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Climate Change
Management

Challenges, Risks,

and Impacts

Climate change is a critical global concern, evident in the United Nations Sustainable Development Goals (SDG 13: Climate Action) and regularly addressed at the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP). 

Thailand is committed to achieving the long-term goal of Net Zero GHG Emissions by 2065. This commitment is accelerating efforts for both public and private sectors to manage greenhouse gas emissions more effectively through the drafting of the National Climate Change Act, or Global Warming Act, which will take effect soon. Additionally, there is a strong emphasis on national clean energy production and utilization to respond to the forthcoming changes in consumption patterns and stakeholder expectations in the energy sector. Thaioil Group has recognized these challenges and considers them as risks and opportunities for the Company to determine the most effective targets and long-term strategies.

Commitments and Targets

The Board of Directors and executive management of Thaioil Group and its subsidiaries have acknowledged the importance of steering future business towards a clean energy business and a low-carbon society. The Company has established a policy in alignment with the Paris Agreement and Thailand’s Nationally Determined Contribution (NDC).

The Company focuses on feasibility studies of new businesses, including high-value environmentally friendly products and process optimization for maximum efficiency. Moreover, the Company has determined tangible strategies and established long-term targets in line with national commitments.

Targets

GHG emission reductions (Scope 1 and 2)

2023 Target

-

Percent compared with base year

Long-term Target

15

Percent compared with the base year in 2026

GHG emissions (Scope 1 and 2)

2023 Target

Less than 3,460,000

Ton of carbon dioxide equivalents (tCO2e)

Long-term Target by 2050

Carbon Neutrality

Long-term Target by 2060

Net Zero GHG Emission

Management Approach

and Performance

Governance and Oversight

The Board of Directors conducts an annual review of corporate climate change strategies and adopts risk management process as a tool to assess climate change’s impact on future business operation. Climate risks are monitored on a quarterly basis. 

The Board also tracks climate-related key performance indicators including Energy Intensity Index and Greenhouse Gas Intensity, which are part of the Corporate Key Performance Indicators, to evaluate the performance of management executives and employees.

In 2023 strategic review, the Board endorsed the Net Zero GHG Emissions Pathway 2026–2060 and considered budget and investment approach in low carbon technology, such as studying the installation of Carbon Capture technology in production unit, studying Blue and Green Hydrogen business, and studying Sustainable Aviation Fuel (SAF) production.

The Board of Directors has assigned the Corporate Governance and Sustainability Committee (Board level) to oversee and monitor the progress on a semi-annually basis. The Sustainable Development Steering Committee (Executive level), chaired by the Chief Executive Officer and President, is assigned to drive the implementation, and monitor the progress on a quarterly basis. The management of Thaioil Group are responsible for managing implementation in line with the established strategy. The “Net Zero GHG Emissions Governance Structure” is established where the Vice President of the Sustainability Function is supervising overall management. The structure consists of Strategic Planning Function, Production Function, Business Development Function, Research and Development Function, Finance Function, and Corporate Social Responsibility Function. These functions are responsible in assessing climate-related risks and opportunities, including aligning their work as per the organizational climate strategy, developing action plans and Thaioil Group’s Net Zero GHG Emissions Pathway and Roadmap, and regularly reporting performances as well as risks and opportunities management to the committees.

Thaioil Group’s climate governance can be summarized as the followings:
Level
Roles and Accountabilities
Meeting Frequency
The Board of Directors
• Oversee the corporate climate change strategies, execution roadmap and performance.
As needed
The Corporate Governance and Sustainability Committee – Board level
• Define and review sustainability strategy, plan, and goals, which include climate related issues. • Oversee the setting of climate-related targets. • Oversee and monitor the development and implementation progress of corporate climate change strategies, roadmap, and climate-related key performances.
Semi-annually
The Sustainable Development Steering Committee – Executive level
• Drive the implementation, and monitor the progress of corporate climate change strategies, climate risks management and mitigating actions and the development of a climate transition plan. • Review and approve the annual sustainability material topics, including climate actions along with corporate sustainability strategies. • Review and endorse Thaioil Group’s Net Zero GHG Emissions Pathway, including the interim target to reduce GHG emissions by 15% by 2035 from the base year of 2026. This is consistent with Thaioil Group’s Carbon Neutrality target by 2050 and Net Zero GHG Emissions target by 2060. • Steer and support various internal functions to actively participate in integrating operations towards a sustainable organization across all ESG dimensions. This included approving key sustainable development plan to achieve Thaioil Group’s sustainability targets.
Quarterly
The “Net Zero GHG Emissions Governance Structure”
• Assess climate-related risks and opportunities, including aligning their work as per the organizational climate strategy, developing action plans and Thaioil Group’s Net Zero GHG Emissions Pathway and Roadmap, and regularly reporting performances as well as risks and opportunities management to the management, executives and Board committees.
As needed

