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Message from the Chairman

Sea Oil Public Company Limited still commit to operate its business to achieve corporate goals for continuous growth and sustainability under good governance principles with responsibility for all stakeholders.

In 2016, the overall Thailand economy has slightly increased from the previous year resulted from government stimulus measures, such as the stimulation of domestic consumption, investment in public transport infrastructure and continued growth in tourism sector, despite to confront the risk factors from slow and fluctuated global economic recovery such as the change in U.S.A. economic policy, United Kingdom member exit from European Union and the declining of China’s economy. However, the petroleum and petrochemical industry still face the crude oil price fluctuation. The average crude oil price in 2016 is still low due to over supply situation from both OPEC and other groups. As a result, the competitive environment in this industry has increased.

From the above circumstances, this is another company’s challenging year which faces managing risk from unavoidable external factors , such as, impact of oil price fluctuation, impact of global economic slowdown that may affect the overall business of the company. The Company has changed its management strategies to match the changes and

current circumstances. In addition to the maintaining our existing business by expanding fuel customers both domestic and abroad, the Company also studies other energy investment project for sustainable growth with value added to the organization and prepare for Thailand economic growth in the future. The Company believes that petroleum and petrochemical business are key business in Thailand economic development as well as our opportunity to grow and generate more revenue in future.

However, the Company still recognizes the importance of conducting business according to good governance principles and management system based on sustainable development with responsibility to all stakeholders in economy, society and environment . In 2016, the Company focused on the establishment of measures against corruption and expressed our intention by participating the Private Sector Collective Action Coalition Against Corruption or CAC to provide management and employees with clear guidelines in line with anti-corruption policy including communicating the policy to customers, partners and related parties. The Company is also developing organizational efficiency in corporate business strategy, compliance , human resources, information technology and service standard to create corporate culture with most efficient usage of resources to lead the Company business through the obstacles and grow continuously.

On behalf of the Board of Directors, I would like to convey my sincere appreciation to all shareholders and supporters as well as the Company Management and all employees who have contributed your full support to the Company. Board of Directors shall accordingly perform duties with full responsibility for all stakeholders’ interest to grow the business sustainably.

the total revenue of sales and service totally 2,769
Million Baht

Apisit Rujikeatkamjorn