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https://www.nationthailand.com/business/corporate/40022534

Stiebel Eltron eyes Thailand as manufacturing hub for region, Down Under

MONDAY, NOVEMBER 28, 2022

Nongluck Ajanapanya

Stiebel Eltron, German manufacturer of heating appliances, has announced plans to expand its manufacturing facilities in Thailand to serve as a hub for ASEAN as well as Australia and New Zealand.

Roland Hoehn, managing director of the company’s Asian operations, told the press on Monday that the expanded facility will focus on producing heat pumps.

Demand for Stiebel Eltron’s eco-friendly heat pump technology has picked up in Europe as people are moving away from the use of gas and oil to generate heat due to concerns over climate change.

“Our heat pump manufacturing facilities are currently located primarily in Germany and Sweden. However, due to the increased demand in this region, particularly in Australia and New Zealand, we have considered establishing a second facility in Thailand to meet the demand,” Hoehn said.

Stiebel Eltron’s heat pumps use energy generated by the air to produce hot water, making them ideal for countries where heating is required, he said.

He added that since the company already has a manufacturing facility in Ayutthaya, adding a new production line will be easier and faster. The company entered Thailand in 2006.

However, he said, the plan is still in its early stages and reckons the new line will be available in the market within the next three years.

“We are looking for a suitable location. We are also debating whether the new plant should be rented long-term or purchased outright. If purchased, it may cost around 100 million baht, but half the price if rented,” he said.

This initiative is also part of Stiebel Eltron’s strategy for 2023, which includes the introduction of renewable energy products like air ventilators and heat pumps.

Hoehn added that Thailand’s economic recovery has also prompted Stiebel Eltron to boost its production capacity. He said the company recently set up a subsidiary in Vietnam and plans to use its 20 years of experience in Thailand to penetrate the neighbouring country’s growing market.

This strategy was devised after the company announced a better-than-expected performance in the first 10 months of this year.

He said the company’s domestic sales performance for the first 10 months has risen by 12% versus the same period last year.

“We are targeting the C-segment customer group this year with the launch of the Safe Save Series 2 campaign. This will help boost our Q4 water heater unit sales by 25%,” he explained.

The C-segment refers to middle-income groups who are willing to spend up to 3,500 baht on a product.

Vijitra Kaweetanapokin, Stiebel Eltron’s sales and managing director, said more than 300,000 Stiebel Eltron water solutions units have been sold in Thailand so far. Water heaters are still the company’s main product, accounting for roughly 70% of total sales.

“We are confident in our ability to maintain our position as the market leader in water heaters in Thailand. We expect the B2C [business to consumers] and B2B [business to business] sales to jump by 15% by the end of next year,” she said.

Steibel Eltron has nearly 100 years of experience in environmentally friendly water solutions and employs over 5,400 people worldwide. The company’s turnover surpassed 1 billion euros in 2021, with roughly half of that coming from overseas.

Nongluck Ajanapanya

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https://www.nationthailand.com/business/corporate/40022495

The Parents: Bangkok’s hub for elderly care to be ready in 2024

SUNDAY, NOVEMBER 27, 2022

“The Parents”, a healthcare hub for the elderly, should be completely ready by the second quarter of 2024, the project operator Techno Medical (TM) said.

Soonthree Chanlongbutra, TM’s CEO, said The Parents is being built on a 4-rai (0.64 hectares) plot in Bangkok’s Saphan Sung district and comprises three parts:

• Nursing School: Set up in May this year, the school aims to produce nurses for hospitals and elderly care centres. The nurses will also be trained to take care of the elderly at their homes.

• Nursing Home: Opened on November 5, the nursing home provides care for seniors with special needs. It also provides seniors with a chance to socialise.

• Hospital: The hospital focuses on treating and rehabilitating patients, ranging from the disabled to pregnant women. It is expected to be opened in the second quarter of 2024.

“Once the entire project is completed, it will become a healthcare hub for senior citizens in the East of Bangkok,” she said, adding that TM plans to provide elderly care services across the capital.

