

5 (bitumen)

; <5ภ=>?ภ4@& ((ภ&?A

 B ( (biodiesel)

.; F(?ภ( ?4G4   ;F.(H 4I';? H ?@ (B>@&(&I @&ภJ.> ?4'B (  B (BJKL 4 ?ภMFJ(&ภ.; F(?B (B>&ภN 4(B 4 BJKL 4B> BภI @& >?I(& 

;B>ภ4 ภIภภ(> (challenged crude)

;B>BJKL 4=>?. (  ? =>?@HLB>ภ(>R4& ?B ภJIJK K?JKLMF. ภRFF.> @&>@A=?JKLMF H ?S(4MLT'  ABMFH ?ภ? JI( M@ภภ(> ; IA=? KH ( >?I(&  ( ABMF?& (I H ? KภL'@ ?ภ(>; JKL 4B> JU =>?ภB>IH& ?ภ;B> ภ4 ภIภภ(>&ภJ JIRภ (total acid number . TAN) JI.(LH ? ( ภA  4 (ภ(.

?ภ(>;J F(<ภ' (complex refinery)

?ภ(>;B>BภIภS(4 ( I(?. F>JKLMF;) =>?

A K ?JK L MFH ?S(4 ML T' ] J'  B>B 5( J 4> ภI  IA=?;B>ภ4 ภIภภ(> @&RS(4MLT'B>B5(J  5?ภI  & MH ? Iภ(>R4I ?B;JI  & H ? ?ภ(> ;

J   (condensate)

H ?(I =>?ภ4IH=;.>  ;<4I(?

 IF> ภ&I4I ?^ภ  I ภ(>  ;    => ? (B>   J? &  ? (ภK ( H ? ภ;    (continuous catalyst regeneration reformer  B>BJ  ภ4>@&R ภ; B>BJ  ภ 5? . CCR) H=; @& KภL'abca54I ?^ภ@I ?ภIภภ(> (online catalyst regeneration facility)  IF>JKLMF; (conversion unit . upgrading unit)

 I S( 4 => ?   ภ(B>  (??JB H ? J? &  ?H ? (ภK ( ] J' B>B5(J 4> @&R (ภK(] J' B>B5(J  5?ภI 

 ภ 3 & 1


  () ภ ()

 56-1 # 2552

I4 (deadweight ton . dwt)

IH ? J& .; F(? ;  B?((5ภ. B>. Kภ; A Kภ&.> ภKภ4<B>

;B ( (diesel)

JB>@&Bภ;.; F(? =>?@&@J.> ?4'B ( (J.> ?4'B>K &Iภ )

S(4MLT'ภ ภ(> (distillate fuels)

;.; F(? ภ ;ภf ;B ( (;F.> ภJI &  (domestic heating oil)

BB;I GMFภ@&F(?? (energy intensity index)

 II GMFภ@&F(??H ? Solomon Associates R 4 H ?ภ@& F( ??B> & ? (4hภ@& F(? ?H ? ?ภ(>  ;H ? Solomon Associates  ?ภ(>; =>?JJIL @& IGBภH ? Solomon Associates

JB J ? ภ(export parity)

R  J   F' B> @ & G A= ? IGB ภ@ภภ  JHH ?S( 4 M L T' N 4(B B> ? ภ & ?  ? ภ J4(@ ? J ' (Singapore sport market price) H ?S(4MLT'B>ภB>IH& ? =>?ภ@ MOPS Iŕ¸

IF>. ภI( =>?H=; 5 ภ MF4( (ภ4  ?ภS5&

.;

;ภ4I ภภ( (Far East crude)

;        H&  ภ@M5  M J4I  ภภ(     B  B  IB  ( B 5 B 4(B (  B

I4AK (feedstocks)

ภ] J'     ;     (ภภ;      H&  B> @ & o H& IS(4(/. S ภS(4MLT'B>&ภภภ(> (refined products)

 I MF;ภ@&R;  ภ MF (ภK( (fluidized catalytic cracking unit . FCCU)

