We project normalized profit in 2Q14 to weaken from 1Q14 due to a 46-
day planned shutdown (May 1 to June 15, 2014), which is longer than a
usual overhaul shutdown of 30 days since the company will have the
fire-damaged refining tower changed, which will also increase its refining
capacity from 80,000 to 100,000 barrels a day. The shutdown in 2Q14
will decrease BCP’s utilization rate by 43.9%qoq to only 55,000 barrels a
day. Nonetheless, this negative factor will be negated by the recognition
of income from all units of the solar power plant phase 3 with total
capacity of 48 MW since late April 2014 onward, which is a few months
earlier than projected, and special insurance claims of B500m for the
property damage (still not included in our forecast). Accordingly, 2Q14
net profit would drop only slightly from 1Q14.