UPDATE 1-Thai Bangchak sees lower 2010 EBITDA, sets investment

* Expects lower 2010 EBITDA than this year's 8 bln baht

* To invest up to $226 million over the next 2 years

* On track to post record year in 2009 (Adds details, share prices)

BANGKOK, Nov 12 (Reuters) - Thai oil refiner Bangchak Petroleum BCP.BK forecast lower 2010 earnings on Thursday and said it would spend 6.0-7.5 billion baht ($180-226 million) over the next two years to boost efficiency and invest in ethanol.

A drop in refining margins expected in 2010 would push earnings before interest, tax, depreciation and amortisation (EBITDA) below the roughly 8 billion baht targeted this year, President Anusorn Sangnimnuan told reporters.

"The reason we expect lower EBITDA is largely because we see refining margins falling to $4-5 a barrel," Anusorn said.

Its EBITDA for the first nine months of 2009 stood at 6.6 billion baht, and its refining margin, excluding the impact from oil inventories, was above $8 a barrel, compared with the industry's $4-5 a barrel, Anusorn said.

BCP is majority-owned by the Thai Finance Ministry and state-controlled energy giant PTT PTT.BK.

Anusorn said Bangchak was on track for record profits this year, fuelled by high gross refining margins from output at a new unit and oil hedging. [ID:nBKK470038]