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Innovation and Customer Stewardship

Innovation & Customer Stewardship

Challenges, Risks,

and Impacts

Thaioil Group is currently undergoing a business transformation, reshaping its portfolio to focus on high-value, low-carbon businesses. This transition aligns with the 2S1P strategic plan to create growth opportunities and enhance the organization’s future value. Furthermore, the Company has expanded its footprint into high-potential markets across Southeast Asia and South Asia to increase market share and broaden its customer base. These efforts are carried out alongside initiatives to build business resilience, mitigate risks, and strengthen long-term competitiveness. environmental issues, such as climate change and plastic waste management, pose significant challenges.

As a leader in the Thai energy industry, Thaioil Group prioritizes research and development (R&D) in technology and innovation. This focus encompasses both manufacturing processes and the development of high-value products (HVP) to adapt to and meet the evolving demands of both domestic and international markets. By emphasizing production efficiency and creative high-value product development, the Company aims to reduce operational costs while generating new revenue streams. This approach not only builds a competitive advantage but also responds to changing customer needs, particularly regarding product quality and safety.

Commitment and Target

Thaioil Group has promoted the importance of corporate innovation since 2022 by integrating innovation as one of its corporate values. Furthermore, the Company was initially assessed the level of corporate innovation and achieved Level 3 (Challenging Level) out of a total of 5 Levels. Thaioil Group is committed to advance its corporate innovation from Level 3 (Challenging Level) to Level 4 (Proficient Level) by 2026. This progression will position the Company on par with other leading companies both domestically and internationally.

Targets

Thaioil Group is committed to advancing the status of innovation-driven organization from Level 3 to Level 4 by 2026, progressing from its current Level 3 standing. Level 4 is defined by the active research and development of innovative products or services that deliver significant business impact. Achieving this ambitious goal requires cross-functional collaboration to drive innovations that meet both current and future customer needs. To ensure success, Thaioil has established a year-by-year roadmap as follows:

2022: The Company achieved an innovation maturity level at level 3 (out of 5 levels) and formulated a clear strategic development plan for innovation

2024: Emphasizing on rolling the creative ideas into practices to create prototype for testing with users or customers, gathering feedback from those, and developing those prototypes into products or services that serve their needs. In this year, the level of corporate innovation was reassessed to consider the changes over the past two years.

2025: Taking the results of a corporate innovation maturity level to develop, improve, and enhance the employee’s capability to elevate the Company’s status of innovation-driven organization to Level 4 (Proficient Level) by 2026 as defined. During this phase, new products will begin entering the market, fulfilling the criteria for a Level 4 innovative organization.

2026: Conduct the third organizational innovation assessment.

Level of Innovation

Target 2026

4 (Proficient Level) (out of 5 Level)

level

Thaioil Group prioritizes customer satisfaction with both the Company’s products and services, starting from order reception and continuing throughout the management process to ensure that customers receive complete, accurate, and timely products. The Company proactively handles complaints and closely follows up to resolve the issue. Furthermore, the Company collaborates with customers to develop products to meet their specific needs. This enables the Company to adjust marketing strategies appropriately and grow alongside partners sustainably.

Maintain Thaioil Group’s customer engagement score

Target 2025

93

Percentage

Customer issue resolved

Target 2025

90

Percentage

Management Approach and Performance

Innovation Management

Innovation Management

Management Approach

In 2025, Thaioil Group established a Corporate Key Performance Indicator (KPI) for innovation to strengthen long-term business resilience by defining five progressive levels of achievement. Level 1 focuses on prioritizing innovation projects and evaluating prototypes to determine the most suitable paths for further development, while Level 2 and 3 require the development of at least 5 and 10 prototypes, respectively, that have received positive feedback from users. Progressing further, Level 4 is achieved when at least one new product is ready for market launch and has successfully undergone customer validation. At the highest stage, Level 5 requires either having at least two new products ready for market with confirmed customer acceptance or having at least one new product that has already begun generating revenue for the Company.

 Corporate innovation goals have been comprehensively cascaded to all 37 departments across the Company. These innovation projects are categorized into three primary types: Support, which focuses on enhancing organizational effectiveness; New Revenue Stream, which identifies new business opportunities to increase revenue and competitive potential; and Operational Excellence, aimed at elevating operational efficiency and production quality. Every project is evaluated based on two dimensions—Newness and Impact—to ensure high-quality outcomes. The core focus is on transforming ideas into prototypes and testing them with actual users or customers to gather feedback for continuous development until they become viable market-ready products or services. As a result, in 2025, employees across all 37 departments successfully developed 49 prototypes from their respective innovation projects and received positive user feedback. These initiatives represent a total potential benefit of 465 million Baht per year. Furthermore, out of 10 new product development projects, 5 products have already been launched to the market and are generating actual revenue, allowing the Company to achieve the highest level (Level 5) of its corporate innovation goals this year.

Furthermore, these operations are aligned with the goal of elevating the Company’s innovation maturity from Level 3 (Challenging) to Level 4 (Proficient) out of 5 levels by next year. This progression focuses on developing commercialized new products that are market ready. Thaioil plans to conduct another organizational innovation assessment in 2026 to reflect the continuity of development and its readiness to effectively translate innovation into commercial success. By fostering a culture of creativity among employees at all levels, the Company aims to continuously advance its innovation capabilities, reaching a standard comparable to leading domestic and international innovative companies.

Innovative Culture

Approach to build internal corporate innovative culture

Thaioil Group has continuously encouraged employees to create innovations collectively and fostered continuous learning opportunities in the field of innovation. In 2025, the Company organized activities to enhance employees’ awareness of the importance of innovation as follows:

i-LEAD Project

In response to the Company’s business strategies, Thaioil Group has focused on creating new innovations as a cornerstone to foster sustainable business growth. Hence, the Company places importance on “innovation” by prioritizing and empowering employees to develop creative solutions and invent new ideas and innovations to deliver value-added products and services in the future.

Thaioil Group has systematically promoted the internal innovation culture through the “i-LEAD” behaviors. The behaviors are specified through a screening process by the employee representatives from all levels. The project aims to ensure employees can clearly understand, remember, and embody these behaviors in alignment with the organization’s goals. In 2024, the Company elevated its efforts by encouraging employees to consistently integrate these behaviors into their work routines, fostering a habit of innovation. This initiative supports the company’s journey toward becoming an innovative-driven organization through a variety of activities, as detailed below:

Organized a variety of activities, campaigns, and communications through the Company’s communication channels, such as activities to promote innovative behavior, and roadshow events, etc. In addition, the Company hosted the “Innovation and Learning Day 2024” for the third consecutive year to further strengthen the innovation culture. The event features senior executives presenting awards to employees with outstanding achievements in innovation and knowledge contributions to the organization. This reflects the commitment of Thaioil Group employees to driving the organization toward becoming an innovation-driven enterprise.

The Enhancement of Innovation Knowledge for Employees

Thaioil Group encourages the employees to become quality innovators by raising awareness of the importance of innovation, providing knowledge enhancement for continuous development, and creating inspiration for innovation through the following activities:

Thaioil Innovation Awards 2025

In 2025, Thaioil Group compiled and evaluated a total of 73 innovation prototype projects from all departments through a dedicated judging committee, ultimately selecting 10 outstanding projects to receive the 2025 Innovation Awards. The top honor for the best innovation project was awarded to “Next Gen Document Supervision” by the Asset Development Function. This project leverages the power of Artificial Intelligence (AI) and mathematical modeling to develop a tool for removing unwanted data or symbols from documents with over 97% accuracy. The system successfully processed more than 1.5 million document pages within just two and a half months—a speed 16 times faster than manual processing—resulting in a significant reduction in contractor expenses totaling 56 million Baht.

On November 5, 2025, the Company hosted the “Innovation and Learning Day 2025,” an event filled with various activities focused on organizational learning and innovation. The Chief Executive Officer and President presided over the ceremony to present awards to outstanding innovation projects, serving as a significant morale booster for all employees to continue their creative and innovative pursuits for the Company.

Thaioil AI Hackathon 2025

Thaioil Group prioritizes the continuous development of its personnel through the Thaioil AI Hackathon 2025, an initiative designed to empower employees to apply Artificial Intelligence (AI) to create tangible benefits for the organization. This program was organized in collaboration with a partner experienced in hosting hackathons for Thailand’s leading corporations, featuring a premier coaching team of national experts in AI, business strategy, and professional pitching. The project attracted 73 participants forming 22 teams from across the entire organization, all of whom participated in specialized workshops designed to sharpen their innovative capabilities as follows:

AI Business Canvas Workshop: Focused on the strategic framework of applying AI to business contexts led by:

  • Jessadakorn Smithiattagorn (Ton): CEO of Data Wow, a premier Data & AI Consulting firm.