The Transition Scenario Analysis

Climate Strategy

Thaioil Group defines the Net Zero GHG Emissions Strategy, known as the 3Cs strategies, with the details as follows:

Operational Approach and 2023 Progress for 3Cs Strategy

Download

Participation in trade associations to drive change

Thaioil Group collaborates with PTT Group, a leading energy company in Thailand, to study and brainstorm government laws and policies supporting Net Zero GHG Emissions under the PTT Group Net Zero Task Force (PTT G-NET) working team.

This working team consists of several sub-working groups to jointly study, advocate, and propose operational approaches to achieve the target. The approaches include Carbon Capture Utilization and Storage (CCUS), the use of hydrogen as an alternative energy source, increasing production potential by utilizing renewable energy to replace fossil fuels, and engaging in reforestation initiatives for the benefits of carbon credits.

Furthermore, Thaioil Group has been a member of Thailand Carbon Neutral Network (TCNN) since 2021, aiming to actively engage in public policy regarding climate change. TCNN operates under the Thailand Greenhouse Gas Management Organization (TGO) with the objective of creating a network among public and private sectors to advocate for public policies that support the Carbon Neutrality and Net Zero goal in Thailand’s Nationally Determined Contribution (NDC). Thaioil Group consistently reviews and monitors TCNN’s objectives related to climate movement regularly to ensure that Thaioil Group’s climate position and net zero commitment are aligned with TCNN. In case of any misalignment between TCNN and Thaioil Group’s position in climate change policy, the Company may reconsider its membership.

Climate-related Risk and Opportunity Management

Thaioil Group has evaluated the resilience of the Net Zero GHG Emissions Strategy through a scenario analysis, as well as the business impacts of each climate change scenario. The analysis of climate-related risks and opportunities was assessed for the years 2030, 2040, and 2050. According to the Task Force on Climate-related Financial Disclosure (TCFD) recommendation, the analysis was conducted in 2 scenarios compared with the baseline scenario as described below:

The Transition Scenario Analysis

Thaioil Group assessed climate-related risks and opportunities by considering 4 factors, namely: regulatory; technological; market; and reputational. The two scenarios were assessed for the years 2030, 2040, and 2050 across the value chain, from upstream to downstream, as follows:

Stated Policies Scenario (STEPS)

This scenario represents a pathway that considers the current policies and targets announced by governments in alignment with the Nationally Determined Contributions under the Paris Agreement.

Sustainable Development Scenario (SDS)

This scenario represents a “well below 2°C” pathway achieved through transitioning into a low-carbon economy and meeting all current net zero pledges of the International Energy Agency (IEA).

Climate-related risks and opportunities by considering 4 factors

Regulatory Risk

Risk and Opportunity

Thailand’s commitment to GHG emission reduction at the Conference of the Parties to the United Nations Framework Convention on Climate Change is the factor that may affect current business operations and future investments. This may pose risks for production cost of Thaioil Group once new laws and regulations are enforced to drive the country towards net zero goals.
For example, the Draft of National Climate Change Act or Global Warming Act requires GHG emissions disclosure and actions toward national GHG emissions reduction target. Meanwhile, economic mechanisms, such as carbon taxes, and emission trading schemes, may be applied in the near future.

Besides, carbon pricing can pose a risk in upstream operation. Particularly, in the case that the origin country of crude oil suppliers mandates the carbon price. This could result in an increase of the Company’s raw material costs. In downstream operations, likewise, the risks of carbon pricing can be posed by the execution of the EU’s Carbon Boarder Adjustment Mechanism (CBAM). This may impact the prices of some petrochemical products of the Company that is exported in the European market.

