SCG Chemicals, the petrochemical arm of industrial conglomerate Siam Cement Group (SCG), has again set aside a budget for corporate social responsibility (CSR), aimed at winning over local communities and leading to more sustainable revenue growth.
President Cholanat Yanaranop said the company is committed to spending 60 million baht on CSR projects this year in Thailand and other Asean countries where the company has invested.
The budget is relatively small compared with the group's total annual sales revenue of 188 billion baht. However, Mr Cholanat said the CSR budget is on a rising trend.
"The company has been spending consistently on CSR projects every year for the past three decades, both in Thailand and overseas," he said.
Mr Cholanat said the move was part of the company's philosophy to focus on people and society in order to create brand acceptance through CSR projects.
This year, the company has launched the Fish Habitat & Beautiful Beach Project in Thailand, which aims to inspire people to use recycled materials to create new habitats for marine life.
For neighbouring countries such as Vietnam and Indonesia, SCG Chemical focuses on projects to support local people, he said.
In the past, SCG donated sustainable shelters to Vietnam, suitable for climate change and disasters, which was a joint undertaking between SCG and Habitat for Humanity Vietnam.
In Vietnam, SCG Chemical invested in a refinery petrochemical complex worth US$4.5 billion (148 billion baht). SCG holds 71% of the project and Petro Vietnam holds 29%.
In Indonesia, SCG Group and PT Chandra Asri Petrochemical Tbk have been partners in petrochemicals since 2011.
SCG Chemicals has entered into separate share purchase agreements to acquire a 30.57% stake in Chandra Asri Petrochemical Tbk.
The firm is the largest vertically integrated petrochemical company in Indonesia, with facilities located in Ciwandan, Cilegon and Puloampel, Serang in Banten province.