Vibe Coding Workshop: Focused on transforming innovative ideas into tangible solutions, mentored by a team of experts:

  • Piyarit Ittichaiwong (Dr. Ar): A medical professional from Siriraj Hospital currently pursuing a PhD in Medical AI at King’s College London, UK.
  • Natchanon Yongsatianchot: A professor from the Department of Electrical and Computer Engineering at Thammasat University, specializing in Artificial Intelligence (AI) and Affective Computing.
  • Supasate Worathammathorn: An engineer and researcher in Computer Vision and Artificial Intelligence from King Mongkut’s University of Technology Thonburi.

Following the intensive training sessions, participating teams applied their knowledge to transform their ideas into tangible prototypes during the Hackathon. Throughout this process, they received close mentorship and learned directly from external industry experts. The competition culminated in the final judging, with the winners officially announced on November 26, 2025.

The winning title was awarded to Team Synapse, which utilized AI-driven Computer Vision to manage over 3,000 engineering pipe support components. Once fully developed, this prototype is projected to drastically reduce processing time from “several months” to just “a few minutes,” generating a potential benefit valued at over ten million Baht. As a reward, the winning team will participate in a study trip to visit world-leading innovation and AI technology companies abroad, further expanding their expertise and gathering inspiration to drive future innovative value for Thaioil.

Approach to build innovative collaboration with external organizations

2025  marks a pivotal year for the initiation of new research and development (R&D) projects, alongside the concrete implementation of R&D plans. This comprehensive approach encompasses human resource management, research management, the advancement of prototypes, collaborative testing with customers, and the successful transition of products into commercial production processes.

These efforts are organized under a structure consisting of six Centers of Excellence, which include:

  • Crude Excellence Center
  • Catalyst & Adsorbent Excellence Center
  • AI/Robotics Solution Provider
  • High Value Product/High Value Business
  • Polymer & Olefin Derivatives
  • Sustainability & New Business

The six Centers of Excellence are dedicated to fostering collaborative research with academic and public agencies to develop innovative products that cater to the evolving needs of both existing and potential customers. This is accomplished through a highly efficient cross-functional team approach, ensuring seamless coordination across departments. In 2025, the Company initiated 24 research and development projects, consisting of 17 newly initiated projects, 7 ongoing projects, and 7 successfully completed projects.

Besides the collaboration with educational and government agencies, Thaioil Group has expanded the partnerships to develop new products with the research and development units of the private sector, such as Siam Pro (Thailand) Co., Ltd., which specializes in the design and formulation of surfactants for various industries, including food, livestock, healthcare, and hospitality, as well as the household sector. Their expertise spans a wide range of products—from dishwashing liquids, laundry detergents, and floor cleaners to disinfectants—while providing comprehensive Original Equipment Manufacturer (OEM) services.

In addition, in 2025, the research and development projects completed through collaboration with academic institutions and government agencies include:

  1. The project to develop a robotic system for cleaning the heat exchanger pipes of oil heaters in the oil refining process: Developed in collaboration with the Vidyasirimedhi Institute of Science and Technology (VISTEC), this project features a prototype robot capable of climbing and cleaning 5-inch and 6-inch pipes at heights without the need for scaffolding. This innovation significantly reduces safety risks associated with working at heights and in confined spaces. The prototype was initially tested during the Company’s recent major maintenance period, demonstrating its potential to enhance cleaning efficiency and reduce manual labor intensity. Furthermore, effective cleaning improves furnace energy efficiency and contributes to lower CO2 emissions within the production process.
  2. The project to test the efficiency of Activated Carbon in removing Volatile Organic Compounds (VOCs) and Benzene from the waste gases of wastewater treatment systems: This project is a collaborative initiative with The Petroleum and Petrochemical College (PPC), Chulalongkorn University. It involves testing the efficiency of activated carbon under the actual operating conditions of the refinery. The objective is to utilize the test results to inform the selection of the most effective and cost-efficient type of activated carbon that can appropriately handle the volume and specific properties of Thaioil’s waste gas. Furthermore, these findings enhance confidence in material selection and support the refinery’s commitment to sustainable environmental compliance.
  3. The project to high-quality Volatile Organic Compound (VOC) adsorption products for industrial tank and equipment cleaning: This project is a collaborative research initiative with The Petroleum and Petrochemical College (PPC), Chulalongkorn University, to develop a surfactant-based product designed to adsorb residual VOCs in equipment, specifically for use in wet scrubber systems. Laboratory testing has revealed that the prototype is three times more effective at reducing VOCs than the products currently in use. The project is currently in the planning phase for on-site field testing within the refinery.

Product Innovation

Developing new products, increasing the value of existing products, or developing high value products rely on the collaboration of research and development with internal and external partners. These partnerships are essential for identifying new product opportunities and refining production processes to meet specific market demands, partnering with educational institutions to explore technology and business trends for the benefit of new product development, as well as collaboration with research and development units of the private sector to jointly develop products that genuinely respond to market demands.

Examples of key Thaioil Group’s product innovation in 2025 are as follows:

Rubber Process Oil (RPO)

The development of specialized Rubber Process Oil (RPO) with low levels of Polycyclic Aromatic Hydrocarbons (PAHs) addresses the demands of the tire industry while increasing the product value for Thai Lube Base Public Company Limited. By innovating formulations with optimized properties, such as viscosity and polarity, while reducing PAH levels to be environmentally friendly and compliant with European Union (EU) regulations, this project marks a significant milestone. It not only reduces reliance on imports but also enables Thaioil Group to expand its market presence from conventional lubricants manufacturing into the tire manufacturing. This product has been successfully commercialized since February 2025.

Hydrocarbon Decontamination Chemical

The product is a surfactant designed for industrial use to remove hydrocarbon stains or oils and volatile organic compounds (VOCs) remaining in equipment in the refinery and petrochemical industries, ensuring levels below 500 parts per million (ppm) before the equipment can be opened and inspected. The research team has developed this project in collaboration with The Petroleum and Petrochemical College (PPC), Chulalongkorn University, since 2024. In 2025, two new products were launched: DBTX10, ideal for cleaning high-aromatic hydrocarbons, and DGasoline, suitable for general hydrocarbons such as gasoline and crude oil. The formulas for both products have been filed for petty patent protection and have successfully passed prototype testing and commercial-scale implementation within the organization, involving more than 8 tanks and 3 units throughout 2025.

Assessment results indicate that these products outperform existing industrial chemicals in removing stains and reducing vapors. They help minimize chemical usage, waste generation, and working hours, while being non-corrosive and having no impact on wastewater treatment systems. Thaioil plans to expand these products to external markets in 2026.

Waterless Hand Cleaner

The product is a surfactant-based formula designed to remove dirt such as oils, hydrocarbons, grease, ink, and other substances from the skin, including palms and arms, without the need for repeated rinsing with water. This research project is a collaboration with InnoXcellar Co., Ltd., where a prototype product was developed that effectively cleans while being gentle on the skin and not causing allergic reactions. The product has been tested and certified by dermatologists from recognized institutions. Currently, the product from this project is registered with the Food and Drug Administration (FDA) and has successfully been filed for petty patent protection. Sample products have been distributed to employees in maintenance, engineering, and production units, as well as external customers, to collect feedback. This data will be used to refine the product before its market trial and official commercial launch in 2026.

Mild Surfactant Ingredient for Personal Care Products

Specialized surfactants developed under a collaboration with Suan Dusit University (SDU) to meet the needs of customers in the personal care industry, specifically for cleansing products. The key highlights of this innovation include exceptional mildness, high cleaning efficiency, and the ability to produce dense, fine, stable, and transparent foam. Marketed under the trade name PureSurf™ Mild, this specialized surfactant formula is protected by a petty patent and has successfully passed irritation testing by dermatologists from a standardized institute. In 2025, the research team focused on scaling up production from laboratory to industrial levels. Product samples were distributed to customers for feedback, alongside the development of formulation guidelines for specific applications, such as feminine hygiene products, baby shampoo, and dog shampoo, to serve as a guide for potential clients. Additionally, PureSurf™ Mild was showcased as a Thaioil Group innovation at In-cosmetics Asia 2025, where samples were distributed to pave the way for marketing expansion in 2026.

Metal Cleaners

High-performance metal cleaners designed for maintenance tasks to eliminate various contaminants—such as lubricants, hydrocarbons, scale, rust, and residues from equipment assembly—without damaging or corroding metal surfaces. This research project focuses on developing a new generation of metal cleaners using surfactants specifically optimized for heavy-duty metal cleaning and diverse environmental conditions. The goal is to replace current products that may contain corrosive agents, cause user irritation, or impact the environment. The research has resulted in two distinct prototype formulas:

Neutral Formula (pH 7–9)
Designed for general cleaning of light-to-moderate stains. It is non-destructive to metal and ideal for alloys sensitive to alkalinity, such as aluminum, brass, and galvanized steel, as well as parts requiring high surface safety.

