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ENERGY
PTT Plc said yesterday that average refining margins in the second half of this year would be close to, or lower than, the $7 a barrel expected in the first half, because of new supplies.
PTT's revenues in the second quarter should be higher than the first quarter due to rising oil prices, chief financial officer Pichai Chunhavajira said.
''For the second quarter, the refining margin of PTT group should be good. But in the second half, it should not be higher than in the first half because there will be new supplies in the market,'' he said.His forecast excluded any gain or loss from oil inventories.
Mr Pichai said government measures to alleviate the impact of surging oil prices had had a limited effect on PTT's second-quarter earnings.
The Energy Ministry has asked PTT's four affiliated refineries to sell diesel to public transport operators at lower prices than pump prices for six months.
PTT did not report details of refining margins, and analysts expect Thai Oil, 48% owned by PTT, to report a record high refining margin of $15-17 a barrel in the second quarter, thanks to inventory gains and high oil prices.
Refining margins at complex Asian refiners averaged $8.14 a barrel in the April-June period, up from $7.73 in the previous quarter, according to Reuters data.
PTT shares closed yesterday on the Stock Exchange of Thailand at 304 baht, up two baht, in trade worth 737.36 million baht.
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