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					  Thai Oil Public Company Limited
        and its Subsidiaries

        Interim financial statements
                    and
Review Report of Certified Public Accountant

       For the three-month period ended
                 31 March 2010
Review Report of Certified Public Accountant

To the Board of Directors of Thai Oil Public Company Limited


I have reviewed the accompanying consolidated and separate balance sheets as at 31 March 2010, and the
related statements of income, changes in equity and cash flows for the three-month periods ended 31 March
2010 and 2009 of Thai Oil Public Company Limited and its subsidiaries, and of Thai Oil Public Company
Limited respectively. The Company’s management is responsible for the correctness and completeness of
information presented in these financial statements. My responsibility is to issue a report on these financial
statements based on my reviews.

I conducted my reviews in accordance with the auditing standard on review engagements. This standard
requires that I plan and perform the review to obtain moderate assurance as to whether the financial
statements are free of material misstatement. A review is limited primarily to inquiries of company
personnel and analytical procedures applied to financial data and thus provides less assurance than an audit
in accordance with generally accepted auditing standards. I have not performed an audit and, accordingly,
I do not express an audit opinion on the reviewed financial statements.

Based on my reviews, nothing has come to my attention that causes me to believe that the financial
statements referred to above are not presented fairly, in all material respects, in accordance with generally
accepted accounting principles.

I have previously audited the consolidated and separate financial statements for the year ended 31 December
2009 of Thai Oil Public Company Limited and its subsidiaries, and of Thai Oil Public Company Limited
respectively, in accordance with generally accepted auditing standards and expressed an unqualified opinion
on those financial statements in my report dated 19 February 2010. I have not performed any auditing
procedures since that date. The consolidated and separate balance sheets as at 31 December 2009, which are
included in the accompanying financial statements for comparative purposes, are components of those
financial statements.




(Charoen Phosamritlert)
Certified Public Accountant
Registration No. 4068


KPMG Phoomchai Audit Ltd.
Bangkok
11 May 2010
Thai Oil Public Company Limited and its Subsidiaries
Balance sheets
As at 31 March 2010 and 31 December 2009


                                                        Consolidated                            Separate
                                                     financial statements               financial statements
Assets                                   Note     31 March         31 December       31 March         31 December
                                                     2010             2009             2010                 2009
                                                 (Unaudited)                        (Unaudited)
                                                                        (in thousand Baht)
Current assets
Cash and cash equivalents                          12,342,576         8,618,115        9,595,946            5,675,290
Current investments                                   408,764          619,979                    -                 -
Trade accounts receivable                3, 4      21,969,564        20,190,733       20,473,416           17,583,298
Short-term loans to related parties       3                    -              -        4,107,500            4,007,500
Inventories                               3        30,201,954        28,936,590       25,279,616           24,546,078
Prepaid corporate income tax                          217,759          218,313           213,163             213,163
Value added tax receivable                          4,796,647         4,667,682        4,290,232            4,296,685
Other current assets                      3         1,197,032         1,220,001        1,105,045             899,707
Total current assets                               71,134,296        64,471,413       65,064,918           57,221,721


Non-current assets
Investments in subsidiaries               5                    -              -        8,313,387            8,313,387
Investments in associates                 6           185,656          202,311               30,000           30,000
Other long-term investments                         1,010,467         1,012,335        1,010,467           1,012,335
Property, plant and equipment             3        66,647,487        67,800,703       33,682,767           34,375,979
Intangible assets                                   1,465,690         1,526,023          234,485             235,913
Deferred tax assets                                   285,706          324,958           236,514             319,338
Other non-current assets                            2,356,831         2,406,956        1,959,036            2,003,703
Total non-current assets                           71,951,837        73,273,286       45,466,656           46,290,655


Total assets                                      143,086,133      137,744,699      110,531,574        103,512,376




The accompanying notes are an integral part of these financial statements.

                                                        2
Thai Oil Public Company Limited and its Subsidiaries
Balance sheets
As at 31 March 2010 and 31 December 2009


                                                        Consolidated                          Separate
                                                     financial statements               financial statements
Liabilities and equity                    Note    31 March         31 December      31 March         31 December
                                                     2010             2009             2010               2009
                                                 (Unaudited)                       (Unaudited)
                                                                        (in thousand Baht)
Current liabilities
Short-term borrowings from
  financial institutions                                       -      1,300,000                  -       1,300,000
Trade accounts payable                    3, 7     22,993,140        18,108,349       23,159,797      16,992,552
Short-term borrowings from
  related parties                          3                   -              -        4,304,520         3,165,671
Current portion of long-term borrowings
  from financial institutions                       2,407,673         2,144,962         592,700            296,350
Excise duty payable                                   997,853          757,541           997,853           757,541
Income tax payable                                    922,723          448,436          194,943                  -
Other current liabilities                  3        1,873,185         1,538,363        1,675,201         1,384,295
Total current liabilities                          29,194,574        24,297,651       30,925,014         23,896,409


Non-current liabilities
Long-term borrowings from
  financial institutions                            9,381,861       10,381,954         5,334,300         5,630,650
Debentures                                         29,168,985       29,607,517        29,168,985      29,607,517
Deferred tax liabilities                            1,218,705        1,329,503         1,193,169         1,302,371
Other non-current liabilities                         484,540          441,199          653,229            597,844
Total non-current liabilities                      40,254,091        41,760,173       36,349,683         37,138,382
Total liabilities                                  69,448,665        66,057,824       67,274,697         61,034,791




The accompanying notes are an integral part of these financial statements.

                                                        3
Thai Oil Public Company Limited and its Subsidiaries
Balance sheets
As at 31 March 2010 and 31 December 2009


                                                        Consolidated                          Separate
                                                     financial statements               financial statements
Liabilities and equity                   Note     31 March         31 December      31 March         31 December
                                                     2010             2009             2010               2009
                                                 (Unaudited)                       (Unaudited)
                                                                        (in thousand Baht)
Equity
Share capital
 Authorised share capital                          20,400,279       20,400,279       20,400,279       20,400,279
 Issued and paid-up share capital                  20,400,279       20,400,279       20,400,279       20,400,279
Additional paid-in capital
 Premium on ordinary shares                         2,456,261        2,456,261        2,456,261          2,456,261
Unrealised deficit
 Fair value changes on investment                     (21,473)         (19,605)          (21,473)          (19,605)
Currency translation differences                      (96,312)          (4,575)                  -                -
Retained earnings
 Appropriated
    Legal reserve                                   2,040,028        2,040,028         2,040,028         2,040,028
    Other                                             244,500          244,500           244,500           244,500
 Unappropriated                                    43,678,008       41,671,654        18,137,282      17,356,122
Total equity attributable to equity
 holders of the Company                            68,701,291        66,788,542       43,256,877         42,477,585
Minority interests                                  4,936,177         4,898,333                  -                -
Total equity                                       73,637,468        71,686,875       43,256,877         42,477,585


Total liabilities and equity                      143,086,133       137,744,699     110,531,574      103,512,376
                                                               0              0                  0               0




The accompanying notes are an integral part of these financial statements.

