Sea Product Development Project

The Sea Product Development Project aims to enhance seafood processing process and capability for the stakeholders; raise the standards of processed seafood products to meet buyers' expectations; and establish a network of processed seafood producers and distributors in the 17 provinces. With the plan to establish seafood production and processing groups in 17 provinces around the Gulf of Thailand in 2026, PTTEP has established 11 groups in 11 provinces raise the members’ household revenue in 2030 by at least 10% from the base year in 2020.

The project is also designed to tackle community and environmental issues as well as lift the community quality of life. The improvement of seafood and processed seafood product quality is the priority, for competitiveness in domestic and international levels. Communities involved received supports in terms of knowledge, technology, capital fund and management techniques. The Knowledge Study approach is applied to help communities develop quality, safe and standard seafood and processed seafood. The value will be added with quality enhancement and packaging development. The project also focuses on the development of new products, establishing the distribution system, and ensuring proper management from points of production to product delivery to consumers. An identical consumption approach that blends local cultures will bring pride to communities. The project will create jobs and income and lift community quality of life. At least 10% of annual profits will be allocated for sustainable natural resource conservation in the areas.

PTTEP helped coastal communities set up seafood production and distribution groups, with the provision of necessary production tools and equipment. Their seafood and processed seafood products are being distributed on online channels (Facebook and Shopee).

PTTEP has carried out analysis on Social Return on Investment (SROI) of this project by measuring the social impact of the program with the financial quantification calculation (monetization). This method is intended to measure the value of the financial impact of the program that compares to the value of the impact to the cost of the program that has been invested into. It appears that the value of the SROI ratio is 3.92 : 1