 Iภ(>; =>?ภ  ( (ภK(H@U H ?;ภ@& R (ภK(H(<ภ(? ภ@&JI&  (@&4I ?^ภR4I  I

ภIภภ(>ภI (fractionation)

ภIภภ; ภR ภ. I4 ? s =>?4 (

IBK. B>4 ?ภ &Iภ@&JI& ภ;B> KLM5=>? ( ?? ภ(>ภI

;4 (fuel oil)

IH ?S(S(4B> ภภI( ?H ? ภ(>; =>?R;B>  ภ 3 & 2


  () ภ ()

 56-1 # 2552

>I@&R;4  ภภB;?Bภ@&R( ?F(?? (ภH ?J.> ?ภaao  ?F (&I ภf ] (' (gasohol)

IS H ?; & ( 90 (  (& ( 10 ภf ] (' BJKL 4 ? ภ . ภภ ภ4Kภ(antiknock) 5? ภI ;     (S&& 5L'ภI  =?@&Bภ(  (F ภ & ภI 

J ภภ(> (gross refining margin)

5 ( J  H ?ภS( 4  ภ& I 4&  K  H ?I 4 AK   B>   H&  ภ(>  (J 

GL5 MJB> .; @& ;?B; J ภภ(>B>@&@ K4 ภภ(>; >I 4ภ4 ?ภIGBB>u @&@ภJILJ ภภ(>H ? u

;ภ(heavy oil)

;        ภB>  ? J?(. 5 M ( ? ภB>;    4(] J'  =>?ภI A=?K. @ภIภภ(>;(&I ; ภ@& S(4aao ;.; F(?. (@&@ K4 ภ4 ? s

; <5ภ(heavy products) ;4 ภภ;(5 ภIภภภA@;   Iภ(>;B>ภภภAภ; (;B ( @&]  I (hydrodesulfurizer . @&4I ?^ภ(]  I HDS) ภIภภภA@;  @&]  I (hydrotreating)

ภIภภ  ภ A ( bc  .>  s    4( ภ   ภ;       (;    B  ( @& 4 I  ? ^ ภ   ( ]  I

4 IJI A@ภภ ภA4 ภ(?ภภ(> (hydrotreatingto-refining ratio)

4 IB>JILภS(IH ? GMFภ(? MF (ภK( (hydrocracking) ภภภA( bc  (hydrotreating) =>? 5? ภI ภ(?ภภ(>;;? 4 IB; ?A=? GMFH ? ?ภ(>;B> A^44H& ภภ( ภA@ J4&

JB JH& (import parity)

R  J   F' B> @ & G A= ? IGB ภ@ภภ  JHH ?S( 4 M L T' N 4(B  B> H @  &  ?  ? ภ  J4(@  ? J ' (Singapore sport market price) H ?S(4MLT'B>ภB>IH& ? =>?RJx(B>  ภ 3 & 3


  () ภ ()

 56-1 # 2552

&? ?H ? Platt B> ?J ' (MOPS) IภJ @& @ภH ?S(4MLT' ;  s ภ ? J '   ?    J  ภ  M  J  I? ภ

5U BH ?I(;ภภH ? J&?( (ocean losses) J @&  @ภภ (IA=?J  ภH& (deemed import duty) (J @&  @ภ  ?4ภy (cost of deemed legal reserve) ;.; F(? ภ (jet fuel)

S( 4 M L T' N 4(B   => ? @& ; ? @ภ  FL  '  ( ภ JKL 4B>ภ (specifications) H ?;.; F(? ภBJI (ภ( ;.; F(? ภBภBภ ?=>?I ;J.> ? @F (turbine fuel) I4AKB> JUH ? IS H ?;.; F(? ภ J. ;ภfภ Iภ(>;( I MF;ภ@&R; ภ MF (ภK( (fluidized catalytic cracking unit)

F'(4 I (thousand barrels per day . kdpd)

F'(4 I^

;ภf (kerosene)

S(4MLT'N 4(Bภ=>?ภภ=>? =>?@& ;.; F(? ภ  ภK?4& ภJI&  ภ@& ? I ? (( (ภ S H&ภ;B ((;4

; <5 (light products)

