PTT Public Company Limited
|Traded as||SET: PTT|
|Industry||Oil and Gas|
|Founded||29 December 1978(as Petroleum Authority of Thailand)|
|Headquarters||555 Vibhavadi Rangsit Rd, Chatuchak, Bangkok, Thailand|
|Mr Tevin Vongvanich, President and CEO|
|Products||Oil, Natural Gas, Petrochemical|
|Revenue||US$93.55 billion (2014)|
|US$1.5 billion (2014)|
|Total assets||US$50.5 billion (2014)|
|Total equity||US$19.8 billion (2014)|
|Owner||Government of Thailand (51.1%)
Krung Thai Asset Mgt (7.4%)
Number of employees
|Subsidiaries||PTT Exploration and Production
PTT Global Chemical Public Company Limited
Cove Energy plc
Global Power Synergy
PTT Philippines Corporation
PTT Public Company Limited or simply PTT (Thai: ปตท) is a Thai state-owned SET-listed oil and gas company. Formerly known as the Petroleum Authority of Thailand, it owns extensive submarine gas pipelines in the Gulf of Thailand, a network of LPG terminals throughout the kingdom, and is involved in electricity generation, petrochemical products, oil and gas exploration and production, and gasoline retailing businesses.
PTT is one of the largest corporations 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, and 180 on the Forbes 2000.
In February 2015, PTT Exploration and Production reported its first quarterly net loss in 16 years, with a reported net loss of US$739 million for the October–December 2014 quarter.
PTT owns 45.4 percent of Sakari Resources, a Singaporean coal mine operator. PTT launched a takeover bid for the company on 27 August 2012. PTT is offering US$959 million for the remaining shares that PTT does not already control.
In 2008 PTT joined the PetroSkills Alliance. Member companies came together to create detailed skill and competency maps, which act as a guide for 200-plus short courses taught to industry professionals in over 40 locations worldwide. Competency maps are an analysis tool and software application that allows users to assess their skills to identify gaps in their training, areas needing improvement or mastered skill areas within upstream, downstream, and HSE petroleum subject disciplines.
Vencorex is a joint venture between PTT Global Chemical and the Perstorp Group, created in 2012, based in France's Rhône-Alpes region. It is the owner of technology and a major manufacturer of isocyanates, particularly toluene diisocyanate (TDI), hexamethylene diisocyanate (HDI, IPDI) and its derivatives.
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 had seized an oil supply line, suspected of being faulty.
In November 1993 former Prime Minister of Thailand Anand Panyarachun established the Thailand Business Council for Sustainable Development. In 2010, PTT President and CEO Prasert Bunsumpun announced that PTT would expand into producing more 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 completed its Sunny Bangchak project, a 38-megawatt silicon photovoltaic power plant, 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 from sugarcane 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.
Rolls-Royce bribery case
In an action by the US Department of Justice (DOJ) against aircraft engine-maker Rolls-Royce,:4, 6, 9-12 the DOJ claimed that Rolls Royce had paid more than US$11 million in commissions to win a deal with Thai 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. 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".
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- Popular island beach closed by oil slick
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- "Industry Group Leaders 2014". Dow Jones Sustainability Indices In Collaboration with RobecoSAM. Retrieved 2014-11-29.
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- Changsorn, Pichaya (2014-08-31). "'Green chemicals' make major inroads into local market". The Nation (Press release). Retrieved 2014-11-29.
- "Thai PTTGC Plans $11 Billion Capex by 2020" (Press release). Chemanager Online. 2012-05-17. Retrieved 2014-11-30.
- "UNITED STATES OF AMERICA v. ROLLS-ROYCE PLC". US Department of Justice. Retrieved 1 March 2017.
- Peel, Michael; Uraisin, Panvadee (2017-01-24). "Rolls-Royce scandal puts Thailand military rulers under spotlight". Financial Times. Retrieved 1 March 2017.
- "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. Retrieved 1 March 2017.
- "Failing the graft battle" (Editorial). Bangkok Post. 28 February 2017. Retrieved 1 March 2017.