Bangchak Corporation Public Company Limited (SET: BCP) announced that its Board of Directors meeting on 18 August 2022, has resolved to form a joint venture with its subsidiary BBGI Public Company Limited (SET: BBGI) to engage in the business of securing raw materials and production together with distribution of sustainable aviation fuel (SAF) from used vegetable oil.
This not only aligns with Bangchak Group’s target of reducing greenhouse gas emissions, but also supports the public policy under the Bio, Circular, Green (BCG) Economic Model. The joint venture integrates strengths, expertise, and competitiveness capacity-building in applicable business supply chains and to increase the potential of being a leader in the future energy in response to climate change.
To this end, BCP has negotiated with Thanachok Oil Light Company Limited, its business partner, and together reached a conclusion to establish BSGF Company Limited with an initial registered capital of 1,000,000 Baht and will continue to increase capital.
BCP has 51% of the shares, while BBGI holds 20% and Thanachok Oil Light Company Limited holds 29%.