GC and BIG Pioneer Thailand's First Hydrogen Economy, Prioritizing Low-Carbon Practices on the Path to Becoming a Net Zero Company

GC and BIG Pioneer Thailand's First Hydrogen Economy, Prioritizing Low-Carbon Practices on the Path to Becoming a Net Zero Company

Baan Dusit, Bangkok, May 8, 2024 GC and BIG have teamed up to announce a business collaboration aimed at fostering and advancing the potential of the hydrogen economy in Thailand. This partnership entails managing and cultivating innovations to drive hydrogen utilization, with the ultimate objective of reducing greenhouse gas (GHG) emissions by 2030, aligning with the target of achieving Net Zero emissions by 2050, and ultimately striving to become a Net Zero company.

PTT Global Chemical Public Company Limited, or GC, stands as a leader in the global chemicals business, working in tandem with BIG, a climate tech company and a pioneer in energy transition. Together, both have signed a memorandum of understanding outlining their strategy for advancing the hydrogen economy, a clean and environmentally friendly fuel. This initiative resonates with strategies aimed at addressing evolving trends in the petrochemical industry and fostering long-term competitiveness by capitalizing on strengths and expertise in the hydrogen and carbon business. These competencies fuel further exploration, driven by GC's 'Necessity and Opportunity in the New Landscape' strategy. The collaboration primarily focuses on developing and expanding infrastructure as well as stimulating both demand and supply across the hydrogen business chain in Thailand, encompassing:

• Production, as well as the pursuit of hydrogen innovation and technology.
• Exploring an opportunity to expand the low-carbon hydrogen business, particularly to meet future demand for carbon-free fuels in sectors such as automotive and aviation, which prioritize Sustainable Aviation Fuel (SAF).

Mr. Toasaporn Boonyapipat, Chief Operating Officer of GC's Base and Intermediate Chemicals Business, PTT Global Chemical Public Company Limited, or GC, highlighted that "GC has a clear operational plan and Key Performance Indicators (KPIs) aligned with the 3 Steps Plus strategy. This strategy encompasses Step Change, which involves upgrading and enhancing capacity competition; Step Out, focusing on seeking growth opportunities in new businesses both domestically and abroad; and Step Up, which involves conducting business according to sustainability guidelines and embracing the 'Necessity & Opportunity in the New Landscape' mindset. This collaboration, for instance, entails exploring opportunities and further developing new businesses in the realms of hydrogen and carbon while utilizing clean energy hydrogen in the production process to deliver low-carbon products to consumers. This initiative fosters the creation of a sustainable environmental ecosystem and drives sustainable business throughout the chain, setting us on the path toward the Net Zero goal by 2050."

Mr. Piyabut Charuphen, Managing Director of BIG, revealed that "BIG, as a leader in climate technology innovation and an advocate for driving energy transition in the Thai industrial sector. The company is a member of the Air Products group from the United States, the world's largest hydrogen operator, with investments exceeding USD 15 billion in blue and green hydrogen projects. Notably, Air Products recently invested in the world's largest green hydrogen production complex in NEOM, Saudi Arabia. This facility utilizes renewable energy to generate electricity for green ammonia production and ships worldwide. Moreover, Air Products contributes to the Clean Hydrogen Hub project in the United States as one of its hydrogen producers. In Thailand, BIG stands as the largest hydrogen production company, prioritizing the adoption of low-carbon hydrogen technology to address climate change across transportation, industrial, and power generation sectors, among others. This collaboration with GC strengthens BIG's dedication to Generating a Cleaner Future through tangible actions, focusing on the energy transition. This partnership also aims to develop an ecosystem leveraging the diverse expertise of both entities, aligning towards the common objective of fostering sustainable industrial growth while mitigating the impacts of climate change and elevating the whole industrial sector and the nation towards achieving the Net Zero goal collectively."