Amid challenging global oil market conditions and a turbulent global and domestic economy, operating in 2024 was no easy feat. However, our unwavering determination, guided by strategic foresight and the collective strength of our employees, driven by I-AM-BSRC core values (Innovation, Agility & Mobility, Boldness, Synergy, Resilience, Care) propelled us forward. These values have earned Bangchak Sriracha Public Company Limited recognition on multiple fronts, including an upgrade in company credit rating from “A” to “A+” by TRIS Rating, and for the first time, a 5-star “Excellent” rating in the Corporate Governance Report of Thai Listed Companies. These accolades underscore our resilience as a leading petroleum company, committed to fostering energy security through balanced, sustainable, and responsible business practices.
Our notable successes in 2024 include:
2024 posed significant challenges for petroleum industry, with the company recording an accounting loss of 1,687.8 million Baht due to the impact of global oil prices on broader sector. Despite this, our operational performance demonstrated the remarkable achievements.
The refinery business maintained an outstanding safety record. The Bangchak Sriracha refinery achieved 17 consecutive years without any oil spill incident within the reporting criteria. Additionally, we set a new quarterly production record, reaching a refining capacity of 154,200 barrels per day in 2Q – the highest in company’s history. Our production of Euro 5 standard low-sulfur fuels, which began at the end of 2023, continued seamlessly and efficiently throughout the year. 2024 was also a year of pride for the Company, with Bangchak Sriracha refinery earning certifications for four ISO standards including ISO 14001: 2015 – Environmental Management System, ISO 45001: 2018 – Occupational Health and Safety Management System, ISO 50001: 2018 – Energy Management System, and ISO/ IEC 27001: 2022 – Information Security Management System. These certifications reflect our strong foundation and commitment to continuous improvement. Furthermore, our multi-point buoy mooring facilities now efficiently accommodate Suezmax tankers with a capacity of 180,000 deadweight tons (DWT). In 2025, these facilities will expand to support Very Large Crude Carriers (VLCC), enhancing our product transportation capabilities – a testament to our continued operational excellence.
In addition to uplifting the potentials of refinery, the marketing business maintained a focus on delivering high-quality products and exceptional service. By the end of 2024, the Company had a network of 752 service stations under the “Bangchak” brand, successfully rebranding all stations during the year. This achievement highlights our operational agility and efficiency. We also strengthened collaborations with existing and new partners, increasing the variety and scope of retail offerings to maximize customer satisfaction.
In the commercial sector, we expanded sales of high-margin products, including jet fuel and fuel oils for maritime sector. Additionally, we launched the shipping channel by sea for Marine Gas Oil (MGO), a low-emission fuel aligned with modern environmental standards. We also developed B24 fuel, a blend derived from the synthesis of used cooking oil and low-sulfur fuel oil. This product has been certified under the International Sustainability and Carbon Certification (ISCC EU) standard, highlighting our dedication to producing environmental-friendly energy. This innovation will play a crucial role in the future of sustainable business and the transition to greener energy solutions.
These accomplishments were made possible by the synergy of all stakeholders. On behalf of the Company, I extend my heartfelt gratitude to our shareholders, customers, business partners, and all involved parties for their unwavering support, as well as to our dedicated executives and employees. Over the past year, we have demonstrated that synergy with the Bangchak Group has empowered us to achieve robust growth.
Looking ahead in 2025, we remain steadfast in our commitment to sustainable and responsible business practices. We aim to support society, innovate, and develop products and services that align with a low-carbon future. We are ready to embrace new challenges, seize business opportunities, and embark on a new era of success under the vision: “Shaping sustainable future with premier energy through innovative solutions”.
