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

Author

Listed:
  • 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
    Multidisciplinary Research Institute, Chiangmai 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
    Office of Research Administration, Chiang Mai University, Chiang Mai 50200, Thailand)

  • Chaichan Ritkrerkkrai

    (Faculty of Engineering, Chiang Mai University, Chiang Mai 50200, Thailand
    Office of Research Administration, 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)

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.

Suggested Citation

  • Waranya Thepsaskul & Wongkot Wongsapai & Jirakom Sirisrisakulchai & Tassawan Jaitiang & Sopit Daroon & Varoon Raksakulkan & Phitsinee Muangjai & Chaichan Ritkrerkkrai & Pana Suttakul & Gengwit Wattaka, 2023. "Potential Business Models of Carbon Capture and Storage (CCS) for the Oil Refining Industry in Thailand," Energies, MDPI, vol. 16(19), pages 1-16, October.
    • Handle: RePEc:gam:jeners:v:16:y:2023:i:19:p:6955-:d:1253917
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    References listed on IDEAS

    as
    1. Liang Jing & Hassan M. El-Houjeiri & Jean-Christophe Monfort & Adam R. Brandt & Mohammad S. Masnadi & Deborah Gordon & Joule A. Bergerson, 2020. "Carbon intensity of global crude oil refining and mitigation potential," Nature Climate Change, Nature, vol. 10(6), pages 526-532, June.
    2. Ahlström, Johan M. & Walter, Viktor & Göransson, Lisa & Papadokonstantakis, Stavros, 2022. "The role of biomass gasification in the future flexible power system – BECCS or CCU?," Renewable Energy, Elsevier, vol. 190(C), pages 596-605.
    3. Gerbelová, Hana & Versteeg, Peter & Ioakimidis, Christos S. & Ferrão, Paulo, 2013. "The effect of retrofitting Portuguese fossil fuel power plants with CCS," Applied Energy, Elsevier, vol. 101(C), pages 280-287.
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