Alkaline Formula (pH 12–13)
Developed for heavy-duty tasks, including used engine oil, stubborn grease, heavy sludge, and carbon deposits from welding. This formula utilizes specialized surfactants that remain stable in high-alkaline conditions to effectively break down tough stains.

Both prototypes are currently undergoing performance testing in maintenance and engineering workflows. Preliminary results show that their cleaning efficiency is comparable to current commercial products while offering superior material compatibility, reducing the risk of residues or spotting after washing. Thaioil plans to register these products with the Food and Drug Administration (FDA) and officially launch them to the market in 2026.

Laundry Detergent for Washing Oil-Stained Clothes

D-Oil X, a heavy-duty laundry detergent, has been specifically designed to address the challenges of cleaning workwear contaminated during refinery operations. It effectively targets stubborn stains such as crude oil, hydrocarbons, grease, soot, and asphalt—contaminants that standard laundry products typically fail to remove. The prototype formula features a specialized blend of high-performance surfactants, builders, and specialized agents (soil-release and anti-redeposition) to break down stains and prevent them from re-attaching to the fabric. Developed in collaboration with Siam Pro (Thailand) Co., Ltd., the project focuses on cleaning the uniforms of personnel in production, maintenance, and engineering units. Preliminary testing conducted with the HR Services Department (responsible for laundry management) indicates that its stain-removal efficiency is superior or equivalent to existing commercial products, receiving high satisfaction from actual users. Currently, sample products have been distributed to employees and contractors during the 2025 QSHE Day to gather further feedback. Thaioil plans to register the product with the Food and Drug Administration (FDA) and proceed with a full market launch in 2026.

Process Innovation

Process innovation can be classified into the development of production processes, operational processes, or product development processes. Examples of key Thaioil Group’s Process Innovation in 2025 are as follows

Microbial waste in wastewater treatment systems

In collaboration with the National Nanotechnology Center (NANOTEC), NSTDA, this project focuses on studying and developing a high-efficiency liquid metal catalytic process to capture and convert CO2 into carbon materials. By utilizing simulated flue gas that mimics the actual emissions from Thai Oil Public Company Limited, the project aims to create opportunities for developing suitable technologies that can be integrated into the Company’s processes to reduce CO2 emissions in the future.

Microbial waste in wastewater treatment systems

This project is a collaboration with the National Center for Genetic Engineering and Biotechnology (BIOTEC), NSTDA, with the goal of supporting CO2 emission reduction. The study focuses on adding value to microbial sludge from wastewater treatment systems as an alternative to disposal through incineration. The project initiated with the extraction and isolation of various enzymes, as well as the screening of potent microorganisms capable of enzyme production directly from the sludge. These microorganisms serve as inoculants for simultaneous sludge degradation and enzyme production. Research findings indicate that certain microorganisms can efficiently degrade sludge and convert it into Lipase and Protease enzymes. Additionally, some strains exhibit the potential to produce other high-value substances, such as Biosurfactants, Biohydrogen, and Bioplastics. This highlights the significant opportunity to develop industrial-scale technologies for microbial sludge utilization in the future.

Soil nutrition

This research project investigates the feasibility of improving and processing sludge from raw water treatment ponds into soil conditioners or potting soil. The primary objectives are to add value to waste materials, minimize the volume of sludge requiring disposal, and develop planting material with optimal properties for plant growth.

Carbon fiber from polyethylene

This research project investigates the creation of advanced materials from basic products. Currently, the high cost of carbon fiber limits its application to industries requiring materials with exceptional strength. In collaboration with the National Nanotechnology Center (NANOTEC), NSTDA, this research initiates the conversion of polyethylene fibers through a specifically developed process to transform them into carbon fiber. The results of this process have yielded carbon fiber with a satisfactory level of structural strength.

Crude Compatibility Prediction Model Improvement

This research project focuses on the development of a web application platform that integrates machine learning and computer vision to automatically predict crude oil blending compatibility risks. The system can help minimize the risk of fouling in heat exchangers and significantly reduces operational costs within the crude oil refining process.

RHCU Pilot Plant (Residue Hydrocracking)

The RHCU Pilot Plant is a simulation facility for the Residue Hydrocracking Unit (RHCU) within the Clean Fuel Project (CFP). Its primary objective is to test and select optimal crude oil blends and process variables for the RHCU unit. The results are utilized in production planning to maximize yields and efficiency.
In 2024, the Thaioil team, in collaboration with the RHCU Pilot Plant designers and installers, successfully completed the commissioning and performance verification of the equipment according to the plan.

In 2025, the RHCU Pilot Plant commenced testing on the same crude oil blend samples previously sent for testing in the United States. The plant will continue to conduct tests on various crude oil formulas designated for the RHCU production process.

Clean Technology Innovation

Thaioil Group’s clean technology innovation includes the development and transition towards alternative fuels, exploring and studying new energies aims to reduce or eliminate greenhouse gas emissions from combustion (Low-Carbon Energies) and conducting studies on sustainable aviation fuel. Additionally, the Company is actively engaged in pollution prevention and control, with a strong focus on air quality management through carbon capture and storage (CCS) initiatives. These efforts reflect the Company’s commitment to pioneering environmentally responsible solutions and driving the energy sector towards a low carbon future. Examples of Thaioil Group’s ongoing low carbon technology innovation and initiatives include:

Alternative Fuels

The Alternative Fuels projects aim to reduce carbon emissions across various sectors, thereby supporting the energy transition and delivering long-term economic and environmental sustainability through producing cleaner and greener fuel options. The Company’s current alternative fuels projects include:
  • Sustainable Aviation Fuel (SAF) projects utilizing commercially developed technologies as follows:
    • Utilizing HEFA (Hydrotreated Esters and Fatty Acids) technology to produce eco-friendly aviation fuel from used cooking oil, palm oil mil effluent (POME), Palm fatty distillate (PFAD)  and animal fats, in collaboration with the PTT Group.
    • Employing ATJ (Alcohol to Jet) technology to convert bio-based alcohols, like ethanol, into cleaner aviation fuel in collaboration with our strategic partners. This will help reduce the aviation sector’s carbon emissions.
    • Using Co-Processing Technology to produce SAF by co-processing renewable feedstock within our existing hydroprocessing units. In addition, the Company is currently studying regulations, technology readiness levels, and raw material procurement to ensure a reliable and sustainable supply of Used Cooking Oil (UCO), and exploring alternative waste feedstocks, such as POME (Palm Oil Mill Effluent), PFAD (Palm Fatty Acid Distillate), and other waste feedstocks.
  • The New Energy Exploration Project aims to reduce or eliminate greenhouse gas emissions from combustion by focusing on clean hydrogen and its derivatives, such as ammonia, as well as other low-carbon fuels produced from clean hydrogen. The project includes preliminary studies and assessments of key factors, such as costs, technologies, strategically significant location along the entire supply chain. Additionally, the project explores other alternative energy sources, such as biofuels, for alternative energy production to reduce reliance on fossil fuels. Furthermore, the Company is evaluating the feasibility of investing in reforestation projects to generate carbon credit, which would provide environmental benefits and support its long-term sustainability goals.

Bio-based products

Through our Corporate Venture Capital (CVC) investment, we are collaborating with a startup to develop biosurfactants produced entirely from natural feedstocks. The biosurfactant product, serving as cleansing agent, emulsifier etc., fits wide range of industries: Personal Care, Cosmetics, Household Cleaning, Agriculture and Animal Feeds. Since the product is environmentally friendly, biodegradable and low in carbon footprint, it enhances the positive impacts in sustainability for both TOP Group and its stakeholder throughout the supply chain. Through our Corporate Venture Capital (CVC) investment, we are collaborating with a startup to develop biosurfactants produced entirely from natural feedstocks. The biosurfactant product, serving as cleansing agent, emulsifier etc., fits wide range of industries: Personal Care, Cosmetics, Household Cleaning, Agriculture and Animal Feeds. Since the product is environmentally friendly, biodegradable and low in carbon footprint, it enhances the positive impacts in sustainability for both Thaioil Group and its stakeholder throughout the supply chain. Moreover, Thaioil’s CVC are still exploring new opportunities in Biochemicals and Bioplastics to expand Thaioil’s sustainability investment and business building, leading to a more environmentally friendly portfolio.

Carbon Capture and Storage (CCS)

The Company has collaborated with the PTT Group on a Carbon Capture and Storage (CCS) study project aimed at capturing millions of tons of carbon dioxide (CO2) annually from production processes and securely storing it in offshore geological formations. This initiative aligns with the Company’s decarbonization and energy transition strategy, contributing to the reduction of industrial and national greenhouse gas emissions and supporting Thailand’s climate goals. The study encompasses a feasibility analysis across the entire value chain, including technology assessments, coordination with government agencies on regulatory matters, exploration of funding opportunities, market demand analysis, and environmental impact evaluations.

Energy Efficiency Projects

The Energy Efficiency Projects aim to reduce fuel consumption and improve production efficiency, contributing to the Company’s Net Zero GHG emission and long-term sustainability targets, as well as contributing towards operating cost savings.