With these situations, the oil industry business might face challenges in adaptation. Also, the Company may encounter the risks on higher costs and long-term shift towards clean energy. However, the government initiatives present opportunities for the Thaioil Group to formulate its business strategy. For instance, if the government advocates or offers incentives for investing in clean energy ventures, such as hydrogen production or sustainable aviation fuel, it could facilitate Thaioil Group’s adaptation to change its business landscape.

Mitigation Measures

Closely monitoring the progress of regulatory enforcement.

Conducting Sensitivity Analysis for Carbon Pricing.

Joining membership of the greenhouse gas-related associations such as Thailand Carbon Neutral Network (TCNN) and Thailand Business Council for Sustainable Development (TBCSD) to monitor the regulatory enforcements and directions for the private sector.

Monitoring the impacts of carbon prices in case of transmission from crude oil suppliers and conducting appropriate sourcing strategies.

Result of

Financial Impact Assessment

More details of financial impact assessment for the Transition Scenario Analysis

Download

Key Risks

  1. Impact of carbon pricing: This results from the release of carbon dioxide equivalents emissions from the Company’s production processes. The scenario analysis has been conducted under the assumption that Thailand adopts the GHG Emission Trading Scheme (ETS), and the control capacity is referred to the volume of GHG emission by Thaioil Group for the year 2023. References to carbon prices for the years 2030 and 2050 in the Asian regions are based on the IEA World Energy Outlook 2021. 
  2. Impact of declining demands on the Company’s products from the shift to use alternative energy (Downstream): These results are based on the demands for oil products in ASEAN, referencing the IEA World Energy Outlook 2021.
  3. Impact of carbon pricing from the increasing crude oil price by crude oil suppliers (Upstream): These results are based on the assumption the crude oil suppliers are affected by carbon taxes and pass on the costs to the Company’s cost at 100%. 

The Physical Scenario Analysis

Thaioil Group assessed physical risks of both acute and chronic impacts from rising global temperature. The scenario analysis has been conducted for the years 2030, 2040, 2050 across supply chain, from upstream to downstream. Representative Concentration Pathways (RCPs), an internationally recognized climate model of the Intergovernmental Panel on Climate Change (IPCC), has been applied in two scenarios as follows:

The RCP 2.6 scenario represents a stringent greenhouse gas reduction measure.

The RCP 8.5 scenario represents a rapid increase in greenhouse gas emissions.

Climate-related risks and opportunities by considering 2 factors

Water Scarcity

Risk

The most significant physical risk of Thaioil Group is water scarcity in the production process and investments in expansion projects, such as the Clean Fuel Project (CFP) and other future projects.
The water scarcity risk is classified as chronic impact because it is caused by the climate change that accelerate the water shortage and the economic expansion that increase water consumption demands, particularly in the Eastern Economic Corridor (EEC), located in Eastern Region of Thailand. Thaioil Group recognizes the importance of being prepared to manage such risks to its operations, production, environment, and communities.
Thaioil Group has monitored and predicted water scarcity risks through water risk assessment, scenario analysis, and sensitivity analysis in situations where there are water shortages at various proportions within the production processes. The Enterprise Risk team regularly works together with Thaioil Group Water Management Working Committee to monitor such risks. The WRI Aqueduct Water Tools, an internationally recognized tool developed by the World Resource Institute, were adopted in the working processes. The Company also built a water management network with both government and non-government agencies, such as the PTT Group Water Committee in the Eastern region, Keyman Water War Room, and the Institute of Water and Environment for Sustainability (established under the Federation of Thai Industries), to create comprehensive water management and determine proactive measures. This helps reducing the potential risks in the production process and community as well as managing the risks in a timely manner.

