(Bangkok) – Today (25 September 2020) Star Petroleum Refining Public Company Limited (“SPRC”) conducted its “2020 Annual General Meeting of the Shareholders (AGM)” at the Ballroom, the Centara Grand at Central Plaza, Ladprao, Bangkok. This meeting was held in accordance with the “New Normal” practices by implementing various measures to prevent the risk of COVID-19 infection. In this meeting, there were a screening points that included body temperature measurement, social distancing practice, and hand sanitizer dispenser stations in order to ensure the safety and health of all participants.
The shareholders of SPRC acknowledged 2019 Company’s operational and financial performances. In addition, Mr. Timothy Alan Potter shared details on the “successfully completion of SPRC’s 2019 Refinery Wide Turnaround, the refining capacity increase, and reliability improvement projects. All were achieved without serious injury, within schedule and under the forecasted budget. This has resulted in SPRC being positioned well to create value as we emerge from COVID-19 impacts. An additional benefit is increased flexibility to run opportunity feedstocks and to swing production to high demand products from those with weaker demand generating a maximum returns over time.
There has been good progress on payment recovery related to the Business Email Compromise Incident that occurred late last year. We anticipated recovery of approximately US$ 5-6 million by this year.
In 2020, SPRC is moving forward with new initiatives, resulting in improved cash flow of over US$ 70 million. SPRC continues to strive to strengthen its business by seeking new opportunities, enhancing operational efficiency, manage costs for sustainable value with the aim to return the best benefit for the company’s shareholders.”