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Bangkok Aviation Fuel Services Public Company Limited

Bangkok Aviation Fuel Services Public Company Limited provides aviation fuel storage and aircraft refueling services at Bangkok International Airport in Thailand. It operates in three segments: Aviation, Utilities and Power, and Business Solution. The company offers into-plane, hydrant network, and fuel pipeline transportation services, and assembles and maintains hydrant dispensers. It also generates and distributes solar power, invests in renewable energy and environmental projects, provides management and technical services, and develops and sells digital products. Incorporated in 1981, it is headquartered in Bangkok, Thailand.

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BAFS confirms Rama 3 pipeline leak will not affect 2026 refuelling target of 5.4 billion litres

BAFS, or Bangkok Aviation Fuel Services Public Company Limited, has confirmed that the oil pipeline leak on Rama 3 Road will not affect its operating results, and it is maintaining its 2026 aviation refuelling volume target at approximately 5.4 billion litres, a slight increase from the previous year. Miss Pispong Chantranon, Manager of the Investor Relations Department, disclosed that refuelling volumes at Suvarnabhumi and Don Mueang airports remain close to 13 million litres per day, supported by seasonal factors after entering the second half of the year, which should help third-quarter 2026 operating results come in close to or slightly above the second quarter of 2026. Meanwhile, the pipeline oil transport business of BAFS Pipeline Transportation Company Limited, or BPT, a subsidiary, is maintaining its pipeline transport volume target for this year at approximately 1.36 billion litres. The location of the incident is one of the pipeline routes for which BPT grants rights in exchange for compensation to Bangkok Fuel Pipeline Transportation and Logistics Company Limited, or BFPL, effective from 1 January 2022. The leak point has now been found and is undergoing temporary repairs, with a return to service expected within one to two days. Permanent repairs will require the engineering team to assess the details again. Under the contract, the costs are primarily the responsibility of the lessee or sublessee. Any 50:50 sharing of liability between BAFS and BCP would arise only if it can be proven that the leak occurred before the pipeline transfer. The company is confident it occurred after the transfer and has not set aside any expense provision for this incident in the third quarter.
BAFS.BK · Supply · Neutral Pipeline leak on Rama 3 route occurred after transfer to BFPL, so BAFS expects no impact on operating results and set no provision, while maintaining its 2026 refuelling target.
Bangkok Fuel Pipeline Transportation and Logistics Co., Ltd. (BFPL) · Supply · Neutral As lessee/sublessee of the affected pipeline route, BFPL is primarily responsible for the leak repair costs under the contract, though the leak is expected to be fixed within one to two days.
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BFPL and BPT open up ground to further inspect oil leak beneath Rama III Bridge

BFPL, or Bangkok Fuel Pipeline Transportation and Logistics Co., Ltd., a company in the Bangchak Corporation group, and BPT, or BAFS Pipeline Transportation Co., Ltd., a subsidiary of Bangkok Aviation Fuel Services, have reported progress in their investigation into the case of oil contamination along Cheuapleung Road beneath the Rama III elevated bridge. On 16 September 2026, they opened up the ground for further inspection, as oil may have been seeping from the oil pipeline route in that area. Both companies have secured the area and are accelerating a detailed investigation to confirm the point of origin and the true cause. Once the cause is confirmed, they will expedite the preparation of a repair plan to submit to the Department of Energy Business and carry it out as quickly as possible, while managing oil transport through other channels so that deliveries can continue without interruption. Earlier, the inspection reported on 12 September 2026 found no abnormalities in the pipeline within the area examined, but because the source of the contamination still could not be identified, the inspection area was expanded to the surrounding vicinity, where slight traces of oil were found nearby. A connection to the incident cannot yet be concluded. After repairs, both companies will inspect conditions inside the pipeline system along its entire length of approximately 32 kilometres using Intelligent Pig equipment to ensure there are no other abnormalities. The oil pipeline system is an asset held under the operating licence of BPT, while BFPL has been granted the right to use and manage the pipeline system and has been the pipeline system operator since 1 January 2022. BPT and BFPL have arranged insurance policies covering both third-party liability and property damage and business interruption, and have also communicated with and provided assistance to members of the public, communities, and operators affected by this incident.
Bangkok Fuel Pipeline Transportation and Logistics Co., Ltd. (BFPL) · Regulation · Negative BFPL, the pipeline operator, opened ground to investigate the oil leak and must prepare a repair plan for the Department of Energy Business.
BAFS.BK · Regulation · Negative BPT's licensed pipeline is under investigation for an oil leak beneath Rama III Bridge, requiring repairs and submission of a plan to the Department of Energy Business.
BCP.BK · Regulation · Negative Bangchak group company BFPL, operator of the pipeline since 2022, faces an oil contamination investigation and repair plan submission to the Department of Energy Business.
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Oil leak detected at Rama 3 pipeline; BPT and BFPL rush repairs and plan pipeline replacement

