A joint venture of three Thai oil companies has announced plans to make jet fuel from used cooking oil. The project will receive an initial investment of 8-10 billion baht ($273 million) from its stakeholder, oil and energy group Bangchak Corporation, which holds 51 percent, Thanachok Oil Light 29 percent, and biofuel producer BBGI Hold 20%. The joint venture plans to collect used cooking oil nationwide. The public will be invited to bring their used cooking oil to 2,000 locations across the country, where they can sell or exchange…
A joint venture of three Thai oil companies has announced plans to make jet fuel from used cooking oil.
The project will receive an initial investment of 8-10 billion baht ($273 million) from its stakeholder, oil and energy group Bangchak Corporation, which holds 51 percent, Thanachok Oil Light 29 percent, and biofuel producer BBGI Hold 20%.
The joint venture plans to collect used cooking oil nationwide. The public will be invited to bring their used cooking oil to 2,000 locations across the country, where they can sell or exchange for fresh cooking oil.
National collection of used cooking oil
Thailand’s food industry will also collect used cooking oil, including the country’s many fast food restaurants. Thailand’s food industry produces about 17 million liters of used cooking oil per month, enough to produce 1,000 liters of bio-jet fuel per day.
Chaiwat Kovavisarat, CEO and president of Bangchak Corporation, said that if all goes according to plan, the product could be available in the fourth quarter of 2024.
Increased demand for sustainable aviation fuel
The joint venture is working with companies in Italy to develop technology to convert used cooking oil into jet fuel, he said, noting that global demand for sustainable jet fuel is increasing.
“If any airline did not use bio-jet oil, they would have to buy ‘carbon credits’, which would cost 3,000 times more. The EU will increase the carbon tax from 80 to 100 euros per ton to 200 euros per ton. Accelerate the use of bio-jet fuels. Demand will increase significantly by 2030,” Kovavisarat said.
