 | |
Native name | บริษัท ปตท. จำกัด (มหาชน) |
|---|---|
| Company type | Public |
| SET: PTT | |
| Industry | Oil and gas industry |
| Founded | 29 December 1978; 46 years ago (1978-12-29) (as Petroleum Authority of Thailand) |
| Headquarters | 555 Vibhavadi Rangsit Rd,Chatuchak,Bangkok, Thailand |
Key people | Chatchai Phromlert (Chairman & Independent Director)[1] Kongkrapan Intarajang (President &CEO)[2] |
| Products |
|
| Revenue |  US$ 90.4 billion (2023)[3] |
 US$ 3.2 billion (2023)[3] | |
| Total assets | US$ 100.7 billion (2023)[3] |
| Owner | Ministry of Finance (51.1%)[4] |
Number of employees |
|
| Parent | Ministry of Energy |
| Subsidiaries | |
| Website | www |
PTT Public Company Limited (Thai:บริษัท ปตท. จำกัด (มหาชน)) is a Thaistate-ownedSET-listedpetroleum andnatural gas company. Formerly known as thePetroleum Authority of Thailand, it owns extensive submarine gaspipelines in theGulf of Thailand, a network ofLPG terminals throughout the kingdom, and it is involved inelectricity generation,petrochemical products,oil and gas exploration and production, andgasoline retailing businesses.[5] The company also ownsCafé Amazon, a popular coffee chain throughoutSoutheast Asia, which shops are often located next to PTT gas stations or inside malls.
Affiliated companies includePTT Exploration and Production,PTT Global Chemical, PTT Asia Pacific Mining,[6] andPTT Green Energy.
On 15 December 2022, the world's largest institutional investor theNorwegian Government Pension Fund Global divested from PTT and its subsidiary PTT Oil and Retail Business PCL (PTTOR) due to "unacceptable risk that the companies contribute to serious violations of individuals’ rights in situations of war or conflict".[7]
PTT traces its origins to 1978, when Thailand sought greater energy independence following the global oil crises of the 1970s. On 29 December 1978, the government of Prime MinisterKriangsak Chamanan established thePetroleum Authority of Thailand (PAT) as a state-owned enterprise to oversee petroleum exploration, imports, refining, and national fuel distribution.[8][9]
PAT was created through the consolidation of the Thai Fuel Organization (Thai: องค์การเชื้อเพลิง) under the Defense Energy Department and the Thai Natural Gas Organization (Thai: องค์การก๊าซธรรมชาติแห่งประเทศไทย) under theMinistry of Industry to form a single national energy enterprise.
Between 1981 and 1983 PAT built Thailand’s first natural-gas transmission pipeline linking the Erawan and Bongkot gas fields in the Gulf of Thailand to the power plants at Bang Pakong and South Bangkok. This marked the beginning of Thailand’s domestic gas-based electricity generation. In 1985 PAT opened the Bangchak oil refinery in Bangkok and expanded its downstream distribution business by establishing a nationwide network of service stations under the “PTT” brand. In 1988 it began development of the onshore gas-separation plants at Map Ta Phut inRayong Province, providing feedstock for the country’s emerging petrochemical industry. By the mid-1990s PAT had completed additional pipeline extensions to the Eastern Seaboard and southern provinces, integrated joint-venture refineries at Rayong and Sriracha, and become the country’s dominant energy supplier.
To modernize the state-enterprise sector and attract private investment, the government corporatized PAT under theState Enterprise Corporatization Act B.E. 2542 (1999). On 1 October 2001 it was officially re-registered asPTT Public Company Limited (PTT PCL), with the Ministry of Finance as majority shareholder on behalf of the Thai state. Two months later, in December 2001, PTT was listed on theStock Exchange of Thailand in what was then the country’s largest initial public offering, raising approximately 29 billion baht (about US $700 million).[10]
For 2016 PTT PCL reported revenues of 1,737,148 million baht, net income of 94,609 million baht, assets of 2,232,331 million baht, and total equity of 762,948 million baht.[11]
PTT's 15 directors were compensated with 14.9 million baht in meeting allowances in 2016, plus 38.7 million baht in bonuses. The president and CEO's salary for the year was 30.6 million baht plus a 9.6 million baht bonus.[12]: 137–138 The company in 2016 employed 4,616 (PTT)[12]: 139 and 24,680 at subsidiaries.[12]: 140 Total compensation for PTT employees in 2016, excluding top management, was 9,651 million baht.[12]: 140
In 2012, PTT purchased the remaining 55 percent ofSakari Resources, aSingaporean coal mine operator.[13]
In 2012, PTT Exploration and Production (PTTEP) took overCove Energy plc, which owned an 8.5 percent share in a huge natural-gas field offshoreMozambique.[14]
The company operates 58 retail stations in thePhilippines and plans to add an additional 15-20 petrol stations inLuzon and theVisayas, inCebu Province.[15]
PTT Public Company Limited andPertamina,Indonesia's state-owned oil company, partnered to build a newpetrochemical complex inIndonesia for an estimated cost of US$4–5 billion.[16]
Vencorex is ajoint venture between PTT Global Chemical and thePerstorp Group, created in 2012, based inFrance'sRhône-Alpes region. It is the owner of technology and a major manufacturer ofisocyanates, particularly toluene diisocyanate (TDI), hexamethylene diisocyanate (HDI, IPDI) and its derivatives.
