PTTGC, TOP and IRPC refinery shares surge as China halts fuel exports

Kaohoon··THCN·Read original
3▲3 ▼0Impact / 5
Summary · why it matters

Refining and petrochemical shares rallied strongly, with PTTGC at 52.00 baht, up 1.75 baht or 3.48%, TOP at 73.75 baht, up 2.25 baht or 3.15%, and IRPC at 3.00 baht, up 0.08 baht or 2.74%. The gains were driven by expectations of tighter refined fuel supply in Asia after Chinese refineries suspended exports of oil products in October 2026 to preserve domestic inventory levels, while PetroChina cancelled some gasoline and jet fuel exports. As a result, the Asian gasoline crack spread rose above 50 dollars per barrel against Brent crude, and the 10 ppm low-sulphur diesel crack spread climbed to above 87 dollars per barrel from around 22 dollars per barrel before geopolitical tensions flared. The situation is a direct positive for TOP, whose core business is refining, and for IRPC, which has an integrated refining and petrochemical business. PTTGC also has its own company-specific catalyst from progress in studying the formation of a joint venture for olefins and polyolefins in Thailand with SCGC, which has entered the confirmatory due diligence stage and is expected to finalise key details within October 2026, with PTTGC to be the major shareholder in the joint venture.

Impact on assets 4

Energy▲
IRPC Public Company Limited
IRPC
▲ PositiveSupplyrelevance

China halting refined fuel exports tightens Asian supply, lifting refining margins that directly benefit IRPC's integrated refining business.

Materials▲
Energy Transition & Power Demand▲
Thai Oil Public Company Limited
TOP
▲ PositiveSupplyrelevance

China's suspension of oil product exports tightens Asian refined fuel supply, directly benefiting TOP's core refining business.

Others▲
PetroChina Co Ltd Class A
601857
± MixedSupplyrelevance

PetroChina cancelled some gasoline and jet fuel exports, part of the export halt that tightens regional supply, but the impact on PetroChina itself is mixed.

Off-coverage companies 1

SCG Chemicals Public Company Limited (SCGC)i
Private▲ PositiveCapitalrelevance

SCGC is in confirmatory due diligence for a JV with PTTGC on olefins and polyolefins in Thailand.