Wikipedia

PTT Public Company Limited

PTT Public Company Limitedor simplyPTT(Thai:บริษัท ปตท. จำกัด (มหาชน)) is a Thaistate-ownedSET-listedoilandgascompany. Formerly known as thePetroleum Authority of Thailand,it owns extensive submarine gaspipelinesin theGulf of Thailand,a network ofLPGterminals throughout the kingdom, and it is involved inelectricity generation,petrochemical products,oil and gas exploration and production,andgasolineretailing businesses.[4]The company also ownsCafé Amazon,a popular coffee chain throughout South East Asia, which shops are often located next to PTT gas stations or inside malls.

PTT Public Company Limited
Native name
บริษัท ปตท. จำกัด (มหาชน)
Company typePublic
SET:PTT
IndustryOil and gas industry
Founded29 December 1978;45 years ago(1978-12-29)(as Petroleum Authority of Thailand)
Headquarters555 Vibhavadi Rangsit Rd,Chatuchak,Bangkok,Thailand
Key people
Kongkrapan Intarajang
(President &CEO)[1]
Products
  • Oil
  • natural gas
  • petrochemical
RevenueDecreaseUS$90.4 billion (2023)[2]
IncreaseUS$3.2 billion (2023)[2]
Total assetsUS$100.7 billion (2023)[2]
OwnerMinistry of Finance(51.1%)[3]
Number of employees
  • 4,616 (PTT)
  • 24,680 (subsidiaries)
ParentMinistry of Energy
Subsidiaries
Websitewww.pttplcEdit this at Wikidata

Affiliated companies includePTT Exploration and Production,PTT Global Chemical,PTT Asia Pacific Mining,[5]andPTT Green Energy.

On 15 December 2022, the world's largest institutional investor theNorwegian Government Pension Fund Globaldivested 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".[6]

History

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PTT is the largest corporation in the country and also the only company from Thailand listed inFortune Global 500 companies.The company ranks 81st among top 500 on theFortune 500,and 180 on the Forbes 2000.[7][8]PTT was founded in 1978 (as Petroleum Authority of Thailand) as a state-owned enterprise, under Prime MinisterKriangsak 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) underMinistry of Industry.[9][10]

Financials

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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 

Operations

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PTT Headquarters at Bangkok

In 2012, PTT purchased the remaining 55 percent ofSakari Resources,aSingaporeancoal 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 thePhilippinesand plans to add an additional 15-20 petrol stations inLuzonand theVisayas,inCebu Province.[15]

PTT Public Company Limited andPertamina,Indonesia's state-owned oil company, partnered to build a newpetrochemicalcomplex inIndonesiafor an estimated cost of US$4–5 billion.[16]

Vencorex

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Vencorex is ajoint venturebetween PTT Global Chemical and thePerstorp Group,created in 2012, based inFrance'sRhône-Alpesregion. It is the owner of technology and a major manufacturer ofisocyanates,particularly toluene diisocyanate (TDI), hexamethylene diisocyanate (HDI, IPDI) and its derivatives.

Controversies

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Oil spills

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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 PhraoBeach, resulted in the beach being closed and its tourists evacuated afterspillagereached 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 Investigationhad seized an oil supply line, suspected of being faulty.[20]

Myanmar military

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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 millionper year to the state-ownedMyanma Oil and Gas Enterprise(MOGE), directly benefiting the military junta, theState Administration Councilsince 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 Norwaydivested 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 Watchand other NGOs have called for PTT to end its business investments with Myanmar's military enterprises.[23][22]

Rolls-Royce bribery case

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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]

Green energy

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In November 1993 formerPrime Minister of ThailandAnand Panyarachunestablished the Thailand Business Council forSustainable Development.[30]In 2010, PTT President and CEOPrasert Bunsumpunannounced 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 Petroleumcompleted 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 distributesethanolfromsugarcanethrough 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 Ingeobioplasticsyoghurt cup.[38]PTTGC seeks to become a major player in bio-based chemicals.[39]

