PTT shows strong performance, vows to pursue low-carbon trends

PTT and its subsidiaries’ reported a net profit of 80.78 billion baht in the nine months from January to September, up 1.50 billion baht or 2% year on year, the company CEO and president, Kongkrapan Intarajang, revealed on Tuesday.

The strong performance in the first nine months was attributed to a surge in sales of its petroleum exploration and production business, as the G1/61 field increased gas production capacity in March this year.

Meanwhile, the company profited from currency exchange rate movement, as well as from sales of natural gas and life science business shares.

The performance of some businesses, however, saw a drop such as the refining business that was hit by lower gross refinery margin and rising oil storage loss. 

The performance of the natural gas business also saw a drop due to a decline in profits from the gas separation business following higher costs, the single pool policy, and the devaluing of petrochemical business assets.

Profits from PTT’s subsidiaries accounted for 78% compared to 22% from the parent company. Hydrocarbon businesses accounted for 94% of profits while 6% came from non-hydrocarbon.

PTT and its subsidiaries have delivered 42.66 million baht to the public sector in order to sustainably drive the Thai economy and society, Kongkrapan said.  

Separately, PTT stressed its commitment to achieve its net-zero emission goal in line with the global energy business trend by implementing the C3 guidelines:

• Climate resilience business: Adjusting business portfolio to ensure business growth and reduce carbon dioxide emissions
• Carbon-conscious asset: Improving production efficiency by adopting digital technologies and clean energy
• Coalition, co-creation, and collective efforts for all: Seeking collaboration with stakeholders, improving infrastructure and technologies for mitigating greenhouse gas emissions, adopting carbon capture and storage (CCS), and conducting reforestation to boost carbon dioxide absorption naturally

The Wang Chan Forest Learning Centre under PTT Reforestation and Ecosystem Institute has been certified by Thailand Greenhouse Gas Management Organisation for waste management and greenhouse gas reduction of 4.848 tons of carbon dioxide equivalent.

Meanwhile, the company's Sirinat Rajini Mangrove Ecosystem Study Centre has expanded knowledge on waste management, resulting in a 6.848 tons of carbon dioxide equivalent in greenhouse gas reduction.

These efforts reflect the integration of all sectors to jointly reduce carbon dioxide emissions in a tangible way, Kongkrapan said.

PTT is working on new CCS and hydrogen businesses by accelerating investment in infrastructure to store carbon dioxide generated from production by the company’s subsidiaries.

The company has invested in the hydrogen business abroad to support clean energy consumption. The company also aims to mix hydrogen with other fuels to reduce greenhouse gas emissions in the future, Kongkrapan said.

Apart from its mission to ensure energy stability, PTT and its subsidiaries have accelerated assistance to relieve the suffering of flood victims.

Since March, a total of 25,170 relief bags, 81,740 bottles of drinking water, medicines, blankets, boats and cooking gas worth 15.73 million baht have been delivered to victims.

Also, the PTT Group SEALs have been deployed to assist victims in areas that are difficult to access, and support the public sector on delivering relief bags, flood evacuation and rehabilitation in Sukhothai, Chiang Rai and Chiang Mai provinces.

“As a state energy company, PTT is committed to maintain energy stability and security for the country, along with driving the economic growth and taking care of society, communities and the environment to improve the quality of life of Thais,” Kongkrapan said.

The company is ready to offer benefits for the country and take care of all stakeholders to ensure sustainable organisation growth, he added.