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Bangchak to expand investments in renewable energy

Bangchak Petroleum Plc is expanding investments in renewable energy, with 20 billion baht (US$668.56 million) planned over the next five years to lift income from the segment, the Bangkok Post reports. Anusorn Sangnimnuan, president of the majority state-owned refiner said the investments could lift earnings before interest, tax, depreciation and amortization (EBITDA) to 10 billion baht (US$334.28 million) from the current 5.5 billion baht (US$183.85 million) a year. The contribution of revenue from renewable energy would reach 30% from zero at present, while revenue from oil refining would be reduced to 50%, from 70%, and oil retailing to 20%, from 30%. (October 13, 2010)