Latest news with #Bangchak
Bangkok Post
4 days ago
- Business
- Bangkok Post
Bangchak uncertain on petroleum plans
SET-listed Bangchak Corporation has yet to decide whether to re-enter the petroleum business in Asia, though it is collaborating with Chevron Offshore (Thailand) to explore for oil and gas in a potential area in the Gulf of Thailand. Bangchak recently signed a cooperation agreement with the US-based firm to be a co-venturer in Block G2/65, which covers an area of 15,030 square kilometres in the Gulf of Thailand. Chevron was awarded a licence to explore and produce petroleum under a production-sharing contract signed with the Department of Mineral Fuels on May 30, 2023. The move could pave the way for Bangchak to increase investment in the Asian petroleum business, according to industry observers, but it remains unclear whether the company will push ahead with similar projects in the region. Bangchak declined to comment on regional expansion. "We are reviewing the annual operation strategy of Bangchak Group," said a Bangchak executive who requested anonymity. "Many factors will be considered before we announce our new strategic plan." Bangchak entered the Asian upstream petroleum industry in 2014 by acquiring a majority of shares in Nido Petroleum, which operated Matinloc and Nido oilfields in the Philippines. Bangchak later decided to exit the investment in 2018. In the same year, Bangchak shifted its interest to northern Europe to invest in Okea ASA, a Norway-based oil and gas drilling company, which operates a petroleum production facility at Draugen in the Norwegian Sea. Bangchak owns a 45.5% share in Okea ASA. In 2019, the Matinloc and Nido oilfields ceased production after four decades of operations, according to media reports. In 2025, Bangchak's wholly-owned BCPR partnered with Chevron to explore Block G2/65, one of three areas believed to be new petroleum sources in Thailand. The Department of Mineral Fuels awarded another two licences for Block G1/65 and G3/65, spanning 20,133 sq km, to PTT Exploration and Production Plc in Round 24 bidding in 2022. BCPR meets the criteria to be a co-venturer, said Prasert Sinsukprasert, permanent secretary at the Energy Ministry. Under the collaboration, Chevron has transferred 30% of its rights and obligations to BCPR but will still serve as the operator of the project. "This partnership aims to enhance the potential for petroleum resource exploration in G2/65, thereby contributing to the country's long-term energy security," said Mr Chaiwat.
Bangkok Post
16-07-2025
- Business
- Bangkok Post
Biofuel for ships yields promise
Major energy companies are interested in launching biofuel for ships as demand for this cleaner fuel is expected to rise, following a requirement issued by the International Maritime Organisation (IMO). Ship operators are required to incorporate a percentage of biofuel, ranging from 17.6%-23.3%, into their fuel mix by 2028 to avoid penalties. This offers business opportunities, with energy conglomerate Bangchak Group and national oil and gas conglomerate PTT Plc launching ventures producing and selling biofuel for aircraft, also known as sustainable aviation fuel. The Department of Energy Business also wants to promote biofuel for ships and is looking into how the shipping industry will develop, said director-general Sarawut Kaewtathip. Although the price of very low sulphur fuel oil (VLSFO), a type of clean fuel suitable for ships, is much more expensive than heavy fuel oil, which is widely used among ships, the price of VLSFO is expected to decline in the future as production levels increase, he said. PTT Oil and Retail Business Plc (OR), a subsidiary of PTT, has announced its cooperation with Regional Container Lines Plc, a Thai shipping company, to support usage of what they call "bio-VLSFO". This fuel aligns with the IMO's plan to reduce emissions of sulphur oxide. OR plans to distribute bio-VLSFO, which is made by combining VLSFO with used cooking oil through a refining process, said Paisan Udomkulwanich, OR's senior executive vice-president for energy solution business. Regional Container Lines will use bio-VLSFO supplied by OR. Bangchak is also embarking on a new business selling a form of biofuel for ships, which the company calls "B24" marine biofuel. The company earlier this year delivered 470 metric tonnes of B24 to NYK Trading Corporation at Laem Chabang deep-sea port in Chon Buri. B24, produced by Bangchak's subsidiary BSRC at Bangchak Sriracha Refinery, is a mix of 24% used cooking oil methyl ester and 76% VLSFO. Used cooking oil methyl ester is a type of biodiesel produced from waste cooking oil. B24 is a low-emission biofuel that can directly replace fossil fuels without requiring modifications to ship engines or fuelling infrastructure, according to Bangchak.
