BCP 26.00 THB -0.25 (-0.95%)

Bangchak Corporation Public Company Limited is a Thai energy company that operates in tandem with socio-environmental responsibility. Its core business is petroleum refining to produce high-standard products from domestic and international sources. With a capacity of 120,000 barrels per day (120 KBD), Bangchak produces and distributes its products through more than 1,000 service stations nationwide. It has expanded its businesses to oil trading, green power, bio-based products, and natural resources and business development. Its ultimate goal is to enhance national energy security and expand new investments so that its businesses may be sustained.

Optimized Platform for Growth

Full Value Chain Integration and Diversified Business Port folio

Refinery & Trading

Complex Refinery with on-going value enhancement and integration with own distribution channels


Distribution networks of BCP's oil products, equipped with supplementary non-oil businesses to increase its market share and sales volume

Bio-based Products

The largest national biofuel producer and distributor, enhancing future growth opportunities

Natural Resources
  • Ensuring energy security long term competitiveness
Green Power Plant

Engage and invest in domestic and overseas green power businesses, including solar, wind, and geothermal power

  • Complete mix of assets
    Producing assets, Development opportunities and Attractive exploration prospects
  • Refinery and Marketing business are the main source of overall earnings
  • Synchronization of benefit
    Being fully integrated model, the profit can be optimized through business cycle

Refinery & Trading

With a refining capacity of 120,000 barrels per day

Bangchak Refinery is a modern complex refinery with a nameplate capacity of 120 KBD. It can produce a large volume of premium gasoline and diesel.

Gasohol and diesel from Bangchak Refinery are certified by the government as Euro 4 Standard-compliant. Its refinery is the first in Asia that produces eco-friendly Gasohol E20 to meet the Euro 5 Standard with less than 10 parts per million (ppm) of sulfur or five times lower than the Euro 4 standard. Bangchak also focuses on improving process energy stability by using electricity and steam from a cogeneration power plant, using more environmentally friendly natural gas in place of fuel oil, and enhancing the efficiency of refining processes with the 3E and YES-R projects. To enhance its production capability, Bangchak launched assorted projects to raise outputs and improved operation for optimal benefits amid the volatility of oil prices and doldrums of the world economy. To this end, below are Bangchak’s management actions.

  • Instituted management by stressing caliber improvement and business opportunity development, cost reduction and expense-saving, ranging from crude oil supply sourcing, production processes, oil tanks, oil intake/offtake pipes, to oil vessels, for efficient refining. This year’s average output stood at 112.6 KBD, with shutdowns due to equipment repair and catalyst replacement at the hydrocracking unit. Once refining returned to normal, Bangchak set an all-time high at 123.5 KBD of throughput in September.
  • Planned crude oil procurement and purchase for suitable GRMs, leveraging roll-month derivatives to lower costs, thus resulting in the year’s average GRM of USD 5.41 per barrel.
  • Carried out projects including the Continuous Catalyst Regeneration Unit (CCR), Debottleneck Hydrocracker Unit (HCU), and reliability improvement of the cogeneration power plant to raise the refining capacity and improve related processes for greater flexibility in line with market needs, achieve cost-saving for fuels, and achieve power security for refining processes.
  • Constantly developed the oil trading business through BCP Trading Pte. Ltd., stressing growth in out-out trading (meaning securing overseas oil supply for sale to overseas customers), for which the main traded products were gasoline, crude oil, fuel oil, and naphtha. In addition, it has grown the trading market to new business partners, including new groups of countries like Australia and the USA; traded new products in the market, including MTBE; generated more income from logistics management and freight trading; and fostered good relations with suppliers amid favorable market conditions, thus raising traded volumes.


With over 1,201 retail stations

In 2019, some 79% of the refined products were sold direct to consumers through Bangchak’s network of service stations nationwide: 1,201 stations consisting of 589 standard ones and 612 community stations (as of December 2019).

Most of the new stations launched this year were spacious ones with a modern image, designed with a unique identity and complete with non-oil businesses and assorted services to constantly grow Bangchak’s market share and maintain it at No. 2 nationwide. Sales also went to industrial and transport users, airlines, marine vessels, construction and agricultural sectors. Bangchak service stations focus on green, renewable fuels with high performance, embracing the gasohol and diesel groups. The stations also meet customers’ needs with non-oil businesses and auxiliary services to attract more service station clients, including convenient stores, coffee shops, and centers for lubricant replacement and car wash.

