In the petrochemical group and Beyond Businesses, focus on driving the Existing Stream, namely the petrochemical business, infrastructure, and utilities, toward New Stream, such as Health and Life Sciences and Advanced Materials by stepping into the Ecosystem or extending beyond the company’s existing businesses into Downstream businesses. 2) Step Up & Beyond Business Focus on long-term investment extending from the current business chain where the company has expertise as well as identifying opportunities to invest in new businesses through collaboration with partners, customers, and business allies, both domestic and international through JV, M&A, New S-curve and Start Up, targeting 5 business groups that are part of the Megatrends, namely Health and Life Sciences, Advanced Material, Green. & Circular Business, Future Energy and Assets & Services. 3) Sustainability Sustainability operations guidelines consist of 3 goals: STS 2024: Growth via new business 5 Future Businesses: Existing Business Health & Life Science Refinery Lube Base Petrochemical Advanced Materials Green & Circular Future Energy Assets & Services Key Strategic Projects IRPC implements three strategic approaches: Core Uplift based on existing internal strength and expertise to expand into the value chain of Step Up & Beyond Business to drive the company’s growth guided by the new vision and mission to transform IRPC into an innovative and sustainable company that offers Material and Energy Solutions. Key strategic projects are as follows: - Climate Change IRPC aims to reduce greenhouse gas (GHG) emissions by 20 percent in 2030 from the 2018 baseline year, and achieve carbon-neutral status by 2050 and Net Zero emissions by 2060. - Circular Economy IRPC focuses on creating Eco-Solutions by converting and managing industrial waste material into value-added products. - Creating Shared Value IRPC aims to increase the True Value that will be delivered to stakeholders. 4) Enablers The company has identified key determining factors to drive the strategy to achieve results as follows: 1. Budget planning to be in a good financial position to invest in new businesses. 2. Using digital technology to manage and increase work process efficiency, including safety. 3. Implementing modification of the workforce and developing human resource to support growth. 1. St rengthen project by us ing the Recovery Transformation Service (RTS) investment project management system to improve work processes, focusing on cross functional systems and project tracking tools, including ef fect ive personnel management structure leading to an increase in investment project results (ROIC), thereby reducing opportunity loss, improving the efficiency of inventory management and tax management through projects eligible for investment promotion incentives and privileges. The company has consistently set a new target every year to strengthen our main businesses. 91 Structure and Business Operations of IRPC 56-1 ONE REPORT 2023
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