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Analysis of Thailand Biodiesel-Ethanol Industry and Refinery Ties

Analysis of Thailand Biodiesel-Ethanol Industry and Refinery Ties

MGR Online•General•56m ago

Reader Briefing

The Anutin Charnvirakul government's push for E20 and B20 fuels raises concerns over benefits flowing to refinery-linked biofuel subsidiaries amid market oversupply.

  • •The Anutin Charnvirakul government is promoting a shift in base fuels to E20 and B20.
  • •Thai biofuel production is structured as a vertical business where major oil refineries hold significant stakes in biodiesel and ethanol plants.
  • •Biodiesel and ethanol plants nationwide are currently operating at only 30-50% capacity.
  • •Major players in the biofuel sector include GGC, BBGI, and the Mitr Phol Group.

Overview

  • •The Anutin Charnvirakul government announced a policy to adjust base fuels to E20 and B20.
  • •Thailand has 14 biodiesel (B100) plants with a total capacity of 11.6 million liters per day, while actual domestic use is just over 4 million liters per day.
  • •Thailand has 28 ethanol plants with a total capacity of 7.02-7.22 million liters per day, while domestic demand is 3.5-3.8 million liters per day.
  • •Major oil refineries such as PTT Group, Thai Oil, Bangchak, and PTG hold shares in B100 and ethanol plants ranging from 25% to 72.29%.
  • •The use of tax mechanisms and the Oil Fuel Fund to subsidize E20 and B20 prices may allow refinery subsidiaries to clear excess stock.
  • •Farmers selling sugarcane, cassava, and palm oil are reported to face price suppression despite the guaranteed profit margins for biofuel plants set by the Energy Policy and Planning Office.
  • •Global Green Chemical (GGC) is the largest biodiesel producer in the country, with PTT Global Chemical (PTTGC) holding a 72.29% stake as of 2026.

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Key Entities

Person

Anutin Charnvirakul(อนุทิน ชาญวีรกูล)ℹ️
The government leader promoting the shift to E20 and B20 base fuels.

Organization

Department of Energy Business(กรมธุรกิจพลังงาน)
The agency providing data on biodiesel production capacity and company counts.
Stock Exchange of Thailand(ตลาดหลักทรัพย์แห่งประเทศไทย)ℹ️
The source of shareholder structure data for public companies.
Global Green Chemicals PCL(บมจ. โกลบอลกรีนเคมิคอล)
The largest biodiesel producer in Thailand with plants in Rayong and Chonburi.
PTT(ปตท.)
A major energy group whose refineries and subsidiaries hold stakes in biofuel production.
PTT Global Chemical PCL(บมจ. พีทีที โกลบอล เคมิคอล)
The primary shareholder of Global Green Chemicals PCL holding a 72.29% stake as of 2026.
OR
An oil trader in the PTT network.
Thai Oil(ไทยออยล์)ℹ️
An oil refinery in the PTT network and investor in ethanol plants.
IRPCℹ️
An oil trader in the PTT network.
BBGI PCL(บมจ. บีบีจีไอ)
A biofuel company formed by a merger between Bangchak Corporation and Khon Kaen Sugar Industry.
Bangchak Corporation PCL(บมจ. บางจาก คอร์ปอเรชั่น)
A refinery company holding a 45.00% stake in BBGI as of October 2026.
Khon Kaen Sugar Industry PCL(บมจ. น้ำตาลขอนแก่น)
A sugar company holding a 30.00% stake in BBGI as of October 2026.
BBGI Biodiesel Co., Ltd.(บจก. บีบีจีไอ ไบโอดีเซล)
A subsidiary of BBGI operating a biodiesel plant in Phra Nakhon Si Ayutthaya.
Energy Absolute PCL(บมจ. พลังงานบริสุทธิ์)
A major producer with a biodiesel plant in Prachinburi.
PPP Green Complex Co., Ltd.(บจก. พีพีพี กรีน คอมเพล็กซ์)
A joint venture between PTG Energy and Southern palm oil producers.
PTG Energy PCL(บมจ. พีทีจี เอ็นเนอยี)
The owner of PT gas stations and investor in PPP Green Complex.
Pathum Vegetable Oil Co., Ltd.(บจก. น้ำมันพืชปทุม)
A major producer in Pathum Thani supplying raw materials to refineries.
Department of Alternative Energy Development and Efficiency(กรมพัฒนาพลังงานทดแทนและอนุรักษ์พลังงาน)ℹ️
The agency providing data on ethanol plant operations and capacity.
Krungsri Research(วิจัยกรุงศรี)
A research entity providing analysis on the biofuel industry trends for 2025-2027.
Mitr Phol Sugar Group(กลุ่มน้ำตาลมิตรผล)
The top market share holder in the ethanol industry with plants in Kalasin, Chaiyaphum, and Suphan Buri.
Mae Sot Clean Energy Co., Ltd.(บริษัท แม่สอดพลังงานสะอาด จำกัด)
A joint venture between Mitr Phol and Thai Oil to produce ethanol.
Sapthip Co., Ltd.(บริษัท ทรัพย์ทิพย์ จำกัด)
An ethanol producer in Lopburi with Thai Oil Ethanol Co., Ltd. holding a 50.00% stake.
Thai Oil Ethanol Co., Ltd.(บริษัท ไทยออยล์ เอทานอล จำกัด)
A subsidiary of Thai Oil that invests in ethanol producers like Sapthip and UBE.
Ubon Bio Ethanol PCL(บมจ. อุบล ไบโอ เอทานอล)
The largest cassava-based ethanol producer in the Northeast.
Thai Agro Energy PCL(บมจ. ไทย อะโกร เอ็นเนอร์ยี่)
An ethanol producer in Suphan Buri with a 7.88% domestic market share.
Lanna Resources PCL(บมจ. ลานนารีซอร์สเซส)
The major shareholder of Thai Agro Energy PCL.
Energy Policy and Planning Office(สำนักงานนโยบายและแผนพลังงาน)
The agency that announces monthly reference prices for B100 and ethanol.
Oil Fuel Fund(กองทุนน้ำมันฯ)
The fund used to subsidize the price difference of E20 and B20 fuels.

Place

Rayong(ระยอง)ℹ️
Location of a GGC biodiesel plant.
Chonburi(ชลบุรี)ℹ️
Location of a GGC biodiesel plant.
Phra Nakhon Si Ayutthaya(พระนครศรีอยุธยา)
Location of a BBGI Biodiesel plant.
Prachinburi(ปราจีนบุรี)ℹ️
Location of an Energy Absolute plant.
Prachuap Khiri Khan(ประจวบคีรีขันธ์)ℹ️
Location of a PPP Green Complex plant.
Pathum Thani(ปทุมธานี)ℹ️
Location of a Pathum Vegetable Oil plant.
Kalasin(กาฬสินธุ์)ℹ️
Location of a Mitr Phol ethanol plant.
Chaiyaphum(ชัยภูมิ)ℹ️
Location of a Mitr Phol ethanol plant.
Suphan Buri(สุพรรณบุรี)ℹ️
Location of ethanol plants for Mitr Phol and Thai Agro Energy.
Khon Kaen(ขอนแก่น)ℹ️
Location of a BBGI ethanol plant in Nam Phong.
Kanchanaburi(กาญจนบุรี)ℹ️
Location of a BBGI ethanol plant in Bo Phloi.
Chachoengsao(ฉะเชิงเทรา)ℹ️
Location of a BBGI ethanol plant.
Lopburi(ลพบุรี)ℹ️
Location of the Sapthip plant.