Thai Oil Plc (TOP), the country’s largest oil refinery by capacity, plans to allocate capital spending worth US$1 billion to expand its businesses between 2023 and 2025, with half the budget going to the Clean Fuel Project (CFP).

Under the CFP, the company wants to increase its oil refinery capacity to 400,000 barrels a day, up from 280,000 now, and upgrade fuel oil to products with higher value, including diesel and jet fuel, said chief executive Bandhit Thamprajamchit.