To demonstrate tangible progress under the strategy, Bangchak executives, led by Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, recently visited the Central Technical Research Laboratory of ENEOS Holdings, Japan's largest energy company, to strengthen Bangchak's drive toward energy security, sustainability, and the development of future energy. They were warmly welcomed by Dr. Yuichiro Fujiyama, Chief Technology Officer of ENEOS Holdings, and team.
The ENEOS laboratory has operated a demonstration plant since 2024, producing e-Fuels, or synthetic fuels, by converting clean energy and carbon dioxide into synthetic hydrocarbons. These "drop-in" fuels can directly substitute fossil fuels without requiring modifications to existing engine technology, thereby reducing dependence on conventional fuels and supporting the transition to clean energy. The plant, with an initial production capacity of one barrel per day, is supported by the New Energy and Industrial Technology Development Organization (NEDO), a Japanese governmental R&D agency under the Green Innovation Fund, with results already being showcased at Expo 2025 in Osaka.
Although the world is moving toward greater electrification, fuels in the clean molecules pathway continue to play an important role. Liquid fuels have advantages with high energy density, convenient transportation, and storage. This global trend is evident in the rapid expansion of the e-Fuels industry, valued at approximately USD 11.7 billion in 2025 and projected to expand to nearly USD 88 billion by 2032 (Fortune Business Insights, 2024).
Mr. Chaiwat Kovavisarach said "Today, over 1.5 billion vehicles traverse the world's roads. Replacing the vehicles themselves, together with the infrastructure and production ecosystems that support them, would impose an immense economic and societal cost. e-Fuels provide a compelling alternative in the energy transition, synthetic fuels derived from CCUS and clean hydrogen that can be used seamlessly in existing internal combustion engines without the need for technological or infrastructural change, while avoiding additional greenhouse gas emissions. They embody renewable energy in action, offering a practical bridge toward a clean energy future and the achievement of net zero.
Bangchak already possesses the capability to produce next-generation clean fuels from used cooking oil, supporting air transport with Sustainable Aviation Fuel (SAF), land transport with Renewable Diesel (HVO), and shipping with B24 Marine Biofuels. At the same time, the company is closely monitoring advancements in e-Fuels technology, recognizing their potential as a bridge between the current energy system and a clean energy future. This tangible pathway for transition underscores our commitment and reinforces our role as a leader in future energy.
In addition, Bangchak executives and employees also visited Matsuda-en tea farm in Shizuoka Prefecture, Japan, operated by Mr. Tsuyomi Matsuda. Matsuda-en has produced premium Japanese tea for over 150 years and began exporting in 1991. Today, its products reach more than 20 countries worldwide and have won prestigious awards, including the Emperor's Cup, through strict quality control from cultivation to processing, and by building a story that makes Japanese tea accessible to global consumers. Inthanin, a beverage brand operated by Bangchak Retail Company Limited (BCR), a Bangchak Group affiliate, has sourced premium matcha from Matsuda-en as a key ingredient in its diverse matcha beverages, delivering authentic Japanese taste and quality to customers.
At the same time, BCR has been committed to developing and promoting Thai coffee through the special "Single Origin Coffee" from Doi Mae Salong, using high-quality Arabica beans produced under the Royal Initiative. The combination of world-class international ingredients and high-quality Thai produce reinforces the development direction of Bangchak's Non-Oil Marketing business, emphasizing quality, variety, and sustainability, while elevating standards to the global level. It also supports the target to triple Non-Oil EBITDA by 2028 through expanding service stations, Inthanin outlets, and retail businesses to meet the needs of new-generation consumers under the "Accelerating Bangchak 100x: Pivoting toward Energy Security and Sustainability" strategy.