This Executive Talk was honored by

Mr. Thamarat Paryoonsuk

Senior Executive Vice President, Refinery Business Group

This Executive Talk was honored by Mr. Thamarat Paryoonsuk Senior Executive Vice President, Refinery Business Group, shares visions on coping with Disruption in the Energy Transition era.

What is Disruption in the Energy Transition era and how does it happen?

In the ever-changing world of the oil industry, it is a crucial period of transition driven by both direct and indirect factors, commonly referred to as the "Energy Transition” period. These changes have been brought about by human ingenuity in the past, as we extensively extracted fossil fuels without considering the consequences that would follow, such as climate change and global warming. We have now reached the point where we are increasingly paying attention to taking care of the world, causing significant disruptions in the oil business.

The disruptive of the oil business keeps us, as oil refiners, constantly pondering our strategies. We must continuously adapt by blending biofuels with fossil fuels, especially in the context of electric vehicles, in order to cope with the ongoing changes. Each day brings new disruptions, reminding us that immediate success is not guaranteed. We can only find solace in the small triumphs, knowing that every working day demands us to think ahead. We must introspect and ask ourselves, "How do we respond?". In fact, I would like to share a gentle reminder with everyone, including myself: "If we wake up one morning to realize that electricity has disrupted the oil industry, how should we adapt? How should we proceed?" This thought motivates people in refinery field to think and take actions whenever an opportunity arises.

As a company primarily engaged in the oil industry, what strategies or adaptations does the organization employ to address this disruption?

We value Bangchak as our family. When something affects us, the first thing we do is to inform our family about what is happening in our home. Subsequently, we encourage family members to collaborate, engage in effective communication and seek mutual understanding regarding the nature of the challenges we are encountering.

The process of transformation doesn't occur overnight; it is a continuous journey of adjustments and restructuring. Some of the significant achievements stem from the collective efforts within our own households who contribute by thinking and acting together. Take, for example, initiatives like 'BCP 316 NET' that help reduce CO2 emissions. Additionally, we have established a strategic refinery office with the primary objective of disrupting fossil fuels. To accomplish this, we collaborate with industry leaders driving the transition, such as 'Sustainable Aviation Fuel: SAF,' which serves as a starting point for this transformation.

Another key aspect that underscores this notion is the 'TQA Award' bestowed by the Thailand Productivity Institute (FTPI), Ministry of Industry. They posed the question: Can the refineries sustain their operations without the current management? The answer is yes because the functioning of our operations relies not solely on individuals but on a robust system and a strong organizational culture. Ultimately, the outcomes we have achieved serve as tangible evidence confirming the aforementioned statements. These achievements have become ingrained in the culture of our refinery personnel, forming a sustainable system that will persist and continue to evolve alongside us.

Lastly, Khun Thammarat, is there anything you would like to say?

As human beings, we always strive for something better. We yearn for change, and the same goes for businesses. I firmly believe that the ability to think boldly is a free asset. Therefore, when we contemplate how to bring about change and improve, the first step is to embrace a mindset of continuous learning and bold thinking. It's a free commodity available to all. However, after the thinking process, we must have the courage to take action. By carefully considering different perspectives and involving various stakeholders, we can foster meaningful transformations.

I would like to emphasize the importance of personal development, where there is no theory more significant than the laws of nature. One of humanity's capabilities lies in our ability to learn, adapt, and grow. Take the example of smartphones, which have seamlessly become an integral part of our lives. Learning occurs naturally, but we must actively engage with it. It all starts with taking an interest in our own work. When we show curiosity and attentiveness, the process of learning unfolds automatically.

Mr. Thamarat Paryoonsuk

Senior Executive Vice President, Refinery Business Group