Mitigation Measures

To balance between business interests and stakeholders’ expectations, Thaioil Group has agreed with government agencies to give importance to the community as the first priority during water shortages. This is to ensure the surrounding communities have adequate water irrigation for agriculture and consumption for their daily needs before any allocation to Thaioil Group. Furthermore, Thaioil Group has established a “Long-term Water Supply Strategy 2023–2033” to ensure water security and reduce the risk of water scarcity that may impact both business operations and future expansion projects. Thaioil Group’s water management is summarized as follows:

At the present, Thaioil Group uses two types of water. The seawater is processed to freshwater through the Thermal Desalination unit. The raw water is sourced from two different water distributors namely the Bang Phra Reservoir, which is operated by the Royal Irrigation Department, and the Nong Kho Reservoir, which is operated by the Eastern Water Resources Development and Management Public Company Limited. Both water distributors operate integrated water systems alongside Thaioil Group through aligning practices with government policies or the local context of shared water use in the area. This is to ensure adequate water supply within Thaioil Group’s production processes, such as the cooling tower system, demineralization for steam production, and other production processes. The Company consistently improves and monitors water quality to exceed the required standards before discharging into the environment. To further minimize the impacts on the ecosystem, the circular economy and 3Rs (Reduce, Reuse, Recycle) principles are adopted in water management to maximize the utilization efficiency.

There are ongoing feasibility study projects under the “Long-term Water Supply Strategy 2023–2033” as follows:

1. A study project on installing additional desalination units from six existing units. This project aims to increase the proportion of water consumption from seawater, which is considered an unlimited natural resource, to replace freshwater consumption, which is considered a limited natural resource.
2. A study project on the recycled wastewater from the water treatment plant.
3. A study project on reverse osmosis system for recycling wastewater.
4. A study project on Pattaya wastewater recycle to reuse wastewater in the urban communities.

Moreover, under construction project is as follows:

A raw water utilization project from the private pond

which has a high potential without any impacts on the water consumption of communities and farmers. This project aims to maximize resource consumption, diversify water supply management, and minimize water scarcity risks. Currently, the Company has already signed a contract to purchase raw water from the private sector, and it is under construction for a raw water delivery system along with a quality control system using Reverse Osmosis (RO). The project is expected to be completed and deliver water to Thai Oil Group by 2026.

Result of

Financial Impact Assessment

More details of financial impact assessment for the Physical Scenario Analysis

Download

Key Risk

  1. Impact of water shortage: In case that the government sector reduces water supply to the Company by 10%, the Company must align its investments with the Long-term Water Supply Strategy. The Company is required to consider increasing the volume of freshwater from private sources and freshwater production from seawater by the Thermal Desalination Unit. Additionally, the Company needs to prepare the water reservation plan in appropriate areas to provide adequate water in the production process. However, these measures could increase production cost. 
  2. Impact of offshore cyclone events: The Company’s revenue could decline from the cyclone event, particularly in the case that the Company is unable to deliver the products through marine freight during the offshore cyclone event. Also, pre and post-cyclone events could disrupt the production process. In the pre-cyclone event, the Company must ensure worker safety and prevent damage to machinery and equipment. In the post-cyclone event, workplace inspections need to be conducted before operating the business as usual.

2023

Performances

To achieve Thaioil Group’s Net Zero GHG Emissions target, the Company has implemented projects to reduce the direct GHG emissions in the production process. The performance of Thaioil Group in 2023 is outlined as follows:

Reduction of Direct Greenhouse Gas Emissions (Scope 1)

(Scope 1)

Thaioil Group has implemented 23 Energy Efficiency Improvement (EE) projects. Key initiatives include the project to enhance power production efficiency by optimizing GHG utilization for Gas Turbines at TOP SPP Co., Ltd., and the project to optimize energy consumption by operating all Sulfur Recovery Units. These initiatives have resulted in a reduction of greenhouse gas emissions by more than 36,115 tons of carbon dioxide equivalent (tCO2e). Consequently, the Scope 1 and 2 GHG Emission Intensity stood at 0.0316tons per million barrels of crude oil equivalent (MBOE), which is lower than the set target of 0.0354 tons per MBOE.

In addition, Thaioil Group has implemented renewable energy projects to support the greenhouse gas reduction goals and the national emission reduction targets. This includes the expansion of the Cogeneration Power Plant in Si Racha District, Chonburi Province, operated by TOP SPP Co., Ltd., which increased its capacity from 239 megawatts to 354 megawatts.

Moreover, the aforementioned greenhouse gas management has successfully controlled methane emissions within the specified targets, as the majority of Thaioil Group’s methane emissions originate from the same sources as its greenhouse gas emissions.