Ms. Thitipat Chotdechachainun, Secretary to the Minister of Energy, disclosed that officials detected a spot where oil was seeping from an oil transport pipeline in the Rama 3 area, after excavation revealed an underground cavity and oil mixed in the old drainage system. The pipeline system's operating licence is held by BAFS Pipeline Transportation Co., Ltd., or BPT, while Bangkok Fuel Pipeline Transportation and Logistics Co., Ltd., or BFPL, part of the Bangchak group of companies, is the pipeline system operator. Both companies must take responsibility for all damage incurred and must act in accordance with the orders of the Department of Energy Business. The Department of Energy Business has set out a three-part action plan: expediting the search for and repair of the damaged points, with the pipeline owner required to submit maintenance and repair history records for inspection; conducting a Pigging Test along the entire pipeline route of approximately 32 kilometres, under which any leakage or abnormality found requires operations to stop immediately; and preparing a plan to replace the pipeline and adjust the route in areas where defects or flaws are found, especially where the pipeline runs beneath bridge piers or high-risk structures, in order to prevent the problem from recurring in the future.
Bangkok Fuel Pipeline Transportation and Logistics Co., Ltd. (BFPL) · Regulation · Negative As pipeline operator BFPL must take responsibility for all damage and carry out the ordered repairs, pigging test and pipeline replacement.
BAFS.BK · Regulation · Negative BPT, the pipeline licence holder, must cover all damage and follow the Department of Energy Business repair, pigging and pipeline-replacement orders after the Rama 3 oil leak.
BCP.BK · Regulation · Negative Its subsidiary BFPL, the pipeline operator, is held responsible for the Rama 3 leak and must comply with the Department of Energy Business action plan.
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BAFS halts pipeline oil deliveries after contamination found in Bangkok drainage canal

Bangkok Aviation Fuel Services Public Company Limited, or BAFS, said it immediately ordered a halt to oil deliveries through its pipeline for safety inspections after oil contamination was found in the drainage system along Chuea Phet Road and beneath the elevated section of Rama III Road at the boundary between Khlong Toei and Yan Nawa districts. BAFS Pipeline Transportation Company Limited, or BPT, which operates the oil transport pipeline system, said it is ready to cooperate with both government and private sector agencies to analyze the cause and expedite concrete solutions, with priority given to the safety of the community and the environment. It confirmed that oil transport management for Don Mueang and Suvarnabhumi airports and the northern region is still operating normally. If the investigation finds that any cause or damage falls within the company's scope of responsibility, the company is ready to accept responsibility for the damage under its insurance policy. BPT owns the oil transport pipeline system running from the Bangchak refinery to the Chong Nonsi oil depot and onward to the Don Mueang aviation fuel depot, the Suvarnabhumi aviation fuel depot, and the ground-level depot at the Bang Pa-in oil depot. The site of the incident is one section of that pipeline route. BPT has granted, for compensation, the rights to use and manage the assets of this oil pipeline system to Bangkok Fuel Pipeline Transportation and Logistics Company Limited, or BFPL, since January 1, 2022. BPT currently provides multi-products pipeline transport services covering only the northern part of the country, receiving oil from the Bang Pa-in oil depot for onward delivery to the Phichit oil depot and the Nakhon Lampang oil depot.
BAFS.BK · Regulation · Negative BAFS halted pipeline oil deliveries after contamination was found in a Bangkok drainage canal, triggering safety inspections and potential liability.
Bangkok Fuel Pipeline Transportation and Logistics Co., Ltd. (BFPL) · Regulation · Negative BFPL holds the rights to use and manage the affected pipeline system where the contamination incident occurred, exposing it to investigation and potential responsibility.
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BAFS notifies stock exchange of oil leak under Rama III Bridge, orders immediate pipeline shutdown

