Recently, Thai Oil Public Company Limited held a foundation stone laying ceremony of the Clean Fuel Project (CFP)’s main production control building. The ceremony at Thaioil refinery in Sri Racha District, Chon Buri Province, was presided by Energy Minister Sontirat Sontijirawong and also in attendance were Prof. Dr. Thosaporn Sirisumphand, Chairman of the Board, Mr. Wirat Uanarumit, Chief Executive Officer, Thaioil’s executives, and distinguished guests.
Thaioil has invested in the development of the CFP project in order to increase the refinery’s competitiveness by increasing its oil refining capacity from 275,000 barrels per day to 400,000 barrels per day, creating economies of scale, reducing raw material costs and enhancing flexibility in crude handling, which will allow the refinery to increase its heavy crude processing by 40-50 percent and increase product value by turning fuel oil into jet fuel and diesel, which is more expensive and more environmentally-friendly. The project is also in line with the market, which complies with the changing regulations such as the reduction in fuel oil use by sea transport in 2020 as well as the production of Euro 5 Standard of gasoline and diesel for a good environment and quality of life. The CFP project is considered the first private sector’s Mega Project in the Eastern Economic Corridor (EEC), which will create an opportunity for Thailand to become Southeast Asia’s energy hub. The capital fund of the CFP project is approximately 4,825 million USD. The project, which began in 2019 and is expected to start its commercial operation in 2023. Photo shows (from left): Mr. Wirat Uanarumit, Chief Executive Officer and President, Thai Oil Public Company Limited; Mr. Chansin Treenuchgron, President and Chief Executive Officer, PTT Public Company Limited; Mr. Sontirat Sontijirawong, Minister of Energy; Dr. Siri Jirapongphan, Former Minister of Energy; Prof. Dr. Thosaporn Sirisumphand, Chairman of the Board, Thai Oil Public Company Limited.
