PTT Public Company Limited
This article is missing information about the subject's history, especially the circumstances of its foundation and re-incorporation.(January 2022) |
PTT Global Chemical Public Company Limited | |
Website | www |
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PTT Public Company Limited or simply PTT (
Affiliated companies include PTT Exploration and Production, PTT Global Chemical, PTT Asia Pacific Mining,[4] 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".[5]
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, and 180 on the Forbes 2000.[6][7] 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.[8][9]
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.[10]
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.[11]: 137–138 The company in 2016 employed 4,616 (PTT)[11]: 139 and 24,680 at subsidiaries.[11]: 140 Total compensation for PTT employees in 2016, excluding top management, was 9,651 million baht.[11]: 140
Operations
In 2012, PTT purchased the remaining 55 percent of Sakari Resources, a Singaporean coal mine operator.[12]
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.[13]
The company operates 58 retail stations in the
PTT Public Company Limited and Pertamina, Indonesia's state-owned oil company, partnered to build a new petrochemical complex in Indonesia for an estimated cost of US$4–5 billion.[15]
Vencorex
Vencorex is a
Controversies
Oil spills
The 2009 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 the Timor Sea".[16] The Australian unit of PTT Exploration and Production (PTTEP) "admitted to four charges" in the 2009 spill.[16]
The
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.[20][21] PTT pays US$500 million per year to the state-owned Myanma Oil and Gas Enterprise (MOGE), directly benefiting the military junta, the State Administration Council since the 2021 Myanmar coup d'état.[22][21] Thailand has reportedly lobbied against U.S. sanctions on MOGE, which is the largest source of foreign currency for the Burmese regime.[21] In December 2022, the Government Pension Fund of Norway 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.[23][24]
PTT also operates a joint venture with the military-owned Myanmar Economic Corporation (MEC), paying rent to MEC to operate a fuel terminal in Thilawa Port, on land seized from farmers.[22] Human Rights Watch and other NGOs have called for PTT to end its business investments with Myanmar's military enterprises.[22][21]
Rolls-Royce bribery case
In an action by the
Green energy
In November 1993 former
PTT has many subsidiaries, including PTTGC, TOP, BCP, and PTTEP, all of which are working towards producing more environmentally friendly energy.
The company also produces and distributes
See also
References
- ^ "Executive". PTT. Retrieved 4 August 2016.
- ^ Google finance, PTT Public Company
- ^ Robinson, Gwen (August 27, 2012). "PTT buys control of Sakari for S$1.2bn". Financial Times. Bangkok. Retrieved 12 September 2012.
- ^ "Decisions on observation and exclusion". 15 December 2022.
- ^ "PTT moves up on Fortune 500". Bangkok Post. 12 July 2013. Retrieved 18 June 2014.
- ^ "The World 2000". Forbes. Retrieved 18 June 2014.
- ^ "Royal Thai Government Gazette Book 95, Chapter 152, 28 December 1978" (PDF). Archived from the original (PDF) on March 18, 2015.
- ^ "Royal Thai Government Gazette Book 96, Chapter 114, 15 July 1979" (PDF). Archived from the original (PDF) on June 23, 2019.
- ^ "PTT: PTT PUBLIC COMPANY LIMITED; F/S & Highlights". The Stock Exchange of Thailand (SET). Retrieved 6 October 2017.
- ^ a b c d Annual Report 2016 PTT Public Company Limited (PDF). PTT PCL. 2017. Retrieved 6 October 2017.
- ^ Robinson, Gwen (27 Aug 2012), PTT buys control of Sakari for S$1.2bn, The Financial Times, retrieved 26 Jun 2018
- ^ "Thailand to invest in Mozambique". Investvine.com. 2013-02-09. Retrieved 2013-02-16.
- ^ "Thailand's PTT expands in the Philippines". Investvine.com. 2013-02-17. Retrieved 2013-02-21.
- ^ "Thailand's PTT delays Malaysia investment". Investvine.com. 2013-04-01. Retrieved 2013-04-06.
- ^ a b c "No slick explanation for huge PTT oil spill". Archived from the original on 2013-08-04. Retrieved 2013-08-07.
- ^ a b Maierbrugger, Arno (31 July 2013). "Thai oil spill: Romantic island is 'disaster zone' (video)". Inside Investor. Retrieved 31 July 2013.
- ^ Popular island beach closed by oil slick[permanent dead link]
- ^ "DSI points to human error as spill cause". Bangkok Post. 2013-08-07. Archived from the original on 2013-08-07.
- ^ "Demand PTT: Stop Bankrolling the Myanmar Military". Action Network. Retrieved 2023-03-27.
- ^ a b c d "Three Reasons the U.S. Fails to Act as the Fossil Fuel Industry Bankrolls Mass Atrocities in Myanmar". EarthRights International. Retrieved 2023-03-27.
- ^ a b c "Myanmar: Thai State-Owned Company Funds Junta". Human Rights Watch. 2021-05-25. Retrieved 2023-03-27.
- ^ "Norwegian fund dumps PTT over rights concerns". Bangkok Post. Retrieved 2023-03-27.
- ^ "PTT sets out stance on Myanmar after fund exit". Bangkok Post. Retrieved 2023-03-27.
- ^ "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.
- ^ "TBCSD". Thailand Business Council for Sustainable Development. Archived from the original on 2014-10-20. Retrieved 2014-11-29.
- ^ VIBOONCHART, NALIN (2010-04-16). "PTT turns to renewable energy". The Nation (Press release). Retrieved 2014-11-29.
- ^ "Home". PTT Group. Retrieved 2014-11-29.
- ^ "Bangchak Petroleum PLC". Greenergy Excellence Business. Retrieved 2014-11-29.
- ^ "Suntech, Bangchak Turn On Southeast Asia's Largest Solar Plant" (Press release). PRNewswir. 2012-09-26. Retrieved 2014-11-30.
- ^ "Industry Group Leaders 2014". Dow Jones Sustainability Indices In Collaboration with RobecoSAM. Retrieved 2014-11-29.
- ^ "Industry Group Leader Report, THai Oil PCL" (PDF). RobecoSAM Sustainability Investing. Retrieved 2014-11-29.
- ^ "Thaioil Public Company Limited". Thaioil Group Business Structure. Retrieved 2014-11-29.
- ^ 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.