PTT focused on transition to clean energy, says new CEO
The next phase in the evolution of Thailand's largest energy conglomerate, PTT Plc, would involve taking the lead in assisting the country's transition to clean energy, with hydrogen technology as a key focus, its recently appointed CEO, Kongkrapan Intarajang, said on Friday.
The remarks were his first vision and mission statement to the media since officially taking office on May 13.
Noting that Thailand was following the global trend of transition to clean and green energy, and as part of an effort to achieve the government's target of carbon neutrality by 2050 and net-zero greenhouse gas emissions by 2065, he emphasised that it was part of PTT's mission to accelerate and facilitate this transition.
Apart from improving the production of natural gas, a necessary energy source during the transition period, with greater efficiency and lower carbon emissions, he said that PTT was now prioritising the potential green solution from hydrogen power, particularly for the industrial sector.
"Hydrogen technology is currently regarded as the most clean energy source, with zero emissions. Even though the cost of production remains high, we see some potential for Thailand to mass-adopt this technology. PTT hopes to play an important role in laying the groundwork for hydrogen infrastructure across the country. However, our hydrogen plan will be primarily for the industrial sector, not the mobility sector," he stated.
PTT is currently implementing hydrogen infrastructure on a small scale in its various subsidiary businesses to identify potential-use cases or new business hydrogen-related models that PTT and others can use.
According to Kongkrapan, the combination of the hydrogen and carbon businesses was part of PTT's strategy to accelerate growth through new business and opportunities. He pointed out that the move would benefit the company's decarbonisation efforts.
In terms of carbon business, he highlighted PTT's gradual investment in Carbon Capture and Storage (CCS) technology, which would be implemented in its energy-related businesses from upstream to downstream.
Kongkrapan divided its business into two core parts: hydrocarbon and non-hydrocarbon businesses. He said the hydrocarbon units, which include petrochemical and refinery, retail, and trading, would primarily focus on increasing competitiveness by implementing the right technologies and expanding compatible partner networks.
In terms of its non-hydrocarbon business, he said that the company focused on four areas: electric vehicles, life sciences, logistics, and digital/AI. PTT's approach to the new S-Curve and new business is based on three fundamental questions: Where to play? Is it right to play? How can PTT differentiate itself?
PTT’s strength is inextricably linked to the Thai people, the environment, the community, and stakeholders, he said and added that the company's business strategy would prioritise the "balanced sustainability" concept.
The concept, he explained, was based on encouraging business growth to have a positive impact on both revenue and all relevant dimensions such as economic, social, environmental, and good governance.
"We [PTT] are the national energy company. As a result, our work focuses not only on thriving in the domestic and international energy markets, but also on exploring innovative possibilities to propel the country's economy and community to new heights," he said.
He cautioned that some of the pilot models being tested during this energy transition period might not work, but PTT was prepared to accept failure, learn from it, and quickly explore a way to retreat with minimal harm to the company.
Emphasising the importance of strengthening PTT alongside Thai society and achieving long-term global growth, he vowed to continue working towards excellence of the conglomerate with greater flexibility, agility, and accountability to quickly adapt to global uncertainties.