In 2024, there were 39 energy efficiency improvement projects, resulting in a total energy consumption 494,794 gigajoules, equivalent to 28,985 tons of carbon dioxide equivalent, and 223 million THB of cost savings from the total of 189.62 million THB of investments

2025

Performances

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Customer Stewardship and Product Quality Management

Customer Stewardship and Product Quality Management

Management Approach

This year, Thaioil Group continues to advance its commitment to delivering superior customer experiences, guided by the “Partner for Life” strategy which treats customers as cherished family members. The Company aims to elevate service standards and foster development projects that drive stable and sustainable mutual growth. The Company has fortified the quality and safety of its products and services to ensure full compliance with international laws, regulations, and standards. Furthermore, it has comprehensively integrated ESG (Environment, Social, and Governance) principles into its operational processes. Throughout the year, Thaioil Group has placed significant emphasis on systematic customer feedback, utilizing in-depth data analysis to drive continuous improvements in service and product quality. By enhancing responsiveness and operational efficiency, the Company seeks to strengthen customer confidence, satisfaction, and long-term engagement, which serve as the essential foundation for sustainable future growth.

In 2025, Thaioil Group continued to implement the “Partner for Life” strategy to support customer stewardship in three aspects as follows:

Partner for Innovation: Leveraging Innovation and Digital Technology to Enhance Operational Efficiency
  1. Partner for Innovation: Leveraging Innovation and Digital Technology to Enhance Operational Efficiency In the annual customer satisfaction and engagement survey, Thaioil Group conducted in-depth analyses and collaborative brainstorming sessions with relevant departments. These insights were utilized to further develop and improve product quality for superior service delivery. This year, several projects integrated digital systems to enhance capabilities, such as the optimization of the e-Ordering system (COMNXT) for greater efficiency and the implementation of an automated monthly reporting system for customers. Furthermore, the Company focused on developing new products tailored to meet increasingly diverse customer requirements.
Partner for Excellence: Service Excellence

2. Partner for Excellence: Service Excellence

To maintain high service standards in product distribution, Thaioil Group conducts an annual review of its Service Level Agreements (SLA). In 2025, all business units achieved 100% compliance with these established standards. Furthermore, the Company is developing a system to implement an international-standard platform for managing customers’ needs (Voice of Customer: VOC). This tool is designed to enhance efficiency in addressing various customer needs, including purchase inquiries, feedback, after-sales support, and complaint resolution, thereby sustaining high levels of customer satisfaction and engagement. Additionally, the Company continues to facilitate knowledge sharing sessions covering production processes, oil distribution via truck and vessel, market trends, and legal regulations. These sessions are delivered through both online platforms (Microsoft Teams) and in-person seminars at customers’ offices.

Partner for Sustainability: Promoting Collaborative Efforts with Customers for Sustainable Business
  1. Partner for Sustainability: Promoting Collaborative Efforts with Customers for Sustainable Business

Thaioil Group organized online ESG quizzes to encourage customer engagement in joint corporate social responsibility (CSR) activities. Additionally, the Company held the “Safety and Happy Hour” event, a safety awareness campaign dedicated to customers stationed at the Thaioil Truck Loading Terminal, Sriracha, and petroleum transport drivers. Furthermore, the Company has communicated various corporate policies, such as the No Gift Policy, to reinforce transparency and corporate governance standards. These initiatives aim to foster business relationships that are transparent, sustainable, and professional.

Highlighted Projects

In 2025, Thaioil Group implemented customer relationship programs under the of “Partner for Life” strategy to cultivate and maintain good relationships with customers as follows:

  1. “COMNXT e-Ordering” Training Sessions: Thaioil Group organized training sessions for its online product ordering system, designed to enhance convenience and streamline the procurement process for customers.
  2. “TOP Meets Customers” Initiative: This activity serves as a platform for relevant departments to receive direct feedback and suggestions from customers, enabling continuous service improvement and operational efficiency.
  3. Knowledge Sharing: Organized knowledge sharing sessions to customers both in online and on-site presentations with various topics such as Fundamental of Refinery Process and Business & Refinery Overview. This aims to enhance customers’ knowledge and understanding of the oil refinery industry and market.

2025

Performances

Through the execution of various initiatives under the “Partner for Life” strategy, encompassing both product innovation and service excellence, Thaioil Group has successfully achieved customer engagement scores that exceed the established targets.

Remark: 
(1) CCustomer engagement of Thaioil Group consists of Thai Oil Public Company Limited (TOP), Thai Lube Base Public Company Limited (TLB), and Thai Paraxylene Company Limited (TPX). This survey was conducted by a third-party company that provides customer satisfaction assessment services.
(2) Customer satisfaction of TOP Solvent Company Limited (TOPNEXT International Company Limited) for 2022 has a full score of 5. The survey was conducted by TOP Solvent Company Limited.
(3) Customer engagement of TOPNEXT International Company Limited in 2023-2024 has a full score of 100 percent. The survey was conducted by a third-party company that provides customer satisfaction assessment services.

Building Innovation Culture Awareness through Top
Management Workshop (Management Outing Workshop)

Organized a workshop activity for top management to be the leading change makers. This aims to create Innovation Culture Awareness for employees in their line or function through the core behavior of “Lead to Innovation Culture.” In addition, the workshop fosters them to exchange their experiences with external speakers on innovation creation, communication, and practices to apply the i-LEAD behavior as a role model.

Generating New Actionable Ideas through Change Agent SME
Idea Facilitation & LO Inspirer Workshop

Organized a workshop activity to develop the change agent by choosing the representatives from selected functions. The groups of change agents will be developed with the full knowledge, skills, and tools, to facilitate them to create innovation culture and invent new ideas within their functions.

Innovation Idea Challenge activity

Innovation Roadshow activity

Innovation Failure Challenge activity

Innovation and Learning Day 2024

TOP Innovation E-newsletter

Prepared the public relations media through weekly emails distributed to all Thaioil Group’s employees. The content will focus on promoting creativity, out-of-the-box thinking, and a growth mindset to cultivate the qualification of quality innovators and to build awareness of the importance of innovation in the present era. As a result, these activities have created good momentum and feedback for the Company. In 2024, the Company disseminated a total of 39 TOP Innovation E-newsletters with over 24,707 readers. Meanwhile, the readers’ satisfaction score was at an excellent level (97 out of 100).

TOP BCG Updates

Prepared public relations materials in the form of monthly emails to enhance knowledge on BCG, a new economic model of the Thai government focusing on the three economic systems – Bio-Economy, Circular Economy, and Green Economy. The examples of contents involve electric vehicles, hydrogen energy, and other innovations for reducing global temperatures. In 2024, the overall satisfaction level was at an excellent level (97 out of 100).

Innovation Talk

Invited external speakers with expertise in innovation to share knowledge to employees. Notable speakers included Ajarn Thongchai Rojkangsadal from the Faculty of Engineering, Chulalongkorn University; Mr. Thana Slanvetpan, General Manager of AI and Robotics Ventures Co., Ltd.; Mr. Nattapat Thanesvorakul, a corporate innovation assessment consultant from RISE Accel Co., Ltd.; and Mr. CK Cheong, CEO of Fastwork Technologies Co., Ltd. In 2024, a total of 4 sessions were held with 15% increase in employee participation compared to the previous year. Moreover, the overall satisfaction level improved from 93 to 94 out of 100. There were many employees participating in each session reflecting to consistently positive response from them.

Thaioil Innovation Awards 2024

Organized cultural promotion activities through the “Cultural Activity” project.

Organized cultural promotion activities through the “Cultural Activity” project. The activity of this project aims to enhance the learning about national history and art together with customers at the Chao Sam Phraya National Museum, Phra Nakhon Si Ayutthaya Province.

Organized “Safety and Happy Hours” activity for drivers in 2024

Organized “Safety and Happy Hours” activity for drivers in 2024 to raise awareness on safety during product pickups for customer groups working at fuel stations, transport coordinators, ticket room staff, and other related units.

Organized knowledge sharing sessions to customers both in online and on-site presentations with various topics

Organized knowledge sharing sessions to customers both in online and on-site presentations with various topics such as Fundamental of Refinery Process and Business & Refinery Overview. This aims to enhance customers’ knowledge and understanding of the oil refinery industry and market.

Organized recreational activities for different customer groups to foster good customer relationships.

Organized recreational activities for different customer groups to foster good customer relationships.

ประกาศกระทรวงสาธารณสุข เรื่อง การแจ้งข้อมูลที่จำเป็นเกี่ยวกับการเฝ้าระวัง การป้องกัน หรือการควบคุมโรคจากสิ่งแวดล้อมแก่ประชาชน ที่ได้รับหรืออาจได้รับมลพิษ พ.ศ. 2567

Embeds good corporate governance

Embeds good corporate governance, business ethics, and anti-corruption principles since the first day of employment. The Company integrates the principles into the orientation program for new employees and shared the CG handbook through the CG Reporting system. As a result, 100% of new employees acknowledged and participated in the trainings.