For the year 2025, Thaioil Group has received the following certifications and awards for its greenhouse gas emission reductions:

  • Climate Action Excellence Awards 2025: Thai Oil Public Company Limited received the Climate Action Excellence Award, the highest distinction within the Climate Change Awards, from the Climate Change Institute of the Federation of Thai Industries. This recognizes Thaioil Group as a leader in concrete, multidimensional climate management and its efforts in driving the expansion toward a Low Carbon Society.
  • T-VER Project Extension and Capacity Expansion: TOP SPP Co., Ltd. Has extended and expanded the scope of its T-VER project at the Si Racha Cogeneration Power Plant from 239 MW to 354 MW. The project is currently processing additional carbon credit certifications. To date, it has achieved a cumulative certified carbon credit total of over 1,674,618 tCO2e (from 2020–2024).
  • T-VER Registration for Mangrove Reforestation: Thai Oil Public Company Limited’s 2025 “Sustainable Mangrove Reforestation Project” in Trang Province, in collaboration with the Department of Marine and Coastal Resources, has been officially registered as a T-VER project by TGO. Covering 300 rai, the project is expected to sequester or reduce greenhouse gases by approximately 825 tCO2e per year.
  • Carbon Footprint of Product (CFP) Certification: Thai Oil Public Company Limited, Thai Lube Base Public Company Limited, Thai Paraxylene Co., Ltd., and LABIX Co., Ltd. Received CFP certifications from TGO. Thaioil Group now has the CFP certifications that cover the entire petroleum and petrochemical businesses. The Company plans to expand CFP assessment to TOP SPP Co., Ltd. Products and progress toward Carbon Footprint for Organization (CFO) assessments across Scopes 1–3.
  • Low Emission Support Scheme (LESS) Certification: Several entities within Thaioil Group, including Thai Oil Public Company Limited, Thai Lube Base Public Company Limited, Thai Paraxylene Company Limited, LABIX Company Limited, TOP SPP Company Limited, and Sak Chaisidhi Company Limited, received LESS certificates from TGO for self-implemented energy conservation initiatives. Key projects include the Catalyst replacement in Hydrocracking Unit 1 and the temperature optimization of Benzene at the Detal Plus unit. These initiatives reduced emissions by 2,748 tCO2 This marks a significant achievement, as the Company has now received LESS certifications across its core business segments: Petroleum, Petrochemical, and Power. Since 2016, Thaioil Group has achieved a total emission reduction of 74,429 tCO2e through energy conservation and related support activities.
  • LESS Friendship Awards 2025: Thai Oil Public Company Limited received the Best Organization, Silver Level category, from TGO for its consistent role in reducing emissions through the LESS program and for promoting sustainable emission reduction and carbon sequestration practices among its partners.
  • T-VER Awards 2025: TOP SPP Co., Ltd. Received the Best Carbon Credit Project Award in the Energy and Heat Production Efficiency Improvement category, recognizing it as an organization with the highest cumulative certified carbon credits of 1,674,618 tCO2
  • Royal Forest Department Recognition Plaque 2025: Thai Oil Public Company Limited was honored for its contributions to forest resource restoration and development. This plaque from the Royal Forest Department recognizes the Group’s support in planting and restoring 8,300 rai of forest in Phrae Province for both conservation and carbon credit benefits.

 

The Thai Oil Group has set long-term, medium-term, and annual targets. The annual targets are evaluated based on the energy consumption of the business plan for each year. Through the implementation of energy efficiency improvement projects in the production process in 2025, the Thai Oil Group is expected to achieve its greenhouse gas emissions target for Scope 1, as outlined, as follows:

Furthermore, Thaioil Group has implemented renewable energy projects to support the GHG reduction of Thaioil Group and the national GHG emissions reduction targets. The completed activities are outlined as follows:

Solar Rooftop at Thaioil’s Buildings Project

Thaioil Group has participated in the Thailand Voluntary Emission Reduction Program (T-VER), organized by the Thailand Greenhouse Gas Management Organization (Public Organization) under the project “Solar Rooftop at Thaioil’s Buildings.”