                                                        4
Thai Oil Public Company Limited and its Subsidiaries
Statements of income
For the three-month periods ended 31 March 2010 and 2009 (Unaudited)


                                                        Consolidated                           Separate
                                                     financial statements              financial statements
                                         Note        2010            2009             2010                2009
                                                                       (in thousand Baht)
Revenues
Revenue from sale of goods and
 rendering of services                    3        78,956,701      56,543,478       75,702,108        53,789,490
Net derivative gain on hedging                        147,653                  -            97,496                -
Net foreign exchange gain                             739,826                  -       695,473                    -
Other income                              3           487,335          380,261         708,124             547,008
Total revenues                                     80,331,515      56,923,739       77,203,201        54,336,498


Expenses
Cost of sale of goods and rendering
 of services                              3        77,098,359      52,919,671       75,578,650        52,707,283
Selling expenses                                       57,645           36,129         139,037              54,902
Administrative expenses                   3           249,118          237,610         138,245             127,033
Net foreign exchange loss                                      -       405,321                   -         352,213
Total expenses                                     77,405,122      53,598,731       75,855,932        53,241,431


Share of (profit) loss of associates      6            16,655               (328)                -                -


Profit before finance costs and
 income tax expense                                 2,909,738       3,325,336         1,347,269           1,095,067
Finance costs                             3           423,568          644,364         388,421             554,104
Profit before income tax expense                    2,486,170       2,680,972          958,848             540,963
Income tax expense                                    441,972          299,436         177,688             154,011
Profit for the period                               2,044,198       2,381,536          781,160             386,952


Profit for the period attributable to:
 Equity holders of the Company                      2,006,354       2,283,395          781,160             386,952
 Minority interests                                    37,844           98,141                   -                -
Profit for the period                               2,044,198       2,381,536          781,160             386,952


Basic earnings per share (Baht)           9                 0.98            1.12              0.38             0.19




The accompanying notes are an integral part of these financial statements.

                                                        5
Thai Oil Public Company Limited and its Subsidiaries
Statements of changes in equity
For the three-month periods ended 31 March 2010 and 2009 (Unaudited)

                                                                                                             Consolidated financial statements
                                                                                                                             Retained earnings
                                                                                                                                                                Total equity
                                      Issued and                         Fair value       Currency                                                             attributable to
                                       paid-up          Premium on       changes on       translation           Legal                                         equity holders of   Minority         Total
                                     share capital     ordinary shares   investment       differences          reserve           Other       Unappropriated    the Company        interests        equity
                                                                                                                   (in thousand Baht)
Balance at 1 January 2009             20,400,279           2,456,261        (10,939)                 -         2,040,028         244,500         33,791,873        58,922,002     4,657,417       63,579,419
Unrealised loss
Change in fair value recognised
 in equity                                         -                -        (1,898)                 -                   -               -                -             (1,898)               -       (1,898)
Total expense recongnised directly
 in equity                                         -                -        (1,898)                 -                   -               -                -             (1,898)               -       (1,898)
Profit for the period                              -                -                 -              -                   -               -        2,283,395          2,283,395       98,141        2,381,536
Balance at 31 March 2009              20,400,279           2,456,261        (12,837)                 -         2,040,028         244,500         36,075,268        61,203,499     4,755,558       65,959,057


Balance at 1 January 2010             20,400,279           2,456,261        (19,605)          (4,575)          2,040,028         244,500         41,671,654        66,788,542     4,898,333       71,686,875
Unrealised loss
Change in fair value recognised
 in equity                                         -                -        (1,868)                 -                   -               -                -             (1,868)               -       (1,868)
Currency translation differences                   -                -                 -      (91,737)                    -               -                -            (91,737)               -     (91,737)
Total expense recongnised directly
 in equity                                         -                -        (1,868)         (91,737)                    -               -                -            (93,605)               -     (93,605)
Profit for the period                              -                -                 -              -                   -               -        2,006,354          2,006,354       37,844        2,044,198
Balance at 31 March 2010              20,400,279           2,456,261        (21,473)         (96,312)          2,040,028         244,500         43,678,008        68,701,291     4,936,177       73,637,468




The accompanying notes are an integral part of these financial statements.

                                                                                                         6
Thai Oil Public Company Limited and its Subsidiaries
Statements of changes in equity
For the three-month periods ended 31 March 2010 and 2009 (Unaudited)

                                                                                                 Separate financial statements
                                                                                                                          Retained earnings
                                                                                                                                                              Total equity
                                                      Issued and                         Fair value                                                          attributable to
                                                       paid-up          Premium on       changes on           Legal                                         equity holders of
                                                      share capital    ordinary shares   investment         reserve            Other       Unappropriated    the Company
                                                                                                          (in thousand Baht)


Balance at 1 January 2009                              20,400,279            2,456,261       (10,939)        2,040,028         244,500        12,451,700          37,581,829
Unrealised loss
Change in fair value recognised in equity                          -                 -        (1,898)                 -                -               -              (1,898)
Total expense recongnised directly in equity                       -                 -        (1,898)                 -                -               -              (1,898)
Profit for the period                                              -                 -                -               -                -         386,952             386,952
Balance at 31 March 2009                               20,400,279            2,456,261       (12,837)        2,040,028         244,500        12,838,652          37,966,883


Balance at 1 January 2010                              20,400,279            2,456,261       (19,605)        2,040,028         244,500        17,356,122          42,477,585
Unrealised loss
Change in fair value recognised in equity                          -                 -        (1,868)                 -                -               -              (1,868)
Total expense recongnised directly in equity                       -                 -        (1,868)                 -                -               -              (1,868)
Profit for the period                                              -                 -                -               -                -         781,160             781,160
Balance at 31 March 2010                               20,400,279            2,456,261       (21,473)        2,040,028         244,500        18,137,282          43,256,877




The accompanying notes are an integral part of these financial statements.

                                                                                         7
Thai Oil Public Company Limited and its Subsidiaries
Statements of cash flows
For the three-month periods ended 31 March 2010 and 2009 (Unaudited)


                                                                Consolidated                        Separate
                                                             financial statements           financial statements
                                                 Note        2010            2009            2010              2009
                                                                             (in thousand Baht)
Cash flows from operating activities
Profit for the period                                       2,044,198      2,381,536         781,160           386,952
Adjustments for
Bad and doubtful debts expense                     4                  -         3,435                -                  -
Reversal of allowance for decline in value of
  inventories adjusted to net realisable value              (252,191)      (1,133,769)      (249,236)          (888,274)
Depreciation and amortisation                               1,625,338      1,621,405         999,602       1,012,069
Finance costs                                                423,568         644,364         388,421           554,104
Unrealised (gain) loss on foreign exchange                  (567,598)        440,371        (491,405)          371,616
Share of (profit) loss of associates               6          16,655             (328)               -                  -
Gain on disposal of property, plant
  and equipment                                                     (20)            (20)             -                (20)
Realisation of deferred land lease and
  other income                                                 (2,437)         (2,595)       (25,605)           (25,695)
Income tax expense                                           441,972         299,436         177,688           154,011
                                                            3,729,485      4,253,835       1,580,625       1,564,763
Changes in operating assets and liabilities
Trade accounts receivable                                (1,789,957)       (3,154,299)     (2,895,429)    (3,604,166)
Inventories                                              (1,013,173)        (207,819)       (484,302)     (1,300,557)
Other current assets                                        (176,833)        718,187        (269,723)          370,424
Other non-current assets                                      32,828        (163,745)        (19,041)          (163,086)
Trade accounts payable                                      4,946,481      (1,172,957)     6,227,169           192,223
Excise duty payable                                          240,312         492,249         240,312           492,249
Other current liabilities                                     46,154           (3,650)        41,175           (105,815)
Other non-current liabilities                                 43,833           42,020         69,298            65,843
Income tax paid                                               (38,545)       (41,903)          (9,124)           (7,514)
Net cash provided by (used in) operating
  activities                                                6,020,585        761,918       4,480,960      (2,495,636)




The accompanying notes are an integral part of these financial statements.

