Bangchak has completed its first B24 biofuel delivery to NYK Line. (Photo: Bangchak Sriracha)
Thailand’s leading energy players are ramping up investment in renewable energy in response to growing momentum for maritime decarbonization. Companies like Bangchak Corporation and state-owned PTT are accelerating the development of biofuels.
The country’s abundant biomass potential has also attracted foreign investment. China’s biodiesel producer Zhuoyue New Energy recently announced a plan to build a facility in Thailand, with an investment of 700 million RMB (about USD 97.5 million).
Maritime biofuel demand spurs early-stage deployment
According to the marine fuel publication Ship & Bunker, to meet the International Maritime Organization (IMO)’s decarbonization goals, the shipping industry will need to blend 17.6% to 23.3% biofuel into its fuel mix by 2028 to avoid penalties. The magazine expects these international mandates to directly drive demand for bio-based fuels.