CEO Townhall and Management Meeting

rganized a communication activity to encourage communication between the CEO and all employees to emphasize the Company’s direction, strategy, plans, and performance. This activity helps to ensure that employees understand and are aware of the top management’s commitment to bring changes to the Company and all employees. In addition, the progress of the Innovation Culture Awareness project will be regularly reported in the Company’s top management meetings to stimulate them to foster an innovation culture among employees.

Teach for Thailand Project

Objective

To develop potential changemaker teachers to serve as teaching assistants for middle school students.

Project Type

Teach for Thailand Project

Performances 2024

Thaioil Group has allocated budgets to develop teachers to be changemakers for the sixth consecutive year. In 2024, the Company funded two teaching assistants for science and mathematics subjects in junior high school at Wat Mano Rom School, Sriracha District, Chonburi Province, which is located close to the Thaioil refinery. This project was conducted for one year and achieved positive performance evaluations, including:
1. Taught a total of 489 students in science and mathematics subjects during the 2024 academic year.
2. Compared to the average post-test score (28.51) and the average pre-test score (27.57) in the first semester, there was an increase in the student’s academic performance, personality traits, and essential skills. Furthermore, it also found that changemakers fostered and developed student’s personality traits in terms of perseverance, growth mindset, and the ownership of their learning. Similarly, they also contributed to and improved student’s essential skills, consisting of critical thinking, collaboration, and self-awareness.
3. Adopted technologies in the teaching materials, such as videos, board games, and online programs. This resulted in the students’ development and foster positive attitude towards the studied subject through demonstrating the ability to answer questions, classify examples, and collaborate well in team with their classmates.
4. Majority of the students recognized the dedication and significant development in work performance of changemaker teachers.
5. The school director and staff were satisfied with the teaching performance of the changemakers. Their overall satisfaction score was 9.1 out of 10. Furthermore, 92 percent of respondents acknowledged that the changemakers were competent and possessed appropriate characteristics for performing the work in challenging contexts. Moreover, changemakers regularly exchange their knowledge with the students.

PTT Group Model School Project and CONNEXT ED Project

Objective

To support basic education and develop leaders in the educational sector, to become a significant force driving education through knowledge exchange, learning, and the development of schools with school executives.

Project Type

PTT Group Model School Project and CONNEXT ED Project

Performances 2024

In 2024, Thaioil Group conducted various activities under the PTT Group Model School and CONNEXT ED projects:
1. Artificial Intelligence (AI) Readiness Program: This program aims to encourage learning and provide knowledge for supporting the understanding of youth in Artificial Intelligence (AI) technology and the Internet of Things. Moreover, it also aims to encourage youth to recognize the importance of technology, including its impact on the nation’s development in terms of economy, society, education, and culture. As well as this project was also expected to inspire the next generation to pursue studies in science and technology, with the purpose of developing expertise in AI and IoT, which are the key drivers for the country’s future technological advancement. There are 2 schools under CONNEXTED project, with 6 participants.
2.
Thaioil Group Volunteer Spirit Program aims to promote the employees to engage in volunteer activities by providing waste separation knowledge and participating in football, futsal, table tennis, and volleyball clinics for students in the communities surrounding the refinery.

Forest Planting Project for the benefits of Carbon Credits

Objective

To support the forest restoration and conservation target, which can extend Thailand’s green areas and reduce greenhouse gas emissions through enhancing carbon dioxide sequestration, coupled with improving the quality of life for communities surrounding the target forest areas.

Project Type

Forest Planting Project for the benefits of Carbon Credits

Performances 2024

Thaioil Group implemented reforestation projects for carbon credit benefits, covering a total of 8,656.22 rai as the following detail.
1. 8,300 rai of terrestrial forest in Phrae Province in collaboration with the Royal Forest Department.
2. 356.22 rai of mangrove forest in Chon Buri and Trang Provinces in collaboration with the Department of Marine and Coastal Resources.

These projects were expected to capture 88,000 tons of carbon dioxide equivalent over the 10-year project period and enhance biodiversity by selecting and planting local tree species in target forest areas.

In addition, to continue the implementation of reforestation and forest conservation, Thaioil Group has also supported the establishment of 4 community enterprises, which it does not only aim to distribute local incomes and encourage community economy, but it also aims to enhance the knowledge regarding to forest conservation. Furthermore, the Company also supports improving local quality of life through promoting job creation and advocating in educational, social, and cultural development in the communities.

Thaioil CE WE GO Project: Promoting Circular Economy Values

Objective

To raise awareness of energy and environmental conservation among employees and foster positive coexistence behaviors within the organization.

Project Type

Thaioil CE WE GO Project: Promoting Circular Economy Values

Performances 2024

In 2024, Thaioil Group conducted activities under the “Thaioil CE WE GO” project, as follows:

1. Organized 2 sessions of Green Office training for the Auditorium Building and the Thaioil Health and Learning Center, with the aim of preparing for registration of Green Office certification with the Pollution Control Department for both buildings in 2025. 
2. Conducted a study tour project with 10 representative households and the Ban Na Kao community committee by visiting the waste management model community project in Rayong Province.

Thaioil CE School Model

Objective

To raise awareness and contribute knowledge with students and youths on the importance of the Circular Economy (CE) and relevant topics.

Project Type

Thaioil CE School Model

Performances 2025

Thaioil Group has been implementing this project since 2022 to transfer systematic waste management knowledge to schools surrounding the refinery. In 2025, the program provided educational materials, supported waste sorting equipment, and featured training sessions by experts from the Thailand Greenhouse Gas Management Organization (TGO). Additionally, an upcycling invention contest was held to encourage the practical application of Circular Economy (CE) principles in daily life. In 2025, the project expanded its reach from 9 to 10 schools by adding Laem Chabang 3 Municipal School, aiming to cultivate a mindset of systematic waste management and promote the sustainable and efficient use of resources.

The Eco-Journey Project: Kasetsart University - Thaioil

Objective

To promote environmental education among youth, ensuring an accurate understanding of ecosystems while instilling a deep sense of conscience for nature and environmental conservation.

Project Type

The Eco-Journey Project: Kasetsart University – Thaioil

Performances 2025

Thaioil Group, in collaboration with the Faculty of Science at Kasetsart University (Si Racha Campus), promotes environmental education for youth living around the refinery. The program engages participants in exploring nature trails at Khao Nam Sap, located near the university. This experiential learning initiative combines classroom instruction with fieldwork, allowing participants to study forest ecosystems, flora, fauna, and the complex relationships between living organisms. Furthermore, the project aims to instill a deep sense of environmental conscience and a commitment to nature conservation.

TOP Green X Youth Environmental Conservation Project 2025: Empowering Youth in Forest Restoration and Adding Value to Recyclable Waste

Objective

To enhance understanding and awareness of environmental problems, especially the impacts of plastic waste on nature and ecosystems.

Project Type

TOP Green X Youth Environmental Conservation Project 2025: Empowering Youth in Forest Restoration and Adding Value to Recyclable Waste

Performances 2025

Thaioil Group, in collaboration with Laem Chabang Municipality, organized an initiative to enhance environmental knowledge and skills for youths from 10 surrounding communities, students from Laem Chabang 3 Municipal School, and students from the Faculty of Science, Kasetsart University (Si Rracha Campus). The program utilized hands-on learning processes, including tree planting for green space restoration, educational sessions on carbon credits, and DIY upcycling workshops to create plant pots from waste materials. Additionally, a creative social media campaign contest was held to encourage environmental advocacy among the younger generation.

Aquatic Species Project in collaboration with the fishery communities

Objective

To restore the marine and coastal ecosystems and resources to a state of abundance.

Project Type

Aquatic Species Project in collaboration with the fishery communities

Performances 2025

Thaioil Group actively promotes the conservation of Thai seas through the “Releasing Fish Back to Nature: Restoring Ocean Balance” initiative, held at the Ban Ao Udom Fishery Model Community. To restore the marine ecosystem and natural balance, 3,000 barramundi fingerlings were released into nursing cages and the open sea in areas equipped with fish homes (artificial habitats) and artificial reefs. The project also included communication activities to educate and encourage the public and local communities to participate in the sustainable conservation of marine resources.

Educational Project

Objective

To provide educational opportunities for youth in Laem Chabang City Municipality and Si Racha District, while empowering them to develop their potential and contribute to society as key drivers of the country’s future development.

Project Type

Educational Project

Performances 2025

Thaioil Group provided 252 scholarships to primary, secondary, vocational, and university students who behaved well and were diligent in their studies. Additionally, the Company also provided 11 educational funds under the Thaioil Group fund to educational institutions, which are located in Laem Chabang City Municipality and Si Racha District. This fund has a total contribution amounting to 1,900,000 THB. Additionally, this fund is part of an annual program that Thaioil Group has consistently implemented to support education and foster academic excellence.