                                                        8
Thai Oil Public Company Limited and its Subsidiaries
Statements of cash flows
For the three-month periods ended 31 March 2010 and 2009 (Unaudited)


                                                               Consolidated                       Separate
                                                            financial statements           financial statements
                                                 Note       2010             2009          2010              2009
                                                                             (in thousand Baht)
Cash flows from investing activities
(Purchase) sale of current investments                      211,215       (252,570)                -                  -
Cash outflow on short-term loans to
 related parties                                   3                -                -     (150,000)    (1,057,500)
Cash inflow on short-term loans to
 related parties                                   3                -                -       50,000      1,495,000
Cash outflow on investment in subsidiary           5                -                -             -         (219,000)
Proceeds from disposal of investment
 in associate                                      6                -                -             -         202,500
Cash outflow on long-term loans to savings
 co-operative of employees                                          -         (5,496)              -           (5,496)
Cash inflow on long-term loans to savings
 co-operative of employees                                     1,346                 -        1,346                   -
Purchase of property, plant and equipment                   (261,933)     (422,914)        (123,542)         (236,238)
Sale of property, plant and equipment                              20               27             -                27
Purchase of intangible assets                                 (5,705)         (2,462)        (4,983)                (50)
Currency translation differences                             (77,117)                -             -                  -
Net cash provided by (used in) investing
 activities                                                 (132,174)     (683,415)        (227,179)         179,243


Cash flows from financing activities
Finance costs paid                                          (207,589)     (239,862)        (171,974)         (102,369)
Repayment of short-term borrowings from
 financial institutions                                  (1,300,000)     (3,760,287)     (1,300,000)    (3,760,287)
Proceeds from short-term borrowings from
 related parties                                   3                -                -    1,138,849                   -
Repayment of long-term borrowings from
 financial institutions                                     (656,361)    (2,777,321)               -    (1,754,120)
Proceeds from issue of debentures                                   -   12,000,000                 -    12,000,000
Net cash provided by (used in) financing
 activities                                              (2,163,950)     5,222,530         (333,125)     6,383,224




The accompanying notes are an integral part of these financial statements.

                                                        9
Thai Oil Public Company Limited and its Subsidiaries
Statements of cash flows
For the three-month periods ended 31 March 2010 and 2009 (Unaudited)


                                                                  Consolidated                      Separate
                                                               financial statements          financial statements
                                                   Note        2010           2009           2010              2009
                                                                               (in thousand Baht)
Net increase in cash and cash equivalents                  3,724,461        5,301,033       3,920,656      4,066,831
Cash and cash equivalents at beginning of period           8,618,115        8,016,204       5,675,290      3,670,608
Cash and cash equivalents at end of period                12,342,576       13,317,237       9,595,946      7,737,439


Non-cash transaction
Payables on purchase of property, plant
 and equipment                                                 142,590           67,659       102,281           29,699




The accompanying notes are an integral part of these financial statements.

                                                          10
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


Note          Contents

1             General information
2             Basis of preparation of the financial statements
3             Related party transactions and balances
4             Trade accounts receivable
5             Investments in subsidiaries
6             Investments in associates
7             Trade accounts payable
8             Segment information
9             Basic earnings per share
10            Commitments with non-related parties
11            Contingent liabilities and contingent assets
12            Event after the reporting period




                                                  11
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    These notes form an integral part of the financial statements.

    The interim financial statements were authorised for issue by the Board of Directors on 11 May 2010.

1   General information

    Thai Oil Public Company Limited, the “Company”, is incorporated in Thailand and has its registered
    offices and refinery plant as follows:

     Head office                 :   123 Suntowers Building B, 16th Floor, Vibhavadi Rangsit Road,
                                     Kwang Chomphon, Khet Chatuchak, Bangkok 10900, Thailand
     Sriracha office and
       refinery plant            :   42/1 Moo 1, Sukhumvit Road Km. 124, Tambol Tungsukla,
                                     Amphur Sriracha, Cholburi 20230, Thailand

    The Company was listed on the Stock Exchange of Thailand on 26 October 2004.

    The Company is an entity in the PTT Public Company Limited (“PTT”) group of companies. PTT is
    incorporated in Thailand and is the major shareholder of the Company and owned 49.1% of the
    Company’s issued and paid-up share capital as at 31 March 2010 (31 December 2009: 49.1%).

    The principal businesses of the Company are oil refining and distributions. Details of the Company’s
    direct and indirect subsidiaries as at 31 March 2010 and 31 December 2009 were as follows:

                                                                Country of       Ownership interest
         Name of the entity             Type of business      incorporation            (%)
                                                                              31 March     31 December
                                                                                2010           2009
     Direct subsidiaries
     Thai Paraxylene Co., Ltd.       Paraxylene
                                       manufacturing            Thailand        99.99           99.99
     Thai Lube Base Public           Lube base oil refining
      Company Limited                  and distribution         Thailand        99.99           99.99
     Thaioil Marine Co., Ltd.        Providing marine
                                       transportation
                                       services for
                                       petroleum and liquid
                                       chemical products        Thailand        99.99           99.99
     Thaioil Energy Solutions        Power generation
      Co., Ltd.                        and providing of
                                       energy-related
                                       consulting services      Thailand        99.99           99.99
     Thaioil Solvent Co., Ltd.       Investment in
                                       solvent and
                                       petrochemical
                                       businesses               Thailand        99.99           99.99
     Thaioil Ethanol Co., Ltd.        Investment in
                                       ethanol business
                                       and alternative
                                       energy products          Thailand        99.99           99.99




                                                     12
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


                                                            Country of          Ownership interest
         Name of the entity          Type of business     incorporation               (%)
                                                                             31 March     31 December
                                                                               2010           2009
     Thaioil Power Co., Ltd.      Power and steam
                                   generation                Thailand          54.99             54.99

     Indirect subsidiaries
     TOP Solvent Co., Ltd.        Distribution of
                                   solvent and
                                   petrochemical
                                   products                  Thailand          99.99             99.99
     Independent Power
       (Thailand) Co., Ltd.       Power generation           Thailand          80.00*            80.00*
     Sak Chaisidhi Co., Ltd.      Solvent and
                                   petrochemical
                                   products
                                   manufacturing
                                   and distribution          Thailand          80.52             80.52
     TOP Solvent (Vietnam)        Distribution of
       LLC.                        solvent and
                                   petrochemical
                                   products                  Vietnam          100.00           100.00

    *   The Company and a subsidiary (Thaioil Power Co., Ltd.) hold a 24% and 56% interest in
        Independent Power (Thailand) Co., Ltd. respectively.