ภf N 4(B(I ; & 4ภ>I Ba '4(  4

ภภ; (long residue)

;4 BB>S(4  Iภ(>; (crude distillation unit) =>?ภHR;4  ?ภ(>;F.;h  ?ภ(>; J F(<ภ' ภภ;A5ภS ภIภ4 @ I F>JKLMF;F.> S(4S(4MLT';B>B5(J  5?ภI 

ภ<B> 5U BI(? (loss time ภ<B>ภภFภ?@B>? =>?@& 5U BI(?@I injury) ?A . @& Aภ(?&@I?A ภf N 4(B(I (liquefied petroleum gas . LPG)

ภf N 4(B(I =>?ภ&I FF(IR(ภ(S(4 H=;F.> @& @ภK? 4& ภ JI& @& (R  J&H; ภ(? (intermediate material) @ภS(4N 4JB

BB;I GMF@ภ K?

B4I=>?B>@&IJIB GMFH ?J @& @ภ K?  ภ 3 & 4


  () ภ ()

 56-1 # 2552

(Maintenance Index) J x(B>J &? ?H ? Platt B> ?J ' (Means of Platts Singapore . MOPS)

J x(B>H ?JB>   Platt ;.; F(?ภ; s B>

?J '

F> ภ MTBE (methyl tertiary butyl ether . MTBE)

 ภ4 (oxygenate) F.> F>J  ภ@; &  4ภ>I

; <5ภ=>?ภภ=>? (middle distillates)

;    B  ( (. ;    4'  (;    K 4 ภ) (;    .; F(? ภ

;ภ4I ภภ(? (Middle East crude)

;H&ภ4I ภภ(?  h  4 ' (

ภภI44' (megawatt . MW)

ภภI44' (=>?(&I44') =>?R IIaao

a (naphtha)

JF'B>@& >I ] J'  IB>BK. 4> ((J  ภ4>  ) => ? R  S(S( 4 H ?ภภ(>  ;      . J   > I a@& R I4 AK     I F> ภ (catalytic reforming unit) ( ?? (B  ภภB; ?@&R IS ;  

ภf G4 (natural gas)

ภf ] J' B>4a? (& B =>?ภH=;4G4F& ภ ; ภf G4ภ&I B(ภf ] J'  ภ  FF R(ŕ¸

 

  (Nelson Complexity Index)

       ภ   ภภ !    "# $ภ  ! !" %&ภ!  $ $ ภ ภภภ!   "#$ภ! ' ("#$ภ)'!ภ&$ภ'  $' ภ#   # ภ# % ภ*+$'%" "* ,(   ,%ภ -! ' %" )'./0&$   1#1(!2 ภ#!

J @& @ภ? =>?R?  (non-energy cash operating expenses)

JF'B>ภ  Solomon Associates =>?A=? J @& @ภ ? =>?R? (J @& ภ @U #;? ; &I ภ(?ภภ(>B B>@&? =>? IJ  GL5 MJ(.; F(?B>

.; Kภ5  ภ 3 & 5


  () ภ ()

 56-1 # 2552

J  ภ (octane number)

4I(HB>KJKL 4ภภภ4Kภ(ภK&I4I ?) H ?;    > ? J  ภ 5 ? H=;    @ ;       > ? B JK L  4 ภ  ภ ภ4Kภ5?H=; ; ภ B>S(4ภ Iภ(>; (crude distillation unit) BJ  ภJ H&?4> (B5(J 4> ภ S ; 

JIF& H ? IS(4 (operational availability)

JF'B>ภ  Solomon Associates =>?@&II( x(B>#B> ??BJIF& @ภS(4 FLภÂ&#x201A;4 ? s =>?IA=?ภ K?ภ4ภภ ภK ?ภ ภภภB>I?I& (  I?I(ภKJ.> ?ภ (downtime) 4ภyB. ภIภ S(4

N 4JB (petrochemicals)

