To live up to the corporate vision and mission, IRPC has devised a strategic framework and business direction with an emphasis on Core Uplift, based on expertise in its existing businesses within the current value chain and while being on the lookout for Step Out & Beyond Businesses. All this with the aim to drive growth under the new vision and mission to transform IRPC into an innovative company that provides Sustainable Material and Energy Solutions. Our approach to growth is focused on developing innovation and creativity to meet the needs of customers and partners through material and energy innovations as follows: • Material Solutions, such as Advanced Materials, Medical, Health & Life Sciences, and the Circular Economy. • Energy Solutions, such as Future Energy and Energy Storage Systems. IRPC’s investment guidelines for future growth focus on collaboration with partners, customers, and business allies, both domestic and international, through JV, M&A, New S-curve, Start Up, as well as management guided by good governance, taking into account the environment, community, society, and expectations of all stakeholders. IRPC’s Strategic Framework Vision: To Shape Material and Energy Solutions in Harmony with Life Frontiers of Growth: 5 Future Businesses: Climate Change (Net Zero) Process & Digitalization Circular Economy Financial & Funding Creating Shared Value Organization Transformation Strategic Enabler: Sustainability: Core: Extract more from existing assets Step up & beyond: Expand through vertical integration and new value chain Health & Life Science Advanced Materials Assets & Services To drive strategies in alignment with IRPC’s vision, the following multi-pronged approach must be adopted and implemented: 1) Core Uplift Focus on increasing the efficiency of the production process to bolster the current core businesses, petroleum and petrochemical, thus improving their competitiveness in the market currently beset by price volatility. This may serve as a revenue engine enabling the company to invest in new businesses. Each business group is expected to take a different approach to achieve its goals as follows: - Maximize benefit from refinery business Focus on managing the petroleum business with greater flexibility and maintaining competitiveness to maximize profits while the market is on an upswing as long as the overall business remains viable. Step up preparedness along with the operational plan to respond to and cope with current fluctuations in demand and eventual decrease in demand for fossil fuels in the foreseeable future. - Balance petrochemical business Focus on administrative and cost management of the petrochemical business group which is currently in a downward trend both in terms of prices and demand. Work in collaboration with experts to identify new markets, invent and develop specialty grade petrochemical products to offset the price volatility of commodity grade products. Green & Circular Future Energy 90 Structure and Business Operations of IRPC IRPC Public Company Limited
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