Bangkok Post
04-07-2025
- Business
- Bangkok Post
Princess Sirindhorn Visits Chang Hua Man Royal Project
Bangkok, July 4, 2025 - The Chang Hua Man Royal Project in Phetchaburi Province recently welcomed a royal visit from Her Royal Highness Princess Maha Chakri Sirindhorn, who graciously proceeded to the site on 3 July 2025 to perform royal duties and observe the progress of ongoing initiatives. On this occasion, Her Royal Highness granted an audience during which Miss Kobkul Kanchanalai, Deputy Director of the Royal Chitralada Projects, introduced Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, along with the company's executive team, to present a progress report on Bangchak Group's collaborative efforts in developing the Royal Project area. The audience was also graciously attended by officials and staff of the Royal Chitralada Projects, as well as Bangchak Group executives and employees. Mr. Chaiwat respectfully reported on Bangchak Group's long-standing commitment to advancing renewable energy initiatives in alignment with royal aspirations, and the translation of these initiatives into tangible commercial applications. The report highlighted the Group's dedication to realising the late His Majesty King Bhumibol Adulyadej the Great's vision of self-reliance and renewable energy. Notably, in 2000, Bangchak, in collaboration with the Naval Dockyard Department, established a pilot biodiesel plant using used cooking oil at the Royal Chitralada Projects. The production process was enhanced in 2004, and in 2005, a commercial biodiesel production unit was constructed at the Bangchak Phra Khanong Refinery. This initiative evolved into the founding of Bangchak Biofuel Co., Ltd. in 2009 to produce B100 biodiesel for land transport. The company is now part of BBGI Public Company Limited. In 2025, Bangchak continues to pioneer innovation in bio-based energy. At the Bangchak Sriracha Refinery, Marine Biofuel (B24) has been developed for maritime transport, while the Bangchak Phra Khanong Refinery has established a Sustainable Aviation Fuel (SAF) production unit using used cooking oil. Her Royal Highness graciously presided over the official opening of this SAF unit in April 2025. The facility, now in trial production, is also capable of producing Renewable Diesel or Green Diesel—supporting sustainable transport by land, sea, and air. Since 2011, Bangchak has supported the transformation of the Chang Hua Man Royal Project into a living learning centre, in accordance with the Royal Initiative to promote self-reliance. The Group initially constructed a B100 biodiesel extraction unit using jatropha oil, serving as a prototype for a community-scale biofuel model. This was followed by the development of a renewable energy exhibition showcasing the visionary leadership of His Majesty King Bhumibol Adulyadej the Great, who is revered as the 'Father of Thai Energy Development.' In addition, Bangchak facilitated the relocation of the Chitralada model rice mill—originally inaugurated by His Majesty in 1971—from the Royal Chitralada Project to the site. This included a 500-ton rice storage barn and the 'Pin Kaew' rice milling machine, designed as a model for small-scale farmers and exemplifying the Sufficiency Economy Philosophy. In 2025, Bangchak also relocated the biodiesel production unit from the Royal Chitralada Project to Chang Hua Man, where it now serves as a demonstration and educational model. The unit uses used cooking oil to produce UCOME (Used Cooking Oil Methyl Ester) biodiesel for use in the project's diesel engines, exemplifying the principles of the circular economy by converting waste into valuable resources and reducing environmental impact. Furthermore, BCPG Public Company Limited has supported the project by installing both solar rooftop and floating solar systems, which collectively generate over 300 kilowatt-hours of electricity per day—significantly lowering energy costs and promoting renewable energy adoption within the project. During the visit, Her Royal Highness graciously toured various areas of the Chang Hua Man Royal Project, including those developed or enhanced through the support of Bangchak Group, reflecting the project's progress and impact. Following the easing of the COVID-19 pandemic in 2023, Bangchak undertook a range of improvements to key areas of the project to enhance its role as a centre for education and eco-tourism. These efforts included the renovation of the visitor reception building, construction of a scenic terrace and photo point at the wind turbine viewpoint, installation of an electric vehicle (EV) charging station in collaboration with the Provincial Electricity Authority, development of exhibitions and video presentations at the dairy facility, and the launch of a Mobile Inthanin Café to provide refreshments and support local employment. The Chang Hua Man Royal Project was initiated in 2009, when His Majesty King Bhumibol Adulyadej the Great personally purchased approximately 250 rai of land near Nong Suea Reservoir in Khao Krapuk Subdistrict, Tha Yang District, Phetchaburi Province, using His personal funds. His Majesty entrusted the Royal Household Bureau with the development of the land as an experimental agricultural project aimed at cultivating diverse economic crops and promoting agriculture based on the Sufficiency Economy Philosophy. Over the years, the project has received sustained support from both public and private sectors, evolving into a model for sustainable development and a welcoming destination for visitors and learners alike. From the Sufficiency Economy Philosophy and renewable energy initiatives of His Majesty King Bhumibol Adulyadej the Great to the royal aspiration of 'Continuity, Preservation, and Advancement' of His Majesty King Maha Vajiralongkorn, Bangchak Group remains deeply grateful for the royal benevolence and honoured to contribute to the Chang Hua Man Royal Project. The Group reaffirms its commitment to supporting the project as a living model of sustainable self-reliance and a centre for lifelong learning.