She said the business of elderly care is expected to grow further as Thailand is an ageing society, adding that TM is also expanding its reach online via Facebook and YouTube. In addition, she said, the company is providing medical supplies via online vendors like Lazada and Shopee.

Soonthree added that TM is waiting for an okay from the Thai Food and Drug Administration to sell food supplements under the “TM Herb” brand, adding that the company was ready to launch this business as soon as it gets permission.

“We believe this expansion will help the company grow significantly,” she said.

Related stories:

• Gujarat hospital slammed for focusing more on PM’s ‘photoshoots’ than on injured
• Bangkok hospitals report surge in medical tourists as Covid recedes
• Government okays THB5.11-bn budget for health centre in Phuket to boost medical tourism

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https://www.nationthailand.com/business/corporate/40022490

Channel 3 operator targets THB5bn profit next year from new film studio

SUNDAY, NOVEMBER 27, 2022

The operator of Channel 3 on Saturday unveiled its plan to generate 5 billion baht in profit next year by becoming a giant content provider.

BEC World will invest 2 billion baht to create 30 items of original content per year, especially dramas.

“All dramas will also have English names to penetrate the international market,” said BEC World vice president Piriyadit Choophungart and assistant vice president Panugorn Puengpradit. The content will include films.

The operator will showcase its new creations in the “Asia TV Forum & Market”, the biggest media content market in Asia, they added.

Piriyadit and Panugorn said BEC Studios, which was established in June this year to create content and address problems of filming abroad, will recruit more employees to support production of 10 items of original content per year.

“BEC Studios has reduced production time and costs in the long term as we don’t have to film overseas,” they said.

BEC World has launched film and music operations as well as an integrated marketing communication business in a bid to reduce reliance on TV revenue and become a content provider, the executives added.

The company said it will produce three to five films next year. It expects revenue from the film “Bua Pan Fun Yap”, a collaboration between BEC World and Major Cineplex Group, to start flowing in 2023.

Channel 3’s revenue from January to September this year was 3.89 billion baht, down 5% year on year. The channel’s net profit during the first nine months was 458.2 million baht, down from 466.4 million baht in the same period last year.

The decline in revenue and profit was due to a drop in purchasing power and advertising revenue amid the economic slowdown.

Related stories:

• BEC World scotches rumour Juangroongruangkit family will take over business
• BEC World laying off 30 per cent of its workforce to cut cost amid economic crisis
• Award-winning director-writer Chaninthorn Prasertprasart dies in suspected suicide

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https://www.nationthailand.com/business/corporate/40022461

Bt600m to fresh up Central Department Store to highlight the “Boundless Playground” Concept

SATURDAY, NOVEMBER 26, 2022

Transforming into an all-time landmark and complete lifestyle destination tailored to all lifestyles across generations

Bangkok, November 25, 2022 — Central Department Store, operated by Central Retail, has announced a festive-season surprise by unveiling “CENTRAL LADPRAO THE NEW LOOK.” 

The new all-around revamp will help the retailer transformed the Ladprao’s 40-year-old legendary mall into the “all-time landmark and complete lifestyle destination” under the “Boundless Playground” concept. 

A total area of 50,000 square meters include the area of Supersports, B2S and PowerBuy.  cementing its position as the leading omnichannel retailer offering the best for diverse lifestyles across generations.

The zones that were revamped include Beauty, Fashion, Luxe Galerie, Home, My Little World, and Living House. The store is also organizing fun activities and special promotions during the grand reveal celebration.

Mr. Olivier Bron, Chief Executive Officer — Central Department Store, under Central Retail, said “From the very first day, Central Department Store never stopped innovating and exploring new ways to create the best shopping experience for our valued customers. 

Central Ladprao has been the go-to shopping destination for not only people living in the Ladprao area but for all Bangkokians since 1983. With a 600 million Baht investment, the store has been given a huge revamp and zone expansion to unlock the store’s full potential to serve customers across all demographics, including the younger generation and the workforce with high-purchasing power.

