“The change in rating outlook to positive reflects the structural improvement in IRPC’s profitability owing to its higher operating

margins and refinery utilisation since the completion of its large-scale upgrading program,” explained Rachel Chua, a Moody’s assistant vice president and analyst.

IRPC’s $1.5 billion (Bt50 billion) capital expenditure programme was completed in phases during 2016-17. The refiner is now able to upgrade its loss-making fuel oil into higher-margin petroleum and petrochemical products.

According to the company, its refinery complexity has improved to 8.6 from 6.6, reflecting an increase in the value of its products.