2   Basis of preparation of the financial statements

    The interim financial statements issued for Thai reporting purposes are prepared in the Thai language.
    This English translation of the financial statements has been prepared for the convenience of readers
    not conversant with the Thai language.

    The interim financial statements are prepared on a condensed basis in accordance with Thai
    Accounting Standard No. 34 (revise 2007) Interim Financial Reporting including related
    interpretations and guidelines promulgated by the Federation of Accounting Professions (“FAP”),
    applicable rules and regulations of the Securities and Exchange Commission and with generally
    accepted accounting principles in Thailand.

    The interim financial statements are prepared to provide an update on the financial statements for the
    year ended 31 December 2009. They focus on new activities, events and circumstances to avoid
    repetition of information previously reported. Accordingly, these interim financial statements should
    be read in conjunction with the financial statements for the year ended 31 December 2009.

    The interim financial statements are presented in Thai Baht, rounded in the notes to the interim
    financial statements to the nearest thousand Baht unless otherwise stated.

    Significant accounting policies and methods of computation applied in the interim financial
    statements for the three-month period ended 31 March 2010 are consistent with those applied in the
    financial statements for the year ended 31 December 2009.




                                                    13
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


3   Related party transactions and balances

    Related parties are those parties linked to the Group and the Company as shareholders or by common
    shareholders or directors. Transactions with related parties are conducted at prices based on market
    prices or, where no market price exists, at contractually agreed prices.

    Relationships with related parties that control or jointly control the Group or are being controlled or
    jointly controlled by the Group or have transactions with the Group are as follows:

                                            Country of
             Name of entities             incorporation              Nature of relationships

     PTT Public Company Limited             Thailand      Major shareholder
     Thai Paraxylene Co., Ltd.              Thailand      Subsidiary and/or common directors
     Thai Lube Base Public Company
       Limited                              Thailand      Subsidiary and/or common directors
     Thaioil Marine Co., Ltd.               Thailand      Subsidiary and/or common directors
     Thaioil Energy Solutions Co., Ltd.     Thailand      Subsidiary and/or common directors
     Thaioil Solvent Co., Ltd.              Thailand      Subsidiary and/or common directors
     Thaioil Ethanol Co., Ltd.              Thailand      Subsidiary and/or common directors
     Thaioil Power Co., Ltd.                Thailand      Subsidiary and/or common directors
     TOP Solvent Co., Ltd.                  Thailand      Indirect subsidiary and/or common directors
     Independent Power (Thailand)
       Co., Ltd.                            Thailand      Indirect subsidiary and/or common directors
     Sak Chaisidhi Co., Ltd.                Thailand      Indirect subsidiary and/or common directors
     TOP Solvent (Vietnam) LLC.             Vietnam       Indirect subsidiary and/or common directors
     PTT ICT Solutions Co., Ltd.            Thailand      Associate and/or common directors
     Maesod Clean Energy Co., Ltd.          Thailand      Indirect associate and/or common directors
     PTT International Trading
       Pte. Ltd.                            Singapore     Subsidiary of major shareholder
     Star Petroleum Refining Co., Ltd.      Thailand      Associate of major shareholder
     IRPC Public Company Limited            Thailand      Associate of major shareholder
     PTT Aromatics and Refining
       Public Company Limited               Thailand      Associate of major shareholder
     Bangchak Petroleum Public
       Company Limited                      Thailand      Associate of major shareholder
     PTT Chemical Public Company
       Limited                              Thailand      Associate of major shareholder
     PTT Phenol Co., Ltd.                   Thailand      Associate of major shareholder
     Thai Petroleum Pipeline Co., Ltd.      Thailand      Related company and/or common directors




                                                   14
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    The pricing policies for particular types of transactions are explained further below:

                    Transactions                                         Pricing policies

     Revenue from sale of goods and rendering
      of services, lease income, purchase
      of goods and assets                            Market prices or, where no market price exists,
                                                      at contractually agreed prices
     Interest income and expense                     Agreed rates stipulated in the agreements
     Other income and expenses                       Contractually agreed prices
     Directors’ remuneration                         Amounts approved by the Group’s shareholders

    Significant transactions for the three-month periods ended 31 March 2010 and 2009 with related
    parties were as follows:

                                                   Consolidated                      Separate
                                               financial statements             financial statements
                                              2010             2009             2010            2009
                                                                 (in thousand Baht)
     Major shareholder
     Revenue from sale of goods
      and rendering of services            44,321,988        28,441,123        42,553,060      27,606,132
     Purchase of crude oil
      and feedstock                        30,348,826        32,269,835        28,371,914      29,399,570
     Purchase-sale of crude oil and
      feedstock for legal reserve*                   -        1,582,800                  -      1,582,800
     Other income                               64,045            9,658             64,045          9,658
     Other expenses                              3,968            5,552              3,704          4,006

     Subsidiaries
     Revenue from sale of goods
       and rendering of services                      -                 -      10,271,870       7,058,280
     Purchase of crude oil
       and feedstock                                  -                 -        7,391,390      5,910,995
     Purchase-sale of crude oil and
       feedstock for legal reserve*                   -                 -                -        357,440
     Purchase of assets                               -                 -               85         10,892
     Interest income                                  -                 -           43,672         38,051
     Land lease income                                -                 -           12,100         11,154
     Other income                                     -                 -          197,646        148,162
     Interest expenses                                -                 -            9,215              -
     Other expenses                                   -                 -          138,838         45,641

     Associates
     Other expenses                             10,307            14,359            10,307         14,359
     Purchase of assets                          1,673             1,453             1,673          1,453




                                                    15
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


                                                  Consolidated                      Separate
                                              financial statements             financial statements
                                             2010             2009             2010            2009
                                                                (in thousand Baht)
     Other related parties
     Revenue from sale of goods
      and rendering of services             1,632,472       2,467,547        1,081,765         2,252,435
     Purchase of crude oil
      and feedstock                          855,677          444,605                -           30,213
     Other income                                419            1,022              419            1,022
     Other expenses                           15,714           15,823           15,714           15,823

     Directors’ remuneration                      7,615        13,088             3,628            3,701

    *   Purchase-sale of crude oil and feedstock transactions entered for the purpose of maintaining the
        legal levels of crude oil inventory are transacted with related parties and have already been
        reversed in the interim financial statements for the three-month period ended 31 March 2009.

