- 55 - 37. RELATED PARTY TRANSACTIONS Enterprises and individuals that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the Company, including holding companies, subsidiaries and fellow subsidiaries are related parties of the Company. Associates and individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the enterprise, key management personnel, including directors and officers of the Company and close members of the family of these individuals and companies associated with these individuals also constitute related parties. In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form. As at December 31, 2021 and 2020, PTT Public Company Limited is the major shareholder of the Company, holding 45.05%. The pricing policies for particular types of transactions are as follows: Transactions Pricing policies Revenue from sales and services Purchases of raw material Market price According to the explanation below Selling and administrative expenses which mainly are throughout fees and tank farms rental Contractually agreed prices Interest income and interest expense Short-term - the weighted average interest rates 1-month and average interest rates 6-month of borrowing between commercial banks (BIBOR) adjusted by certain margins. Long-term - the weighted average interest rates of fixed deposits for four domestic commercial banks and the Minimum Loan Rate (MLR) adjusted by certain margins. Directors’ remunerations (meeting and bonus) The rate approved by the Board of Directors and shareholders Purchases of goods from a major shareholder - the major shareholder has provided services relating to the purchasing and payment process of goods. The purchase price includes a service fee charged by the major shareholder approximates the price of which the Group has procured by its own. In addition, the Company has also entered into commodity derivative contracts with a related party to protect the pricing risk regarding crude oil and petroleum products. 357 NOTES TO THE FINANCIAL STATEMENTS IRPC PUBLIC COMPANY LIMITED
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