Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Potential Business Models of Carbon Capture and Storage (CCS) for Oil Refining Industry in Thailand

Waranya Thepsaskul
ORCID logo ,
Wongkot Wongsapai
* ORCID logo ,
Jirakom Sirisrisakulchai
,
Tassawan Jaitiang
,
Sopit Daroon
,
Varoon Raksakulkan
,
Phitsinee Muangjai
,
Chaichan Ritkrerkkrai
* ,
Pana Suttakul
,
Gengwit Wattakawigran
Version 1 : Received: 9 September 2023 / Approved: 12 September 2023 / Online: 12 September 2023 (08:52:02 CEST)

A peer-reviewed article of this Preprint also exists.

Thepsaskul, W.; Wongsapai, W.; Sirisrisakulchai, J.; Jaitiang, T.; Daroon, S.; Raksakulkan, V.; Muangjai, P.; Ritkrerkkrai, C.; Suttakul, P.; Wattakawigran, G. Potential Business Models of Carbon Capture and Storage (CCS) for the Oil Refining Industry in Thailand. Energies 2023, 16, 6955. Thepsaskul, W.; Wongsapai, W.; Sirisrisakulchai, J.; Jaitiang, T.; Daroon, S.; Raksakulkan, V.; Muangjai, P.; Ritkrerkkrai, C.; Suttakul, P.; Wattakawigran, G. Potential Business Models of Carbon Capture and Storage (CCS) for the Oil Refining Industry in Thailand. Energies 2023, 16, 6955.

Abstract

The escalating concerns over climate change have propelled industries worldwide to seek innovative strategies for mitigating greenhouse gas emissions. Within the energy sector, Carbon Capture and Storage (CCS) technology emerges as a promising solution to curtail emissions and foster sustainable development aims for net zero approach. The research delves into the role of government support in expediting CCS adoption for the maximum potential of 9.79 MtCO2 storage from six major refinery plants. The refineries mentioned above are anticipated to necessitate an initial capital investment of approximately 18,307 million THB. This research focuses on potential business model proposals appropriate for a country's context, specifically applying CCS technology to Thai oil refining sector. To achieve the realization of CCS within the context of this study, a combination of three essential measures will be required: tax incentives, carbon credits, and grants. This process will commence with the implementation of tax incentives, followed by an increase in the carbon price within the country. Finally, the establishment of a dedicated fund, funded through deductions from oil excise tax revenue, will play a pivotal role in facilitating the necessary financial support for the emergence of CCS.

Keywords

carbon capture and storage; carbon neutrality; oil refining industry: Thailand; Climate action

Subject

Engineering, Energy and Fuel Technology

Copyright: This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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