24 May 2024
Unveiling Strengths, Bolstering Potential - To Forge a New Legend of Energy Leadership
By becoming the major shareholder of Bangchak Sriracha Public Company Limited (BSRC), Bangchak Corporation opened pathways and opportunities to create synergy and enhance the potential and business growth of both organizations. Leading this change is Ratrimani Pasiphol, “Chief Transformation & Synergy Realization Officer,” who was handed the pivotal responsibility of uniting the two organizations as one family, both working towards a shared goal.
Before delving into the mission, Ratrimani drew a poignant analogy, likening business integration or synergy to two strangers living apart and having different upbringings but thereafter becoming the same family. The question is, how can we make this a happy family and generate the most prosperity? Therein lies the challenge of genuinely understanding one another professionally and personally. This requires an open mind, active listening, two-way communication, and effective collaboration.
When Ratrimani joined the “Bangchak Family” earlier this year, she began by familiarizing herself with the organization and building relationships with the members of the Bangchak family. She discovered similarities and differences in the members of BSRC, such as work principles, processes, and methodologies. However, what gave Ratrimani confidence in this mission was the realization that "everyone shares the same objectives." Therefore, "our responsibility is to manage by leveraging the strengths and positive attributes of both organizations, fostering maximum benefits, achieving our set goals, and, most importantly, working together happily."
Another challenge is blending corporate cultures, which Ratrimani believes that the core values of the two organizations are inherently aligned. BSRC operates under structured systems, procedures, and a clear organizational structure, which she sees as strengths. Being part of Bangchak Group, which excels in innovation and adaptability to change, presents an opportunity to merge the strengths of both entities, share best practices, and explore new ventures together.
Ratrimani further explained how, upon starting her role, she was highly impressed by the team’s enthusiasm, beginning with the collaborative “Design Thinking” workshop that explored opportunities and solutions. The teams worked together, brainstormed, analysed, and exchanged opinions, leading to new ideas that can be adapted for business and create fruitful synergy. “Personally, I like working as a team, and I try to unleash each team member’s potential. I approach things as a journey that takes time; after all, change does not happen in two or three months. The important thing is to create an environment where unfamiliar people can start a conversation and achieve constant communication, emphasizing active individual participation to foster a sense of collective pride. We are merely facilitators. First-line people will recognize opportunities for synergy. We must aim to extract excellent ideas in various forms to ensure the best possible collaboration.”
When asked if she felt pressured, Ratrimani replied with a smile,
“I enjoyed it. Previously, I had never imagined that our assets could achieve such great things, but now we can explore every detail, from small to big issues, to merge our strengths and build upon them. It is exhilarating to be able to tap into our latent capacity. This was clearly evident in the Bangchak Sriracha Refinery, which recorded a significant increase in refining capacity, and joint logistics have increased efficiency. These are examples of synergy that can serve as motivation for everyone.”
In regard to the “Transformation and Synergy Realization Office,” also known as TO, a new division in Bangchak Corporation, Ratrimani emphasizes the importance of communication to ensure that everyone is aware of and understands their function. She recounted, “Everyone in our organization now knows TO. The next step is to ensure that everyone understands that synergy is a critical aspect that requires their active participation to achieve our goals together … Everything must be systematically planned and supported by a well-established infrastructure. But, if we pursue it independently, we will go in separate directions. So, how do we ensure everyone is aligned, working towards mutual benefits, not just the goals … but also understand why we have set them?”
Ratrimani concluded that this new family exudes warmth and provides activities, initiatives, and care for all stakeholders, including shareholders, customers, partners, employees, communities, and society. She believes these elements will contribute to even stronger synergy.
“To achieve Synergy is like the force that makes 1+1 greater than 2. We target 3…4...5… to support the sustainable growth and success of Bangchak Corporation.”
Driving Transformation and Synergy to merge two organizations to craft a bold new chapter of energy leadership for Bangchak.
Synergy Recognition
Bangchak Group began recognizing Synergy from the performance results in the first quarter of 2024, amounting to approximately THB 1,500 million. It aims to achieve EBITDA Synergy (before tax) of not less than THB 2,500 million in 2024 and not less than THB 3,000 million per year in the following years.
