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Bangchak CEO maps out goals for remaining tenure
HALFWAY through his four-year term as president and chief executive officer of Bangchak Petroleum, Chaiwat Kovavisarach has outlined his vision and goals for his remaining two years at the helm of the diversified oil refiner.
Chaiwat is satisfied with most of the achievements that he has steered Bangchak through during the past two years under his “3S” strategy: security, stability, and sustainability. The only exception, he said, was the valuation that investors had given to the company’s stock: Bangchak shares are being traded on the Stock Exchange of Thailand at lower than 10 times its earnings.
“That is what I’m dissatisfied with the most,” he said.
During the past two years, the Bangchak brand has been refreshed to be perceived as “younger”. The marketing business has yielded better results, as larger or flagship petrol stations have been built. Meanwhile the company’s non-oil business has undergone a retail-store expansion plan after the signing of a partnership agreement last November with SPAR International, a global food-retail franchising chain.
Bangchak’s Bangkok refinery has been churning out more than 100,000 barrels a day for the past two years, a more than 30-year record. BCPG, its renewable-energy arm, made a successful debut on the SET last year. The group also announced a management restructuring late last year, with the appointments of a chief operating officer for the oil-refining unit and a chief marketing officer.
After laying down good foundations for the company’s three core businesses – oil refining, marketing, and electricity generating – Chaiwat said he had now moved to concentrate on incubating the fourth and fifth growth engines for the group, namely bio-products and resources.
The group is also delegating more money and resources to research and development and innovative activities, with its establishment of the Bangchak Initiative Innovation Centre (BIIC) this year.
Chaiwat said the bio-products business would be an extension of Bangchak’s existing biofuel business, though it would aim at niche and high-value-added products (HVA), rather than mass-volume products that would compete against fossil fuels.
The group is looking at two or three HVA products, including phase-change material (PCM), for which its pilot plant will be completed next month. A joint venture with a Japanese partner may be formed later to commercialise the product, which was conceptualised as an export to the Japanese market after the 2015 United Nations Climate Change Conference (COP 21) agreement instigated more demand for cooling materials.
Another research project is to develop algae for the food-supplement industry.
“We should see major progress in the bio business this year because the government has offered support in both infrastructure and taxation,” Chaiwat said.
Bangchak is also keen on growing its biofuel business, through both organic methods and mergers and acquisitions, since its captive use of biofuel products will ensure a cash flow that it can leverage for further extending its business lines.
For ethanol alone, the company expects its internal demand (it uses it for blending with petrol) to grow from about 800,000 litres a day to 1 million litres a day soon, while its equity take from affiliated and subsidiary firms currently totals only about 200,000 litres a day.
He said 400,000-500,000 litres a day would be more appropriate, referring to Bangchak’s targeted size of the ethanol business.
The resources businesses include the oil and gas exploration and production unit run by its Australia-listed Nido Petroleum. In addition, it agreed in January to provide US$112 million (Bt3.96 billion) in equity and debt financing to Lithium Americas, in exchange for increasing its stake in the firm to 16.4 per cent, which is expected to commence operations of its Cauchari-Olaroz lithium-mining project in Jujuy, Argentina, in late 2019.
Chaiwat said his target was to grow both the resources and bio businesses so they contribute significantly to the group’s operating results, , each generating more than Bt1 billion in earnings before interest, tax, depreciation and amortisation ( EBITDA) by 2019, up from about Bt300 million to Bt400 million and Bt500 million, respectively, at present. The overall goal is to grow the firm’s earnings before EBITDA by 20 per cent during each of the next two years.
To reflect the firm’s diversification towards non-petroleum businesses, Bangchak will ask its shareholders at the annual meeting on April 5 to delete “Petroleum” from its name and rename the firm “Bangchak Corporation”. Its stocks will continue to be traded on the SET under the BCP ticker symbol, though.
