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The reporter reported that the share price of Tipco Asphalt Public Company Limited or TASCO At 10.07 hours at the 20.40 baht level, minus 3.50 baht or 14.64%, the highest level at 20.40 baht, the lowest level at 20.40 baht, with a commercial value of 71.47 million baht.
TASCO President Chaiwat Srivannawat said the company was contacted by the US State Department, requesting the company to stop buying crude oil from Venezuela immediately. The company has clarified in writing the details of the crude purchase. From Venezuela to the US State Department, the US State Department finally asked the company to stop buying Venezuelan crude. It will take effect from the end of November 2020 and warns that the company may face sanctions from the United States. In case the company does not comply with such requests
Therefore, to reduce the risk of sanctions by the United States. Which will seriously affect business operations. The company will continue to halt purchases of Venezuelan crude as requested by the US State Department, prompting it to temporarily close its Kemaman refinery. Until the US sanctions Continuation to Venezuela will be canceled. Or, a company can supply crude oil to replace crude from Venezuela.
Previously, in December 2019, the company was contacted by the United States Embassy. In Thailand The company responded to inquiries and provided details on the purchase of crude from Venezuela to the US Embassy. When in January 2020
For the company’s Kemaman distillery, Malaysia. It is designed primarily for the refining of heavy crude from Venezuela. Since the refinery began operations in 2007, the company’s refinery has been using crude oil from Venezuela. For refining, it represents approximately 90% of the total crude oil used.
The asphalt products produced at Kemaman’s refinery account for approximately 50% of the total asphalt products that the company sells each year. The closure of a refinery will have a direct impact on the wholesale trade and the company is considering various risk management plans. The company will notify the Thai Stock Exchange for further recognition.
Mr. Chaiyos Jiwangkul, Deputy Director Securities Analysis Department Krungsri Securities Company Limited revealed to “Business News” that the case was significantly negative for TASCO shares. Since the Malaysian refinery revenue represents 50% of TASCO’s total revenue, it is advisable to avoid TASCO stocks until the matter is clear. And closely follow the news on this matter, especially the clarity on the United States sanctions against Venezuela.
“This certainly affects TASCO’s share price today (September 14) because Malaysian refinery revenue represents 50% of TASCO’s revenue, although the schedule will take effect at the end of May. However, it is advisable to avoid investing in TASCO shares until it is clear how long it closes. And the boycott of Venezuela from the United States, when will it be canceled? Chaiyos said.
