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Published April 2026Insight Research9 min read2026 Edition9 sources, 5 primary-gradeStandard source depth

Thai SAF (Sustainable Aviation Fuel): BCP, PTT, and the Jet-Fuel Cycle

Bangchak (BCP) commissioned a Thai SAF plant in 2025 (~1M litre/day) from UCO and palm-oil feedstock. PTT, Thai Oil, IRPC are positioning for capacity. ICAO CORSIA mandates progressive SAF blending; EU ReFuelEU Aviation requires a 2% SAF blend from 2025. Thai airlines (Thai Airways, Bangkok Airways, AAV) are SAF buyers.

Key takeaways

  1. 1

    Bangchak (BCP) commissioned Thai SAF plant 2025 (~ litre/day capacity) from UCO and palm-oil feedstock.

  2. 2

    PTT Group (Thai Oil, IRPC) positioning for SAF capacity build-out.

  3. 3

    ICAO CORSIA mandates progressive SAF blending for international aviation.

  4. 4

    EU ReFuelEU Aviation requires SAF blend from 2025; rising thereafter.

  5. 5

    Thai airlines (Thai Airways, Bangkok Airways, AAV) are SAF buyers.

  6. 6

    Thailand has structurally large palm-oil and UCO supply.

Questions this report answers

What's the BCP SAF picture? Per BCP SAF plant launch and investor strategy: Bangchak commissioned a Thai SAF plant in 2025 with approximately litre/day capacity. Feedstock includes used cooking oil (UCO) and palm-oil. BCP is the structural Thai SAF leader and first-mover.[, ]

What's the regulatory driver? Per SAF and CORSIA, ICAO CORSIA framework, and EU ReFuelEU Aviation: CORSIA mandates progressive SAF blending for international aviation. EU ReFuelEU Aviation requires SAF blend from 2025 rising thereafter. These regulatory frameworks are the structural demand driver.[, ]

What's the PTT-group positioning? PTT Group subsidiaries Thai Oil (TOP) and IRPC are positioning for SAF capacity build-out beyond BCP's first-mover plant. PTT-group SAF announcements and capacity-utilisation cadence are 2026-2028 watch-items.[]

What's the feedstock picture? Thailand has structurally large palm-oil supply (regional Indonesia and Malaysia integration) and significant Thai foodservice UCO. MoE Thai bio-jet target sets policy frame. Feedstock economics drive SAF unit cost.[]

BCP, ICAO, EU, MoE
Data as of: 2025-2030 horizon

Executive summary

Bangchak (BCP) commissioned a Thai SAF plant in 2025 with ~ litre/day capacity from UCO and palm-oil feedstock. BCP is the structural Thai SAF leader and first-mover.[]

ICAO CORSIA and EU ReFuelEU Aviation are the structural regulatory demand drivers. PTT Group (Thai Oil, IRPC) positioning for capacity expansion. Thai airlines are SAF buyers and CORSIA-compliance candidates.[, ]

For institutional investors: watch BCP SAF capacity utilisation, PTT-group SAF announcements, palm-oil feedstock economics, and CORSIA enforcement cadence as 2026-2030 leading indicators. Structural risk: feedstock-cost spikes, regulatory delay, or aviation-demand softness.[]

BCP, ICAO, EU, PTT-group references
Data as of: 2025-2030 horizon

Thai SAF supply structure

BCP SAF plant

Value

~1M litre/day (commissioned 2025)

Notes

UCO and palm-oil feedstock.

PTT Group positioning

Value

Capacity build planned

Notes

Thai Oil, IRPC SAF candidates.

EU ReFuelEU Aviation

Value

2% SAF blend from 2025

Notes

Rising thereafter.

ICAO CORSIA

Value

Progressive blending mandate

Notes

International-aviation framework.

Feedstock supply

Value

Palm-oil, UCO

Notes

Thailand structurally large supply.

BCP, ICAO, EU, PTT-group references
Data as of: 2025-2030

Analyst framing

Why this report matters

Thai SAF = BCP first-mover (~1M litre/day plant 2025), PTT-group capacity build. CORSIA, EU ReFuelEU Aviation are structural demand drivers. Thai airlines (Thai Airways, Bangkok Airways, AAV) are SAF buyers. Palm-oil and UCO feedstock supply.

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Feedstock-cost sensitivity, BCP capacity-utilisation modelling, PTT-group capacity-build scenarios, CORSIA enforcement timing, recommended actions for refiners, airlines, and energy investors.
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