Central Ladprao ranks second among the branches with the most customers in the wealth category, with around 50,000 wealthy clients, trailing behind Central Chidlom. This wealthy group generated over 40% of sales for the branch (as of October 2022). 

Strategically located at the important train hub, the re-imagined Central Ladprao will offer the most compressive range of products and services. We expect a 35% surge in traffic and 40% growth in sales, compared to the same time last year.”

Experience “CENTRAL LADPRAO THE NEW LOOK” at Central Ladprao and shop on-the-go with Central’s omnichannel platform, including the 24/7 shopping experience at Central App, chat and shop with a personal shopping assistant at Central Chat & Shop via Line @Centralofficial, Central Facebook Inbox and Facebook Live at Facebook: Central Department Store, or talk to your on-demand Personal Shopper who will facilitate, and inform you of, all the privileges and promotions at 1425.

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https://www.nationthailand.com/business/corporate/40022457

Michelin awards 189 Thai eateries its 2023 Bib Gourmand label

FRIDAY, NOVEMBER 25, 2022

Opal Varunsuda

As many as 105 restaurants and 84 street food establishments across Thailand were given the Big Gourmand certification for next year’s Michelin Guide Thailand. The names were announced at the 2023 Michelin Star Revelation ceremony held on Thursday at The Athenee Hotel Bangkok.

Tourism Authority of Thailand governor, Yuthasak Supasorn

Of the winners, 53 were first-time entries, while six were upped a level.

“I’m honoured to convey my warmest and heartfelt congratulations to all entries as well as award-winning chefs and personalities in this latest edition of Michelin Guide Thailand,” Tourism Authority of Thailand governor Yuthasak Supasorn said.

“Their dedication to raising the bar in Thailand’s culinary world contributes to the country’s growing reputation as a premier dining destination.”,He added.

The government has been promoting Thai cuisine as a “soft power” to boost the country’s appeal and increase revenue.

Of the Bib Gourmand label winners, 82 are in the Greater Bangkok area, 13 in Ayutthaya, 27 in Chiang Mai, 23 in Phuket, 11 in Phang Nga, nine in Korat, six in Ubon Ratchathani, seven in Udon Thani and 11 in Khon Kaen.

The criteria for the recognition are the quality of ingredients used, taste and creativity in cooking. Value for money, consistency in taste and uniqueness are also taken into account.

Read more about the winners on the Michelin Guide website guide.michelin.com/th/en.

Opal Varunsuda

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https://www.nationthailand.com/business/corporate/40022456

THAI appoints new CEO: Chai Eamsiri, Effective February 1, 2023

FRIDAY, NOVEMBER 25, 2022

On 25 November 2022, Thai Airways International Public Company Limited (THAI) declared that Chai Eamsiri will be THAI Chief Executive Officer from 1 February 2023.

The CEO Selection Committee, consisting of the Plan Administrators, has chosen Chai Eamsiri from 53 internal and external candidates, which include domestic and international executives in the aviation industry and other industries.

The recruitment processes; specifications, selection and evaluation conditions were developed based on the Company’s context under the rehabilitation and privatization processes.

The roles and responsibilities of THAI new CEO were defined in response to the Psychometric test for leadership competency. Candidates were also obliged to present their visions to the selection committee.

With 37 years of experience and knowledge in the Thai aviation industry, Chai has acquired suitable attributes and qualifications for the position in every dimension. He has also obtained extensive financial and accounting literacy which is highly significant in achieving the Rehabilitation Plan amendments including earning new loans, restructuring capital, and managing financial discipline to boost profit and accomplish the plan.

Chai has worked with international organizations and has been entrusted to be in a special working group of business restructuring initiatives in 2020. He has played a vital role in the company’s Rehabilitation Plan implementation and transformation in the past two years.

At present, Chai has the position of THAI Chief Financial Officer before being appointed a Chief Executive Officer on 1 February 2023.