Community Economic Support Project

Objective

To enhance community capabilities through job creation projects in the Si Racha District at the Community Health and Education Center.

Project Type

Community Economic Support Project

Performances 2025

In 2025, Thaioil Group conducted community economic development activities as part of the Community Economic Promotion Project. The activities include:

1. The “Refinery Community Products” project, aimed at promoting careers and generating income for the “Loma Laem Chabang Community Enterprise.” The initiative involved participating in the KU Green Connect: Enactus & SX Exploration program to enhance entrepreneurial and marketing knowledge. Furthermore, it served as a platform to showcase Thai culture and community identity to international students at Kasetsart University, strengthening the local economy while ensuring the sustainable preservation of local heritage.
2. The “Supplementary Occupation, Increased Income Project”, aimed at enhancing the potential of the Loma Laem Chabang Community Enterprise. A study visit and operational exchange were organized at the Noen Krabok Women’s Farm Community Enterprise in Bo Win Sub-district, Si Racha District, Chonburi Province, on April 28, 2025. This initiative was designed to broaden knowledge, share experiences, and strengthen vocational capabilities, ultimately fostering community resilience and long-term sustainability.

100,000 km. Walk and Run Project

Objective

To encourage communities to engage in walking and running activities to enhance their physical health. The Company also shared healthcare knowledge for participants to apply to themselves as well as their families.

Project Type

100,000 km. Walk and Run Project

Performances 2025

Thaioil Group invited the community surrounding the refinery to engage in physical activity through walking and running, with a goal to collectively achieve 100,000 kilometers. Participants recorded their distances using the “Step Counter” application. Additionally, there were a total of 175 participants taking part in the activity, with twoscheduled follow-up events at the Thaioil Health and Learning Center for the Community to monitor progress.

Dental Health Promotion Project for Schools Around Thaioil Group

Objective

To promote oral health for students.

Project Type

Dental Health Promotion Project for Schools Around Thaioil Group

Performances 2025

Thaioil Group has provided dental services, including oral health check-ups, fillings, extractions, fissure sealants, fluoride coatings, and tartar removal. The initiative aims to promote cavity prevention and enhance oral health for a total of 5,500 students in grades 1 to 6 across eight schools in the Thaioil Group’s surrounding communities.

Project to Support Victims of Natural Disasters and Emergencies

Objective

To help and support the victims of natural disasters and emergencies in collaboration with the PTT Group.

Background

Thaioil Group has collaborated with the PTT Group to proactively aid affected individuals and alleviate the suffering of people affected by various natural disasters and other emergencies.

Approach

1. Monitor natural disaster situations throughout the country. 2. Provide assistance within the Company’s operational areas. 3. Coordinate with PTT Public Company Limited to extend assistance to areas outside of the Company’s operational areas.

Performance 2025

Thaioil Group, in collaboration with PTT Group, provides timely assistance to disaster victims nationwide. Support in the form of survival bags, beverages, and drinking water was provided for the following incidents:
1. Rescue personnel at the State Audit Office (SAO) building incident.
2. Those affected by the unrest along the Thai-Cambodian border.
3. Victims of flooding caused by Typhoon “Wipha” in Nan Province.
4. Flood victims in Sing Buri Province.
5. Flood victims in the Southern region of Thailand.

The “You Initiate… We Fulfil” Project: Year 5

Objective

Develop a volunteer culture by emphasizing employee engagement and leveraging staff competencies to develop projects that align with the company’s social responsibility direction.

Background

Thaioil Group is committed to stimulating and instilling a volunteer spirit among employees in accordance with the corporate value of “Social Responsibility.” To this end, the company has implemented the “You Initiate… We Fulfill” project, inviting executives, employees, and contractors to actively participate in social responsibility activities.

Approach

1. Publicize the projects in April 2025
2. Encourage employees to execute projects between May and November 2025 across four key pillars: 1) Health and Sports, 2) Energy and Environment, 3) Education, and 4) Social and Culture.
3. Provide a dedicated volunteer budget of 20,000 Baht per department to support these initiatives.

Performance 2025

Thaioil Group implemented social initiatives under the “Team Spirit for All” concept, inviting executives, employees, and contractors to lead social responsibility activities based on their specialized knowledge and expertise. To support these efforts, the company provided a dedicated budget of 20,000 Baht per department for necessary materials and equipment. The program saw participation from 36 departments and over 1,170 individuals, resulting in a total of 25 projects across various dimensions. These included utility system improvements, knowledge sharing on manufacturing cleaning products, and environmental restoration, such as electrical and facility repairs, producing medical supplies and handicrafts for the community, beach cleanups, enhancing food sources for wildlife, and landscape restoration—all aimed at fostering sustainable benefits for the community and the environment.

Sustainable Energy for Healthcare and Education

Objective

To enhance energy security through leveraging engineering expertise and energy management knowledge to implement solar power generation projects for hospitals and schools, effectively reducing their electricity cost burdens and allowing those savings to be reinvested into further social development initiatives while simultaneously reducing greenhouse gas emissions.

Background

Thaioil Group has utilized its engineering knowledge and expertise, which includes energy management experience, to execute solar power generation system installations for public health agencies and educational institutions since 2018. The project aims to encourage public health agencies and educational institutions to access alternative energy, reduce electricity costs, reinvest the savings into social initiatives, coupled with the reduction of greenhouse gas emissions.

Approach

1. Study the potential and suitability of the target areas through the expertise of Thaioil’s engineers.
2. Prepare a report of feasibility and investment cost-effectiveness analysis, including Social Return on Investment (SROI).
3. Propose the project and its budget for approval
4. Select supplier who will install solar power generation system for screened public health agencies and educational institutions
5. Monitor system efficiency, transfer technical maintenance knowledge, and deliver the completed project
6. Continuously monitor and evaluate the project, as well as apply for permits (in case the solar power system has to connect with the Provincial Electricity Authority’s transmission network).

Performance 2025

In 2025, solar power generation systems were installed at 1 hospital in Surat Thani Province, as well as at 2 sub-district health promotion hospitals and four Border Patrol Police schools in Tak Province, with a total capacity of 122.1 kW. The implementation of this project resulted in annual savings of 1.3 million THB. The savings from reduced electricity costs were used to purchase medical equipment and creating educational opportunities for schools in remote areas. Additionally, this project was also able to reduce greenhouse gas emissions, which equal 83 tons of carbon dioxide per year.

Project for mitigating the oil spill impacts

Objective

To restore marine and coastal natural resources, as well as to enhance biodiversity.

Background

In response to the crude oil spill incident at the Single Buoy Mooring (SBM-2), the Company has taken proactive measures to mitigate impacts on affected stakeholders. This includes providing relief to those affected, as well as rehabilitating marine natural resources, biodiversity, and the local economy within the impacted areas.

Approach

1.Conducting systematic measurements and continuous monitoring of marine environmental quality parameters.
2. Establishing a dedicated task force to develop and implement a robust rehabilitation plan for marine and coastal ecosystems as well as marine life and biodiversity in all affected areas.

Performance 2025

Following the crude oil spill during a transfer operation at the Company’s Single Buoy Mooring (SBM-2) on September 3, 2023, and upon the full completion of compensation for affected parties, a task force was appointed. This task force was tasked with developing a restoration plan and scope for natural resources, marine and coastal ecosystems, and biodiversity in the impacted areas. The process involved gathering input from academics, government agencies, affected stakeholders, independent organizations, and various NGOs, while coordinating closely with relevant public agencies. This resulted in the presentation of a 3-year Environmental, Marine Ecosystem, Economic, and Social Promotion (Restoration) Plan, comprising a total of 20 projects, 18 of which have already been implemented.

Laem Chabang Youth Training for Jump Rope Championship Project

Objectives

1. To encourage youth to engage in physical exercise, enhancing their bone mass, muscle strength, and reducing the risks of heart disease for improved physical health
2. Encourage youth to exercise with jumping rope for using free time beneficially

Background

Thaioil Group has initiated the “Laem Chabang Youth Training for Jump Rope Championship Project” in collaboration with the Heart Foundation of Thailand Office under the Royal Patronage since 2011. This project aims to support and encourage physical activity among youth from 8 schools within Laem Chabang City Municipality. Furthermore, the project has contributed to the schools’ and the municipality’s reputation through participation in the Royal Trophy competitions organized by the Jump Rope Association of Thailand.

Approach:

1.Organize a meeting with the school director and physical education teachers from the 8 schools surrounding the refinery in Laem Chabang City Municipality, including Wat Mai Noen Phayom school, Wat Manorom school, Wat Laemchabang School, Baanchakyaichin school, Laemchabang 1 Municipality school, Laemchabang 2 Municipality school, Wat Ban Na (Fin Witthayakom), and Boonjitwitthaya School.
2.Plan the project and propose its budget for approval.
3.Conduct a training camp to develop the skills and potential of jump rope athletes, aiming to select participants for the national-level Royal Trophy competition.
4.Foster new youth athletes to participate in jump rope competitions with the purpose of enhancing the reputation of Laem Chabang City Municipality.