See more

239-MW Combined Cycle Co-Generation Power Plant Project

Thaioil Group has participated in the Thailand Voluntary Emission Reduction Program (T-VER) organized by the Thailand Greenhouse Gas Management Organization (Public Organization) under the project “239-MW

See more

Energy Efficiency Improvement Projects

The Low Emission Supporting Scheme (LESS) project, implemented through energy conservation activities aimed at improving energy efficiency within the Thai Oil Group

See more

Reduction of Indirect Greenhouse Gas Emissions (Scope 2)

Thaioil Group has indirect greenhouse gas emissions (Scope 2) from the purchased electricity with the total of 34,628 tons carbon dioxide equivalents (tCO2e) or 1.06% of greenhouse gas emissions (Scope 1 and 2), which meets the target for greenhouse gas emissions under Scope 2, set at no more than 60,000 tons of carbon dioxide equivalents. 

            Furthermore, Thaioil Group has implemented energy efficiency improvement projects through the use of renewable energy. This includes the utilization of electricity generated from solar rooftop systems installed at the Sattiwat Wirun Building, the Thaioil Auditorium, Parking Building 2 (in front of the laboratory), and the Engineering Office Building.

https://www.thaioilgroup.com/en/sustainability/climate-strategy/

Reduction of Indirect Greenhouse Gas Emissions (Scope 3)

In 2025, Thaioil Group’s Other Indirect Greenhouse Gas Emissions (Scope 3) within the value chain totaled 42,607,525 tons of carbon dioxide equivalent (tCO2e), successfully achieving the set target of less than 50,000,000 tCO2e. This performance was driven by the following key initiatives as follow:

Supported green procurement of environmentally friendly products and services from suppliers, achieving 99%, which was higher than the 97% target. The Company planned to reduce greenhouse gas emissions, such as leasing electric vehicles (EVs) for use at the Bangkok and Si Racha offices and replacing conventional light bulbs with LEDs.

Studied and created opportunities to increase the value of waste disposed to landfill. The 3Rs method was adopted to control and reduce GHG emissions. In 2025, Thaioil Group successfully maintained zero waste to landfill performance against the set target.

Conducted product study and development projects to prepare for the International Sustainability and Carbon Certification (ISCC).

Sold low-carbon products to reduce downstream greenhouse gas emissions for consumers, including biodiesel, gasohol, bioethanol, Linear Alkyl Benzene (LAB), Heavy Alkyl Benzene (HAB), Keen cleaning products, clean rubber oil, low-sulfur fuel oil with a sulfur content not exceeding 0.5%, and benzene-free solvents.

In addition, Thaioil aims to provide low-carbon products to help reduce greenhouse gas (GHG) emissions from both its production processes and end users. Although the Company is not subject to EU regulatory reporting requirements, and Thailand’s Taxonomy (Phase 1) currently applies only to the energy and transportation sectors – with other sectors, including manufacturing, still under review, Thaioil Group has voluntarily adopted the EU Taxonomy’s environmental objectives as a framework to identify and classify the Company’s green products.

In 2025, Thaioil Group had 5 environmentally friendly product categories, and 9 types of products that contribute to climate change mitigation in alignment with the objectives of the EU Taxonomy Framework as follows:

Green Product Category
Product Sold by Thaioil Group
Company
Sales Value (Million THB)
Sales Volume
Bio-based product
Ethanol from cassava
Thaioil Ethanol Company Limited (TET)
1,715.70
56.40 million litres
Biodegradable Product
Linear Alkyl Benzene (LAB)
LABIX Company Limited (LABIX)
6,312.73
133,922.19 tons
Heavy Alkyl Benzene (HAB)
80.94
2,380.53 tons
Compostable Product
Cleaning products (KEEEN)
TOPNEXT International Company Limited (TX)
0.60
3.40 tons
Products that reduce emissions released to the environment (Emission Reduction)
Benzene-free solvents, including:
TOPNEXT International Company Limited (TX)
– TOPSol BF: Benzene Free
57.97
1,349.19 tons
– Xylene (Isomer): Low Ethylbenzene
1,470.41
56,782.18 tons
Products with lower GHG emissions than products of the same group in the market (Avoided GHG Emission Product)
Cyclopentane CP80 and CP97, which are agents that can replace use of CFCs and HCFCs
TOPNEXT International Company Limited (TX)
21.10
338.70 tons
Gasohol
Thai Oil Public Company Limited (TOP)
39,084.60
1,439.73 million litres
Biodiesel
117,821.28
4,326.50 million litres

