Thailand’s oil giant Is going on a green spending spree

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Thailand’s oil giant Is going on a green spending spree
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Thailand's state owned petrol giant PTT Pcl is going on a green spending spree, investing billions on electric-vehicle and renewable-energy companies and tilting its traditional businesses toward chemicals and plastics.

Thailand’s oil giant, whose sales account for about 10% of the nation’s economic output, is suddenly spending billions of dollars on electric-vehicle and renewable-energy companies and tilting its traditional businesses toward chemicals and plastics.

Tasked with tackling the global oil shortage in the 1970s, state-controlled PTT reigned as Thailand’s biggest company for decades. Now, it’s chasing renewable-energy assets in India and Vietnam and electricity generation in Europe, to add to US$7.7bil of investments announced in July by its chemical, power and refining units. They followed an offer in May of as much as US$2bil for a Thai EV partnership, PTT’s first major investment in the industry.

PTT and its units are joining the ranks of major global oil companies including Royal Dutch Shell Plc, Total SA and Eni SpA that are ramping up investment in clean energy as investor pressure mounts to ditch traditional fossil-fuel businesses. The European Union and the U.S. have set 2050 as the date by which they must be carbon neutral, while President Joe Biden set a goal for half of all cars sold in the US to be battery-electric, plug-in hybrid or fuel cell-powered by 2030.

As a state-owned enterprise, the group is influenced by the Thai government’s bio-circular-green economic model, which involves producing renewable biological resources, reusing and recycling, and balancing economic and environmental needs.

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