PTT Public Company Limited or simply PTT ( th, บริษัท ปตท. จำกัด (มหาชน)) is a Thai

state-owned State ownership, also called government ownership and public ownership, is the ownership of an industry, asset, or enterprise by the state or a public body representing a community, as opposed to an individual or private party. Public owne ...

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 in the

Gulf of Thailand The Gulf of Thailand, also known as the Gulf of Siam, is a shallow inlet in the southwestern South China Sea, bounded between the southwestern shores of the Indochinese Peninsula and the northern half of the Malay Peninsula. It is around in le ...

, 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 utilities in the electric power industry, it is the stage prior to its delivery ( transmission, distribution, etc.) to end users or its s ...

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

gasoline Gasoline (; ) or petrol (; ) (see ) is a transparent, petroleum-derived flammable liquid that is used primarily as a fuel in most spark-ignited internal combustion engines (also known as petrol engines). It consists mostly of organic c ...

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 Exploration and Production Public Company Limited ( th, บริษัท ปตท. สำรวจและผลิตปิโตรเลียม จำกัด (มหาชน)), also known as PTTEP, is a national petroleum explora ...

, PTT Global Chemical, PTT Asia Pacific Mining, and PTT Green Energy.

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 General Kriangsak Chomanan'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 a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...

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 ( pt, Moçambique or , ; ny, Mozambiki; sw, Msumbiji; ts, Muzambhiki), is a country located in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi ...

. The company operates 58 retail stations in the

Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

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

Luzon Luzon (; ) is the largest and most populous island in the Philippines. Located in the northern portion of the Philippines archipelago, it is the economic and political center of the nation, being home to the country's capital city, Manila, as ...

and the

Visayas The Visayas ( ), or the Visayan Islands ( Visayan: ''Kabisay-an'', ; tl, Kabisayaan ), are one of the three principal geographical divisions of the Philippines, along with Luzon and Mindanao. Located in the central part of the archipelago, ...

, in Cebu Province. PTT Public Company Limited and

Pertamina PT Pertamina (Persero), formerly abbreviated from ''Perusahaan Pertambangan Minyak dan Gas Bumi Negara'' (lit. 'State Oil and Natural Gas Mining Company'), is an Indonesian state-owned oil and natural gas corporation based in Jakarta. It was c ...

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Gui ...

'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 renewabl ...

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 acces ...

between PTT Global Chemical and the Perstorp Group, created in 2012, based in

France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...

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 ...

region. It is the owner of technology and a major manufacturer of isocyanates, particularly toluene diisocyanate (TDI), hexamethylene diisocyanate (HDI, IPDI) and its derivatives.

Oil spills

The 2009 Montara oil spill, 250 km 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 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) 35 kilometers 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 20 km 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) is a department of the Ministry of Justice of Thailand. It operates independently of the Royal Thai Police and is tasked with the investigation of certain "special cases". These include complex crimi ...

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

Green energy

In November 1993 former

Prime Minister of Thailand The prime minister of Thailand ( th, นายกรัฐมนตรี, , ; 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 s ...

Anand Panyarachun Anand Panyarachun ( th, อานันท์ ปันยารชุน, , ; born 9 August 1932) was Thailand's Prime Minister twice: once in 1991–1992 and again during the latter half of 1992. He was effective in initiating economic and p ...

established the Thailand Business Council for

Sustainable Development Sustainable development is an organizing principle for meeting human development goals while also sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. The ...

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

renewable energy Renewable energy is energy that is collected from renewable resources that are naturally replenished on a human timescale. It includes sources such as sunlight, wind, the movement of water, and geothermal heat. Although most renewable energy ...

. 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 Bangchak Corporation Public Company Limited (BCP), previously known as Bangchak Petroleum, is a petroleum and energy conglomerate in Thailand. It was founded as a state-owned company in 1984, and is now listed on the Stock Exchange of Thailand, d ...

completed its Sunny Bangchak project, a 38-

megawatt The watt (symbol: W) is the unit of 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 quantify the rate of energy transfer. The watt is named after James ...

silicon Silicon is a chemical element with the symbol Si and atomic number 14. It is a hard, brittle crystalline solid with a blue-grey metallic luster, and is a tetravalent metalloid and semiconductor. It is a member of group 14 in the periodic ...

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 generation of electric power. Power stations are generally connected to an electrical grid. Many ...

, 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 The Dow Jones Sustainability Indices (DJSI) launched in 1999, are a family of indices evaluating the sustainability performance of thousands of companies trading publicly, operated under a strategic partnership between S&P Dow Jones Indices and Ro ...

. 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 (abbr. EtOH; also called ethyl alcohol, grain alcohol, drinking alcohol, or simply alcohol) is an organic compound. It is an alcohol with the chemical formula . Its formula can be also written as or (an ethyl group linked to a ...

from

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

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 NatureWorks LLC is an international company that manufactures bioplastics—polymers derived entirely from plant resources—as an alternative to conventional plastic, which is made from petroleum. The commercial quality polymer is made from the c ...

, announced their eco-friendly Ingeo

bioplastics Bioplastics are plastic materials produced from renewable biomass sources, such as vegetable fats and oils, corn starch, straw, woodchips, sawdust, recycled food waste, etc. Some bioplastics are obtained by processing directly from natural bi ...

yoghurt cup. PTTGC seeks to become a major player in bio-based chemicals.

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 United States government tasked with the enforcement of federal law and administration of justice in the United Stat ...

(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 Public Company Limited, trading as THAI (, th, บริษัท การบินไทย จำกัด (มหาชน)) is the flag carrier airline of Thailand. Formed in 1961, the airline has its corporate h ...

, 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".

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 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