Download Documents

Operational Approach and 2023 Progress for 3Cs Strategy

Download

Thaioil's Physical Risk Report

Download

Thaioil's Transition Risk Report

Download

Thaioil Greenhouse Gas Emission Performance and Target 2023

Download

2023 Assurance Statement of Third Party Verification for Greenhouse Gas Scope 3

Download

Update : February 2024 

Solar Rooftop at Thaioil’s Buildings Project

Thaioil Group has participated in the Thailand Voluntary Emission Reduction Program (T-VER), organized by the Thailand Greenhouse Gas Management Organization (Public Organization) under the project “Solar Rooftop at Thaioil’s Buildings.” The project has been completely applied in the Engineering Building Center, Thaioil Sriracha Building, and Laboratory. The purpose is to promote the use of renewable energy and the GHG reduction. In 2024, the total production capacity of solar cells is 1MWp, which has been assessed and received a certified carbon credit for the first year with over 554 tons of carbon dioxide equivalent (tCO2e).

239-MW Combined Cycle Co-Generation Power Plant project

Thaioil Group has participated in the Thailand Voluntary Emission Reduction Program (T-VER) organized by the Thailand Greenhouse Gas Management Organization (Public Organization) under the project “239-MW Combined Cycle Co-Generation Power Plant” located in the Sriracha District, Chonburi Province, operated by TOP SPP Company Limited. The project successfully passed the assessment and has been received certified carbon credits from 2020 to 2024. The accumulated carbon credit is a total of 1,674,618 tons of carbon dioxide equivalent (tCO2e).

Low Emission Supporting Scheme (LESS) project

The Low Emission Supporting Scheme (LESS) project, implemented through energy conservation activities aimed at improving energy efficiency within the Thai Oil Group, involves the selection of four energy efficiency improvement projects. These include: reducing fuel consumption by increasing the inlet air temperature to the furnace of the Hydrotreater Unit 2 at Thai Oil Public Company Limited; reducing energy usage by replacing the catalyst in the Sulfur Recovery and Sweetening Unit (HFU Catalyst Replacement) at Thai Lubes Base Public Company Limited; reducing electricity consumption by using variable speed motors for compressors in the Xylene Rerun Unit at Thai Paraxylene Co., Ltd.; and optimizing fuel consumption in the Unionfining Unit at Labix Co., Ltd. The execution of these projects is expected to reduce greenhouse gas emissions by over 2,145 tons of CO2 equivalent (tCO2e).

ประกาศกระทรวงสาธารณสุข เรื่อง การแจ้งข้อมูลที่จำเป็นเกี่ยวกับการเฝ้าระวัง การป้องกัน หรือการควบคุมโรคจากสิ่งแวดล้อมแก่ประชาชน ที่ได้รับหรืออาจได้รับมลพิษ พ.ศ. 2567

Youth Sports Skills Development Program

Objective

To enhance the quality of life for youths in the communities surrounding Thaioil Group and for employees’ children through specialized sports skills training.

Project Type

Youth Sports Skills Development Program

Performances 2025

Thaioil Group has partnered with the Thailand Aquatics Association, the Table Tennis Association of Thailand, and the Thailand Volleyball Association to implement programs aimed at developing sports skills, encouraging productive use of free time, and inspiring youths in the areas surrounding the refinery and Laem Chabang to pursue professional athletic careers through the following initiatives:
1. The “Water Safety to Prevent Drowning” project 2025, now in its 6th consecutive year, provided youths in Laem Chabang Municipality and employees’ children the opportunity to learn essential swimming skills. Over a 10-day intensive course, 160 participants were trained by professional coaches from the Thailand Aquatics Association and students from Burapha University. The curriculum also included Cardiopulmonary Resuscitation (CPR) training to equip youths with life-saving skills, aiming to reduce drowning rates among Thai youth and advocate for water safety awareness across all sectors of society.
2. The “Thaioil Youth Dreams to Excellence: Table Tennis Skills Development” project, now in its 2nd consecutive year, featured a specialized table tennis clinic for youths in Laem Chabang Municipality. The program aimed to promote and enhance table tennis skills while inspiring participants to pursue professional athletic careers. National-level coaches from the Table Tennis Association of Thailand provided expert instruction and shared their professional experiences with 120 participating youths.
3. The “Thaioil Youth Dreams to Excellence: Volleyball Skills Development” project, now in its 2nd consecutive year in collaboration with the Thailand Volleyball Association, organized a volleyball clinic for youths in Laem Chabang Municipality. The program featured national team coaches and athletes who shared their expertise and provided hands-on training to 140 participating youths.
In 2025, Thaioil Group further expanded its sports initiatives by partnering with the Chonburi Bluewave Futsal Club to organize a futsal clinic for 120 youths in Laem Chabang Municipality. The program focused on enhancing fundamental skills, advanced techniques, and professional tactics while inspiring participants to pursue careers as professional athletes through direct learning from national-level coaches. Beyond preparing youths for potential participation in national competitions, the initiative also promoted physical health and encouraged the productive use of free time among the community’s youth.

