As Thailand reaches the halfway point towards its carbon neutrality target, heavy industries are under growing pressure to accelerate decarbonisation while remaining competitive amid geopolitical uncertainty, volatile energy markets and fluctuating exchange rates. Against this backdrop, Thaioil's Clean Fuel Project (CFP) has emerged as one of the country's most significant industrial investments, supported by an innovative financing strategy that has earned international recognition. Thaioil's Clean Fuel Project (CFP) has emerged as one of the country's most significant industrial investments, supported by an innovative financing strategy that has earned international recognition.
The company received the Energy Financing Deal of the Year Thailand 2026 award for its successful issuance of US$600 million in perpetual bond, while Wanida Boonpiraks, Chief Financial Officer, was named Corporate Finance CFO of the Year Thailand 2026 in recognition of her outstanding leadership in strategic financial management
Two prestigious awards recognising fundraising for CFP
Thaioil has won two honours at the Global Banking & Finance Awards 2026, recognising the successful execution of an innovative financing strategy.
The company received the Energy Financing Deal of the Year Thailand 2026 award for its successful issuance of $600 million in perpetual bond. Beyond the strong investor response, the transaction stood out for its sophisticated financing structure. By implementing a pre-hedging strategy, the company reduced its net financing cost to 3.875% per annum, demonstrating its ability to achieve cost-efficient funding.
Reflecting this achievement, Wanida Boonpiraks, Chief Financial Officer, was named Corporate Finance CFO of the Year Thailand 2026 in recognition of her leadership in strategic financial management and financial stewardship.
Innovative finance instrument
The pre-hedging strategy enabled the company to optimise its funding costs while mitigating foreign exchange and interest rate risk, demonstrating how treasury management can play a critical role in supporting large-scale funding. The transaction also broadened Thaioil's access to international capital markets while enhancing the predictability of financing costs throughout the project's development.
Representing an investment of more than 100 billion baht, the Clean Fuel Project is among Thailand's largest private-sector industrial developments. Once completed, it is expected to transform Thaioil's refinery into one of Southeast Asia's most advanced refining complexes, capable of producing higher-value, cleaner petroleum products while meeting increasingly stringent environmental standards. The project is also expected to improve energy efficiency, enhance product quality and strengthen the company's long-term competitiveness.
To finance the project, Thaioil successfully issued $600 million in perpetual bond, attracting strong demand from international investors despite heightened market volatility. The offering was oversubscribed by almost 11 times, reflecting robust investor confidence in the company's financial strength and long-term strategy.
The Global Banking & Finance Awards recognise organisations and executives worldwide for excellence in corporate leadership, financial management and innovative financing. For Thaioil, the awards underscore not only the success of a landmark fundraising exercise but also investor confidence in the company's long-term growth strategy as it advances one of Thailand's most important energy transition projects.
Video Youtube
