SET-listed Thai Oil Plc (TOP) expects gross refining margin will rise to a range of US$9-10 a barrel next year due to projects that will refine crude oil into more value-added products. If achieved, the margin would represent an increase from $5.70 a barrel last year and $7.60 in the first nine months of this year, said Pattaralada Sa-Ngasang, executive vice-president for finance and accounting at Thailand's largest-capacity oil refiner. She said major factors helping to increase the margin included new value-added initiatives such as a linear alkylbenzene project with a refining capacity of 100,000 tonnes a year. Continuing Opec oil exports, slow demand in China and forthcoming supply from Iran are also expected to depress global crude prices and increase refining margin indirectly, Ms Pattaralada said. "In 2015, the company expects refining margin to be in the range of $7-8 a barrel with an assumption of the crude oil price staying at $45-50 a barrel," she said. "Next year we expect crude will stay at $50-55 a barrel." Ms Pattaralada said Thai Oil expected to spend copy25 million of its investment budget over the next year to 2018. Most of the budget is to be spent on two small power plants and the company's refinery expansion. Thai Oil posted a third-quarter net loss of 2.29 billion baht due largely to falling oil prices. The loss followed a net profit of 6.22 billion baht in the second quarter. Third-quarter revenue totalled 74.7 billion baht, down by 5.5% quarter-on-quarter and 15.4% year-on-year. TOP shares closed yesterday on the SET at 62.25 baht, down 25 satang, in trade worth 238 million baht.