New corporate mindset

Energy conglomerate Bangchak Corporation Plc is growing sustainably, with businesses becoming greener, under the leadership of Chaiwat Kovavisarach.

Group chief executive and president of Bangchak, Mr Chaiwat has initiated and supported policies that not only aim to keep the company in line with environmental and technological trends, but also instilled a new corporate mindset among employees to bring out their full capabilities.

In his nine years at Bangchak, Mr Chaiwat has been behind crucial decisions to adapt the company to changes in energy technologies and diversify into new businesses that match consumers' changing lifestyles.

One major move is to position Bangchak as a company that promotes green and new energy sources.

Mr Chaiwat encouraged Bangchak's board of directors to allocate US$10 million to explore new and cutting-edge technology.

In 2015, the board approved a plan to invest in lithium mining in South America. The business is central in supporting battery technology, which is needed in modern electronic products and electric vehicles.

Being aware of the need to focus more on renewable energy, Mr Chaiwat helped establish BCPG as Bangchak's clean energy arm in 2016 and listed it on the stock market.

The new company invested in various types of energy, including solar and wind power, hydropower and natural gas, in Thailand and seven other countries. Its electricity generation capacity currently stands at 2,052.2 megawatts.

In 2017, Bangchak joined hands with Khon Kaen Sugar Industry to form joint venture BBGI to run biofuel businesses. Mr Chaiwat wants to develop BBGI into a major biofuel company in the region.

He also sees the rapid growth of battery-run vehicles which have the potential to replace oil-powered cars.

In 2021, the company set up Winnonie Co to operate a battery swapping business for electric motorcycles.

Riders whose motorcycles run on low battery levels can replace their batteries with fully charged ones without the need to spend time charging their bikes.

The service has become popular, prompting Bangchak to build a total of 114 battery swapping stations that serve almost 1,000 motorcycle riders.

Last year, Mr Chaiwat also helped Bangchak push ahead with a plan to make biofuel for aircraft, also known as sustainable aviation fuel (SAF), from used cooking oil through a joint venture in a move to cut carbon dioxide emissions.

SAF has similar properties to conventional jet fuel, but the new fuel can reduce carbon emissions by up to 80%, thus becoming an effective way to reduce the aviation industry’s carbon footprint.

He said the SAF factory will be located near Bangchak’s refinery complex in Bangkok’s Phra Khanong district.

Mr Chaiwat said he believes Bangchak employees should develop mindsets that can support their work to strengthen and grow the company in a sustainable way.

When he first joined Bangchak, he encouraged staff to keep developing the company's businesses so that it can stand on its own feet.

Each business, including oil refinery, biofuel and renewable power, should be able to operate separately and grow on their well-designed paths.

Mr Chaiwat also inspired all staff to have a good perception of their daily work and contributions to the company. This move, which gained a good response from employees, is key to driving the company's growth.

He also helped to develop the Bangchak Initiative and Innovation Centre in order to awaken staff to the importance of technological development. Many of them were also sent to Silicon Valley in the US to learn new innovations.

To grow Bangchak sustainably, each employee was also encouraged to think more carefully before making decisions to avoid causing negative impact on the environment and society, Mr Chaiwat said.