The appointment is a crucial next step to building trust and confidence among the creditors, passengers and business partners.

THAI new CEO qualifying for this open and transparent
selection process acquires leadership and initiative competencies.

Under his operation, THAI will accomplish the Business Transformation and Rehabilitation goals with long-term
sustainable prosperity.

The airline announced on November 11, 2022, that it made 3.92 billion baht in profit in the third quarter of this year, compared to a 5.31 billion baht loss in the same period last year.

The national carrier said that it and its subsidiaries had recorded a revenue of 32.86 billion baht in the third quarter, up 582% year on year.

Revenue from passengers and cargo stood at 30.89 billion baht thanks to more frequent flights in the first half of the year.

THAI has also reopened routes that were previously closed due to the Covid-19 pandemic. 

The total expenses for THAI and its subsidiaries came in at 28.94 billion baht, up 186% from the previous year due to rising operational costs. The price of fuel has risen by 80% compared to the previous year and is responsible for 44 % of the operational cost, THAI said.

As of September 30, THAI and its subsidiaries had total assets of 183.29 billion baht, up by 22.07 billion baht from December 31, 2021. Total liabilities came in at 265.79 billion baht, up by 33.32 billion baht on December 31, 2021.

The shareholders’ equity, meanwhile, is in the deficit by 82.50 billion baht.

However, thanks to fast-growing tickets sales and EBITDA (earnings before interest, taxes, depreciation and amortisation) at over 2 billion baht per month, the company’s cash balance has risen steadily from 6.01 billion baht in March to 13.47 billion baht in June and 23.3 billion baht in September.

Related News

Rebound earns Thai Airways profit of THB3.92 billion in Q3

Finance Ministry to spend THB10bn on recapitalising Thai Airways

Thai Airways expects return to stock market by 2025 as revised rehab approved

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https://www.nationthailand.com/business/corporate/40022426

‘Digital readiness key skill employers seek in staff’

THURSDAY, NOVEMBER 24, 2022

Nongluck Ajanapanya

A leading global human resources consulting firm said that digital readiness of personnel is what most employers desire in the 21st-century workplace.

Meanwhile, employers who prioritised supporting their employees to enhance their skills, advance their careers, and achieve their goals are regarded as the best employers that people want to work for, Kincentric (Thailand) said.

This condition is one of the key trends in management for long-term business growth, according to Kincentric experts who spoke at a press conference on Thursday.

Kincentric Thailand managing director and partner Adisak Chandprapalert said that Covid-19, global economic volatility, and the rapidly changing business environment have presented significant challenges to organisations, and businesses must find a way to move forward and continue to grow.

“According to our professionals in human resources and corporate management, today’s organisations must embrace new technologies while also creating a great employee experience by fostering the right culture and a work environment that allows people to succeed. This will foster creativity and drive long-term business growth,” he said.

At the same time, organisations have to build a culture of diversity and inclusion. This may be difficult as it may challenge some organisations due to their current culture, Adisak added.

Kincentric Thailand partner Napas Sirivarangkul said that as organisations embrace digitalisation in order to move forward, employees’ digital readiness is required.

She defined digital readiness as the ability to learn, be curious, and adapt.

Meanwhile, human resources departments must adapt their working methods, maintain an open attitude, and recognise that in today’s labour market, organisations choose their preferred candidates based on their needs.

According to Napas, organisations must also take advantage of accepting and respecting differences in order to improve the working environment for their employees.

Furthermore, as attitudes towards employment change, organisations are more likely to include both full-time and part-time employees, such as outsourced or independent (gig) workers, who are becoming more common in Thailand, Napas said.

“The key word here is engagement between employers and employees. Employees who are engaged will talk positively about their organisation, will stay with the organisation in good and bad times, and will devote their energy to working together to fully develop the organisation,” she noted.

Paulin Porkaew, project manager of “Kincentric Best Employers 2022”, said in order to raise awareness among the business community about the importance of effective management and for creative and sustainable growth, Kincentric (Thailand) has collaborated with Sasin Graduate Institute of Business Administration of Chulalongkorn University (Sasin) for more than 20 years to organise the Best Employers Thailand awards to world-class standards.

