Thai Oil Public Company Limited (SET: TOP) has informed the Stock Exchange of Thailand (SET) of recent developments regarding the arbitration proceedings disclosed in the company’s notification to the SET dated 26 March 2025 (the EPC Arbitration).
Since the EPC Arbitration, the company has further commenced additional arbitration proceedings (the PCG Arbitrations) relating to parent company guarantees issued by Samsung E&A Co., Ltd. and Saipem S.p.A. as parent companies to secure the obligations of Samsung E&A (Thailand) Co., Ltd. or Saipem Singapore Pte. Ltd. or PSS Netherlands B.V. under the engineering, procurement and construction contract for the Clean Fuel Project dated 19 October 2018, as amended (the EPC Contract).
As the disputes in such PCG Arbitrations are closely related to the disputes in the EPC Arbitration, the company applied to the arbitral tribunal in the EPC Arbitration to consolidate the PCG Arbitrations with the EPC Arbitration. On 26 January 2026, the arbitral tribunal issued an order granting the consolidation application so that they can be heard together in a single set of proceedings.
The company does not expect such arbitration to affect the progress or completion of the Clean Fuel Project. The company remains committed to completing the project and conducting its business in accordance with the principles of good corporate governance, with the aim of creating value for, and protecting the interests of, the company and its shareholders.
