Thai Oil Expects Profit Growth

Thai Oil, the country's top oil refiner, said on Wednesday it expected continued earnings growth in 2008 due to rising refining and petrochemical capacities.

Its nameplate capacity had risen by 22 percent to 275,000 barrels per day as a result of expansion late last year and its annual aromatics capacity at itgs Thai Paraxylene unit would rise to 900,000 tonnes from 420,000 tonnes, it said in a statement.

Capacity expansion of Thai Paraxylene was expected to be completed in March, it said.

The company gave no specific earnings forecast, but 20 analysts surveyed by Reuters Estimates forecast on average a 2008 net profit of 20.9 billion baht ($649 million), up 9 percent.