    Balances as at 31 March 2010 and 31 December 2009 with related parties were as follows:

    Trade accounts receivable - related parties

                                                  Consolidated                        Separate
                                              financial statements               financial statements
                                           31 March        31 December        31 March        31 December
                                             2010              2009             2010              2009
                                                                 (in thousand Baht)
     Major shareholder
     PTT Public Company Limited            10,724,326       7,655,683       10,250,621         7,403,113
     Subsidiaries
     Thai Paraxylene Co., Ltd.                        -              -       3,831,201         3,242,357
     Thai Lube Base Public Company
       Limited                                        -              -         186,687          126,065
     Thaioil Power Co., Ltd.                          -              -          53,808           65,417
     Other related parties
     PTT International Trading Pte. Ltd.         780              801                 -                -
     IRPC Public Company Limited              73,765          124,289                 -                -
     Bangchak Petroleum Public
       Company Limited                       399,330          548,958          398,043          548,632
     PTT Chemical Public Company
       Limited                                      -           1,432                -                 -
     Thai Petroleum Pipeline Co., Ltd.            521           2,404                -                 -
                                           11,198,722       8,333,567       14,720,360        11,385,584
     Less allowance for doubtful
            accounts                                -               -                -                 -
     Total                                 11,198,722       8,333,567       14,720,360        11,385,584




                                                    16
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    Other accounts receivable - related parties

                                                  Consolidated                        Separate
                                              financial statements               financial statements
                                           31 March        31 December        31 March        31 December
                                             2010              2009             2010              2009
                                                                 (in thousand Baht)
     Major shareholder
     PTT Public Company Limited               38,257           10,137            37,937            9,124
     Subsidiaries
     Thai Paraxylene Co., Ltd.                      -                -           38,343           22,780
     Thai Lube Base Public Company
       Limited                                      -                -           26,746           23,726
     Thaioil Marine Co., Ltd.                       -                -            2,394            3,046
     Thaioil Energy Solutions Co., Ltd.             -                -            2,674            5,788
     Thaioil Solvent Co., Ltd.                      -                -           17,524           17,339
     Thaioil Ethanol Co., Ltd.                      -                -              424              162
     Thaioil Power Co., Ltd.                        -                -           36,772           23,233
     TOP Solvent Co., Ltd.                          -                -            2,779              404
     Independent Power (Thailand)
       Co., Ltd.                                    -                -            3,629            2,559
     Sak Chaisidhi Co., Ltd.                        -                -                -               79
     Associate
     PTT ICT Solutions Co., Ltd.              11,672           15,375           11,672            15,375
     Total                                    49,929           25,512          180,894           123,615

     Short-term loans to related parties

                                                  Consolidated                        Separate
                                              financial statements               financial statements
                                           31 March        31 December        31 March        31 December
                                             2010              2009             2010              2009
                                                                 (in thousand Baht)
     Subsidiaries
     Thaioil Marine Co., Ltd.                       -                -        1,572,500        1,622,500
     Thaioil Solvent Co., Ltd.                      -                -        2,535,000        2,385,000
     Total                                          -                -        4,107,500        4,007,500

    Interest rates during the three-month periods ended 31 March 2010 and 2009 were charged at money
    market rate (MMR) but not exceeding the average minimum loan rates (MLR) of 5 financial
    institutions less margin.

    Movements of short-term loans to related parties during the three-month periods ended 31 March
    2010 and 2009 were as follows:

                                                  Consolidated                       Separate
                                              financial statements              financial statements
                                             2010             2009             2010              2009
                                                                (in thousand Baht)
     At 1 January                                    -                -       4,007,500         3,159,000
     Increases                                       -                -         150,000         1,057,500
     Decreases                                       -                -         (50,000)       (1,495,000)
     At 31 March                                     -                -       4,107,500         2,721,500

                                                  17
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


     Trade accounts payable - related parties

                                                  Consolidated                        Separate
                                              financial statements               financial statements
                                           31 March        31 December        31 March        31 December
                                             2010              2009             2010              2009
                                                                 (in thousand Baht)
     Major shareholder
     PTT Public Company Limited           10,029,765       10,996,439        9,576,872        9,413,470
     Subsidiaries
     Thai Paraxylene Co., Ltd.                        -              -       2,367,328        2,025,225
     Thai Lube Base Public Company
       Limited                                        -              -         409,337          166,960
     Thaioil Power Co., Ltd.                          -              -         149,168           97,294
     Sak Chaisidhi Co., Ltd.                          -              -             735            1,150
     Other related parties
     Star Petroleum Refining Co., Ltd.          149,596             -                 -                -
     IRPC Public Company Limited                 97,756        55,901                 -                -
     PTT Aromatics and Refining
       Public Company Limited                      9          110,720                -                -
     PTT Phenol Co., Ltd.                     13,603                -                -                -
     Total                                10,290,729       11,163,060       12,503,440       11,704,099

     Other accounts payable - related parties

                                                  Consolidated                        Separate
                                              financial statements               financial statements
                                           31 March        31 December        31 March        31 December
                                             2010              2009             2010              2009
                                                                 (in thousand Baht)
     Major shareholder
     PTT Public Company Limited                   6,671       362,181             6,311         361,501
     Subsidiaries
     Thai Paraxylene Co., Ltd.                        -              -            8,162             268
     Thai Lube Base Public Company
       Limited                                        -              -          17,030           12,519
     Thaioil Marine Co., Ltd.                         -              -          50,343           33,353
     Thaioil Energy Solutions Co., Ltd.               -              -               -            9,138
     Independent Power (Thailand)
       Co., Ltd.                                      -              -            7,053            5,290
     Associate
     PTT ICT Solutions Co., Ltd.                 19,191        24,428           19,191           24,428
     Other related party
     Thai Petroleum Pipeline Co., Ltd.            5,955         2,748            5,955            2,748
     Total                                       31,817       389,357          114,045          449,245




                                                    18
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    Short-term borrowings from related parties

                                                  Consolidated                        Separate
                                              financial statements               financial statements
                                           31 March        31 December        31 March        31 December
                                             2010              2009             2010              2009
                                                                 (in thousand Baht)
     Subsidiaries
     Thai Paraxylene Co., Ltd.                       -                -        2,112,510         1,063,392
     Thai Lube Base Public Company
      Limited                                        -                -        2,168,759        2,064,811
     Thaioil Marine Co., Ltd.                        -                -           23,251           37,468
     Total                                           -                -        4,304,520        3,165,671

    Interest rates during the three-month periods ended 31 March 2010 and 2009 were charged at money
    market rate (MMR) but not exceeding the average minimum loan rates (MLR) of 5 financial
    institutions less margin.

    Movements of short-term borrowings from related parties during the three-month periods ended 31
    March 2010 and 2009 were as follows:

                                                  Consolidated                        Separate
                                              financial statements              financial statements
                                             2010             2009              2010            2009
                                                                (in thousand Baht)
     At 1 January                                   -                 -       3,165,671              -
     Increases                                      -                 -       1,138,849              -
     Decreases                                      -                 -                -             -
     At 31 March                                    -                 -       4,304,520              -

    Significant agreements with related parties

    As at 31 March 2010 the Group had the following significant agreements with related parties.