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.

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 “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 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.

Thaioil Innovation Awards 2024

Innovation Talk

Invited external speakers with expertise in innovation to share knowledge to employees. Notable speakers included Mr. Kaweewut Temphuwapat, CEO of SCB 10X; Dr. Piyarit Ittichaiwong, Head of Medical AI at CARIVA and founder of PercepterAI; Mr. Peesadet Phetnoi, CTO of BASE Playhouse (Learning Designer and Technologist); and Mr. Kasidis Satangmongkol, founder of DataRockie website and fanpage. In 2025, a total of 4 sessions were held. The overall satisfaction level was at 94 out of 100. There were many employees participating in each session reflecting to consistently positive response from them.

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 2025, the overall satisfaction level was at an excellent level (97 out of 100).

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 2025, the Company disseminated a total of 30 TOP Innovation E-newsletters with over 22,704 readers. Meanwhile, the readers’ satisfaction score was at an excellent level (97 out of 100). In addition, innovation knowledge is shared through monthly articles specifically curated for leaders, which have garnered significant interest with a total of 5,095 views. These articles received an excellent satisfaction rating (98 out of 100), reflecting a high level of awareness and interest among personnel at all levels regarding internal innovation development. Furthermore, special edition articles were published to showcase and promote new products and standout innovation projects within the Thaioil Group.

Innovation and Learning Day 2024

Innovation Failure Challenge activity

Innovation Roadshow activity

Innovation Idea Challenge activity

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.

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.

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.

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.

Teach for Thailand Project

Objective

To develop potential changemaker teachers to serve as teaching assistants for primary and middle school students, aiming at enhancing instructional quality and elevating the overall standard of education for students.

Project Type

Teach for Thailand Project

Performances 2025

Thaioil Group has partnered with the Teach For Thailand Foundation since 2019 to develop teacher potential and enhance student quality, character, and essential skills. In 2025, the group supported two teaching fellow positions in Science and Mathematics for lower secondary students at Wat Manorom School in Si Racha, Chonburi, which concluded in October. Subsequently, starting in November, the group has continued its support by providing two teaching fellows in Science and Mathematics for primary students at Wat Mai Noen Phayom School, also in Si Racha, Chonburi.

CONNEXT ED Project in Collaboration with PTT Group

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

CONNEXT ED Project in Collaboration with PTT Group

Performances 2025

Thaioil Group has implemented this project in collaboration with 10 schools across Chonburi and Chachoengsao provinces. The initiative involves educational activities focused on the Circular Economy (CE), alongside the production and delivery of learning materials and proper waste management equipment. These efforts aim to instill a mindset of resource efficiency and systematic waste management within schools. Furthermore, educational scholarships were awarded to participating schools to support educational opportunities and encourage continuous learning.

Thaioil CE for Community Model

Objective

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

Project Type

Thaioil CE for Community Model

Performances 2025

Thaioil Group has been implementing this project since 2023 by promoting and supporting equipment for household waste sorting within the Ban Na Kao community. The initiative includes educating residents on proper waste segregation, composting food waste, and collecting used cooking oil for recycling. Additionally, a central waste sorting hub was established to streamline operations. In 2025, the project successfully expanded its reach to include the Ban Laem Thong community.

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.

Youth Sports Skills Development Program

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 immediate 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.

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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.