Performance 2025

1. The Company hosted the 1st “Thaioil NexGen Jump Rope Tournament 2025” from February 24–28, 2025, under the theme “Developing New Athletes into Rope Skipping Champions.” This tournament aimed to identify and prepare promising new talent for the 2025 Royal Trophy Jump Rope Competition (Newcomer Category).
2. Supported athletes to participate in the 3rd Jump Rope Championship competition for the Newcomer category on 7-8 June 2025, at the Prachaniwet Sport Center, Bangkok. As a result, they won a total of 14 gold medals, 12 silver medals, and 11 bronze medals. Additionally, Boonjitwitthaya School also won 3 royal trophies of Her Royal Highness Princess Maha Chakri Sirindhorn, while Wat Mai Noen Phayom School received one Royal Trophy, and both schools achieved the second-highest overall score.
3. Implemented the 2025 Skill Development for Jump Rope Champions Project to qualify and train athletes from eight participating schools, located near Thaioil, for national-level Royal Trophy competitions.
4. Supported over 60 local youth athletes to join the 16th Thailand’s National Jump Rope Competition on November 15-16, 2024, at the Nonthaburi Provincial Administrative Organization Gymnasium. Aimed at promoting physical health and encouraging productive use of free time among youth, the Company sponsored two teams: Thaioil Jump Rope and Thaioil New Wave. With over 60 youth participants, the teams successfully secured one Royal Trophy from Her Royal Highness Princess Maha Chakri Sirindhorn.
5. The Laem Chabang jump rope athletes were selected as national representatives to compete in several prestigious international tournaments, including the 9th Korea Open Rope Skipping Championship in South Korea, the UJR World Championship and World Cup 2025 in the People’s Republic of China, and the World Jump Rope Championships 2025 in Japan. Participation in these global stages represents a significant milestone in bringing pride and international recognition to both Thailand and the local communities surrounding the refinery.

The Responses to COVID-19 Pandemic Situation

  • Implemented the COVID-19 surveillance plan covering 3 phases. In Phase 0, or no infected cases, the prevention and surveillance measure will be emphasized. Phase 1 begins when there are suspected or infected cases in Thaioil Group but no impacts on business operations. The Company will then focus on controlling and limiting the spread of the virus. Phase 2 refers to the large number of infected cases in Thaioil Group and creating impacts on business operations. In this case, Thaioil Group will focus on relieving and recovering while the Emergency Control and Business Continuity Center will be activated.

Safety Knowledge Sharing and Engagement

  • Enhanced knowledge, capabilities, and skills of employees and contractors through a safety training center to provide knowledge on safety theory and practice. the Company also evaluated the capability of the employees and contractors, who performed safety-related tasks, and had a continuous Permit to Work System from the previous year. Meanwhile, the roles in emergency and crisis management were also assessed through the Competency Assurance System.
  • Upgraded safety culture in the workplace through Behavior Based Safety (BBS) training program. The BBS training course was designed to train the targeted employees (Train for the Trainers) in order to disseminate knowledge and act as role models for the other employees and contractors. Consequently, safety behavior will be observed, and the operation will be halted, particularly when unsafe conditions arise.
  • Provided training on the Permit to Work System and Clearance Certificate Signatory for those who are involved in performing duties in the work permit system.
  • Organized the “30-60-90 Days with No Harm, No Leak” to strongly emphasize and simulate employees and contractors, raising awareness of safety in the workplace. The goal is to achieve zero Medical Treatment Case (MTC).
  • Organized Thaioil Group QSHE Day 2023 to promote the safety culture for the employees and contractors by awarding and certifying those who have outstanding 2023 QSHE performance. The Company also organized exhibition booths to provide employees and contractors with safety knowledge and awareness.
  • Incorporated Line of Fire into the 12 Life Saving Rule in accordance with the International Association of Oil & Gas Producers (IOGP) guideline.
  • Raised awareness of potential hazards, such as the line of fire, and strictly ensured compliance with the 12 life-saving rules. The Company also encouraged workers to submit Potential Incident Report (PIR), emphasizing the significance of unsafe act and condition as specified in the pre-incident prevention measure.
  • Developed a Contractor Training Matrix to ensure that contractors, who perform the work in operational areas of Thaioil Group, have the suitable knowledge and skills relevant to their job positions.
  • Conducted training and knowledge sharing on safety, occupational health, and workplace environment for new employees and contractors. This aims to build awareness of basic risks and hazards in Thaioil Group’s operational areas, to recognize and understand the safety measures, and to mitigate risks in operations. The training courses include basic safety in refinery, basic firefighting, safety in confined space, and first aid.
  • Conducted specific safety knowledge training for employees and contractors to improve operational effectiveness, ensure safety, and comply with safety requirements. For instance, Authorized Engineer/Authorized Gas Safety Inspector (AE/AGSI) course, Clearance Certificate Signatory course, Authorized Gas Tester course, and electricity safety course.
  • Thaioil Group consistently prioritizes on a proactive strategy. The Company elevated the Management Walk and Talk activity to GEMBA Walk. The management executives conducted a site visit to inspect key activities by engaging in conversations with specific questions. This aims to create mutual understandings and to recommend safety practices in the activities that may pose risks on personal and process safety. The QSHE Rollout activity has been consistently organized with a focus on providing more accessibility. In addition, the campaign to raise awareness about quality, security, safety, and the environment for workers in all operational areas has been expanded to include all operational areas and encourage worker engagement. Moreover, Thaioil Group has applied appropriate management systems to achieve the sustainable development. The performance of such activities is regularly reported and discussed with the management executives for resolutions. Likewise, the annual management review is performed to determine improvement areas and develop annual plans, along with the regular communication with the employees to ensure effective and impactful practices.

Safety Management Improvements

  • Reviewed Permit to Work System, especially the work permits related to heat and ignition (Hot Work). Additionally, all relevant checklists were reviewed to ensure alignment with international best practices.
  • Conducted safety maturity assessment. In 2023, the Company scored 4.16 out of a total of 5.00 points. Thaioil Group prepared the Safety Culture Development Plan in 2023 to build awareness for employees and contractors towards an accident-free organization.
  • Reviewed Permit to Work Inspection by the Area Operation Officers and Safety Audit team to ensure that the practices are aligned with the requirements specified in the permits.
  • Conducted the evaluation of Health Performance Indicators based on the standards of International Association of Oil and Gas Producers (IOGP). In 2023, the Company scored 3.85 out of a total of 4.00 points. The Company commits to improve the development plan for management systems in line with criteria and requirements of the IOGP.
  • Enhanced contractor safety management to align with international best practices and conducted annual contractor safety performance evaluation by the third party. The evaluation covered safety management system and operational performance to evaluate the contractor. The contractor can be categorized by a color code, including green, yellow, and red. This code serves as the criteria for deciding whether the Company should continue doing business with contractors or not. In the case that the contractors categorized in the low level (yellow and red), the Company will allow them to present corrective action plan to remedy the identified issues to comply with requirements within a specific timeframe. In 2023, the Company has updated the “Contract SSHE Bidding and Close Out Evaluation”.
  • Reviewed safety practices for activities or tasks with accident risks, such as heavy lifting with crane, scaffolding, or electric device utilizing within the refinery area. Additionally, the Company conducted training and communicated to relevant employees and contractors to ensure compliance with the requirements.
  • Upgraded notification systems on abnormal or emergency situations for emergency personnel and relevant officers through SMS systems that will promptly notify relevant parties to provide the emergency response efficiently and on a timely manner.
  • Upgraded notification protocols for extreme weather, specifically thunderstorms within a 5-kilometer radius. This is to alert employees to prepare and implement specified safety measures. It also involves notifying emergency response teams for a prompt response in the event of a fire, particularly around the rim seal fire.
  • Reviewed Pre-Incident Plan at levels 1 and 2 to align with international situations and standards, conducted drills as planned to prepare an effective response in emergency situations. In 2023, the Company developed the pre-incident plan at level 2 to support the new production unit of CFP project.
  • Reviewed Emergency and Crisis Management Manual and prepared the emergency response plan to cover environmental and community emergencies. This aims to prepare for CFP project, which is expected to undergo commissioning and start-up in the future. 