In 2019, developing the B20 and B10 premium diesel, Bangchak was the pilot company that blended additives in B20 biodiesel, called Hi-Diesel B20s and Hi-Diesel S B10, featuring the Green S technology that protects and cleans engines while improving engine acceleration. As a result, Bangchak topped the market in cumulative B20 sales for January to December 2019.

As for the convenient store and coffee businesses, these are operated by subsidiary Bangchak Retail Co., Ltd. (BCR). The over-600 Inthanin Coffee shops, located on the premises of Bangchak service stations as well as outside, including shopping centers, office buildings, government agencies, hospitals, and leading education institutions, are constantly eying assorted key commercial locations. Besides BCR’s businesses, Bangchak sells consumer products at “Bai Chak”, “Lemon Green”, and “Big C Mini” convenient stores on the premises of more spacious service stations near some 137 communities. Finally, service stations also house auto-maintenance centers that provide lubricant replacement and car wash services, consisting of “FURiO Care”, “Wash Pro”, “Green Serve”, “Green Wash”, and “Green Tyre”.

Launched in 1990 under a project called “Oil for Rice, Bangchak community service stations have moved into the 29th year of business with community entities. Bangchak’s policy envisages development for sustainability by raising these stations’ quality standards as well as service standards on a par with other standards so that these stations may drive a sustainable community economy. In 2020 Bangchak proceeded with assorted projects in support of community service stations, including the COOP Coaching, where teams from standard service stations educate staff in-house on management, COOP Bonding, in support of service station improvement and adding to the diversity of products for sale to high-potential cooperative groups, and a project to drive sales volumes under the vision to develop business in a participatory, sustainable way.

Recognizing social transformation and modern Thai lifestyles, Bangchak has developed the “Greenovative Experience” service stations, leveraging 4Rs (renewable, recycle, reuse, and reduce), including installation of solar rooftops for power generation and EV charger stations for electric vehicles. As for the coffee business, Inthanin operates under the “Each of your Inthanin cups for our world” concept. To date several projects have been developed, including the choice of Bio Cups, use of organic coffee beans derived from community farms of farmer groups in northern provinces, and design of tilted cup lids to cut down on the use of straws. As for convenient stores, projects have been launched to cut down on the use of plastic bags, application of energy-saving materials, and the addition of green areas at service stations. Since 2018, Bangchak has launched an ultra-modern service station with overhead digital fuel dispensers on Sukhumvit 62 Road for greater customers’ convenience, while launching innovation at its Si Nakharin Road service station, featuring an installed Green Community Energy Management System (GEMS), designed to pioneer power bidding through Blockchain; in the future this could evolve into a power generation system outside the authority’s grid (Smart Isolated Microgrid) for buildings and shops in the vicinity to trade maximum power at a low cost.

Apart from fuel products, Bangchak produces and sells lubricants and specialty products like transmission fluids, brake fluids, grease, and others under the BCP Lubricants brand, sold to domestic markets via its service stations, outlets, industrial works, original equipment manufacturer (OEM) markets, as well as exported.

Finally, Bangchak also launched premium lubricants under the FURiO brand that saves on fuels, prevents engine wear, and protects engines under all operating circumstances.

Green Power Plant

Bangchak has invests in the green power business via BCPG Pcl, a subsidiary formed to engage in the generation and distribution of power from renewables and new forms of clean energy in Thailand and abroad.

As of yearend 2019, BCPG commanded 404 MW in total commercial capacity, made up of the following projects:

  • Solar farms in Thailand, with 139.0 MW in commercial operation (including solar rooftops)
  • Solar farms in Japan, with 14.7 MW in commercial operation
  • Wind power facilities in the Philippines, with 14.4 MW of equity capacity
  • Geothermal power plants in Indonesia, with 157.5 MW of equity capacity
  • In 2019, BCPG completed the construction of the Lom Ligor Wind Power Project in Nakhon Si Thammarat with 8.97 MW in commercial operation since April 2019
  • In September 2019, BCPG engaged in renewable energy expansion by investing in a hydropower plant project in Chiang Kwang, Lao People’s Democratic Republic, with a capacity of 69 MW.

Bio-based Products

Bangchak engages in bio-based product business, including ethanol and biodiesel, as it recognizes the value of renewable energy. The goal is to lower trade deficits due to fuel imports, contribute to national energy security, support farmers, and preserve the environment. It has long advocated the blending of ethanol with gasoline and biodiesel with diesel to yield gasohol 91, gasohol 95, gasohol E20, gasohol E85, and Hi-Diesel.