BAFS, or Bangkok Aviation Fuel Services Public Company Limited, has notified the Stock Exchange of Thailand that an oil leak was detected in the Fuel Road area beneath the Rama III elevated road on the evening of September 8, 2026, and that it immediately ordered a halt to oil transport through the pipeline system in that area, while accelerating an investigation to locate the leak point and contain the incident. The pipeline system belongs to BAFS Pipeline Transportation Company Limited, or BPT, a subsidiary of BAFS, and links oil transport from the Bangchak refinery and the Chong Nonsi oil depot to the Don Mueang and Suvarnabhumi aviation fuel depots and the Bang Pa-in oil depot. Currently, BPT and Bangkok Fuel Pipeline Transportation and Logistics Company Limited, or BFPL, which has held the right to use and manage the pipeline system since January 1, 2022, are urgently investigating and searching for the leak point. Initially, no severe impact has been found on the public, surrounding communities, or the environment. BAFS stated that pipeline oil transport operators can still manage oil transport as normal, so there has been no impact on aviation fuel transport to Don Mueang and Suvarnabhumi airports, or on ground oil transport to the northern region. Damage from the incident remains covered by insurance policies, and the company will monitor the situation closely and further notify the Stock Exchange of Thailand if there are developments that could have a material impact.
BAFS.BK · Supply · Negative Oil leak beneath Rama III Bridge forced BAFS subsidiary BPT to shut down its pipeline transport system, disrupting its core fuel transport operations.
Bangkok Fuel Pipeline Transportation and Logistics Co., Ltd. (BFPL) · Supply · Negative BFPL, which holds the right to use and manage the pipeline system, is investigating the leak that halted oil transport through the affected pipeline.
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BAFS Prepares for Q4 High Season After Recovery from Middle East Crisis

Bangkok Aviation Fuel Services Public Company Limited, or BAFS, expects its third-quarter 2026 performance to recover due to increased traffic at Suvarnabhumi Airport following the easing of the Middle East crisis. Meanwhile, the fourth quarter will be supported by China's National Day holiday and government tourism stimulus measures, driving strong EBITDA growth. The company has extended its Into-Plane Services contract with Airports of Thailand for three years and six months to reduce uncertainty, and is expanding its clean energy portfolio with a total installed capacity of 52 megawatts. It also plans to commence commercial operation of additional solar rooftop projects, as well as the Surat Thani community waste-to-energy plant, in which it holds a 30% stake, with COD expected by the end of this year, bringing total capacity to 56 megawatts.
BAFS.BK · Demand · Positive Q3 recovery on higher Suvarnabhumi traffic and Q4 support from China's National Day holiday and tourism stimulus drive fuel demand.
BAFS.BK · Capital · Positive BAFS extended its Into-Plane Services contract with AOT for 3.5 years and is expanding clean energy capacity to 56 MW with new COD projects.
AOT.BK · Demand · Positive BAFS cites increased traffic at Suvarnabhumi Airport and extended its Into-Plane Services contract with Airports of Thailand, boosting AOT-related activity.
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BAFS Advances JUMP+ Strategy, Targets 4.3 Billion Baht Revenue by 2028

BAFS reported its Q2 2026 operating results with total revenue of 839 million baht and net profit of 61 million baht, up 9% from the same period last year. For the first six months, net profit was 212 million baht, up 7%. The company is advancing its JUMP+ strategy, aiming to increase total revenue to 4.3 billion baht by 2028, up from 3.669 billion baht in 2026. The Northern Oil Pipeline Phase 3 project, or "Link Line," is 93% complete and is expected to start operations by the end of 2026, adding 800 million liters of oil transport capacity and boosting market share to 62% by 2027. Meanwhile, the clean energy business has a total installed capacity of 55 megawatts, and the Surat Thani waste-to-energy plant project is 81% complete, with commercial operations expected in December 2026. Additionally, AOT has granted BAFS a temporary extension to operate refueling services at Suvarnabhumi Airport for up to 3 years and 6 months. The company also announced an interim dividend of 0.13 baht per share, an increase of 18%.
BAFS.BK · Capital · Positive BAFS reported higher net profit, increased dividend, and progress on JUMP+ strategy and pipeline projects.
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19 Energy Stocks Post Q2 Profit Growth, BGRIM-WHAUP Benefit from PDP2026

A review of Q2 2026 earnings reports for 19 listed companies in Thailand's energy and utilities sector shows that all companies posted net profit growth compared to the same period last year. Notably, BGRIM, EASTW, WHAUP, and SUSCO saw profits surge by several hundred to several thousand percent. Meanwhile, PTT and PTTEP reported net profits of 52,524.59 million baht and 27,197.17 million baht, respectively, up 143.93% and 101.23%. Key drivers include higher electricity and water sales volumes, lower financial costs, and improved energy prices. Looking ahead, power plant operators continue to benefit from the new Power Development Plan (PDP2026), the introduction of direct power purchase agreements (Direct PPA), and rising electricity demand from AI and data center businesses. Investors should monitor gas costs, oil prices, and progress on government policies. Bangkok Aviation Fuel Services (BAFS) reported a net profit of 60.50 million baht, up 8.02%.
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Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Demand
BGRIM.BK · Demand · Positive Profits surged several hundred percent due to higher sales volumes and PDP2026 benefits.
SUSCO.BK · Demand · Positive Q2 net profit surged several hundred to several thousand percent due to higher sales volumes and improved energy prices.
WHAUP.BK · Demand · Positive Q2 net profit surged several hundred to several thousand percent due to higher sales volumes and improved energy prices.
EASTW.BK · Demand · Positive Higher water sales volumes and lower financial costs boost profits.
PTT.BK · Demand · Positive Net profit up 143.93% on higher sales volumes and improved energy prices.
PTTEP.BK · Demand · Positive Net profit up 101.23% on higher sales volumes and improved energy prices.
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BAFS second-quarter profit rises 8%, interim dividend of 0.13 baht

