BCP Group Unveils Five-Year Strategic Plan to Become a Global Energy Group Integrated Businesses to Strengthen Energy Security and Resiliency, with Targets to Double EBITDA by 2030 and Generate THB 1 Trillion in Revenue by 2031 - มิติหุ้น | ชี้ชัดทุกการลงทุน
Mitihoon – Bangchak Corporation Public Company Limited has set out a five-year strategic plan centered on Energy Security and Resiliency. By leveraging the strength of its fully integrated businesses across the value chain, from upstream to downstream, the Group aims to maintain supply continuity and balance energy flows during crises or supply chain disruptions. Under the plan, Bangchak Group targets doubling EBITDA by 2030, becoming a global energy group with international investment-grade credit ratings, and generating THB 1 trillion in revenue by 2031.
Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, said, “Bangchak Group has built an integrated energy platform spanning petroleum exploration and production, refining, marketing, trading and logistics, as well as power and infrastructure.
The strength of this platform was reflected in our record-breaking performance in the first half of 2026, with EBITDA of THB 43.763 billion and net profit of THB 18.383 billion. The results were supported by all business groups, with contributions from SAF, trading, upstream, and power and infrastructure. Bangchak Hong Kong (BHK) will also serve as a key base for regional expansion.
Geopolitical uncertainty, supply chain disruptions and energy price volatility have shown that energy security depends not only on having sufficient resources, but also on the ability to access energy sources, process them and deliver energy continuously to markets. The petroleum exploration and production business therefore remains critical to energy security, as the world will still require at least 20 million barrels per day of oil from new production sources by 2035. Refineries support energy reliability by converting feedstocks into a sufficient and reliable supply of the energy products required by the market, particularly when global refining capacity is tight. Trading and logistics networks, meanwhile, strengthen energy resiliency by diversifying supply sources and transportation routes to maintain deliveries during periods of volatility or crisis.
By connecting its upstream businesses and two oil refineries with a combined capacity of 294,000 barrels per day to its trading and logistics network, Bangchak Group can manage energy flows from production sources through to the market. This integration gives the Group greater agility to adjust plans as conditions change and greater resiliency to maintain operational continuity during crises. This was demonstrated when the Group maintained transportation and product deliveries despite restrictions on shipping through the Strait of Hormuz from late in the first quarter into the early part of the second quarter of 2026.
Following the restructuring into five business groups at the beginning of the year, Bangchak Group focuses on creating value across the chain, from fossil fuels to clean energy. The Power and Infrastructure Business Group provides a stable earnings base, while the Group maximizes the value of existing assets and systems and develops biofuels and low-carbon fuels compatible with existing infrastructure, including SAF and green diesel (HVO). This approach supports the energy transition without compromising system security and strengthens readiness for future crises.”
Refinery, Marketing and Biofuels Business Group pursues value chain optimization by integrating assets and networks across refineries, biofuels, trading and logistics, and market channels to improve efficiency, reduce costs and increase the share of higher-value products. SAF is a key growth business following the start of commercial operations in May 2026. It contributed approximately THB 1 billion in EBITDA in the second quarter, while global SAF demand is expected to increase approximately elevenfold over the next decade, driven by SAF mandates in several countries.
By 2031, the domestic marketing business targets a 33% share of the retail fuel market, a threefold increase in EBITDA from non-oil and Inthanin businesses, and a doubling of EBITDA from lubricants. BHK, with a network of 31 service stations and an oil terminal, will serve as the Group’s business base in Hong Kong and support regional growth across retail, business customers, marine fuels, low-carbon products and lubricants. It aims to increase its share of the marine fuel market from 13% to 25% by 2031.
Oil Trading Business Group builds flexibility and agility while expanding its network and product portfolio. Its operations span crude oil and petroleum product procurement, logistics, biofuels, specialty products and derivatives. It leverages the Group’s international trading network and infrastructure to increase the share of business with customers outside the Group, alongside risk management and market analysis to capitalize on price and demand differentials across regions. Another important role is to help the Group manage supply sources and distribute products to different markets with agility, maintaining continuity of energy deliveries when transportation routes or supply chains are constrained. It targets EBITDA of approximately THB 5 billion by 2031.
Natural Resources Business Group strengthens the security of access to energy resources by building on OKEA’s expertise in managing mid- and late-life petroleum assets in Norway. It focuses on cost management and efficiency improvements to create value from existing assets, while developing current projects and making new investments with discipline. It will also establish an operating base in the Gulf of Thailand and expand its portfolio across Southeast Asia to diversify production sources, while generating long-term returns and cash flow. It targets production of approximately 100,000 barrels of oil equivalent per day by 2031.
Power and Infrastructure Business Group helps generate stable cash flow and strengthen the Group’s energy business by elevating its power generation business into an energy and utility platform. Drawing on its experience and operating base in Thailand and the United States, the Group will develop scalable solar power and battery energy storage project models, targeting at least 500 megawatts of additional capacity by 2031. It will also develop integrated terminal and logistics services to maximize the value of its assets and increase operational flexibility, while developing opportunities in strategic energy reserves. Investment will focus on projects offering appropriate returns and efficient use of capital. The business group targets EBITDA in 2031 at 1.5 times its 2025 level.
New Businesses and Holdings Business Group will incubate future businesses and create additional value for the Group, with capital allocated according to each business’s potential and strategic direction.
From a financial perspective, Bangchak Group will maintain disciplined capital allocation by prioritizing investments in core businesses and opportunities that offer returns commensurate with risk. This will be complemented by the divestment of non-core assets and the redeployment of capital into higher-return businesses. These measures are intended to maintain liquidity and financial flexibility, strengthen cash flow generation and reinforce the Group’s financial position. Bangchak will also continue returning value to shareholders through its three-year share buyback program and consistent dividend payments. From the beginning of 2026 through August 14, BCP delivered a total shareholder return of 94%, compared with 38.1% for the SET ENERGY index and 32.6% for the SET50.
“Bangchak Group’s five-year strategic plan is not solely about reaching THB 1 trillion in revenue by 2031. It places equal importance on the quality of growth: a strong business structure, profitability, reliable cash flow and financial discipline. The key is to bring together the strengths of all five business groups so that they operate as one integrated energy platform, creating long-term value for shareholders and business stakeholders. Today, Bangchak Group ranks 21st in the Fortune Southeast Asia 500. By 2031, we aim to become a global energy group included in the Fortune Global 500, while securing investment-grade corporate credit ratings from S&P and Moody’s,” Mr. Chaiwat concluded.
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