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He said all units in the PTT Group - in the refining, petroleum exploration and production and petrochemical businesses - were financially strong enough to withstand any impacts. Although the refining business could suffer this year, other businesses will thrive.

"The third quarter's operating result is still good, while that for the final quarter will rely on the global oil-price situation," he said.

Prasert said his company was currently working on the details of the Treasury-stock programme, which should be finalised by the end of next month. PTT's share price has fallen 63 per cent since the end of last year and closed yesterday at Bt140.

Despite uncertainties, PTT plans to proceed with its investment projects, but new projects like a fourth natural-gas pipeline between Rayong and Saraburi, could be postponed, he said, adding that the company also needed to review future demand for gas before making a decision on the pipeline project.

A continuing decline in oil prices has prompted the Organisation of Petroleum Exporting Countries (Opec) to call for an urgent meeting ahead of its next scheduled meeting on December 17. Earlier, Opec agreed to cut daily production from its member countries by 1.5 million barrels per day, and it could make a further cut at the urgent meeting, in order to boost prices.

Prasert said the 1.5-million-bpd cut was less than he expected and that if the organisation opted for another cut of, say, 1 million bpd, oil prices could pick up.