    Raw Materials and Oil-Products Purchases and Sales Agreements

    The Company has raw materials and oil products purchase and sale agreements with a subsidiary,
    whereby the purchase and sale volumes and prices of raw materials and oil products are specified in
    the agreements. These agreements are effective on the agreement date and shall be terminated by
    either party giving at least 6 months notice in writing to the other party.

    Oil-Products Sale and Purchase Agreements

    The Company has oil products purchase and sale agreements with a subsidiary, whereby the purchase
    and sale volumes and prices are specified in the agreements. These agreements are effective on the
    agreement date and shall be terminated if either party does not comply with the terms stipulated in the
    agreements.

    By-Product Sale and Purchase Agreement

    The Company has a by-product purchase and sale agreement with a subsidiary, whereby the purchase
    and sale volumes and prices of the by-product are specified in the agreement. The agreement is for a
    period of 10 years expiring in September 2014, or until the termination by mutual consent.

                                                   19
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    Technology and Communication Service Agreement

    The Company has a technology and communication service agreement with an associate, whereby the
    service fees are specified in the agreement. The agreement is for a period of 5 years expiring in June
    2011 and is renewable for additional periods of 5 years.

    Crack Spread Swap and Time Spread Swap Agreements

    The Company has crack spread swap and time spread swap agreements with a related company. The
    Company or the related company has commitments to make payments for the differences between the
    fixed price and floating price for each period.

    As at 31 March 2010 the Company had oil volume under the agreements totaling 1.31 million barrels
    (31 December 2009: 1.81 million barrels).

    Product Offtake and Crude Oil Supply Agreement

    The Company has a product off take and crude oil supply agreement with a related company, whereby
    (a) the Company will sell and the related company will purchase refined petroleum products produced
    by the refinery for 49.99% of 270,000 barrels per day; and (b) the related party will supply and the
    Company will purchase crude oil and/or feedstock for the refinery required to produce 49.99% of
    270,000 barrels per day. The credit term for crude oil shall be mutually agreed.

    Feedstock Throughput Agreement

    The Company has an agreement with a related company to use the Company’s single buoy mooring
    facility for receiving its feedstock. The agreement is for a period of 15 years expiring in 2023 and the
    throughput fee is stipulated in the agreement.

    Crude Oil Processing Agreement

    The Company has an agreement for crude oil processing with a related company, whereby the related
    company will supply crude oil to the Company and the Company will provide a processing service. In
    this regard, the Company will either receive payments from or make payments to the related company
    depending on whether the processing fee for the different amount of products lifted by the related
    company is higher or lower than the value of relevant crude intake in the same month, including other
    expenses and finance costs, if any, incurred by both parties. There is no expiry date specified in the
    agreement.

    Long Residue Cracking and Fuel Oil Exchange Agreement

    The Company has a long residue cracking and fuel oil exchange agreement with a related company to
    exchange a related company’s long residue for cracking in the Company’s refinery process and to
    receive fuel oil left from the process for selling in the market. The agreement shall be terminated by
    either party giving at least 90 days notice in writing to the other party. Payments shall be made on a
    net settlement basis as stipulated in the agreement.

    Throughput Agreement

    The Company has throughput agreement with a related company, whereby the tariff fee is specified in
    the agreement. The agreement is for a period of 20 years expiring in 2014 and is renewable.



                                                   20
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    Natural Gas Supply Agreements

    The Company and two subsidiaries have natural gas supply agreements with a related company,
    whereby the related company agrees to supply the natural gas to the Company and the subsidiaries at
    quantities and prices as stipulated in the agreements. These agreements are effective for periods of 8 to
    25 years.

    Cost Reimbursement Agreements

    Certain subsidiaries have cost reimbursement agreements with the Company covering the
    reimbursement of construction costs of natural gas pipeline facilities and the use of the pipeline
    facilities, raw water pipeline and the use of land for the construction of a transmission line connecting
    the subsidiaries to the Electricity Generating Authority of Thailand (EGAT). Under the terms of the
    agreements, the subsidiaries agree to share the cost of investments with the Company on the basis and
    conditions stipulated in the agreements. These agreements are effective for a period of 25 years, or
    until the termination of the power purchase agreement entered into by the subsidiaries with EGAT,
    whichever is sooner.

    Power and Steam Purchase Agreements

    Certain subsidiaries (the “sellers”) have power and steam purchase agreements with the Company and
    two subsidiaries for periods of 20 and 25 years, whereby the sellers will sell power and steam energy
    to the Company and the subsidiaries at the agreed quantities and prices as stipulated in the
    agreements.

    Services and Supplies Agreements

    Certain subsidiaries have services and supplies agreements with the Company, whereby the Company
    provides the subsidiaries for the operating, repair and maintenance, management, controlling and
    administration, procurement, fuel transmission, waste water treatment and utilities, information
    technology, financial, accounting and human resource services. The subsidiaries agree to pay certain
    fees as stipulated in the agreements. These agreements are effective for periods of 3 years or 24 years
    or until the termination of the land lease agreement entered into by a subsidiary with the Company,
    whichever is sooner, or until the termination of the power purchase agreement entered into by another
    subsidiary with EGAT.

    Land Lease Agreements

    Certain subsidiaries have land lease agreements with the Company to lease/sublease certain parcels of
    land ending in September 2022 with total annual rental for the year 2010 of Baht 39.2 million, and the
    rate will be adjusted every 5 years.

    Raw Materials and Petrochemical Products Purchase and Sale Agreements

    A subsidiary has raw materials and petrochemical products purchase and sale agreements with related
    companies, whereby the purchase and sale volumes and prices of raw materials and petrochemical
    products are specified in the agreements. These agreements are for periods of 3 to 15 years.




                                                    21
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    Technical Service Agreement

    A subsidiary has technical service agreements with the Company and another subsidiary to provide a
    consultancy technical solutions service for energy-related and petrochemical businesses, whereby the
    service fees are specified in the agreements. These agreements are for a period of 3 years expiring
    in December 2011.

    Oil and Chemical Transportation Agreements

    A subsidiary has a oil and chemical transportation agreement with a related company. The term of the
    agreement is 1 year and is renewable if the counterparty notifies in writing any intention of extension
    at least 3 months prior to the expiration date.

    Office Rental Agreements

    A subsidiary has office rental agreements with a related company and another subsidiary, whereby the
    rental fees are specified in the agreements. These agreements have no specified expiry date so the
    compliance with conditions specified in the agreements is ongoing until either party giving at least 30
    days written notice of termination to the other party.

