Fitch: Thai Refiners Benefit from Strong Profit in 2015; Weaker Margins Ahead 

Fitch Ratings says in a new report today that Thailand's refiners' balance sheets benefitted from strong margins in 2015, and that low oil prices will continue as a positive factor in 2016. Refining margins are likely to be weaker, however, as net refining capacity additions continue across the region and excess diesel supplies in Asia exert pressure on these products' processing margins.

Fitch expects capex to be lower for most of the rated Thai refiners in 2016. Capex and dividend policies will be the key drivers of their ratings as margins moderate.