Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President of Bangchak Corporation Public Company Limited, was invited to share his perspectives in a fireside chat titled "CEO's Playbook for the Next Energy S-Curve" on the main stage of Techsauce Global Summit 2025. The event was held under the theme "The Dawn of Symbiosis," focusing on the coexistence and coevolution of humanity and technology. The session brought together global experts in technology and business leadership. The conversation was moderated by Dr. Nattawut Kulnides, Founder and CEO of ADGES.
Mr. Chaiwat shared Bangchak's journey, which began in 1984 as an oil refinery business and has since evolved into a fully integrated energy group comprising five core businesses with operations in 11 countries worldwide. The transformation has been guided by a firm commitment to the "Double Bottom Line" approachpursuing business growth alongside social and environmental responsibility. This foundational philosophy, established by the company's early leadership, continues to shape its direction today. Bangchak has also continuously applied Sufficiency Economy Philosophy, bestowed by His Majesty King Rama IX, to its business practices. In recognition of this commitment, the company was honoured in 2011 with a royal award as a leading large enterprise successfully integrating this philosophy into modern corporate management.
Despite the inherent limitations of being an oil refinery initially reliant solely on fossil fuels, Bangchak transformed these constraints into opportunities. The company expanded into the retail oil market by partnering with agricultural cooperatives to establish community-based service stations and subsequently emerged as a pioneer and leader in renewable energy. Over the past decade, under Mr. Chaiwat's leadership, Bangchak has focused on enhancing the value of energy products through initiatives such as the development of biofuels, investment in clean energy across the Asia-Pacific region and the United States, and portfolio diversification through upstream investments in Norway. The company has also positioned itself for the future energy landscape by investing in lithium mining in Argentina and advancing energy storage solutions, earning recognition as a leading energy conglomerate in the region. Mr. Chaiwat also emphasized that corporate social responsibility (CSR) should not be treated merely as an image-building effort detached from core business operations. If CSR remains separate, it risks being abandoned when a company faces financial difficulties. True sustainability, he noted, stems from integrating environmental and social value creation into the business model itself, ensuring the organization can thrive while contributing positively to the planet and society. Bangchak has embraced and consistently implemented this integrated approach throughout its operations.
When asked how an organization can translate strategic vision into tangible outcomes, Mr. Chaiwat illustrated this through the lens of the energy transition. While the world is moving toward cleaner energy, energy sources and high-demand consumption centers are often geographically distant. As such, liquid fuels continue to play a critical role due to their ease of storage and transport and high energy density. In contrast, electricity from renewables still depends on grid infrastructure, which faces limitations related to terrain, technology, and cost. It is estimated that building a globally interconnected power grid would require more than US$ 10 trillion, or over THB 370 trillion. Therefore, Bangchak prioritizes the development of low-carbon liquid fuels that can be further refined into e-fuels or synthetic fuels to support long-term decarbonization goals.
To thrive in a rapidly evolving global landscape, Mr. Chaiwat stated that businesses must strive to be "Best in Class" by being lean, operating with agility and efficiency, and maintaining a balanced focus on profitability and sustainability. It is not enough to simply develop innovations that are ready to deploy; companies must design their entire business systems to "use less - gain more - and sustain longer." A clear example is the development of LCAF (Lower Carbon Aviation Fuel), which can be used with current engines and refueling infrastructure without modifications, demonstrating how carbon reduction and operational efficiency can go hand in hand. Bangchak is also advancing a range of low-carbon energy products that are immediately applicable across the transport sector, including SAF, HVO, and B24 Marine Biofuels, supporting the shift toward cleaner and more sustainable energy for air, land, and sea. Looking ahead, he highlighted the importance of foresight, awareness of global dynamics, and readiness to seize new opportunities. He cited Bangchak's early investment in lithium mining nearly a decade ago, well before the global focus on electric vehicles, as an example of strategic vision. The company also keeps a close eye on next-generation energy technologies from a measured distance, including green ammonia, Small Modular Reactors (SMRs), and nuclear fusion, to ensure preparedness when the time is right. Mr. Chaiwat remarked that for a business to endure in the long run, it must remain resilient and strong, able to stand firm as the last one standing, while contributing to global sustainability and generating value along the way.
As part of its involvement in Techsauce Global Summit 2025, Bangchak Group provided Inthanin beverages and supported the event's carbon footprint assessment and offsetting through the Carbon Markets Club, helping make it a carbon neutral event.