Bangchak Petroleum yesterday revealed a five-year investment plan (2009-2013) worth up to Bt6 billion to pave the way to its becoming a "green company" in the energy industry.

President Anusorn Sangnimnuan said the investment budget was for several projects, including an ethanol plant with a capacity of 300,000 litres per day, oil-quailty improvement to meet the Euro IV standard, a 30-megawatt solar-cell power plant and a petrol-station expansion programme.

For the ethanol plant, he said Bangchak would seek a private partner to participate in a joint venture. The partner would hold a stake of at least 30 per cent.

For the solar-cell power project, the company will locate the facility in the same area as its biodiesel (B100) plant in Ayutthaya.

"The five-year investment plan is aimed at Bangchak becoming a complete green company, in line with the global direction of increasing awareness that there should be reductions in global warming," said Anusorn.

He added that the company wanted all parties - from farmers, merchandisers to end users - to be able to live together in a good environment. It has therefore focused on investing in alternative energy.

Aunsorn said the outlook for the refinery business in the current quarter fell short of a recovery, as refinery margins were still low. Each country has retained a high level of oil stocks, while demand for oil has not increased due to the global economic contraction.

This has led the company to reduce its oil refining level to 70,000-80,000 barrels a day, from the previous target of 100,000 barrels