Bangchak Petroleum will invest over Bt5 billion in solar power and ethanol, and about the same amount in other clean energy projects.
President Anusorn Sangnimnuan said under the 5-year investment plan from 2010, clean energy projects include the Bt1.5 billion upgrade of petrol quality to meet the Euro IV standard, a Bt3.2 billion solar farm with 30 Megawatt capacity, and a Bt1 billion ethanol production project, plus 1-2 more solar farms. The company is also conducting the feasibility study to produce diesel and jet fuel from seaweed, for sale to Thai Airways International.
"In the future, 30 per cent of the company's profit will come from new businesses... We are paying more attention to alternative energy as this can address environmental problems. The market shows huge potential," Anusorn said at a press conference.
Bangchak is also prepared to adjust its oil depot to cope with exports of excess output.
"Thailand's strengths lie in the capacity to grow the huge volume of fuel crops. If all parties cooperate, Thailand could definitely become the No.1 player in alternative energy in Asia," he said.