This year is the 22nd edition of the awards and featured 94 participants from 13 industries covering a wide range of businesses and industries including energy and utilities, finance, consumer products, and retail. Shortlisted participants are assessed in three principal areas: employees’ opinions, a public survey and corporate performance.

Paulin revealed that 11 organisations were chosen for “Kencentric Best Employers Thailand Awards 2022” based on their human resource management and how it relates to corporate strategy, human resource management efficiency, and corporate leaders’ policies. The awards ceremony was held on November 23.

The 11 companies that received awards were:

      1. Cargill Thailand

      2. Suntory PepsiCo Beverage (Thailand) Company Limited

      3. DHL Express International (Thailand) Limited

      4. Central Marketing Group (CMG)

      5. B2S

      6. Central Pattana Public Company Limited (CPN)

      7. Robinson Public Company Limited

      8. Food Passion Company Limited

      9. Electricity Generating Authority of Thailand (EGAT)

      10. Maersk Thailand and Siam Shoreside Services

      11.Bangkok Industry Gas Company Limited (BIG)

“This year, we studied our winners’ corporate management strategies using the ‘Reveal, Relearn, Rethink, and Reshape’ strategy,” Paulin explained.

She noted that this also reflects what Kincentric is attempting to emphasise, which is that being the best employer entails continuously developing the organisation and its people. Furthermore, the award is a metric that can help the company grow more efficiently and sustainably, she added.

Nongluck Ajanapanya

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https://www.nationthailand.com/business/corporate/40022406

One Bangkok announces partnership with Leafy, setting a precedent for luxury residential developments in Thailand

THURSDAY, NOVEMBER 24, 2022

One Bangkok, the largest holistically integrated district in the heart of Bangkok, announced a partnership with Leafy Co., Ltd., to offer high-end built-in furniture from B&B Italia and Boffi as standard interior décor in One Bangkok’s residential development, setting a new standard for luxury residences in Thailand as the first project to do so.

Worawat Srisa-an, Deputy Chief Executive Officer, Frasers Property Holdings (Thailand) Company Limited, a Development Manager of One Bangkok said, “One Bangkok will set new benchmarks in Thailand’s real estate industry by bringing global standards to all aspects of the development. Our commitment to enhancing the quality of life for urbanists and our modern and progressive design principles are at work in both the interior and exterior spaces of the residential’s project.”

By forging a strong partnership with Leafy, the companies are able to offer the combined benefits of a prestigious residential address with built-in furniture by Italian design leaders B&B Italia and Boffi, setting the bar for the level of refinement prospective clients can expect from One Bangkok.

“Our partnership with Leafy is founded on shared values of quality and excellence. Our goal was to find a partner who was ready to work hand-in-hand with our design team to bring an unrivalled living experience to One Bangkok,” he said.

” The singular identity of B&B Italia and Boffi, the highest quality luxury furniture brands guaranteed by international design awards and superlative heritage, is alive in all residences through iconic and timeless pieces of design furniture, all marked by their philosophy: comfort and versatility combined with technological innovation. At the same time, their shared vision of sustainability and environmental responsibility aligns perfectly with One Bangkok’s values.” added Worawat.

Mr. Yupatat Yipintsoi, Managing Director of Leafy Co., Ltd., said, “Choosing the right partner to bring this first-in-Thailand concept to life was very important to us. One Bangkok shares our vision for environmental sustainability and excellence in design and quality. As for B&B Italia and Boffi, their technological innovations in production led them to become certified furniture for projects seeking LEED and WELL certification. With One Bangkok offering a level of quality as standard, we are making a statement in Thailand’s real estate market – a true game-changer when it comes to luxury living.”

“B&B Italia and Boffi are renowned for their continued development and research on the inclusion of sustainable design principles in their production processes to minimise environmental impact. Boffi has obtained ISO 14001 certification, a benchmark for environmental management systems. Meanwhile, B&B Italia is committed to developing products characterised by superior recyclability and disassembly properties. 