4   Trade accounts receivable

                                              Consolidated                        Separate
                                          financial statements               financial statements
                               Note    31 March        31 December        31 March        31 December
                                         2010              2009             2010              2009
                                                             (in thousand Baht)

    Related parties              3     11,198,722          8,333,567       14,720,360        11,385,584
    Other parties                      10,770,842         11,857,166        5,753,056         6,197,714
                                       21,969,564         20,190,733       20,473,416        17,583,298
    Less allowance for
           doubtful accounts                    -                  -                -                 -
    Total                              21,969,564         20,190,733       20,473,416        17,583,298

                                              Consolidated                      Separate
                                          financial statements             financial statements
                                         2010             2009            2010             2009
                                                            (in thousand Baht)
    Bad and doubtful debts
     expense for the three-month
     period ended 31 March                       -            3,435                  -                 -




                                                     22
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    Aging analyses for trade accounts receivable are as follows:

                                              Consolidated                        Separate
                                          financial statements               financial statements
                              Note     31 March        31 December        31 March        31 December
                                         2010              2009             2010              2009
                                                             (in thousand Baht)
    Related parties
    Within credit terms                11,198,715         8,331,874      14,720,360       11,385,584
    Overdue:
     Less than 3 months                         7             1,693               -                -
                                3      11,198,722         8,333,567      14,720,360       11,385,584

    Other parties
    Within credit terms                10,656,109        11,762,874       5,753,056        6,197,714
    Overdue:
     Less than 3 months                    22,997             6,653               -                -
     3 - 6 months                           4,655             5,437               -                -
     6 - 12 months                          4,998            23,914               -                -
     Over 12 months                        82,083            58,288               -                -
                                       10,770,842        11,857,166       5,753,056        6,197,714
    Total                              21,969,564        20,190,733      20,473,416       17,583,298

    The normal credit term granted by the Group ranges from 15 days to 90 days.

5   Investments in subsidiaries

                                                                                     Separate
                                                                              financial statements
                                                                              2010            2009
                                                                                (in thousand Baht)

     At 1 January                                                           8,313,387      8,094,387
     Acquisitions                                                                   -        219,000
     At 31 March                                                            8,313,387      8,313,387
     At 31 December                                                                        8,313,387




                                                    23
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    Investments in subsidiaries as at 31 March 2010 and 31 December 2009, and dividend income for the three-month periods ended 31 March 2010 and 2009
    were as follows:

                                                                              Separate financial statements
                                                                                                                                 Dividend income
                                    Ownership interest         Paid-up capital                        Cost method             for three months ended
                                 31 March 31 December     31 March       31 December          31 March        31 December    31 March        31 March
                                   2010         2009        2010             2009               2010              2009         2010            2009
                                          (%)                                                   (in thousand Baht)
     Subsidiaries
     Thai Paraxylene Co., Ltd.     99.99     99.99         2,572,414          2,572,414        2,161,193       2,161,193              -                 -
     Thai Lube Base Public
       Company Limited             99.99     99.99         1,757,891          1,757,891        1,978,726       1,978,726              -                 -
     Thaioil Marine Co., Ltd.      99.99     99.99           630,000            630,000          630,000         630,000              -                 -
     Thaioil Energy Solutions
       Co., Ltd.                   99.99     99.99            40,000             40,000           40,000          40,000              -                 -
     Thaioil Solvent Co., Ltd.     99.99     99.99         1,250,000          1,250,000        1,250,000       1,250,000              -                 -
     Thaioil Ethanol Co., Ltd.     99.99     99.99           220,000            220,000          220,000         220,000              -                 -
     Thaioil Power Co., Ltd.       54.99     54.99         2,810,000          2,810,000        1,545,500       1,545,500              -                 -
     Independent Power
       (Thailand) Co., Ltd.        24.00     24.00         1,771,000        1,771,000            487,968         487,968              -                 -
     Total                                                11,051,305       11,051,305          8,313,387       8,313,387              -                 -




                                                                         24
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


6   Investments in associates

                                           Consolidated                      Separate
                                       financial statements             financial statements
                                      2010             2009            2010             2009
                                                        (in thousand Baht)

     At 1 January                     202,311         229,198           30,000         232,500
     Share of net profit (loss) of
      investments - equity method     (16,655)            328                -               -
     Disposals                              -               -                -        (202,500)
     At 31 March                      185,656         229,526           30,000          30,000
     At 31 December                                   202,311                           30,000




                                           25
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


   Investments in associates as at 31 March 2010 and 31 December 2009, and dividend income for the three-month periods ended 31 March 2010 and 2009 were as
   follows:

                                                                                     Consolidated financial statements
                                                                                                                                                    Dividend income
                                   Ownership interest      Paid-up capital                   Cost method                   Equity method         for three months ended
                                 31 March 31 December 31 March     31 December        31 March     31 December      31 March      31 December   31 March      31 March
                                   2010       2009      2010           2009             2010           2009           2010            2009        2010           2009
                                         (%)                                                            (in thousand Baht)
   PTT ICT Solutions Co., Ltd.     20.00       20.00   150,000       150,000             30,000       30,000          46,236           40,026          -              -
   Maesod Clean Energy
    Co., Ltd.                      30.00       30.00    675,000       675,000           202,500        202,500        139,420       162,285            -              -
   Total                                                825,000       825,000           232,500        232,500        185,656       202,311            -              -

                                                                                         Separate financial statements
                                                                                                                                                   Dividend income
                                               Ownership interest             Paid-up capital                            Cost method            for three months ended
                                           31 March     31 December      31 March      31 December               31 March       31 December     31 March     31 March
                                             2010           2009           2010            2009                    2010             2009          2010          2009
                                                     (%)                                                           (in thousand Baht)

   PTT ICT Solutions Co., Ltd.               20.00        20.00            150,000                150,000           30,000         30,000               -             -
   Total                                                                   150,000                150,000           30,000         30,000               -             -




                                                                                26
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


7   Trade accounts payable

                                                 Consolidated                        Separate
                                             financial statements               financial statements
                                  Note    31 March        31 December        31 March        31 December
                                            2010              2009             2010              2009
                                                                (in thousand Baht)

     Related parties               3     10,290,729        11,163,060       12,503,440       11,704,099
     Other parties                       12,702,411         6,945,289       10,656,357        5,288,453
     Total                               22,993,140        18,108,349       23,159,797       16,992,552

8   Segment information

    Segment information is presented in respect of the Group’s business segments. The primary format,
    business segments, is based on the Group’s management and internal reporting structure.

    Business segments

    The Group comprises the following main business segments:

    Segment 1:         Oil refinery
    Segment 2:         Lube base oil refinery
    Segment 3:         Petrochemical
    Segment 4:         Power generation
    Segment 5:         Oil and chemical products transportation services
    Segment 6:         Other




                                                      27
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


    Revenue and results, based on business segments, in the consolidated financial statements for the three-month periods ended 31 March 2010 and 2009 were as
    follows:

                                                                                                    2010
                                                                                                      Oil and
                                                                                                     chemical
                                                                                                      product
                                        Oil        Lube base                          Power       transportation
                                      refinery     oil refinery   Petrochemical     generation       services         Other       Eliminations         Total
                                                                                       (in thousand Baht)
     Revenue from sale of goods
      and rendering of services     75,702,108      5,115,938       13,316,807       2,747,519         248,028         4,530       (18,178,229)      78,956,701
     Cost of sale of goods and
      rendering of services         (75,578,650)    (4,696,086)    (12,254,890)     (2,672,447)       (201,928)       (5,206)       18,310,848      (77,098,359)
     Gross profit (loss)                123,458        419,852       1,061,917          75,072          46,100          (676)          132,619        1,858,342
     Profit (loss) for the period       781,160        277,510         905,456          65,859          10,421        (2,628)            6,420        2,044,198

