with emphasis on upstream energy sources: Realizing that our core business is to enhance national energy security, Bangchak drew up a joint strategy for the refining, marketing, and natural resources businesses to procure, produce, and sell oil products and biofuels to satisfy the needs of both the business sector and the public, which move in line with the overall energy demand. Even though more use of electric vehicles is foreseen, these groups of businesses are still needed in response to the country’s thirst for energy and are still growing.
Bangchak focuses on investment in steady-income businesses with low exposure to external risks, both in Thailand and abroad, including the green power business (BCPG), which can generate stable income while diversifying risks through management of supply chains in various businesses as preparedness for handling volatility.
This involves an attempt to develop businesses that relate to or that can sustainably build on the existing core business as a preparation for technological change in the future, based on innovation with socio-environmental value. BiiC was therefore set up to make investment in innovative energy businesses, such as lithium battery production to support EV cars and expansion of bio-based products - from initial focus only on biofuels to production of higher-value products. The Company, moreover, has adopted green initiatives and implemented them in the business process, known as “In-process Greenovation”, such as promotion of the use of biocups and change of coffee-cup lid design to avoid using straws at Inthanin Coffee Shop.
In 2018, four venture capital companies were established, namely BCV Bio Based Co., Ltd., BCV Energy Co., Ltd., BCV Innovation Co., Ltd, and BCV Partnership Co., Ltd., to take charge of venture capital business and to invest in domestic startups, whose operations are in line with the 10 businesses being promoted by the government.