PTT Public Company Limited or simply PTT () is a Thai

state-owned State ownership, also called public ownership or government ownership, is the ownership of an industry, asset, property, or enterprise by the national government of a country or state, or a public body representing a community, as opposed to ...

SET Set, The Set, SET or SETS may refer to: Science, technology, and mathematics Mathematics *Set (mathematics), a collection of elements *Category of sets, the category whose objects and morphisms are sets and total functions, respectively Electro ...

-listed oil and gas company. Formerly known as the Petroleum Authority of Thailand, it owns extensive submarine gas

pipelines A pipeline is a system of pipes for long-distance transportation of a liquid or gas, typically to a market area for consumption. The latest data from 2014 gives a total of slightly less than of pipeline in 120 countries around the world. The Un ...

in the

Gulf of Thailand The Gulf of Thailand (), historically known as the Gulf of Siam (), is a shallow inlet adjacent to the southwestern South China Sea, bounded between the southwestern shores of the Indochinese Peninsula and the northern half of the Malay Peninsula. ...

, a network of LPG terminals throughout the kingdom, and it is involved in

electricity generation Electricity generation is the process of generating electric power from sources of primary energy. For electric utility, utilities in the electric power industry, it is the stage prior to its Electricity delivery, delivery (Electric power transm ...

, petrochemical products, oil and gas exploration and production, and

gasoline Gasoline ( North American English) or petrol ( Commonwealth English) is a petrochemical product characterized as a transparent, yellowish, and flammable liquid normally used as a fuel for spark-ignited internal combustion engines. When for ...

retailing businesses. The company also owns Café Amazon, a popular coffee chain throughout South East Asia, which shops are often located next to PTT gas stations or inside malls. Affiliated companies include PTT Exploration and Production, PTT Global Chemical, PTT Asia Pacific Mining, and PTT Green Energy. On 15 December 2022, the world's largest institutional investor the Norwegian 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".

History

PTT is the largest corporation in the country and also the only company from Thailand listed in Fortune Global 500 companies. The company ranks 81st among top 500 on the

Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune (magazine), Fortune'' magazine that ranks 500 of the largest United States Joint-stock company#Closely held corporations and publicly traded corporations, corporations by ...

, and 180 on the Forbes 2000. PTT was founded in 1978 (as Petroleum Authority of Thailand) as a state-owned enterprise, under Prime Minister Kriangsak Chamanan's government. It was formed by a coupling between Thai Fuel Organization (Thai: องค์การเชื้อเพลิง) under Defense Energy Department and Thai Natural Gas Organization (Thai: องค์การก๊าซธรรมชาติแห่งประเทศไทย) under Ministry of Industry.

Financials

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. 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. The company in 2016 employed 4,616 (PTT) and 24,680 at subsidiaries. Total compensation for PTT employees in 2016, excluding top management, was 9,651 million baht.

Operations

In 2012, PTT purchased the remaining 55 percent of Sakari Resources, a

Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...

an coal mine operator. In 2012, PTT Exploration and Production (PTTEP) took over Cove Energy plc, which owned an 8.5 percent share in a huge natural-gas field offshore

Mozambique Mozambique, officially the Republic of Mozambique, is a country located in Southeast Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west, and Eswatini and South Afr ...

. The company operates 58 retail stations in the

Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...

and plans to add an additional 15-20 petrol stations in

Luzon Luzon ( , ) is the largest and most populous List of islands in the Philippines, island in the Philippines. Located in the northern portion of the List of islands of the Philippines, Philippine archipelago, it is the economic and political ce ...

and the

Visayas The Visayas ( ), or the Visayan Islands (Bisayan languages, Visayan: ''Kabisay-an'', ; Filipino language, Filipino: ''Kabisayaan'' ), are one of the three Island groups of the Philippines, principal geographical divisions of the Philippines, a ...

, in

Cebu Province Cebu ( ; ), officially the Province of Cebu (; ), is a province of the Philippines located in the Central Visayas region, and consists of a main island and 167 surrounding islands and islets. The coastal zone of Cebu is identified as a ...

. PTT Public Company Limited and Pertamina,

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

's state-owned oil company, partnered to build a new

petrochemical Petrochemicals (sometimes abbreviated as petchems) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable s ...

complex in

for an estimated cost of US$4–5 billion.