                                                                                                    2009
                                                                                                      Oil and
                                                                                                     chemical
                                                                                                      product
                                        Oil        Lube base                          Power       transportation
                                      refinery     oil refinery   Petrochemical     generation       services         Other       Eliminations         Total
                                                                                       (in thousand Baht)
     Revenue from sale of goods
      and rendering of services     53,789,490      2,712,027        9,325,072       3,897,514         229,844                -    (13,410,469)      56,543,478
     Cost of sale of goods and
      rendering of services         (52,707,283)    (2,551,130)     (7,544,733)     (3,515,290)       (158,883)              -      13,557,648      (52,919,671)
     Gross profit                     1,082,207        160,897       1,780,339         382,224          70,961               -         147,179        3,623,807
     Profit (loss) for the period       386,952         96,315       1,643,562         212,103          27,600         (1,193)          16,197        2,381,536




                                                                            28
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


9    Basic earnings per share

     The calculations of basic earnings per share for the three-month periods ended 31 March 2010 and
     2009 were based on the profit for the periods attributable to equity holders of the Company and the
     weighted average number of ordinary shares outstanding during the three-month periods ended 31
     March 2010 and 2009 as follows:

                                                   Consolidated                       Separate
                                               financial statements              financial statements
                                              2010              2009            2010             2009
                                                         (in thousand Baht/thousand shares)
     Profit attributable to equity
       holders of the Company               2,006,354        2,283,395          781,160          386,952
     Weighted average number of
      ordinary shares outstanding
      during the period                     2,040,028        2,040,028        2,040,028        2,040,028
     Basic earnings per share (Baht)             0.98             1.12             0.38             0.19

10   Commitments with non-related parties

                                                   Consolidated                        Separate
                                               financial statements               financial statements
                                            31 March        31 December        31 March        31 December
                                              2010              2009             2010              2009
                                                                  (in thousand Baht)
     Capital commitments
     Projects construction agreements        1,455,968       1,054,232        1,048,083         683,088
     Total                                   1,455,968       1,054,232        1,048,083         683,088

     Non-cancellable operating lease
      commitments
     Within one year                           176,789         177,867          174,426          174,426
     After one year but within five years      767,889         755,060          764,514          751,467
     After five years                        1,647,741       1,747,341        1,644,154        1,743,543
     Total                                   2,592,419       2,680,268        2,583,094        2,669,436

     Other commitments
     Technical services agreements            341,300          364,500          341,300         364,500
     Inventory management services
       agreements                              27,106           44,689                 -                -
     Letters of guarantee issued by
       financial institutions                4,753,735       4,763,961        4,547,015       4,547,015
     Crude oil purchase agreements          39,038,684      37,016,854       39,038,684      37,016,854
     Total                                  44,160,825      42,190,004       43,926,999      41,928,369




                                                   29
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


     Long-term Maintenance Agreements

     A subsidiary has combustion turbine supply and maintenance agreements with local companies
     (“service providers”), whereby the service providers will supply and repair parts used for yearly and
     scheduled repairs. In this regard, the subsidiary is committed to pay for the parts and maintenance
     service fees to the service providers at the prices specified in the agreements. These agreements are
     effective on the agreement date till the second major scheduled repair or the twelfth yearly scheduled
     repair.

     Power Purchase Agreement

     Two subsidiaries have power purchase agreements for a period of 25 years with the Electricity
     Generating Authority of Thailand (“EGAT”) expiring in 2023 and 2025 whereby the subsidiaries will
     supply the electric energy to EGAT at the agreed quantity and price. As the contracted parties with
     EGAT, the subsidiaries must comply with conditions and restrictions provided for in the agreements.

     Throughput Agreement

     A subsidiary had a throughput agreement for a period of 5 years with a non-related company for
     storage facilities expiring in November 2013. The subsidiary is committed to pay a quarterly service
     fee to the non-related company at the rates specified in the agreement. The subsidiary can terminate
     this agreement by giving a notice in advance to the non-related company not less than 1 year.

     Office Rental Agreement

     A subsidiary had a office rental agreement for a period of 2 years with a non-related company expiring
     in October 2010. The subsidiary is committed to pay the monthly rental fee to the non-related
     company at the rate specified in the agreement.

     An indirect subsidiary had a land rental agreement for a period of 30 years with Industrial Estate of
     Thailand (“Industrial Estate”) for land used in Map Ta Phut Industrial Estate expiring in January 2019.
     The subsidiary is committed to pay the annual rental fee to the Industrial Estate at the rates specified
     in the agreement.

     Office Service Agreement

     A subsidiary had a office service agreement for a period of 2 years with a non-related company for
     sharing public spaces and facilities expiring in October 2010. The subsidiary is committed to pay the
     monthly service fee to the non-related company at the rates specified in the agreement.

11   Contingent liabilities and contingent assets

     As at 31 March 2010 the Group had the following contingent liabilities and contingent assets:

     a)   The Company has outstanding interest rate swap contracts with a local branch of a foreign
          financial institution to protect interest rate risk of the U.S. Dollar long-term financial liabilities of
          U.S. Dollars 60 million (31 December 2009: U.S. Dollars 60 million and Baht 2,750 million).
          According to terms and conditions of the contracts, the Company and the counterparty agree to
          pay the interest rate differentials for the notional amount.




                                                       30
Thai Oil Public Company Limited and its Subsidiaries
Notes to the interim financial statements
For the three-month period ended 31 March 2010 (Unaudited)


     b)   A subsidiary has been assessed by the Custom Department and the Revenue Department for the
          excise tax including penalty and surcharge for certain shipments of imported reduced crude oil
          totaling Baht 253.7 million (the Central Tax Court ruled in favor of the subsidiary). As at 31
          March 2010 the case was in the process of consideration of the Supreme Court.

     c)   A subsidiary has been assessed by the Revenue Department for the corporate income tax in
          respect to 1999 and 2000 revenues resulting to the utilisation of tax loss carry forwards in
          subsequent years (the Central Tax Court ruled in favor of the subsidiary). As at 31 March 2010
          the case was in the process of consideration of the Supreme Court.

     d)   The Company has crack spread swap and time spread swap with foreign companies
          (“counterparties”). The Company has or the counterparties have commitments to make payments
          for the differences between the fixed price and floating price for each period.

          As at 31 March 2010 the Company had oil volume under the agreements totaling 3.55 million
          barrels (31 December 2009: 5.12 million barrels).

12   Event after the reporting period

     At the annual general meeting of the shareholders of the Company held on 2 April 2010, the
     Company’s shareholders approved the appropriation of 2009 annual dividends at Baht 2.55 per share,
     totaling Baht 5,202 million. After a deduction of the interim dividends of Baht 1.05 per share which
     were already paid to the Company’s shareholders in September 2009, the remaining dividends of Baht
     1.50 per share, totaling Baht 3,060 million, were already paid to the Company’s shareholders in April
     2010.




                                                   31

				
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