See also

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References

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  1. ^"Executive".
  2. ^abc"PTT".Fortune GLobal 500.Fortune.Retrieved2024-08-24.
  3. ^"Asia Nikkei: PTT".Nikkei.Retrieved2016-08-03.
  4. ^Google finance, PTT Public Company[dead link‍]
  5. ^Robinson, Gwen (August 27, 2012)."PTT buys control of Sakari for S$1.2bn".Financial Times.Bangkok.Retrieved12 September2012.
  6. ^"Decisions on observation and exclusion".15 December 2022.
  7. ^"PTT moves up on Fortune 500".Bangkok Post.12 July 2013.Retrieved18 June2014.
  8. ^"The World 2000".Forbes.Retrieved18 June2014.
  9. ^"Royal Thai Government Gazette Book 95, Chapter 152, 28 December 1978"(PDF).Archived fromthe original(PDF)on March 18, 2015.
  10. ^"Royal Thai Government Gazette Book 96, Chapter 114, 15 July 1979"(PDF).Archived fromthe original(PDF)on June 23, 2019.
  11. ^"PTT: PTT PUBLIC COMPANY LIMITED; F/S & Highlights".The Stock Exchange of Thailand (SET).Retrieved6 October2017.
  12. ^abcdAnnual Report 2016 PTT Public Company Limited(PDF).PTT PCL. 2017.Retrieved6 October2017.
  13. ^Robinson, Gwen (27 Aug 2012),PTT buys control of Sakari for S$1.2bn,The Financial Times,retrieved26 Jun2018
  14. ^"Thailand to invest in Mozambique".Investvine. 2013-02-09.Retrieved2013-02-16.
  15. ^ "Thailand's PTT expands in the Philippines".Investvine. 2013-02-17.Retrieved2013-02-21.
  16. ^"Thailand's PTT delays Malaysia investment".Investvine. 2013-04-01. Archived fromthe originalon 2019-02-17.Retrieved2013-04-06.
  17. ^abc"No slick explanation for huge PTT oil spill".Archived fromthe originalon 2013-08-04.Retrieved2013-08-07.
  18. ^abMaierbrugger, Arno (31 July 2013)."Thai oil spill: Romantic island is 'disaster zone' (video)".Inside Investor.Archived fromthe originalon 12 August 2018.Retrieved31 July2013.
  19. ^Popular island beach closed by oil slick[permanent dead link‍]
  20. ^"DSI points to human error as spill cause".Bangkok Post.2013-08-07. Archived fromthe originalon 2013-08-07.
  21. ^"Demand PTT: Stop Bankrolling the Myanmar Military".Action Network.Retrieved2023-03-27.
  22. ^abcd"Three Reasons the U.S. Fails to Act as the Fossil Fuel Industry Bankrolls Mass Atrocities in Myanmar".EarthRights International.Retrieved2023-03-27.
  23. ^abc"Myanmar: Thai State-Owned Company Funds Junta".Human Rights Watch.2021-05-25.Retrieved2023-03-27.
  24. ^"Norwegian fund dumps PTT over rights concerns".Bangkok Post.Retrieved2023-03-27.
  25. ^"PTT sets out stance on Myanmar after fund exit".Bangkok Post.Retrieved2023-03-27.
  26. ^"UNITED STATES OF AMERICA v. ROLLS-ROYCE PLC".US Department of Justice.Retrieved1 March2017.
  27. ^Peel, Michael; Uraisin, Panvadee (2017-01-24)."Rolls-Royce scandal puts Thailand military rulers under spotlight".Financial Times.Retrieved1 March2017.
  28. ^"Rolls-Royce plc Agrees to Pay $170 Million Criminal Penalty to Resolve Foreign Corrupt Practices Act Case"(Press release). Department of Justice, Office of Public Affairs. 2017-01-17.Retrieved1 March2017.
  29. ^"Failing the graft battle".Editorial.Bangkok Post.28 February 2017.Retrieved1 March2017.
  30. ^"TBCSD".Thailand Business Council for Sustainable Development.Archived fromthe originalon 2014-10-20.Retrieved2014-11-29.
  31. ^VIBOONCHART, NALIN (2010-04-16)."PTT turns to renewable energy".The Nation(Press release).Retrieved2014-11-29.
  32. ^"Home".PTT Group.Retrieved2014-11-29.
  33. ^"Bangchak Petroleum PLC".Greenergy Excellence Business.Archived fromthe originalon 2014-11-26.Retrieved2014-11-29.
  34. ^"Suntech, Bangchak Turn On Southeast Asia's Largest Solar Plant"(Press release). PRNewswir. 2012-09-26.Retrieved2014-11-30.
  35. ^"Industry Group Leaders 2014".Dow Jones Sustainability Indices In Collaboration with RobecoSAM.Retrieved2014-11-29.
  36. ^"Industry Group Leader Report, THai Oil PCL"(PDF).RobecoSAM Sustainability Investing.Retrieved2014-11-29.
  37. ^"Thaioil Public Company Limited".Thaioil Group Business Structure.Retrieved2014-11-29.
  38. ^Changsorn, Pichaya (2014-08-31)."'Green chemicals' make major inroads into local market ".The Nation(Press release).Retrieved2014-11-29.
  39. ^"Thai PTTGC Plans $11 Billion Capex by 2020"(Press release). Chemanager Online. 2012-05-17.Retrieved2014-11-30.
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