Thaioil has achieved the highest ESG score in the Oil & Gas Refining and Marketing Industry for the 8th year and recognized as a DJSI member for the 11th consecutive year

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Jan 30, 2024, 02:25 ET

BANGKOK, Jan. 30, 2024 /PRNewswire/ -- Thai Oil Public Company Limited has achieved the highest score for sustainable development in the Oil & Gas Refining and Marketing Industry for the 8^th year from the Dow Jones Sustainability Indices (DJSI) assessment, reflecting the Company's high standards of sustainable business practices at the global level. In addition, Thaioil has been recognized as a DJSI member of Emerging Market for the 11^th consecutive year, based on the sustainability assessment by S&P Global, a leading provider of financial data and credit ratings.

Thaioil has achieved the highest ESG score in the Oil & Gas Refining and Marketing Industry for the 8th year and recognized as a DJSI member for the 11th consecutive year.

Mr. Bandhit Thamprajamchit, Chief Executive Officer and President of Thai Oil Public Company Limited, affirmed, "These achievements highlight that Thaioil continues to maintain outstanding performance in sustainable development at the global level across all three dimensions: environmental, social, governance & economic balance (ESG).

Regarding the environment aspect, Thaioil has set targets for Carbon Neutrality by the year 2050 and Net Zero GHG Emissions by the year 2060. These goals are firmly pursued through the continuous implementation of the company's greenhouse gas emission reduction strategy. In the social aspect, Thaioil has undertaken various projects for communities around refineries and distant areas, covering education, nature and environmental conservation, energy, and quality of life. This year, solar power generation systems were installed in three hospitals in Chonburi province and five Border Patrol Police Schools in Tak province. In terms of governance aspect, the company maintains a policy of overseeing good business practices, operates transparently and ethically, complies with regulations, and actively opposes corruption. This effort has been acknowledged with NACC Integrity Awards by the National Anti-Corruption Commission for the 4^th year," Mr. Bandhit added. On the economics aspect, Thaioil has revised the strategic business plan to be more agile and flexible, by setting long-term profit targets for the year 2030 in alignment with global trends and reducing volatility in the oil refining business unit. The Company is also aiming for a low-carbon business and more environmentally friendly products.

Mr. Bandhit further stated, "Thaioil takes immense pride in this global-level achievement, marking the 8^th year of being ranked at the top and the 11^th consecutive year as a DJSI member. These achievements reflect the standards of professional business conduct, sustainable organizational development on a global scale, and a commitment to social and environmental responsibility under the guidance of good corporate governance. Thaioil operates transparently, prioritizes the benefits of all stakeholders, and contributes to the national energy security guided by our vision "Empowering Human Life through Sustainable Energy and Chemicals" to become a sustainable organization that will pave the path forthrightly towards a centenary organization."

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Thaioil is Thailand's largest refinery and supplier of petroleum products. Founded in 1961, we operate one of the most efficient refineries in Asia Pacific with the current capacity of 275,000 barrels per day.

Thaioil operates under the Operational Excellence principle, operating as an integrated group of businesses in oil refinery, petrochemicals and lube base oil with supporting businesses, e.g. power generation, solvents, logistics and renewable energy generation, LAB : an intermediate in the production of surfactants, pipeline transportation, petrochemical products, and New S-Curve. Thaioil leads the Thai refinery industry through a well-planned and integrated production process, yielding optimum efficiency. Our products are of high quality, rated in the top quartile of refineries in Asia Pacific, at lower production costs – giving Thaioil a recognized competitive advantage.

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