Bangchak Ready to Buy B100 at Standard Price, Stabilizing Palm Oil Market
Chaiwat Kovavisarach, Group CEO and President of Bangchak Corporation Public Company Limited, announced that in response to the Department of Internal Trade's proposed solutions to tackle declining palm oil prices, the company is ready to procure B100 at the standardized price set by the Energy Policy and Planning Office (EPPO) through BBGI Corporation, a major biofuel industry player and Bangchak Group affiliate.
BBGI will procure crude palm oil from extraction plants at a standardized price set by the Department of Internal Trade, in alignment with oil palm prices. This initiative aims to bolster support for farmers and promote the adoption of environmentally friendly energy sources.
Currently, Bangchak purchases approximately 1.3 million litres of B100 per day from BBGI, which has a production capacity of 1 million litres per day. This biodiesel serves as a primary raw material in the manufacturing of high-quality products at two world-class refineries: the Phra Khanong refinery and the Sriracha refinery.
Since 2005, Bangchak has championed the production and utilization of biodiesel, leveraging crude palm oil as its primary feedstock. This endeavour aligns with the late His Majesty King Bhumibol Adulyadej, Rama IX's vision to promote biofuel usage, thereby bolstering the nation's energy self-sufficiency. Furthermore, it not only provides an alternative energy source for the country but also bolsters the utilization of palm oil from the agricultural sector, which holds significant importance for Thailand's economy and society.
