Thai Oil Public Company Limited (SET: TOP) has informed the Stock Exchange of Thailand regarding the clarification of the facts in relation to news reports concerning allegations of oil stockpiling arising from the situation involving the closure of the Strait of Hormuz. Certain information in such reports has made reference to the company in connection with issues relating to oil transportation, stockpiling, and the completeness of documentation for the transportation of fuel oil.
The company hereby confirms that it has no involvement, whether directly or indirectly, in any oil stockpiling activities, and has no authority or duty to direct, control, or interfere with any transportation operations after the delivery of oil.
The company has reiterated that it operates a refining and oil trading business as a licensed oil trader under the law. All sales of oil by vessel are conducted on an FOB (Free on Board) basis. This means that the company’s responsibility is limited to producing and delivering the oil by loading it onto vessels at the company’s jetty.
Once the oil has been delivered onboard, all risks, responsibilities, and control are immediately transferred to the buyer. Accordingly, the management of transportation, routes, and voyage duration is entirely the responsibility of the buyer and the transport operators, in which the company has no involvement whatsoever and cannot, in any way, be involved.
Regarding the issues concerning oil transportation and the completeness of documentation, the company stated that all documentation relating to the transportation of oil by vessel is prepared in compliance with applicable laws and regulations.
All information required by law for monitoring and verifying transportation is set out in the fuel transportation document, the Domestic Oil Movement Report (Form Nor. Mor. 9), issued by the Excise Department, and the delivery note issued by the company’s customers. These documents are provided in full with every shipment and are delivered together with the transporting vessel. This ensures that all relevant parties at the destination, including receiving depots and local Excise Department officials, are able to fully verify the accuracy of the transportation.
