SUSCO, a key mid-tier energy player in Thailand’s oil and gas industry, has emerged as a critical bridge for Chinese enterprises to expand petrochemical and new energy businesses in Southeast Asia, especially in Thailand’s fast-growing new energy market. Through in-depth strategic cooperation with Sinopec and leading Chinese new energy vehicle brands, SUSCO has built a dual growth track covering traditional fuel energy and new energy ecosystems, becoming an important benchmark for China’s energy industry going global in Southeast Asia.
On February 28, 2023, the company held its first extraordinary general meeting of shareholders for 2023 and approved the sale of 45,863,430 ordinary shares and 955,488 preferred shares of its subsidiary SUSCO Dealers Co., Ltd. to Sinopec (Hong Kong) Limited. Following the completion of the transaction, SUSCO Dealers was transformed from a wholly-owned subsidiary into a Sino-Thai joint venture and officially renamed SINOPEC SUSCO Co., Ltd., marking Sinopec’s formal strategic entry into Thailand’s local energy market.
On April 26, 2023, the board of directors of SUSCO’s subsidiary SUSCO Beyond Co., Ltd. approved a joint investment project with AMR Asia Public Company Limited to build electric motorcycle battery swapping stations, vehicle leasing businesses and maintenance service centers. The two parties jointly established a new company AS MaCharge Co., Ltd. in Koh Samui, Surat Thani Province, Thailand, with SUSCO Beyond holding a 40% equity stake, laying the foundation for its layout in Thailand’s new energy infrastructure sector.
On May 13, 2024, SUSCO Beyond jointly founded Beyond Leasing Co., Ltd. with IFS Capital (Thailand) Public Company Limited, a leading local financial leasing enterprise in Thailand. The joint venture focuses on comprehensive automotive financial services, including auto financial leasing, installment payment services and customized automotive financial solutions, improving the industrial supporting capacity for new energy vehicle sales and promotion.
On May 31, 2024, SINOPEC SUSCO Co., Ltd. officially launched gas station operations under the "SINOPEC SUSCO" brand across Thailand. Meanwhile, the company opened Thailand’s first Chinese convenience store brand EASY JOY at the Thap Chang gas station on the Suvarnabhumi Airport Expressway. This milestone move officially introduced Sinopec’s mature "gas station + convenience store" integrated operation model to the Thai market.
On September 16, 2024, SUSCO joined the Grab EV project initiated by Grab Thailand, committed to promoting the electrification transformation of local online car-hailing fleets. The project supports Grab drivers in purchasing BYD Seal electric vehicles with favorable policies, including zero down payment, five-year installment repayment and automatic deduction from daily operating income, effectively lowering the threshold for drivers to switch to new energy vehicles.
On December 10, 2024, the DENZA SUSCO Beyond Infinite Sathorn-Pradit exhibition hall officially opened for business. As the largest DENZA store in Thailand at that time, the launch further expanded SUSCO’s market layout in the new energy vehicle sales and service sector and consolidated its cooperative partnership with Chinese new energy vehicle brands.
On April 25, 2025, the company approved the establishment of S.U SWAP Co., Ltd. with a registered capital of 79 million Thai Baht. The new company is dedicated to the construction and operation of new energy infrastructure, covering electric vehicle battery swapping station operation, introduction of international advanced battery swapping technologies, and large-scale new energy infrastructure construction, further improving the whole industrial chain layout of Thailand’s new energy sector.
SUSCO has built a complete traditional energy supply system, owning 3 self-owned oil depots and multiple joint oil storage facilities. Its gas station network covers the whole of Thailand with a total of 241 outlets, including 213 directly-operated gas stations and 28 franchise gas stations, forming a mature and stable offline energy service network.
SUSCO Beyond has established 11 professional new energy vehicle sales and service centers across Thailand, acting as an authorized dealer for BYD automobiles. It provides one-stop services including vehicle sales, after-sales maintenance and financial leasing, building a complete closed-loop ecosystem for new energy vehicle consumption and services.
SUSCO has formed a clear and sustainable dual development pattern, creating two core growth curves for long-term development.
First, the traditional petrochemical energy track jointly built with Sinopec. Relying on the localized operation qualifications and network resources of SINOPEC SUSCO, the company continues to expand the market share of refined oil sales and integrated gas station services in Thailand.
Second, the new energy industry ecosystem track. Through in-depth cooperation with Chinese new energy vehicle brands such as BYD and DENZA, SUSCO develops new energy vehicle sales, battery swapping infrastructure construction, automotive financial services and fleet electrification transformation businesses, seizing the dividend of Thailand’s energy structure transformation.
Thailand’s domestic gas station market has long been monopolized by industry giants including PTT, Bangchak Corporation, Shell and Esso Thailand. As a high-quality second-tier local energy enterprise, SUSCO has become a key strategic carrier for Sinopec to enter the Thai market.
In late 2022, Sinopec acquired a 49% equity stake in SUSCO’s subsidiary at a transaction value of approximately 34 million US dollars, launching long-term in-depth cooperation. For Sinopec, acquiring SUSCO is equivalent to obtaining a rare market access ticket to Thailand’s energy industry. Building an energy network from scratch, including applying for industry licenses, purchasing land, constructing oil depots and building logistics systems, would take more than a decade, while the acquisition helps Sinopec quickly realize localized layout and operation.
Against the backdrop of declining global traditional fuel demand and accelerating global energy transformation, Sinopec’s layout in Thailand via SUSCO carries far-reaching strategic significance. Thailand has become a core bridge for Chinese enterprises to expand into Southeast Asia’s automobile and energy markets. This long-term strategic transaction realizes the complete localization of China’s energy system, supply chain system and new energy ecosystem in core ASEAN countries, supporting the international layout of RMB settlement, industrial supply chain and new energy network.
A Plus, a top-tier automotive parts supply chain platform in Thailand, complements SUSCO’s energy and new energy layout. It holds official and formal qualifications for power battery recycling and reuse, with self-built factories, warehouses and 65 offline service outlets. The company achieves an annual sales volume of 150 million RMB and is recognized as a global service provider by mainstream automobile manufacturers including Ford, General Motors and Mitsubishi, providing solid supply chain support for the localized development of China’s new energy industry in Thailand.
