SPRC reported US$34 million net loss in 2023 due to crude stock loss, refinery unit maintenance in October to early November 2023, and declining product spreads.
Star Petroleum Refining Public Company Limited (SPRC) held the 2024 annual general shareholders’ meeting today, via the e-AGM, announcing the company’s operational and financial performances of 2023 and future business direction.
Mr. Robert Dobrik, director and CEO of SPRC, reported the company’s net loss in 2023 was US$34 million. The gross refining margin was US$1.80/bbl due to crude stock loss, refinery unit maintenance in October to early November 2023, and declining product spreads.
The regional geopolitical conflicts throughout the year contributed to the fluctuation in oil prices and negative impacts on global industries at every level.
Despite navigating market fluctuations and challenging conditions, SPRC prioritized operational safety, reliability, and efficiency while simultaneously evaluating new business opportunities, including advancing its fully integrated fuels marketing business for shareholder value and achieving cost optimization across the board.
“We are committed to both core business growth and future sustainability which has been strengthened by SPRC’s new integrated value chain model that will optimize our crude-to-customer value chain while driving efficiency through back-office synergies and shared services.” concluded Mr. Robert Dobrik.
