GC_ONE REPORT 2021_ENG

PERFORMANCE ANALYSIS BY BUSINESS UNIT Refinery & Shared Facilities Business Unit Crude Price & Petroleum Product Spreads (Unit: USD per bbl) 2020 2021 YoY % +/(-) Dubai Crude Oil 42.21 69.24 64% Gasoline-Dubai 4.43 11.01 148% Jet-Dubai 2.52 5.83 131% Diesel-Dubai 6.14 6.70 9% HSFO-Dubai -3.04 -4.87 -60% LSFO-Dubai 11.21 12.62 13% Since the beginning of 2021, Crude oil market has been supported by the high compliance rate of OPEC alliances on an agreement to maintain production level. In addition, crude oil market was supported by the $1.9 trillion economic stimulus plan of the United States, the progress on vaccination against COVID-19 in many countries, including the Unites States and European countries. Also, the impact of the Polar Vortex in the United States, associated with outbreaks of coldest temperatures in more than 30 years. In Q3/2021, the offline in U.S. Gulf of Mexico producers by 1.4 million barrel per day due to Hurricane Ida. Therefore, the overall supply increase was less than the increasing demand in the market. However, many countries issued new restrictions policy to reduce the impact from the Omicron variant at the end of Q4/2021 led to pressure in market demand, with average crude oil price in 2021 at 69.24 USD per barrel. In 2021, the Petroleum products price and product spread over crude oil price had been increased mainly due to the back of a brighter demand outlook from the re-opening of cities in the US and European countries. Also, petroleum products were affected by the strain on the supply due to the U.S. Polar Vortex. Average Diesel over Dubai crude oil spread was 6.70 USD per barrel, increased from the previous year, due to the Lockdown easing in many countries, especially in Asia and Europe. In addition, the product spread was supported by lower supply due to seasonal refinery maintenance in Q2/2021 and lower export from China. Average Jet Fuel over Dubai crude oil spread was 5.83 USD per barrel, increased from the previous year, due to the implementation of Travel Bubbles and the increase in demand from the power plant in Japan and Korea as the unusual cold waves. Average Low Sulfur Fuel oil (LSFO) over Dubai crude oil spread was 12.62 USD per barrel which supported by the demand of Power plants in North Asia for substitute the higher prices of substitute fuels as LNG, caused by as the unusual cold waves 99 BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX

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