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

Waranya Thepsaskul, Wongkot Wongsapai (), Jirakom Sirisrisakulchai (), Tassawan Jaitiang, Sopit Daroon, Varoon Raksakulkan, Phitsinee Muangjai, Chaichan Ritkrerkkrai, Pana Suttakul and Gengwit Wattakawigran
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Waranya Thepsaskul: Program in Energy Engineering, Department of Mechanical Engineering, Faculty of Engineering, Chiang Mai University, Chiang Mai 50200, Thailand
Wongkot Wongsapai: Faculty of Engineering, Chiang Mai University, Chiang Mai 50200, Thailand
Jirakom Sirisrisakulchai: Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand
Tassawan Jaitiang: Multidisciplinary Research Institute, Chiangmai University, Chiang Mai 50200, Thailand
Sopit Daroon: Program in Energy Engineering, Department of Mechanical Engineering, Faculty of Engineering, Chiang Mai University, Chiang Mai 50200, Thailand
Varoon Raksakulkan: Program in Energy Engineering, Department of Mechanical Engineering, Faculty of Engineering, Chiang Mai University, Chiang Mai 50200, Thailand
Phitsinee Muangjai: Faculty of Engineering, Chiang Mai University, Chiang Mai 50200, Thailand
Chaichan Ritkrerkkrai: Faculty of Engineering, Chiang Mai University, Chiang Mai 50200, Thailand
Pana Suttakul: Faculty of Engineering, Chiang Mai University, Chiang Mai 50200, Thailand
Gengwit Wattakawigran: Energy Technology for Environment Research Center, Chiang Mai University, Chiang Mai 50200, Thailand

Energies, 2023, vol. 16, issue 19, 1-16

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 the net zero approach. This research delves into the role of government support in expediting CCS adoption for the maximum potential of 9.79 MtCO 2 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 the 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 (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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