Bangkok Aviation Fuel Services, or BAFS, reported second-quarter net profit of 60.5 million baht, up 8% from the same period last year, even as jet fuel prices surged because of Middle East conflict, pressuring costs. Total revenue was 839.5 million baht, down 4% from a year earlier and down 13% from the previous quarter. First-half net profit was 212.3 million baht, up 7%. The board approved an interim dividend of 0.13 baht per share, with a record date of 28 August and payment on 10 September 2026. The company was also notified by Airports of Thailand to continue operating the aircraft fuel services system at Suvarnabhumi under the existing contract and conditions until the selection of a new operator is completed.
BAFS.BK · Capital · Positive Second-quarter net profit rose 8% and interim dividend approved.
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BAFS approves extension of into-plane services contract with AOT for up to 3 years and 6 months

Bangkok Aviation Fuel Services, or BAFS, informed the Stock Exchange of Thailand that its board of directors, at meeting number 3 of 2026 held on 13 August 2026, approved the company's continued temporary operation of the into-plane services project at Suvarnabhumi Airport, in line with the management approach of Airports of Thailand, or AOT, for a period not exceeding 3 years and 6 months, under the original conditions set out in the into-plane services contract. The original contract had a term of 20 years and will expire on 27 September 2026.
BAFS.BK · Demand · Positive BAFS secures continued operation of into-plane services at Suvarnabhumi Airport for up to 3.5 years, ensuring ongoing revenue.
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BAFS expects second-half recovery, buoyed by high season and Thai Tour Thai Plus scheme

BAFS disclosed that although the second quarter of 2026 was a low season and affected by the Middle East conflict, operating results still beat expectations thanks to cost reductions and maintaining refuelling volumes close to the previous year. For the second half, which is the high season, if oil prices are not too high, the company believes travel will be robust, with the Thai Tour Thai Plus measures providing significant support. As a result, for full-year 2026, the company has raised its refuelling volume target to growth of about 1 to 2 percent from the previous year's 5.372 billion litres. Meanwhile, the third-phase northern oil pipeline project is more than 90 percent complete and is expected to begin commercial operations within the fourth quarter of 2026, with revenue recognition starting in the first quarter of 2027. This will be a key driver for the group to achieve a leap in growth next year.
BAFS.BK · Demand · Positive Raises refuelling volume target for 2026 due to expected high-season travel and Thai Tour Thai Plus scheme support.
BAFS.BK · Capital · Positive Third-phase northern oil pipeline project over 90% complete, expected to start commercial operations in Q4 2026, driving future revenue growth.
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BAFS expects jet fuel refueling volume in 2026 to reach 5.0–5.3 billion litres, buoyed by tourism recovery

BAFS has unveiled its 2026 plan, projecting full-year jet fuel refueling volume at 5.0 to 5.3 billion litres, up from the previous year, supported by a tourism rebound and international events in the second half. Miss Pispong Jantranont, Investor Relations Manager, said that in the first six months of 2026, refueling volume will grow around 1 to 2 percent from the same period a year earlier. Although the second quarter will be affected by geopolitical factors, the current situation is steadily improving. At present, international flights account for about 60 percent of refueling volume and domestic flights 40 percent. Meanwhile, the northern oil pipeline project is expected to be completed by the end of 2026 and enter full commercial service in early 2027, boosting oil transport capacity by an additional 700 million to 1 billion litres from the original target of 1.35 billion litres. In addition, BAFS is pressing ahead with producing electric-powered aircraft refueling vehicles, with plans to deliver seven units to external customers in 2026, generating revenue of around 80 million baht. The company expects total revenue in 2026 to grow by approximately 3 to 4 percent.
BAFS.BK · Demand · Positive BAFS expects jet fuel refueling volume to increase to 5.0-5.3 billion litres in 2026, driven by tourism recovery and international events.
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