“Companies that hinge on a few products can’t survive long,” Chaiwat said.
http://www.nationmultimedia.com/news/business/corporate/30308798 
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Bangchak CEO maps out goals for remaining tenure
HALFWAY through his four-year term as president and chief executive officer of Bangchak Petroleum, Chaiwat Kovavisarach has outlined his vision and goals for his remaining two years at the helm of the diversified oil refiner.
Chaiwat is satisfied with most of the achievements that he has steered Bangchak through during the past two years under his “3S” strategy: security, stability, and sustainability. The only exception, he said, was the valuation that investors had given to the company’s stock: Bangchak shares are being traded on the Stock Exchange of Thailand at lower than 10 times its earnings.
“That is what I’m dissatisfied with the most,” he said.
During the past two years, the Bangchak brand has been refreshed to be perceived as “younger”. The marketing business has yielded better results, as larger or flagship petrol stations have been built. Meanwhile the company’s non-oil business has undergone a retail-store expansion plan after the signing of a partnership agreement last November with SPAR International, a global food-retail franchising chain.
Bangchak’s Bangkok refinery has been churning out more than 100,000 barrels a day for the past two years, a more than 30-year record. BCPG, its renewable-energy arm, made a successful debut on the SET last year. The group also announced a management restructuring late last year, with the appointments of a chief operating officer for the oil-refining unit and a chief marketing officer.
After laying down good foundations for the company’s three core businesses – oil refining, marketing, and electricity generating – Chaiwat said he had now moved to concentrate on incubating the fourth and fifth growth engines for the group, namely bio-products and resources.
The group is also delegating more money and resources to research and development and innovative activities, with its establishment of the Bangchak Initiative Innovation Centre (BIIC) this year.
Chaiwat said the bio-products business would be an extension of Bangchak’s existing biofuel business, though it would aim at niche and high-value-added products (HVA), rather than mass-volume products that would compete against fossil fuels.
The group is looking at two or three HVA products, including phase-change material (PCM), for which its pilot plant will be completed next month. A joint venture with a Japanese partner may be formed later to commercialise the product, which was conceptualised as an export to the Japanese market after the 2015 United Nations Climate Change Conference (COP 21) agreement instigated more demand for cooling materials.
Another research project is to develop algae for the food-supplement industry.
“We should see major progress in the bio business this year because the government has offered support in both infrastructure and taxation,” Chaiwat said.
Bangchak is also keen on growing its biofuel business, through both organic methods and mergers and acquisitions, since its captive use of biofuel products will ensure a cash flow that it can leverage for further extending its business lines.
For ethanol alone, the company expects its internal demand (it uses it for blending with petrol) to grow from about 800,000 litres a day to 1 million litres a day soon, while its equity take from affiliated and subsidiary firms currently totals only about 200,000 litres a day.
He said 400,000-500,000 litres a day would be more appropriate, referring to Bangchak’s targeted size of the ethanol business.
The resources businesses include the oil and gas exploration and production unit run by its Australia-listed Nido Petroleum. In addition, it agreed in January to provide US$112 million (Bt3.96 billion) in equity and debt financing to Lithium Americas, in exchange for increasing its stake in the firm to 16.4 per cent, which is expected to commence operations of its Cauchari-Olaroz lithium-mining project in Jujuy, Argentina, in late 2019.
Chaiwat said his target was to grow both the resources and bio businesses so they contribute significantly to the group’s operating results, , each generating more than Bt1 billion in earnings before interest, tax, depreciation and amortisation ( EBITDA) by 2019, up from about Bt300 million to Bt400 million and Bt500 million, respectively, at present. The overall goal is to grow the firm’s earnings before EBITDA by 20 per cent during each of the next two years.
To reflect the firm’s diversification towards non-petroleum businesses, Bangchak will ask its shareholders at the annual meeting on April 5 to delete “Petroleum” from its name and rename the firm “Bangchak Corporation”. Its stocks will continue to be traded on the SET under the BCP ticker symbol, though.
“Companies that hinge on a few products can’t survive long,” Chaiwat said.
http://www.nationmultimedia.com/news/business/corporate/30308798