Message from Board of Directors
“The global economy in 2024 continues to face complex challenges stemming from geopolitical tensions, economic fragmentation, and trade protectionist measures. Persistently high inflation, volatile energy prices, slower-than-expected growth in China and ASEAN, and the ongoing climate crisis remain key global concerns. While Thailand’s economy shows signs of recovery, particularly in the tourism sector, it continues to confront both domestic and external challenges. The petrochemical industry, in particular, is under increasing pressure due to China’s capacity expansion, which benefits from cost and raw material advantages amid slowing global demand and stricter environmental regulations. These factors collectively impact the stability of Thailand’s economy and industries on a broader scale.”
Professor Bundhit Eua-arporn, Ph.D.
Chairman
Dear shareholders,
IRPC Public Company Limited has been closely monitoring these uncertainties through prudent governance and comprehensive strategic decision-making. IRPC remains committed to maintaining financial stability to strengthen its competitive advantage. The Board of Directors adheres to its fiduciary duty with a steadfast commitment to maximizing benefits for the Company, shareholders, and all stakeholders in a balanced manner. IRPC supports management operations across all aspects while emphasizing internal control, risk management, organizational development, anti-corruption, and corporate governance to ensure transparency, fairness, and long-term sustainability.
In 2024, IRPC has been recognized and awarded by various institutions, including being selected as a member of the Dow Jones Sustainability Indices (DJSI) for the 11th consecutive year in the Oil & Gas Refining and Marketing industry group. Additionally, IRPC was awarded an “Excellent” CG Scoring Company rating in the Corporate Governance Report for Thai Listed Companies (CGR) by the Thai Institute of Directors (IOD) for the 16th consecutive year. IRPC also holds the distinction of being the first and only private organization in Thailand to receive the “Gold-Level Outstanding Organization” award for Human Rights Excellence in the Large Business Category from the Department of Rights and Liberties Protection, Ministry of Justice.
On behalf of the Board of Directors, I would like to express my sincere gratitude to our shareholders and stakeholders for your unwavering trust and continuous support. I would like to extend my heartfelt appreciation to the management team and all employees for your dedication and commitment to building a better and more sustainable future together.
“Amidst the ongoing global economic slowdown, the industry continues to grapple with persistent challenges, including geopolitical conflicts, energy price volatility, and their far-reaching impact on investment and economic expansion. Additionally, intensifying competition driven by rising supply, coupled with weakening consumer demand, has created significant headwinds. The petrochemical industry in Southeast Asia, in particular, faces heightened competition due to substantial capacity expansions while demand remaining sluggish, pressuring product margins. Furthermore, emerging technologies and the rise of alternative energy solutions necessitate an accelerated transition towards sustainable business practices to ensure long-term resilience.”
Mr.Terdkiat Prommool
President and Chief Executive Officer
Dear shareholders,
IRPC Public Company Limited is committed to adapting toward sustainable operations by developing innovative products that cater to evolving customer needs, enhancing operational efficiency, optimizing cost structures, and managing investments and assets effectively. The Company is leveraging digital technologies to strengthen safety measures and streamline processes while continuously developing its workforce to meet emerging challenges and drive long-term growth. By embracing innovation as a key business driver, IRPC is aligning its strategy with global megatrends and advancing towards its Net Zero target in 2060, ensuring a balanced approach between business, society, and the environment.
To reinforce its competitive edge, the company has outlined a strategic direction focused on strengthening core businesses (Core Uplift) while simultaneously advancing high-potential new businesses (Step Up & Beyond). This is achieved through strategic partnerships and accelerating the development of sustainable material and energy solutions, including advanced materials tailored for medical, healthcare, and environmentally friendly applications, as well as Future Energy technologies such as renewable energy and next-generation energy storage systems for electric vehicles.
In 2024, IRPC successfully launched the Ultra Clean Fuel (UCF) Project, commencing commercial production in April. This project delivers Euro 5-compliant diesel and Jet A-1 aviation fuel, meeting international standards. Additionally, the company has increased the proportion of specialty petrochemical products to 36%, targeting high-growth sectors such as medical applications, electric vehicles, and electronics. IRPC has also partnered with Beger Co., Ltd. to develop advanced coatings for steel structures, extending their lifespan up to three times. Further expansions include the Floating Solar Phase 2 project, adding 8.5 MW of renewable energy capacity. IRPC is also optimizing its land assets for clean energy production, including future solar power plant projects.
In the celebration of IRPC’s 46th anniversary, IRPC inaugurated the IRPC Innovation Center in Rayong, reinforcing its commitment to advancing research and development towards commercial applications. This initiative aims to unlock new business opportunities and drive long-term sustainable growth. IRPC has also invested in Cleantech and Beyond Co., Ltd., expanded collaboration with Innovation One Fund under the Federation of Thai Industries to support SMEs and startups, and played a key role in developing “REINFOXX White Bear Fertilizer.” Furthermore, the company has signed a MOU with PTTLNG to explore applications of carbon-based materials in the petrochemical industry. Additionally, IRPC is pioneering ESG-linked financial innovations, such as foreign exchange and interest rate hedging derivatives, in collaboration with domestic financial institutions.
IRPC continues to drive sustainability through key initiatives, including the IRPC SD Academy, which enhances sustainability knowledge across the organization. The Company is also the first in ASEAN to implement the ATLAST platform for ESG data management. Other sustainability efforts include the Carbon Credit Management Project in collaboration with the Mae Fah Luang Foundation and the IRPC Young Smart Farmers program, which promotes smart farming education for young generations.
With the steadfast commitment to sustainable business practices, IRPC has earned national and international recognition. The Company was honored with the Business Excellence Award from the Stock Exchange of Thailand and four prestigious accolades at the 2024 National Innovation Awards from the National Innovation Agency (NIA): (1) Outstanding Innovative Organization Award; (2) Honorary Award -National Innovation Awards; (3) 2nd Runner-Up-Social and Environmental Innovation; and (4) 2nd Runner-Up-Economic Innovation.
Additionally, IRPC was recognized with the Women’s Empowerment Principles (WEPs) Award from UN Women for its leadership in gender equality and diversity.
With an unwavering commitment to creating value for the business, shareholders, and all stakeholders, IRPC’s management team and employees stand united in harnessing their expertise and capabilities to overcome challenges and drive sustainable growth into the future.
