Enrich all opportunities to achieve inclusive growth with all sectors; seek out new businesses for further development and expansion beyond the oil industry in the midst of the global changes, and thrive with partners through a Triple Bottom Line business, which focuses on 3P – People, Planet, Performance.
Jiraphon Kawswat, President and Chief Executive Officer, PTT Oil and Retail Business Public Company Limited, or OR, revealed that, in order to respond to the rapid technological disruption, social and economic shift, and climate change, which led to transformation in lifestyles and consumer behavior that have oriented towards health and safety, clean energy usage, and social problems such as inequality, OR thus adjusted its direction in driving the business and reinforced its purposes to build business growth along with the flourish of people and the environment, setting forth a new vision: “Empowering All Toward Inclusive Growth” to guide OR’s business direction. In addition, it also set goals for 2030, or OR 2030 Goals, for 3 areas:
1) Living Community : To enhance quality of life of people in the community, which covers the areas in which OR operates its business and over 15,000 surrounding communities, totaling 12 million of people;
2) Healthy Environment : To create a healthy environment by reducing greenhouse gas emissions generated by the entire business operation, increasing the proportion of clean energy use and efficiency of energy consumption within establishments, with a target aimed to cut the amount of emissions by more than one-third, or approximately 33%, compared to that of 2018, and to achieve carbon neutrality by 2030 and net zero emissions by 2050.
3) Economic Prosperity : To strengthen growth, boost career opportunities and distribution of wealth (for over one million of partners, shareholders, small entrepreneurs (MSMEs), employees, and communities through thriving and mainly consolidating business partnerships.
The new growth scheme of OR will be changed from Inside-Out to Outside-In, or growth through a collaboration built with businesses established by external partners to support each other using OR’s existing physical, digital assets, and scalability, e.g., professional management, marketing expertise, customer base expansion, and consumer confidence in OR’s brand.
OR wishes to establish a clear position as an “Inclusive Growth Platform” to promote growth with partners. The businesses in this regard can be of any kind that OR can support and contribute to benefits for both parties, especially small businesses, medium business, or businesses that require sponsorship.
OR has developed the “OR Inclusive Partnership” model, which involves customer-centric strategies, identifying demands of partners to resonate with their needs, and bridge possible gaps with OR’s existing potential, as well as developing a flexible operating system to support sustainable inclusive growth and align with four missions.
That is, to strengthen the integrated energy business for ‘Seamless Mobility’, to create comprehensive lifestyle choices to meet ‘All lifestyles’,to expand the base business to attain success and recognition in the ‘Global Market’ and to solve social and environmental problems through ‘OR innovations’
To achieve the Goals for 2030 and drive the implementation of the Inclusive Growth Platform which will lead to mutual growth of the entire ecosystem, OR has prepared a budget of more than 200 billion baht to be allocated throughout the next 10 years, setting goals and expecting that in 2030, the EBITDA will be of more than 40 billion baht and 50% of which should be generated by the inclusive growth with OR partners.
“Today, OR is ready to offer opportunities to any interested party to become our partners to achieve sustainable growth and enable us to fulfill the needs of consumers, responding to all spectrums of lifestyles, 24 hours a day. Most importantly, OR is not a business that focuses only on profitability, as it serves as another pillar that underpins the society. We never see people as a business component, but indeed lives that we wish to grow together,” Jiraphon added.
