Bangchak Corporation

Message from the Chairman

The Company surpassed its Synergy creation target by nearly double, realizing THB 6,071 million in Synergy, significantly exceeding the initial goal of THB 2,500 million. The full-year revenue recognition from BSRC following the merger underscores Bangchak’s adaptability and the effectiveness of its strategic initiatives, reaffirming its commitment to sustainable growth.

Pol. Gen. Suwat Jangyodsuk

Chairperson

Message from Group Chief Executive Officer and President

The year 2024 marked Bangchak's 40^th anniversary and our entry into the 5^th decade. From humble beginnings with a small oil refinery, we have grown into a leading energy business group in the Asia-Pacific region. Not only have we been recognized as leaders in refining and marketing, but we have also excelled on the global ESG stage - ranked in the world's top 1% for ESG performance in the Oil & Gas Refinery and Marketing sector by S&P Global 2024, which is part of the Dow Jones Sustainability Indices (DJSI). This achievement reflects our international leadership in sustainable energy.

Mr. Chaiwat Kovavisarach

Chairperson

Business Overview

The Company is a Thai energy company that operates in tandem with socio-environmental responsibility. Its core business is petroleum refining to produce high-standard products from domestic and international sources. In 2024, our combined nameplate capacity was 294,000 barrels per day, which products are distributed through a network of 2,163 service stations.

The Company expanded its business into the oil trading business, clean power business, bio-based products business, natural resources business. The ultimate goal of the Company is to create energy security for the country, and expand investments into new businesses to create continuity and sustainability for the business.

Total nameplate capacity of

KBD (2 Refineries)

Deliver products and services across the network of

service stations

(including additional network service stations acquired through Bangchak Sriracha Plc.)

Capacity of

294,000 barrels per day

Service Stations

2,163 stations

Total installed capacity of

2,053 megawatts

Production capacity of

1,800,000 Liters per day

Average Production Rate

38,865 barrels of oil equivalent per day

Bangchak Corporation Public Company Limited

Bangchak Corporation Public Company Limited is a Thai energy company committed to operating in harmony with social and environmental stewardship. The company aims to enhance national energy security through innovation-driven businesses, thereby fostering long-term business continuity and sustainability for both the organization and Thai society.

Currently, Bangchak operates across five core businesses spanning the entire energy value chain from upstream to downstream alongside the Bangchak Initiative and Innovation Center (BIIC), which focuses on innovation and business incubation. Its business footprint extends to nine countries worldwide, including Thailand, Cambodia, Laos, Singapore, the Philippines, Norway, the United States, Taiwan, and Vietnam.

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Financial Highlights 2024

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Sustainability

The company places strong emphasis on sustainability development, with a Sustainability and Corporate Governance Committee working alongside the Enterprise-wide Risk Management Committee to supervise, review, and establish sustainability and corporate governance policies. The company also has a Sustainability Policy Committee (SPC), chaired by the Group Chief Executive Officer and President with business group executives and functional group managers acting as committee members. This committee is responsible for setting sustainability goals, direction, policies, and strategies in line with the Sustainable Development Goals (SDGs), the target of becoming a Net Zero GHG Emissions organization by 2050. The Bangchak group’s operations sustainability assessments and stakeholder expectations are regularly reviewed, with meetings held at least twice a year to determine direction, strategies, and progress reports.

Additionally, at the operational level, the Sustainability Management Committee (SMC) coordinates, tracks, collects, evaluates, and reports on progress and performance to various committees, including the Risk Management Sub-Committee, Enterprise-wide Risk Management Committee, and the Sustainability and Corporate Governance Committee.

The company is committed to responding to the needs and expectations of all stakeholders, also the SDGs. It also considers sustainability assessment criteria both at the national and international levels, covering aspects of governance, economy, environment, and society, to mitigate risks and business impacts. In doing so, the company seeks opportunities to improve working processes and operations in a comprehensive and sustainable manner, aligning with international sustainability goals and approaches. This allows the company to operate proactively and adapt to global changes and emerging risks with resilience.

Furthermore, in 2024, the company became the major shareholder of Bangchak Sriracha Public Company Limited, leading to the establishment of the Transformation and Synergy Realization Steering Committee to drive business synergies. This collaboration merges the strengths of both organizations to enhance performance and maximize sustainable benefits. The business cooperation between the two companies spans across several taskforces, including: 1) Refining, transportation, and trading business; 2) Marketing business; 3) Shared services; and 4) IT, organizational development, and procurement. Additionally, the company has communicated its sustainability goals, including Net Zero GHG Emissions, as well as policies and management approaches to employees, encouraging them to understand, learn, and exchange experiences to work together harmoniously.