Occupational Health and Safety Risk Assessment

  • Reviewed the identification and assessment of risks and hazards assessment that may cause major incidents. The Company identified the control and preventive measures, with constant monitoring for effectiveness. This also involved safety inspections, performance analysis, and provision of the corrective and preventive actions to avoid recurrence for employees and contractors. The safety performance was reviewed monthly and monitored by the management executives.
  • Assessed risks and hazards assessment with high severity and reviewed safety control and preventive measures. The proactive plans and measures on safety and security were established at different levels (defense in depth), covering all high severity risks and hazards, especially chemical spills. The emergency drill of each emergency level was conducted and further developed towards the crisis management level together with external parties and local governments. This process helps prevent and mitigate business impacts, ensuring that Thaioil Group can consistently manage and maintain severe risks at acceptable levels.
  • Reviewed major accident event profiles to be aligned with the risks. The Company also reviewed and conducted emergency and crisis drills, as well as the emergency response plan, according to international best practices. Moreover, the improvements were made to the Emergency Control Center to ensure it is up-to-date and more efficient.
  • Reviewed accident and incident management practices to cover every incident type, such work-related injuries, occupational illnesses, near-miss events, and other incidents including incidents in production processes. The Company also conducted severity and risk assessment through the Risk Assessment Matrix to select the appropriate investigating team and method based on the incident’s severity and risk level. To avoid recurrence, the root cause and appropriate preventative measures were implemented.

Operational Excellence to Business Excellence (O2Bx) Strategy

  • Adjusted the O2Bx strategy to become a world-class refinery and reviewed the corporate safety targets to align with the new strategy – No Harm, No Leak, Goal Zero.
  • Revisited the 5-year Occupational Health, Safety, Emergency and Crisis Management Plan to align with the internal and external environment, risks, the new strategic plans, and new corporate targets.
  • Assigned the management executives to present case studies and significant safety issues from both internal and external sources at the monthly Board Meeting to continuously develop and improve Company’s safety measures.
  • Organized an on-site visit with the CEO and President and the management executives during normal operations, maintenance downtime, and construction period to encourage the workers, demonstrate commitments on safe working conditions, and be the safety role model.

SMILE Activity

Working with the right to health

Thaioil Group has managed and prevented the COVID-19 pandemic through continuous healthcare measures for employees until they recover and safely enable a return to work. The Company’s measures and policies are aligned with the government guidelines. Additionally, the Company has ensured high efficiency in providing safety and instilling confidence among employees, contractors, business partners, and stakeholders of Thaioil Group. The Work From Home Policy has also been established to grant the employee’s rights to choose their most suitable work lifestyle.

Furthermore, the Company has developed the “People First for Employee Support Policy” to respond to the employees’ needs. Meanwhile, the Company provides the assistances to the employees and their families, as well as members of the Thaioil Group Retired Employee Club, who may face the challenges in respect to financial concerns, legal issues, physical health, mental health, alcohol and drug problems, marital problems, illness of family members, or childcare problems, etc. The support was provided in the form of benefits, welfare, or non-welfare. This program aids eligible individuals 24 hours a day, seven day a week.

Improving mental health care

Improving mental health care: The Company implemented the “5 Happiness Project” to enhance the New Normal Work Life and to enhance understanding of their own rights, including employee care and benefits for employees and retired employees. The key projects in “5 Happiness Project” are:

Ensuring education for all

Ensuring education for all: The Company provided knowledge and awareness on human rights for employees through the Human Rights E-Learning course in the “Thaioil Academy Application.” For other stakeholders, the Company consistently organized workshops and activities to enhance the understanding and knowledge of human rights, for example, the human rights lecture in Supplier Seminar 2023 at the Thaioil Conference Hall in Sriracha, Chonburi. Also, The Company raises awareness of human rights through the acknowledgment of the Thaioil Group’s Supplier Code of Conduct.

Collaborated with PTT Group to organize the PTT Group CG Day 2023 under the theme “Good to Great: CG Empowering for the Future”

Collaborated with PTT Group to organize the PTT Group CG Day 2023 under the theme “Good to Great: CG Empowering for the Future”. The event was held in a hybrid event to promote and empower the good corporate governance practices of the PTT Group, emphasizing employees at all levels within the PTT Group to comply with the principles of good corporate governance in their work. The event attendees included the Board of Directors, management, employees, and business partner representatives. In addition, regulatory bod representatives, such as from the National Anti-Corruption Commission (NACC), were also invited. The event attracted over 400 attendees, including partners, clients, and employees who were joined the live streaming on the event’s website.

Conducted the 2023 GRC Culture Survey

Conducted the 2023 GRC Culture Survey to assess the organizational culture in terms of integration of good corporate governance, risk management, internal control, and the compliance with laws, regulations, and requirements (GRC). The survey results will be analysed to develop plans for promoting and enhancing corporate governance effectiveness in the future.

Communicated the principles of good corporate governance

Communicated the principles of good corporate governance, business ethics, and anti-corruption through internal communication channels throughout the year, such as the GRC Corner column in the Akanee magazine (a corporate internal magazine) and the GRC Newsletter, with a total of 12 times.

Communicated the No Gift Policy

Communicated the No Gift Policy to all employees through internal communication channels in various forms, such as video clips and E-newsletters. The “Request letter to prevent giving gifts to executives and employees of Thaioil Group” was sent to the suppliers, customers, financial institutions, and other business partners to avoid and prevent any cause that may lead to actions that violate Anti-Fraud Policy.

Improved electronic learning media (E-learning)

Improved electronic learning media (E-learning), including CG Orientation E-learning for new employees, covering the principles of good corporate governance, ethical business conduct, and anti-corruption. Also, Anti-Fraud E-learning for current employees was improved to provide knowledge on the origins of fraud and preventive measures to avoid fraud within the Company.

Conducted activities to provide knowledge

Conducted activities to provide knowledge and promote transparent and fair work practices throughout the year of 2023. For instance, the Company organized the Compliance & CG Talk activity on the topic of Anti-Money Laundering and Countering the Financing of Terrorism, lectured by experienced legal professionals from the Anti-Money Laundering Office. The Law Focus activity was organized with the topic of Anti-Money Laundering and Combating the Financing of Terrorism, lectured by executives from the Export-Import Bank of Thailand (EXIM Bank). The GRC in Action event was held at the CEO Townhall during the 2nd and 4th quarters. The Good to Great CG Contest was organized to share the working approach that can promote CG practices in their own way.

SAP ECC

Thaioil Group upgraded the software and hardware of the current Enterprise Resource Planning (ERP) system, or called SAP ECC, to ensure its function remained efficient. This upgrade is a part of the preparedness before transitioning to the ERP system to SAP S/4 HANA in 2027.

Prominence Enhancement

Thaioil Group enhanced a data collection system for the sale of products. The system gathers information from different perspectives, such as types of suppliers, prices, sale volume, sale periods, and payment methods. These data will be used to analyze pricing structure and support the decision-making in the sale approaches for each supplier. This will increase the chances for the Company to generate higher profits in different and fluctuating markets. 

Predictive Maintenance Analytics

Thaioil Group developed a data processing system to maintain the key machinery and equipment in the production process. The process will predict the likelihood of damage to the machines and provide prevention in advance. This helps avoid unplanned shutdowns and maintenance while reducing the risks associated with such damages.  

JSKem Pte Ltd & TOPNEXT India Private Limited

JSKem Pte Ltd & TOPNEXT India Private Limited

www.jskem.com.sg 

TOPNEXT acquired a 60% stake in JSKEM to expand its business in the distribution of solvents and chemicals in Singapore and India. TOPNEXT India Private Limited (TX India) was established in 2021.

PT. Tirta Surya Raya

PT. Tirta Surya Raya

TOPNEXT (TX) has acquired a 67% stake in PT. Tirta Surya Raya, which was established in 2019 as a distributor of solvents and chemicals in Indonesia. The company is headquartered in Tangerang, Indonesia.

TOP Solvent Myanmar

TOP Solvent Myanmar

In 2017, TOP Solvent Myanmar  (TSMM) established a representative office in Myanmar under the name TOP Solvent Company Limited (Myanmar Representative Office). This office serves as the company’s representative for liaising with customers and business partners to distribute petroleum and chemical products, as well as other petroleum-related products.

TOP Solvent (Vietnam) Limited Liability

TOP Solvent (Vietnam) Limited Liability

TOP Solvent (Vietnam) Limited (TSV) was founded on November 2, 2009, TOP Solvent (Vietnam) is 100 percent owned by TOPNEXT International Co., Ltd. and marks Thaioil’s first overseas investment. The company provides a diverse range of solvents and chemicals for industries including paint, coatings, thinners, adhesives, binders, electronic printing inks, cleaning agents, vegetable oil extraction, and the chemical industry. It operates warehouses in the Go Dau Industrial Zone in Dong Nai Province (southern Vietnam) and Hai Phong (northern Vietnam).

Sak Chaisidhi Company Limited

Sak Chaisidhi Company Limited

Sak Chaisidhi Company Limited (SAKC) is primarily owned by TOPNEXT International Co., Ltd., which is located in the Map Ta Phut Industrial Estate in Rayong Province. The company specializes in manufacturing high-quality hydrocarbon solvents for a range of industries, including paint, automotive rubber, adhesives, vegetable oils, foam, plastics, and copper mining.