Bangkok: Bangchak Corporation Public Company Limited has announced its ambitious 5-year plan to transform into a world-class energy group, targeting 1 trillion baht in revenue by 2031. Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, highlighted the group's integrated energy business model, which spans petroleum exploration, refining, marketing, trading, logistics, power generation, and infrastructure. The group's robust performance in the first half of 2026, with an EBITDA of 43,763 million baht and a net profit of 18,383 million baht, underscores its capability to achieve these goals.
According to Thai News Agency, geopolitical uncertainties, supply chain disruptions, and energy price volatility have underscored the need for energy security, beyond mere resource availability. The company emphasizes the importance of petroleum exploration and production, with the world requiring at least 20 million barrels of oil per day from new sources by 2035. Bangchak's refineries transform raw materials into reliable energy products, meeting market demands amidst tight global refining capacities.
The group's trading and logistics network aims to diversify supply sources and routes to ensure delivery continuity during crises, linking upstream businesses and two refineries with a combined capacity of 294,000 barrels per day. This integration enhances Bangchak's ability to manage energy production and market adaptability.
Bangchak's restructuring into five business groups seeks to create value across the energy spectrum, from fossil fuels to clean energy. Power generation and infrastructure provide a stable revenue base, allowing the group to maximize existing assets while developing biofuels and low-carbon fuels compatible with current systems. The Refinery and Marketing and Bioenergy business group aims to enhance efficiency and product value, with Sustainable Aviation Fuel (SAF) playing a pivotal role. SAF's commercial operation in May 2026 is expected to generate significant EBITDA, aligning with the projected 11-fold increase in global demand over the next decade.
In domestic marketing, Bangchak targets a 33% retail market share by 2031 and aims to triple EBITDA in non-oil and Inthanin businesses while doubling lubricants EBITDA. Bangchak Hong Kong (BHK) will support regional growth, aiming to boost its marine fuel market share from 13% to 25% by 2031.
The oil trading business group seeks to expand its network and product range, leveraging Bangchak's international infrastructure to manage sourcing and product distribution flexibly. By 2029, the group targets an EBITDA of approximately 5 billion baht.
The Natural Resources business group focuses on energy access security, leveraging OKEA's expertise in managing petroleum assets in Norway. It aims to enhance production capabilities in Southeast Asia and increase output to 100,000 barrels per day by 2029.
Bangchak's Power and Infrastructure business group aims to expand power generation capacity by at least 500 megawatts by 2031, while developing energy storage projects for optimal returns. The group is committed to maintaining financial discipline, reallocating investments to core businesses, and divesting non-core assets to enhance financial flexibility and shareholder returns.
Bangchak's strategic plan emphasizes sustainable growth, strong business structures, profitability, and financial discipline. The group aims to coordinate its business segments into a unified energy platform, creating long-term shareholder value. Mr. Chaiwat expressed the company's aspiration to transition from a leading Southeast Asian organization to a world-class energy group, aiming for a Fortune Global 500 ranking and an Investment Grade credit rating by 2031.