The2009 Montara oil spill, 250 kilometres (160 mi) off Australia's northwestern coast led to "thousands of barrels of oil gushed into the ocean over a 10-week period following a blowout at PTTEP Australasia's West Atlas rig in theTimor Sea".[17] The Australian unit of PTT Exploration and Production (PTTEP) "admitted to four charges" in the 2009 spill.[17]
The2013 Rayong oil spill[18] started on the night of 28 July 2013. An oil leak (from a pipeline) 35 kilometres (22 mi) fromKo Samet'sAo Phrao Beach, resulted in the beach being closed and its tourists evacuated afterspillage reached the beach.[18][19] The crude oil spill had occurred 20 kilometres (12 mi) off Thailand's mainland, "when a floating hose transferring oil from a tanker to a PTT refinery pipeline broke sending 50,000 litres of oil spewing into the coastal waters".[17] On 7 August 2013 media said that theDepartment of Special Investigation had seized an oil supply line, suspected of being faulty.[20]
PTT, as Myanmar's largest corporate investor, has made significant investments in Myanmar's offshore gas, importing all of natural gas from three of Myanmar's four offshore projects.[21][22] PTT paysUS$500 million per year to the state-ownedMyanma Oil and Gas Enterprise (MOGE), directly benefiting the military junta, theState Administration Council since the2021 Myanmar coup d'état.[23][22] Thailand has reportedly lobbied against U.S. sanctions on MOGE, which is the largest source of foreign currency for the Burmese regime.[22] In December 2022, theGovernment Pension Fund of Norway divested from its equity stake in PTT and its subsidiary, PTT Oil and Retail Business, due to its human rights concerns regarding PTT's partnership with the Burmese military.[24][25]
PTT also operates a joint venture with the military-ownedMyanmar Economic Corporation (MEC), paying rent to MEC to operate a fuel terminal inThilawa Port, on land seized from farmers.[23]Human Rights Watch and other NGOs have called for PTT to end its business investments with Myanmar's military enterprises.[23][22]
In an action by theUS Department of Justice (DOJ) against aircraft engine-maker Rolls-Royce,[26]: 4, 6, 9–12 the DOJ claimed that Rolls-Royce had paid more than US$11 million in commissions to win a deal withThai Airways, aware that some of the funds would be used to bribe officials at PTT and its subsidiary, PTT Exploration and Production (PTTEP). The payments were made from 2003-2013 and related to contracts for equipment and after-market products and services.[27] Admitting its guilt, Rolls-Royce paid US$170 million to settle the case.[28] PTT vowed to investigate. Subsequently, PTT Chairman and CEO Tevin Vongvanich said that the company was unable to find anyone who "allegedly took bribes".[29]
In November 1993 formerPrime Minister of ThailandAnand Panyarachun established the Thailand Business Council forSustainable Development.[30] In 2010, PTT President and CEOPrasert Bunsumpun announced that PTT would expand into producing morerenewable energy.[31]
PTT has many subsidiaries, including PTTGC, TOP, BCP, and PTTEP, all of which are working towards producing more environmentally friendly energy.[32] In 2014,Bangchak Petroleum completed its Sunny Bangchak project, a 38-megawattsiliconphotovoltaicpower plant, the largest of its kind in Southeast Asia.[33][34] In September 2014,Thai Oil Public Company Limited (TOP), another PTT subsidiary, was recognized as a leader in business sustainability by theDow Jones Sustainability Index.[35] Thai Oil (TOP) has proven to be an environmentally friendly company, with no reported violations of environmental laws.[36]
The company also produces and distributesethanol fromsugarcane through various channels like Maesod Clean Energy, Sapthip, and Ubon Bio Ethanol.[37] In August 2014, PTT Global Chemical (PTTGC) along with Diary Home andNatureWorks, announced their eco-friendly Ingeobioplastics yoghurt cup.[38] PTTGC seeks to become a major player in bio-based chemicals.[39]