Vencorex

Vencorex is a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

between PTT Global Chemical and the

Perstorp Group Petroliam Nasional Berhad, commonly known as PETRONAS (stylised in all caps), is a Malaysian multinational oil and gas company headquartered in Kuala Lumpur. Established in 1974, it is a legal entity incorporated under the Malaysian Compa ...

, created in 2012, based in

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

Rhône-Alpes Rhône-Alpes () was an administrative region of France. Since 1 January 2016, it is part of the new region Auvergne-Rhône-Alpes. It is located on the eastern border of the country, towards the south. The region was named after the river Rhône a ...

region. It is the owner of technology and a major manufacturer of

isocyanates In organic chemistry, isocyanate is the functional group with the formula . Organic compounds that contain an isocyanate group are referred to as isocyanates. An organic compound with two isocyanate groups is known as a diisocyanate. Diisocyan ...

, particularly toluene diisocyanate (TDI), hexamethylene diisocyanate (HDI, IPDI) and its derivatives.

Controversies

Oil spills

The 2009 Montara oil spill, 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 the

Timor Sea The Timor Sea (, , or ) is a relatively shallow sea in the Indian Ocean bounded to the north by the island of Timor with Timor-Leste to the north, Indonesia to the northwest, Arafura Sea to the east, and to the south by Australia. The Sunda Tr ...

". The Australian unit of PTT Exploration and Production (PTTEP) "admitted to four charges" in the 2009 spill. The 2013 Rayong oil spill started on the night of 28 July 2013. An oil leak (from a pipeline) from Ko Samet's Ao Phrao Beach, resulted in the beach being closed and its tourists evacuated after spillage reached the beach. The crude oil spill had occurred 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". On 7 August 2013 media said that the

Department of Special Investigation The Department of Special Investigation (DSI), under Thailand's Ministry of Justice (Thailand), Ministry of Justice (MOJ), operates independently from the Royal Thai Police (RTP) and is responsible for tackling high-profile crimes and transnatio ...

had seized an oil supply line, suspected of being faulty.

Myanmar military

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. PTT pays per year to the state-owned

Myanma Oil and Gas Enterprise Myanma Oil and Gas Enterprise (; abbreviated MOGE) is a national oil and gas company of Myanmar. It was established in 1963. MOGE royalties and fees are estimated to generate in annual revenues, about half of the country's foreign currency re ...

(MOGE), directly benefiting the military junta, the

State Administration Council The State Administration Council (; abbreviated SAC or နစက) is the military junta currently governing Myanmar, established by Commander-in-Chief of Defence Services Min Aung Hlaing following the 2021 Myanmar coup d'état, February 2021 c ...

since the

2021 Myanmar coup d'état A coup d'état in Myanmar began on the morning of 1 February 2021, when Elections in Myanmar, democratically elected members of the country's ruling party, the National League for Democracy (NLD), were deposed by the Tatmadaw, Myanmar's milita ...

. Thailand has reportedly lobbied against U.S. sanctions on MOGE, which is the largest source of foreign currency for the Burmese regime. In December 2022, the

Government Pension Fund of Norway The Government Pension Fund of Norway () is the sovereign wealth fund collective owned by the government of Norway. It consists of two entirely separate sovereign wealth funds: the Government Pension Fund Global (or Norges Bank Investment Mana ...

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. PTT also operates a joint venture with the military-owned

Myanmar Economic Corporation The Myanmar Economic Corporation (; abbreviated MEC) is one of the two major conglomerate (company), conglomerates and holding companies operated by the Tatmadaw, Burmese military, the other being the Myanma Economic Holdings Limited. The U.S. Tre ...

(MEC), paying rent to MEC to operate a fuel terminal in Thilawa Port, on land seized from farmers.

Human Rights Watch Human Rights Watch (HRW) is an international non-governmental organization that conducts research and advocacy on human rights. Headquartered in New York City, the group investigates and reports on issues including War crime, war crimes, crim ...

and other NGOs have called for PTT to end its business investments with Myanmar's military enterprises.

Rolls-Royce bribery case

In an action by the

US Department of Justice The United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the U.S. government that oversees the domestic enforcement of federal laws and the administration of justice. It is equ ...

(DOJ) against aircraft engine-maker Rolls-Royce, the DOJ claimed that Rolls-Royce had paid more than US$11 million in commissions to win a deal with

Thai Airways Thai Airways International plc () is the flag carrier airline of Thailand. Formed in 1961 as a joint venture between Scandinavian Airlines, SAS and Thai Airways Company, the airline has its corporate headquarters in Vibhavadi Rangsit Road, Chat ...