In late 2017 Bangchak produced merger acquisition between BBP Holding Co., Ltd. (a subsidiary) and KSL Green Innovation Pcl (a subsidiary of Khon Kaen Sugar Industry Pcl), resulting in BBGI Co., Ltd., which in turn registered transformation into BBGI Pcl in April 2018, in which Bangchak held 60% shares. BBGI engages in the production and sale of biofuels as Thailand’s largest player. Its subsidiaries and associates command a total capacity of 2 million liters/day (1 million liters/day each for ethanol and biodiesel). Three BBGI subsidiaries and one associated company consist of:

  • Bangchak Biofuel Co., Ltd. (BBF): Located in Amphoe Bang Pa-in, Phra Nakhon Si Ayutthaya, BBF engages in biodiesel production, mainly from crude palm oil with an installed capacity of 1 million liters/day, with raw glycerin as a byproduct. A project is being implemented on quality improvement for new-standard biodiesel, defined by the Department of Energy Business, for the production of B7, B10, and B20 biodiesel. A construction project has begun for the pure glycerin plant with a capacity of 80 tons/day to grow the values of BBF’s products; commercial operation is due in Q3/2020.
  • Bangchak Bioethanol - Chachoengsao Co., Ltd. (BBE): Located in Amphoe Phanom Sarakham, Chachoengsao, BBE produces ethanol mainly from cassava, molasses, and sugar, with a capacity of 150,000 liters/day.
  • KSL Green Innovation Pcl (KGI): Producing and selling ethanol derived from molasses as the key raw material, KGI commands a capacity of 450,000 liters/day. The Nam Phong plant, located in Amphoe Nam Phong, Khon Kaen, commands a capacity of 150,000 liters/day (around 49.50 million liters/year, which is currently being expanded by 200,000 liters/year). The other plant, located in Amphoe Bo Phloi, Kanchanaburi, holds a capacity of 300,000 liters/day (99 million liters/year). In 2019, KGI’s capacity totaled 148.50 million liters/year.
  • Ubon Bio Ethanol Pcl. (UBE): Located in Amphoe Na Yia, Ubon Ratchathani, UBE engages in ethanol production with a capacity of 400,000 liters/day from fresh cassava, cassava chips, and molasses; it also produces tapioca starch with a capacity of 700 tons/day while generating power from the effluents of ethanol and tapioca starch processes.

Natural Resources

After Bangchak had established BCPR Co., Ltd., this latter company set up BCPR Pte. Ltd., a subsidiary in Singapore, to co-invest with the Seacrest Capital Group in Draugen and Gjøa petroleum deposits in Norway through share purchase in OKEA AS, a Norwegian company engaging in the petroleum development business in Norway. The investment was made as a joint partnership in a world-class asset with long-lasting production life. The fields produce light crude of high price, suitable for Bangchak's refining and production processes. The investment is considered part of risk diversification in line with the corporate strategy.

  • Exploration and Production Business: Bangchak formed BCPR Pte. Ltd., in Singapore to invest in OKEA ASA, which holds rights in the Draugen, Gjoa, Ivar Aasen, Yme, and Grevling oil fields together with exploration rights in several other fields in Norway. The current capacity is 20 KBDOE (thousand barrels per day of oil equivalent). OKEA’s investment goal is to grow the output capacity in fields of high potential.
  • Natural Resource Business and Business Development: Bangchak also formed BCP Innovation Pte. Ltd. in Singapore to engage in businesses related to innovation abroad. Today this company holds the No. 2 equity in Lithium Americas Corp., which engages in the lithium mining business in Argentina and the USA. The Cauchari mine in Argentina is set to produce 40,000 tons/year of lithium; production is due to begin by 2021.

R&D and Innovation Business

Bangchak founded the Bangchak Initiative and Innovation Center (BiiC) to establish a green ecosystem to mobilize various innovations with a focus on green energy and bio-based products to extend businesses both at home and abroad from R&D, technological and network management, and incubation of startup businesses in support of the 4.0 Economy. The ultimate destination is Bangchak as a Leading Asian Greenovation Group.

Apart from this, Bangchak established academic and project development cooperation with agencies and universities, including Mahidol University, Chulalongkorn University, King Mongkut’s University of Technology Thonburi, Rajamongol University Phranakhon, Thai Scientific Research and Innovation Commission, Thailand Institute of Scientific and Technological Research, and the Asian Institute of Technology. This year saw USD 8 million invested by Bangchak in bio-based businesses and USD 9 million in clean-energy businesses. Finally, Bangchak also invested in Thailand’s startup companies.