GC joins the “Thailand Survival Post-COVID-19 #5: Achieving Innovations, the Changing Face of Business” seminar discussing “Smart Business, Smart Thailand”
On September 23, 2021, Mr. Patiparn Sukorndhaman, President of GC, spoke at the "Thailand Survival Post-COVID-19 #5: Achieving Innovations, the Changing Face of Business" seminar through a virtual conference organized by The Nation Thailand. Mr. Patiparn’s topic, “Smart Business, Smart Thailand,” reflected the need to adapt guidelines in various organizations with an eye to the post-COVID era.
Mr. Patiparn discussed the origins and contributions of the petrochemical industry which has generated a range of successful and long-term businesses in Thailand as well as neighboring countries, and emphasized that any successful petrochemical business must adhere to the “Big, Long, and Strong” principle, which means having a large, diverse and strong value chain.
He also noted that organizations have adjusted their business direction and become better prepared to tackle challenges from mega-trends, including energy transitions and the impacts of climate change. On the energy transition side, GC has adapted its value chain going further downstream to better reach more users. The company also weighed the advantages of their product developments to distinguish themselves in the market from competitors while collaborating with international partners through joint ventures and acquisitions to achieve faster access to technologies and markets. GC has also refined the features of its products based on the voice of customer/voice of the market through increased research and development (R&D).
In response to the impacts of climate change, GC has continuously incorporated the principles of the Circular Economy and the 3Rs (Reduce, Reuse and Recycle) to support sustainable growth with an aim to achieve concrete results with partners in all sectors through a range of projects, including joint investments with partners in the bioplastics business to develop innovative plastic alternatives from natural raw materials such as sugar cane in Thailand. GC has also strengthened its sustainability efforts with a goal of achieving net zero by 2050 under its Low Carbon Transition Framework: Efficiency-Driven (improving technology for production with value by reducing energy loss from current assets); Portfolio-Driven (focusing on circularity, adjusting the flow of investments to low-carbon businesses including downstream expansion releasing less carbon, exploring new segments such as biofuels and biochemicals as well as investments through CVCs and joint ventures), and Compensation-Driven (seeking high-efficiency carbon sequestration technology and maintaining a competitive cost structure).