S(4MLT'JBB>&ภN 4(B. ภf G4 =>?Bภ.  200  S(4MLT'?  ?B>&ภภภ(>;@&RI4AKN 4JB@ ภS(4F( 4ภa ' ?J' ? ?J' (S(4MLT' .> s

4ภ@&ภ(?ภS(4 (plant utilization rate)

ภI  IH ?ภ(?ภS(4B>@&@ภS(4H ? IS(4=>? =>?  ?R 4 IH ?I4AKB>H&S(4? (actual intake) (. ภ S(4) 4 ภ(?ภภ(>@ I?I(B>K ;?B; 4ภ@&ภ(?ภ S( 4 B> @ & @  K 4 ภภ(>  ;    > I  4ภ4  ?ภI GB B> u @&@ภJIL 4ภ@&ภ(?ภS(4H ?u

 IF> ภ (powerformer unit)

 I ภ(>  ;    => ? (B>   J? &  ? (ภK ( H ? ภ;     B>BJ  ภ4>@&R; B>BJ  ภ 5?

ppm (part per million)

=>? I@(& I

ภภ(>; (refining)

ภ MF;RS(4MLT'N 4(B   ;  ; .; F(? ภ ;B ( (a =>?RI4AKB> JUB> K

 K4 ภ  4ภ' ภIภภ(>; >I>4& B>ภภ; ภR I4 ? s &Iภภ(> S(S(4 I4 ? s  A5ภK?JKLMF4 F.>  MF@&R IS H ?S(4MLT'B>B  'ภภI  @&IGBภ4 ? s   ภ(B> MF (ภK(@&(<ภ(? ภK?JKLMF ภIภ (JB(> (alkylation) ภIภ F(   >  (polymerization) (ภIภ   >  (isomerization) IS H ? ภ@ ( B;A5ภภ@&  ภ 3 & 6


  () ภ ()

 56-1 # 2552

IGBภ4 ?s   ภภI (fractionation) (ภ ภ (( ภ(?ภภ(>; (refining capacity)

ภ(?ภภ(>B> ภ (designed capacity) H ? ?ภ(>;4 IB>B ภภS(4? (stream day)  K4hI Bภ@&; B>ภI&  ?ภ(>; ภภ(>& 5?ภI ภ(?ภภ(>B> ภภBภK? MFภ? ภ(B>(?H ? ;      4ภ4  ?ภ  B>  & ภ  I&     ภ  ( ? ภภ(>  B> ภ . ภK?  ?4 .> ?@ KภL'ภS(4 ;?B; ภ(?ภ ภ(>;B>@&@ K4 ภภ(>; >I 4ภ4 ?ภIGB B>u @&@ภJILภ(?JI AH ? IS(4H ?u

Ba '4 (reformate)

aB>BภK?JKLMF&IภF>J  ภ

K S5ภ. ;(=ภK B>Iภ(?( @& H (A ) ;(?. Kภ; (A?ภ<;) @(N . KHA ;@( (single point B(ภภ J. . AภB F.> ภH (A ) ;& I ?H ?(. ภ ;R  ? ( AภI ?4I&B>K S5ภmooring . SPM) . F.> @&BJI4&& B> K4 MI@HL; IB>BภภS(4? (stream day) IIB>Bภ??H ? IS(4  ' (JB(> (transalkylation)

ภIภ(?  (5 B  B ( 4ภ'ภ@&Rภ'

(B @&4I ?^ภ

ภIภภ bc  . ภIภK?JKLMF (treating)

ภIภภ bc     4(ภA ภS(S(4 H ?; (ภK?JKL 4?ภMF    ABMF@ &  JI& ( B  I @U  (& I ภIภ  K ? JK L MF R4& ? ^ภJB (catalytic reaction)

; & 4ภ>I (unleaded gasoline)

;  4' B>? &BภF> 4ภ>IF.> F>J  ภ

. Kภ;H@U (very large . Kภ;H@U HI ? 160,000 Â&#x2020; 320,000 I4 crude carriers . VLCC) (dwt)

 ภ 3 & 7


ESSO : 56-1 2009