Bangchak Petroleum to invest $661M in renewable energy projects

In Thailand, Bangchak Petroleum, as part of its first quarter profits announcement, reported on plans to invest 20 billion baht in renewable energy projects.  This was fueled by operating profits in its existing renewable energy facilities.  Bangchak reports they anticipate a 370 million baht gross profit for this year from biodiesel and solar power, and that they anticipate a 700 million baht profit for next year.

Bangchak’s investment plan for 2011 to 2015 includes two billion baht ($61M) for expanding ethanol production, two billion for cassava and palm oil plantations and algal biodiesel research and development.

The other 16.7 billion baht will be split between solar power and potash mining. Bangchak reports that their ethanol blend pump counts will increase to 500 pumps for E20 and 20 pumps for E85.