BCP 32.50 THB - (-%)

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 and Covid-19 outbreak. 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. In 2020 the average daily production was 96.8 KBD. Due to the Covid-19 pandemic, the oil demand plummeted.
  • 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 3.16 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.
  • Continued to develop international oil trading through BCP Trading Pte. Ltd. (BCPT), focusing on the strategic expansion of out-out trading (procuring oil from oversea producers for sale to customers in foreign countries), whose main products are crude oil, gasoline, diesel, fuel oil, naphtha and solvent products. BCPT’s markets expanded to new partner companies, including those in Taiwan, the Philippines, and Pakistan. Besides, it managed to operate business for new products in the market, including MTBE, and generated more income from the quality development of fuel oil with low sulfur (IMO bunker) and from logistics management and freight trading. With good relationship with business partners and a favorable market situation, sales increased.


With over 1,201 retail stations

In 2020, some 73% of refined products were sold to customers directly through Bangchak’s service stations networks. There are 1,233 Bangchak service stations in Thailand: 619 standard service stations and 614 agriculture cooperative service stations (as of December 2020).

Most of the new service stations launched this year are spacious with a modern image, designed with a unique identity and complete with non-oil businesses and assorted service 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 2020, Bangchak developed new gasohols of the S EVO Family representing the top premium formula, especially E20S EVO Euro5, and sold them at the same prices as normal to offer the best to Thais during the Covid-19 pandemic, when people spend most carefully. The product is formulated for new-generation engines of the GDI (Gasoline Direct Injection) system and PFI (Port Fuel injection) system for full performance. Quality enhancement additives are also blended in the formula for better spark plug cleaning and engine protection.

Bangchak’s subsidiary named Bangchak Retail Co., Ltd. (BCR) runs the coffee business under the “Inthanin Coffee” brand, with 673 shops (as of December 2020) located in Bangchak service stations and outside areas such as shopping malls, office buildings, government offices, hospitals, leading academic institutions, and electric train stations. In 2020, the Covid-19 impact forced the company to adjust itself to provide several channels for sales activities, including online sale, and increased kiosk outlets to better support online sale, which improved the sales volume continuously. In the future Inthanin plans to continually operate in the service stations where new branches are built and in leading business locations.

In addition, Bangchak service stations offer consumer goods through more than 191 convenience stores, namely Bai Chak Mart, Lemon Green, Big C mini, Family Mart and Tops Daily. Services at the station include vehicle service and maintenance, including lubricant change and car washing, through FURiO Care, Wash Pro, Green Serve, Green Wash, and Tyre Care shops.

Launched in 1990 under a project called “Oil for Rice, Bangchak community service stations have moved into the 30th 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 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.

Bangchak considers changes in society and the lifestyles of modern Thais. It therefore develops service stations under the concept of “Evolving Greenovative Experience” employing 4R processes (Renewable, Recycle, Reuse and Reduce). For example, it installed solar rooftops for electricity generation and installed EV chargers at service stations, used energy-saving materials in the construction of new service stations, and increased green and shady space in the stations. For the Inthanin Coffee business, it operates under the concept of “Inthanin Natural Cups”, and carefully selects 100% Arabica coffee beans that are custom roasted. With environmental responsibility, Inthanin is also widely recognized as a leader in biopackaging that is 100% biodegradable to lower plastic waste from its operation. 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. Also, there are premium lubricants under the FURiO brand that saves on fuels, prevents engine wear, and protects engines. Bangchak sold to domestic markets via its service stations, outlets, industrial works, original equipment manufacturer (OEM) markets, as well as exported.

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 2020, BCPG commanded 472 MW in total commercial capacity, made up of the following projects:

  • Solar farms in Thailand, with 162.5 MW in commercial operation (including solar rooftops) In the past year, Bangchak invested in solar farm projects already in operation in Kanchanaburi, Lop Buri, and Prachin Buri, with a capacity of 20.0 MW in total.
  • 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
  • The Lom Ligor Wind Power Project in Nakhon Si Thammarat with 8.97 MW in commercial operation
  • In February 2020, BCPG expanded its renewable energy business through its investment in hydro power plants in Laos (Nam San 3B) with a capacity of 45 MW. The total capacity of Nam San 3A and 3B is 114 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 1.6 million liters/day (600,000 liters/day for ethanol and 1 million liters/day for 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 Q4/2020.
  • 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.

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. OKEA has invested in Calypso and Aurora fields, located near Draugen and Gjøa fields. Synergy resulted in cost reduction in the development phase, with the operator aiming to put them on production in the future.
  • Natural Resource Business and Business Development: Bangchak also formed BCP Innovation Pte. Ltd. in Singapore to engage in businesses related to innovation abroad. At present, the company has decreased its shareholding in Lithium Americas Corp., which operates two lithium mines in Argentina and the USA. The shareholding decrease does not affect the right to purchase lithium under the Lithium Purchase Agreement, with up to 6,000 tons per year in purchase from the Cauchari-Olaroz project.

Research and Development (R&D) and Innovation Business

Bangchak established Bangchak Initiative and Innovation Center (BiiC) to establish a Green Ecosystem to drive innovation by focusing on green energy and bio-based products to extend businesses both domestic and abroad from Research and Development (R&D), with technolovical and network management, and incubation of startup businesses in support of the Thailand 4.0 economy. The ultimate goal is Bangchak as a Leading Asian Greenovation Group. In 2020, Bangchak launched the “Winnonie” startup business, introducing innovative green energy electric motorcycles and renting them to motorcycle taxis on queue at Head Office as well as Bangchak Refinery, complete with battery swapping service for the first time in Thailand, further emphasizing the leadership in green energy innovator.