One Bangkok is the only project in Thailand where the standard interior design includes built-in furniture from the retail collections. The significance of the retail collection is that it allows residents to shop for fitting and styling their furniture without completely discarding the structure in the future. This offers unparalleled flexibility for prospective clients and demonstrates One Bangkok’s deep understanding of modern luxury living,” added Yupatat.

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https://www.nationthailand.com/business/corporate/40022403

SCB Julius Baer welcomes executives from Julius Baer Group and Siam Commercial Bank, reaffirming ambition to expand Thailand wealth management business

THURSDAY, NOVEMBER 24, 2022

SCB-Julius Baer Securities Co., Ltd. (SCB Julius Baer), a joint venture between Siam Commercial Bank, the first Thai bank, and Julius Baer, a leading global wealth management business from Switzerland, recently opened its doors to senior executives from both Julius Baer Group and Siam Commercial Bank to attend its board meeting and discuss the strategic growth direction of its wealth management business in Thailand. The Company is fully committed to establishing itself as the go-to wealth management business for ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs) in Thailand.

SCB X PCL Chief Executive Officer Arthid Nanthawithaya in his capacity as Chairman of the Board of SCB-Julius Baer Securities Co., Ltd. said, “The wealth management business in Thailand has been expanding rapidly over the past several years, notably among UHNWIs and HNWIs with assets over 100 million Thai baht. We foresee this growth trend continuing, reflecting the optimistic market outlook for our businesses. Delivering excellent wealth management solutions and services are an integral part of the Company’s plan for long-term success. SCB Julius Baer has our full confidence in their ability to support us in developing and expanding our wealth management operations to meet our objectives.” 

SCB-Julius Baer Securities Co., Ltd. Chief Executive Officer Lalitphat Toranavikrai noted, “Our dedication and commitment to growing our wealth management company in Thailand was demonstrated by the presence of top executives from the Julius Baer Group and Siam Commercial Bank at our latest Board meeting where we discussed strategic growth plans. Our established team of investment planning experts with knowledge, experience, and a deep understanding of high-net-worth customers in Thailand and backed by Julius Baer’s international world-class wealth management standards, enables us to advise key clients in Thailand on how to most effectively achieve their investment goals despite challenging global market conditions. As a result, our AUM continued to grow as a result of both the steady additions of new clientele and the continued contributions from our existing clientele.”

Philipp Rickenbacher, Chief Executive Officer of Julius Baer Group Ltd., remarked, “I am delighted to make my first visit to Thailand since the pandemic to meet with colleagues at SCB Julius Baer as well as re-connect with our key clients here. Julius Baer is fully committed to growing in Asia, our second home market, as well as in Thailand, where the demand for global wealth management expertise continues to grow.”

Jimmy Lee, Member of the Executive Board, Julius Baer Group Ltd. and Head of Asia Pacific, Bank Julius Baer, and Member of the Board of Directors, SCB-Julius Baer Securities Co. Ltd., added, “I am confident there are significant opportunities for us to leverage in the Thai wealth management market as clients seek to diversify their investment portfolios and place increasing importance on wealth planning solutions. This outlook bodes well for the SCB Julius Baer team, and we look forward to continuing our close partnership to access the untapped prospects in this key market.”

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https://www.nationthailand.com/business/corporate/40022400

Bangchak unveils ambitious new strategy as it prepares for sustainable future

THURSDAY, NOVEMBER 24, 2022

Bangchak Group has come up with a corporate strategy to enable its five business groups to achieve 10-fold growth in earnings before income tax, depreciation and amortisation (EBITDA) by 2030.

Chief executive officer and president Chaiwat Kovavisarach revealed that the group had adapted to the Covid-19 crisis with its 3Rs approach:

• Refocus, by accelerating the balance between energy security and the transition to clean energy
• Restructure, by creating new channels to access markets and customers
• Reimagine, by selecting opportunities and investment tools that optimise returns for the company

In the first nine months of 2022, the group recorded EBITDA of 37.773 billion baht, compared to an average of 10 billion baht from 2015 to 2020.