Forbes
18-06-2025
- Business
- Forbes
Southeast Asia's Largest Companies 2025: The Region Makes Its Mark On The Global 2000 With Banks Leading The Way
DBS is the top-ranked company in Southeast Asia on the Global 2000. Southeast Asian countries reaped a windfall after U.S. President Donald Trump imposed tariffs on China in his first term that redirected foreign investment to the region. But the threat of broader tariffs from Trump 2.0 could undo those gains. The region is represented by a total of 63 companies from half a dozen countries—Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam—on this year's Forbes Global 2000 ranking of the world's largest public corporations, up from 57 in 2024. More than 40% of them are banks with a regional list weighs market value, revenue, profit and assets equally, using the latest 12 months of data as of April 25. The biggest contingent of companies is from Thailand with 16, a number that's unchanged from last year. The country's top-ranked company is state-owned oil and gas giant PTT, though it fell 41 spots to No. 284 after its net profit dropped by more than a fifth to $2.6 billion due to the weaker performance of its petrochemical and refining business. Meanwhile, PTT's smaller rival, Bangchak, debuted at No. 1,923 on a 39% jump in sales to nearly $17 billion. The oil refiner got a boost from acquiring a majority stake in Esso Thailand from U.S. energy major Exxon Mobil for roughly 26 billion baht ($800 million). Notable gainers in Thailand include billionaire Dhanin Chearavanont's food giant Charoen Pokphand Foods, which climbed 155 spots to No. 1,296 thanks to robust overseas sales, which helped reverse a $60 million loss in the previous year into a $523 million net profit. Airports of Thailand fell the most among Thai companies, sliding 200 spots to No. 1,843. Its stock plunged 45% over the past year as tourist arrivals from China dropped and its key concessionaire, King Power, sought to cancel contracts to operate duty-free shops at five airports. This year, Indonesia overtook Singapore to become the second most-represented country in Southeast Asia, with a dozen companies on the Global 2000, up from nine last year. The three newcomers are all linked to billionaires: Otto Toto Sugiri's data center operator DCI Indonesia (No. 1,923, tied with Thailand's Bangchak), Garibaldi Thohir's coal miner Adaro Andalan Indonesia (No. 1,986) and Mochtar Riady's property developer Lippo Karawaci (No. 1,998). All but one of the nine returnees from last year dropped in the ranking, with the sole exception of Amman Mineral Internasional. The copper and gold miner jumped 169 spots to No. 1,436 as record production and prices of gold resulted in net profit more than doubling to $641 million on a nearly one-third rise in revenue to $2.7 billion. The 11 companies from Singapore on the list—up from ten last year—are led by the city-state's biggest banks: DBS (No. 113), Oversea-Chinese Banking (No. 213) and United Overseas Bank (No. 227). Profiting hugely from a continuing wealth influx, they are also the top three among all Southeast Asian companies on the list. Singapore saw two new entrants, including defense company ST Engineering and jet fuel supplier China Aviation Oil. ST Engineering, which manufactures aerospace parts and defense systems, debuted at No. 1,487 after its stock shot up 71% over the past year on robust earnings. Meanwhile, China Aviation Oil landed at No. 1,997 after net profit rose by a third to $78.4 million, thanks to the rebound in air travel. Real estate heavyweight CapitaLand Investment dropped off the ranking due to its exposure to China's struggling property market. The Malaysian contingent of nine companies is led by Maybank, which climbed 25 spots to No. 438 after reporting record profit, driven partly by its wealth management business. The only Malaysian company to drop in the ranking is Sime Darby, which fell 433 spots to No. 1,966. The conglomerate, with interests from automobiles to heavy equipment, saw its net profit plummet nearly 60% to $335 million, partly due to sluggish car sales. All of the eight Vietnamese companies on the list—up from last year's seven—are banks, except for the country's sole new entrant, Vingroup, a conglomerate with interests in real estate, hospitality and electric vehicles. Controlled by Vietnam's richest person, Pham Nhat Vuong, Vingroup debuted at No. 1,504 after its shares rose 43% over the past year on strong earnings. Meanwhile, the country's two largest companies, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (No. 841) and the Commercial Bank For Investment and Development Of Vietnam (No. 998), both fell in the ranking as their revenue dropped to $4.7 billion and $6.9 billion, respectively. The biggest company among the seven from the Philippines (up from 6 last year) is SM Investments, a conglomerate controlled by the Sy family. It slipped five spots to No. 811 despite a moderate increase in sales and net profit. Port operator International Container Terminal Services, controlled by billionaire Enrique Razon Jr., made its debut at No. 1,702, buoyed by a 15% uptick in sales to $2.9 billion and a 54% jump in net profit to $830 million.
