Bangkok: Moody’s affirmed Thai Oil’s Baa3 credit rating, citing a strengthened balance sheet following proactive debt reduction of over US$933 million. The company is also preparing to receive approximately 18.23 billion baht from an asset management project in collaboration with PTT.
According to Thai News Agency, Thai Oil Public Company Limited (TOP) announced that on October 27, 2025, Moody’s Ratings affirmed the Baa3 senior unsecured debt rating of Thai Oil Public Company Limited, with the current negative outlook. This reflects the strength of the balance sheet following Thai Oil’s continued debt reduction. In the first nine months of 2025, Thai Oil paid off US$933 million in debt and is preparing to receive approximately 18.23 billion baht from the Asset Monetization project in collaboration with PTT Public Company Limited on September 25th. This project will strengthen the company’s financial position and liquidity.
The Clean Fuel Project (CFP) continues to progress with ongoing development and is expected to be completed in the third quarter of 2028, with an investment budget of US$7.151 billion. The company has restructured its project management to enhance operational efficiency. Foster Wheeler Thailand has been appointed as the engineering, procurement, and construction (EPCM) manager to accelerate progress according to plan and ensure transparent cost control at every stage. This has resulted in a positive assessment from Moody’s, citing the project’s management as a factor supporting its management.
Moody’s also expects Thaioil’s financial indicators to improve over the next two years, driven by stable cash flow and effective cost control. Thaioil remains committed to efficiently implementing the CFP project, coupled with prudent financial management and support from its parent company, PTT. This will strengthen its financial position and maintain long-term investor and stakeholder confidence, reinforcing Thaioil’s role as a strategically important refining and petrochemical operator in the country.
Thai Oil currently has a comprehensive business structure, integrating both oil refining and petrochemical businesses. With a refining capacity of 275,000 barrels per day, or approximately 22% of Thailand’s total refining capacity, it is the largest in the country and one of the most efficient refineries in the Asia Pacific region. The company believes that implementing its clean energy and sustainability strategies will enhance its long-term competitiveness and build continued confidence among shareholders, investors, and business partners in the future. This project is a key strategy to enhance Thai Oil’s refining and clean energy production capabilities, ensuring flexibility and environmental friendliness.