“Today, Bangchak Group is moving towards a critical challenging new era to achieve net zero greenhouse gas [GHG] emissions by 2050, with the first milestone of carbon neutrality by 2030.

“As such, Bangchak has adopted a new vision and mission: ‘Crafting a Sustainable World with Evolving Greenovation’, set growth strategies through to 2030 for the five business groups aligned with the BCP 316 NET plan that will lay the foundation of future sustainable growth targets,” Chaiwat said.

Refinery and oil trading

The company is committed to its niche product refinery capacity such as unconverted oil, and Sustainable Aviation Fuel (SAF) by leveraging growth from new capabilities in addition to refining and process efficiency enhancements, he said.

It aims to increase the EBITDA proportion of non-transportation fuel to more than 60% by 2030.

Marketing business

The company aims to develop consumer-centric services beyond the service station, through the scale-up of non-oil offerings such as food and beverages, and EV chargers, Chaiwat said.

The company also planned to develop partnerships and revenue from the franchise scheme by expanding the service station network to cover 1,900 stations, and 3,000 Inthanin locations by 2030.

Green Power business

The company targets to increase its capacity to 6,800 GWh, mainly from green power business growth from local projects under the new Power Development Plan (PDP 2022 from 2022 – 2037) and development abroad as the world transitions to clean energy, compounded by future peripheral growth such as battery and energy storage, Energy as a Service (EaaS), new forms of energy, and low-carbon businesses.

Bio-based products business

The company targets to increase the proportion of high-value products to more than 70% of EBITDA, to become its core business.

The company plans to emphasise health products development through Synthetic Biology (SynBio) to design and manufacture desired qualities for the global health and beauty segment such as good health and well-being.

Moreover, the company plans to strengthen and expand its biofuel business, especially SAF for the aviation industry.

Natural resources and new business

To address energy security through the expansion of natural resources businesses, with the exploration and growth business, the company targets to produce more than 100,000 boepd (barrels of oil equivalent per day) by 2030 through capability enhancements of OKEA ASA Norwegian oil field holdings, in which Bangchak Group is the principal shareholder.

Moreover, it is exploring growth in other high-potential locations.

Apart from this, the company targets to increase the proportion of new developing businesses to 7 billion baht EBITDA by 2030, such as Winnonie, the battery as a service ecosystem for EV-bikes, liquefied natural gas, and new S-curve businesses.

Chaiwat added the strategy will unlock EBITDA growth up to 10-fold by 2030, while also balancing energy security and environmental sustainability, reiterating the approach to develop sustainable business innovation in harmony with the environment and society.

Meanwhile, the company also revealed its new corporate logo which will be effective from Wednesday.

“From 2015, Bangchak Group, as the leader in energy transition, expanded into new businesses such as green energy business, bio-based products, natural resource, Bangchak Initiative and Innovation Center (BiiC), in addition to its foundational businesses of refining and oil trading, and marketing businesses, and becoming a transnational corporation with operations in more than 10 countries around the world.

“Like a journey into a new era, where more opportunities for growth await, leading to the introduction of the new corporate identity and new corporate logo, symbolising everlasting innovative energy power towards the future,” Chaiwat said. “It reflects the vision of ‘Crafting a Sustainable World with Evolving Greenovation, mission of ‘Committing to accelerate sustainable energy transition while balancing energy security.”

“We are energising lives through greenovative solutions and promoting ESG [environmental, social, governance] for all” and corporate strategy for business growth and expansion of Bangchak Group,” Chaiwat said.

Related stories

• Bangchak continues expanding with more petroleum fields in Norway added to portfolio
• Bangchak gets major earnings boost from Norway venture as fuel prices soar
• Bangchak Group joins national effort towards a low-carbon society with “BCP NET” plan to achieve Net Zero by 2050