Message from Group Chief Executive Officer and President
The year 2025 once again underscored the profound challenges and uncertainties shaping the global business landscape, arising from oil price volatility, global economic fluctuations, geopolitical tensions and trade conflicts, regional unrest, and natural disasters that have affected the livelihoods of people across many parts of Thailand.
Against this backdrop, Bangchak Group remains firmly committed to balancing energy security, energy accessibility, and environmental sustainability, building upon a strong foundation under the vision of
“Crafting a Sustainable World with Evolving Greenovation”
The Group continues to advance its strategies with discipline and focus, achieving key objectives through prudent cost and expense management, ongoing synergy initiatives, and strategic investments alongside business expansion across the Group to reinforce energy security and deliver sustainable long-term returns. As a result, the Company has maintained its corporate credit rating and debenture rating at “A+” with a “Stable” outlook for the second consecutive year, reflecting financial strength, resilience, and the capability to navigate business volatility.
In parallel, the Company’s sustainability performance continues to earn strong international recognition. In 2025, Bangchak was ranked among the Top 10% of companies in the Oil & Gas Refining and Marketing industry by the S&P Global Corporate Sustainability Assessment (CSA) and received an MSCI ESG Rating of “AA” for the seventh consecutive year, reaffirming the robustness and global credibility of its ESG practices.
The Company has advanced its Sustainable Aviation Fuel (SAF) initiative, encompassing readiness for commercial production, infrastructure development, and feedstock supply chains, as a central pillar in reducing greenhouse gas emissions within the energy and transportation sectors. Bangchak has also continued to expand its bioenergy portfolio through environmentally friendly energy products, such as B24 Marine Biofuel, the first in Thailand to be ready for practical industrial application. At the same time, awareness of SAF has been strengthened through the Fry to Fly project, which collects used cooking oil from Bangchak service stations, restaurants, partners, households, and educational institutions nationwide now exceeding 2,600 collection points in collaboration with the Bai Mai Pan Suk Foundation.
The Company places strong emphasis on responsible supply chain management to embed sustainability across the entire value chain, encompassing supplier selection, environmental, social, and governance risk assessments, and encouraging business partners to operate in line with good governance and international standards. Respect for human rights is upheld throughout all operations, ensuring that Bangchak Group’s growth is grounded in fairness, transparency, and shared sustainability
Under its target of achieving Net Zero Greenhouse Gas emissions by 2050, the Company continues to refine and align its plans with national frameworks and regulations, carbon pricing mechanisms, regional carbon market systems, and the feasibility of available technologies. Key initiatives include studies on carbon dioxide utilization, pilot implementation of carbon capture technology at the Bangchak Phra Khanong Refinery, and the expansion of the low-carbon economy ecosystem through the Carbon Markets Club (CMC), which had more than 1,600 members by the end of 2025. These efforts are also linked to the ASEAN Common Carbon Framework (ACCF) to prepare for emerging trade mechanisms such as the EU Carbon Border Adjustment Mechanism (CBAM).
Bangchak’s approach extends beyond compliance with sustainability frameworks and standards. The Company is equally focused on addressing challenges, restoring balance, and shaping a new equilibrium for the economy, society, and the environment. This commitment is rooted in a corporate culture of being “to be virtuous, knowledgeable, and contributive to others,” supported by systematic human resource management as part of the Bangchak 100x ambition to develop people and foster sustainable shared growth. This philosophy is reflected in Bangchak being recognized as one of Thailand’s Best Employers for the second consecutive year (2025 Mercer Best Employers Thailand).
As a Thai organization that values the integration of communities, business, and the environment, Bangchak Group stands alongside Thai society in both times of stability and times of crisis, while continuously advancing sustainable development initiatives at local and national levels. These include nature-based carbon sequestration initiatives; efforts to improve quality of life and livelihoods; strengthening communities in areas such as education, health, and safety; promoting integrated natural resource management; and encouraging clean energy adoption at the local level. Examples include transforming vacant land beneath the expressway at Sukhumvit Soi 50 into the “HM the King’s 72nd Birthday Commemorative ParkFulfilling Societal Happiness,” a public space for exercise and community use; integrated livelihood and natural resource management initiatives in Bang Krachao, Samut Prakan Province; the Low-Carbon Cooperative Network project by Aomsuk Social Enterprise; and collaboration with partners and the Koh Mak community in Trat Province to translate seagrass carbon sequestration research into community-level conservation and restoration linked to local economic development. Together, these initiatives represent tangible sustainability outcomes and growing public awareness.
Finally, I extend my heartfelt appreciation to our employees, business partners, customers, shareholders, communities, and all stakeholders whose trust and commitment continue to propel Bangchak forward through times of change. We will remain steadfast in our purpose, agile in our actions, and dedicated to creating long-term value, ensuring that Bangchak continues to stand as a Thai energy company that contributes enduring value to the nation and society.
Mr. Chaiwat Kovavisarach
Group Chief Executive Officer and President