, 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. Admitting its guilt, Rolls-Royce paid US$170 million to settle the case. PTT vowed to investigate. Subsequently, PTT Chairman and CEO Tevin Vongvanich said that the company was unable to find anyone who "allegedly took bribes".

Green energy

In November 1993 former

Prime Minister of Thailand The prime minister of Thailand (, , ; literally 'chief minister of state') is the head of government of Thailand. The prime minister is also the chair of the cabinet of Thailand. The post has existed since the Siamese Revolution of 1932, when ...

Anand Panyarachun Anand Panyarachun (, , ; born 9 August 1932) is a Thai retired politician who served as the Prime Minister of Thailand for two terms, first from 1991 to 1992 and again for a brief period during the latter half of 1992. He was effective in init ...

established the Thailand Business Council for

Sustainable Development Sustainable development is an approach to growth and Human development (economics), human development that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs.United Nations General ...

. In 2010, PTT President and CEO Prasert Bunsumpun announced that PTT would expand into producing more

renewable energy Renewable energy (also called green energy) is energy made from renewable resource, renewable natural resources that are replenished on a human lifetime, human timescale. The most widely used renewable energy types are solar energy, wind pow ...

. PTT has many subsidiaries, including PTTGC, TOP, BCP, and PTTEP, all of which are working towards producing more environmentally friendly energy. In 2014, Bangchak Petroleum completed its Sunny Bangchak project, a 38-

megawatt The watt (symbol: W) is the unit of Power (physics), power or radiant flux in the International System of Units (SI), equal to 1 joule per second or 1 kg⋅m2⋅s−3. It is used to quantification (science), quantify the rate of Work ...

silicon Silicon is a chemical element; it has symbol Si and atomic number 14. It is a hard, brittle crystalline solid with a blue-grey metallic lustre, and is a tetravalent metalloid (sometimes considered a non-metal) and semiconductor. It is a membe ...

photovoltaic Photovoltaics (PV) is the conversion of light into electricity using semiconducting materials that exhibit the photovoltaic effect, a phenomenon studied in physics, photochemistry, and electrochemistry. The photovoltaic effect is commercially ...

power plant A power station, also referred to as a power plant and sometimes generating station or generating plant, is an industrial facility for the electricity generation, generation of electric power. Power stations are generally connected to an electr ...

, the largest of its kind in Southeast Asia. In September 2014, Thai Oil Public Company Limited (TOP), another PTT subsidiary, was recognized as a leader in business sustainability by the Dow Jones Sustainability Index. Thai Oil (TOP) has proven to be an environmentally friendly company, with no reported violations of environmental laws. The company also produces and distributes

ethanol Ethanol (also called ethyl alcohol, grain alcohol, drinking alcohol, or simply alcohol) is an organic compound with the chemical formula . It is an Alcohol (chemistry), alcohol, with its formula also written as , or EtOH, where Et is the ps ...

from

sugarcane Sugarcane or sugar cane is a species of tall, Perennial plant, perennial grass (in the genus ''Saccharum'', tribe Andropogoneae) that is used for sugar Sugar industry, production. The plants are 2–6 m (6–20 ft) tall with stout, jointed, fib ...

through various channels like Maesod Clean Energy, Sapthip, and Ubon Bio Ethanol. In August 2014, PTT Global Chemical (PTTGC) along with Diary Home and NatureWorks, announced their eco-friendly Ingeo bioplastics yoghurt cup. PTTGC seeks to become a major player in bio-based chemicals.

References

External links

PTT Public Company Limited

A History of the Petroleum Oil Industry in Thailand from 1946 to 1978

PTT Public Company Limited have always offered the lowest consumers price per liter in Thailand

PTT Blue Card for consumers offering discounts and vouchers
{{authority control 1978 establishments in Thailand Automotive fuel retailers Chemical companies of Thailand Companies based in Bangkok Companies listed on the Stock Exchange of Thailand Companies in the SET50 Energy companies established in 1978 Government-owned companies of Thailand Non-renewable resource companies established in 1978 Oil and gas companies of Thailand PTT group Thai brands

Thailand Thailand, officially the Kingdom of Thailand and historically known as Siam (the official name until 1939), is a country in Southeast Asia on the Mainland Southeast Asia, Indochinese Peninsula. With a population of almost 66 million, it spa ...