During 2006, a number of dramatic socio-political and economic events occurred at both global and local levels, which complicated the business environment. Geopolitics in oil-producing countries, in particular, created uncertainties over oil supply. Crude oil prices surged since the beginning of the year due to tensions over Iran’s nuclear development program and militant attacks on Nigeria’s oil installations in the Niger Delta. However, the mood seesawed between these psychological factors and the bearish US inventory levels, coupled with the not-so-active hurricane season and the warmer-than-expected winter temperature. On the domestic level, continued violence in the deep south, political uncertainty throughout the year and the strengthening of the Thai baht were not favorable to the business environment either – although the September 19 coup d’etat and installation of an interim government did alleviate political turmoil.

So, it seemed there was an ever-increasing (and continuing) volatility everywhere. To ensure sustainable growth, an ability to manage such volatility in a well-balanced manner with moderation and self-immunity (the principles of the Sufficiency Economy Philosophy) would be crucial to weather through this difficult period full of many uncertainties.

PTIT Focus Special Annual Issue is a comprehensive compendium of the year’s events with in-depth analyses of the petroleum, petrochemical and energy-related businesses. It also features important policy and regulatory reviews as well as the much sought-after statistics for policy and investment planning.

A new paradigm for oil prices had been set. The sustained rise in oil prices in 2005 has pushed the price of U.S. benchmark WTI crude average to $56.48/B, rising more than 36% from 2004. This was driven by strong oil demand, a result of economic growth, unexpectedly tight refined products markets, as well as natural disasters and various socio-political events. The resultant financial impact on refining and marketing were somewhat mixed. Downstream businesses, particularly retail marketing, were in really bad shape. The industry also experienced several changes such as the introduction of biofuels and natural gas for vehicles. The Thai government also took the initiative by introducing Gasohol 95 as a replacement for premium-grade gasoline, mandated for January 1, 2007 and Gasohol 91, as replacement for regular-grade gasoline, mandated for January 1, 2010

Changes in the petrochemical sector were quite different. The record-high oil and gas prices applied downward pressure on upstream petrochemical margins when compared to 2004. However, the price spread in 2005 was still much higher than 2003.

What to expect for 2006 ?
The thin spare upstream and downstream capacity, strong oil demand, geopolitical uncertainty, speculation in energy markets, as well as natural phenomenon will likely continue to be in play in 2006.

Read PTIT FOCUS SPECIAL ANNUAL ISSUE 2005 and you may be better prepared for 2006 !

Featured in this issue is an economic review by UBS Securities (Thailand) Ltd. The articles on upstream petroleum were contributed by Chevron and PTTEP, while those on downstream petroleum were from PTT, BCP, ESSO, and BAFS. The petrochemical section was contributed by Ministry of Energy, PTT Petrochemical & Refining Business Group. As can be seen, major players in the petroleum and petrochemical industries in Thailand have put a premium on PTIT FOCUS SPECIAL ANNUAL ISSUE 2005. See what they have to say ! Order NOW !

Never before had global demand for crude oil been so close to global supply capacity! Never before had the price of crude been so high as the tight situation was aggravated by natural disasters e.g. Hurricane Ivan, political violence, climate change, etc. and never before had the refineries had it so GOOD! So how long the heyday ? Not to be outdone, new natural gas sources are being discovered and the petrochemical industries are growing to meet increasing world demand especially from new industrial giants like China and India. How long will the petrochemical 3rd Wave last – is there still time to ride its crest to the top or should we wait for the next one ? Out of all this, WHAT IS THERE IN STORE FOR 2005?

Featured in this issue is an economic review by Macquarie Securities (Thailand) Ltd. and an article on upstream petroleum by PTT Plc. The articles on downstream petroleum and petrochemical industry are based on details kindly contributed by The Shell Company of Thailand Ltd., National Petrochemical Plc., The Aromatics (Thailand) Plc., Vinythai Plc., and Indorama Thailand. As you can see, PTIT FOCUS SPECIAL ANNUAL ISSUE 2004 is certainly the premier publication in this business.

As the economy of Thailand began its steady recovery in 2003,two disasters struck the world community - the invasion of Iraq and the deadly SARS epidemic. How did these affect our petroleum and petrochemical industries and how did they respond? Read all about Thailand's Strategic Energy Policy and what it implies for your business. In 2003, the petrochemical industry enjoyed one of its finest years. Why? Also, read the rehabilitation updates of Bangchak and TPI. Upstream, everybody in Oil & Gas appeared to be doing well, with the world oil price on the upbeat. Of course, each paper presents an outlook for 2004 as well, making it a must-read publication if you want to stay informed in business.

Featuring articles contributed by Bangkok Bank, Amerada Hess, Unocal Thailand, PTTEP, Esso (Thailand), Bangchak
Petroleum, Aromatics (Thailand), Cementhai Chemicals, Thai Plastic & Chemicals, Bayer Thai, and the Ministry of Energy. These make PTIT FOCUS the premier publication in this business.

"Riding the Waves for Survival" reflects the renewed spirit among the government and the business in pulling themselves out of economic woes since the financial crisis into a new course of life. The picture of the Thai petroleum and petrochemical industries and energy related articles are summarized in the following articles:-

• Thai economy Review and Outlook
• Establishment of Thailand's New Energy Ministry
• Thai Upstream Petroleum Industry Review and Outlook
• Thai Downstream Petroleum Industry Review and Outlook
• Petrochemicals: Saga of teh Three Casualties
• A Wake-up Call for Thailand's Hazardous Chemicals Tranportation

The Institute's flagship publication each month is PTIT FOCUS. It is written in English and includes up-to-date statistics and a summary of current petroleum industry and related industry developments in Thailand. A special issue is printed each year that takes up relevant themes of current interest. PTIT FOCUS is the only monthly magazine in Thailand that provides local and overseas executives with updated news, statistics, special reports and developments in the petroleum, petrochemical, energy and related industries. PTIT FOCUS is widely read by 800 executives in oil & gas, petrochemical companies as well as other related sectors all over the world. PTIT FOCUS is available both in hard copy and on-line versions.