The objective of this research was to investigate the influence of globalization on the privatization of the Bangchak Petroleum, Plc. The study focused on three main areas: (1) the influence of globalization and politics on policy making, (2) changing policies and (3) behaviors in policy processes. This study was a descriptive and interpretive research, and relevant data were gathered through the documentary research and interviews of key persons. The results of the research revealed that (1) the privatization of Bangchak encountered three policy constraints, namely, the actual IMF policy prescriptions for Thailand, especially towards the privatization of Bangchak in mid 1998, the localism movement initiated by Bangchak since 1994 and the structural problems of Bangchak in terms of debt, technology, performance and location. (2) There was considerable political involvement in the privatization of Bangchak. A high degree of conflict was found over the privatization goals and objectives because Bangchak opposed the governmentʼs plan to sell company stock to foreigners. Still, this resulted in little impact. Meanwhile, implementation of the privatization policy of Bangchak resulted in business loss, decreased value of stock prices, incoherence, and loss in reputation.