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 ownersh ...

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 An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) & lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturated ...

and

gas Gas is one of the four fundamental states of matter (the others being solid, liquid, and plasma). A pure gas may be made up of individual atoms (e.g. a noble gas like neon), elemental molecules made from one type of atom (e.g. oxygen), or ...

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 l ...

, 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 transmi ...

, 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 co ...

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 PTT may refer to: Chemistry and medicine * Partial thromboplastin time, a performance indicator in medicine for coagulation status * Photothermal Therapy, a medical treatment * 2β-propanoyl-3β-(4-tolyl)-tropane, a cocaine analogue * Polytrimeth ...

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 that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...

, 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 A Ministry of Trade and Industry, Ministry of Commerce, Ministry of Commerce and Industry or variations is a ministry that is concerned with a nation's trade, industry and commerce. Notable examples are: List *Algeria: Ministry of Industry and ...

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, borde ...

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 (Bisayan languages, Visayan: ''Kabisay-an'', ; tl, Kabisayaan ), are one of the three Island groups of the Philippines, principal geographical divisions of the Philippines, along with Luzon and Mindanao ...

, in

Cebu Province Cebu (; ceb, Sugbo), officially the Province of Cebu ( ceb, Lalawigan sa Sugbo; tl, Lalawigan ng Cebu; hil, Kapuroan sang Sugbo), is a Provinces of the Philippines, province of the Philippines located in the Central Visayas Regions of the P ...

. PTT Public Company Limited and Pertamina,

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 Guine ...

'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 sou ...

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 PAI Partners is a French private equity firm based in Paris, France. It is one of the oldest firms in the sector, with its origins dating back to Paribas Affaires Industrielles, the historical principal investment activity of Paribas, which sta ...

, 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 an ...

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.

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 Timor Sea ( id, Laut Timor, pt, Mar de Timor, tet, Tasi Mane or ) is a relatively shallow sea bounded to the north by the island of Timor, to the east by the Arafura Sea, and to the south by Australia. The sea contains a number of reefs, ...

". 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 Ko Samet (Cajeput Island; th, เกาะเสม็ด, ) is one of the Eastern Seaboard of Thailand, eastern seaboard islands of Thailand. It is in the Gulf of Thailand off the coastline of the Thailand, Thai province of Rayong Province, Ray ...

's Ao Phrao Beach, resulted in the beach being closed and its tourists evacuated after

spillage In industrial production, spillage is the loss of production output due to production of a series of defective or unacceptable products which must be rejected. Spillage is an often costly event which occurs in manufacturing when a process degrad ...

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 si ...

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 des ...

. 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 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, International System of Units (SI), equal to 1 joule per second or 1 kg⋅m2⋅s−3. It is used to quantification (science), ...

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 tab ...

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 us ...

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 pow ...

, the largest of its kind in Southeast Asia. In September 2014,

Thai Oil Public Company Limited Thai or THAI may refer to: * Of or from Thailand, a country in Southeast Asia ** Thai people, the dominant ethnic group of Thailand ** Thai language, a Tai-Kadai language spoken mainly in and around Thailand *** Thai script *** Thai (Unicode block ...

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

from

sugarcane Sugarcane or sugar cane is a species of (often hybrid) 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 ...

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 ...

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 State ...

(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