Mitihoon – Bangchak Group CEO Shares “Refining Ourselves for a Changing World” The Power of Adaptation: Driving Strong Growth in a Changing Global Energy Landscape at House of Wisdom (H.O.W. Club)
Mr. Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, shared his perspectives and experience in a talk titled “Refining Ourselves for a Changing World” at House of Wisdom (H.O.W. Club), a community bringing together leaders, executives, entrepreneurs, and investors across disciplines to exchange knowledge and experience, broaden perspectives, and connect opportunities.
He highlighted that global energy demand continues to expand with population and economic growth. Global primary energy consumption rose from approximately 85 million barrels of oil equivalent per day (boepd) in 1965 to 306 million boepd in 2025, when the world’s population reached approximately 8.1 billion and global GDP stood at US$118 trillion. The outlook presented for 2050 projects energy demand of 351 million boepd to support a population of approximately 10 billion. The energy system must therefore accommodate a further increase in demand of approximately 15% while reducing greenhouse gas emissions to address the climate crisis. He emphasized that “The energy transition is addition,” with fossil fuels remaining a significant part of the global energy system as new energy sources add capacity to meet growing demand. Some of these sources, however, still face limitations in the continuity and stability of supply. The energy transition must therefore balance security, affordability, and resilience.
Mr. Chaiwat discussed “The Power of Adaptation,” a central force behind Bangchak Group’s business expansion through strengthening the core business, expanding across the value chain, preparing for the energy transition, leading sustainable fuels, and building new frontiers. The Group has aligned its investments with actual demand and the pace of market change while drawing on its strengths to build competitive advantages. Under his leadership over more than a decade, Bangchak Group’s reinvention has built on its origins as Thailand’s smallest refinery to become a diversified energy group operating in more than 10 countries worldwide. Revenue increased from THB 151,140 million in 2015 to THB 507,570 million in 2025, while EBITDA rose from THB 11,081 million to THB 35,753 million.
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