PTT earmarks 3% of net annual profit for R&D
PTT is setting aside 3 per cent of its net profit each year for research and development to promote the company as an innovative firm in the region, said Tevin Vongvanich, president and chief executive officer.
“All research and development has to take a long time before resulting in commercial products that meet our customers’ demand,” he said. “However, once they are commercialised, they generate high returns for our business.”
The group has concentrated on investing in R&D of innovative products to serve customer demand.
The company’s research focuses on products related to the petrochemical industry.
The R&D budget supports both PTT’s own research and also capitalising on research by others, by developing it into commercial products.
The total budget including R&D for 2016-20 remains at Bt300 billion for the company and its subsidiaries. “We will revise our investment budget every year. It may be changed for 2017-21. That has to wait for approval by the company’s board at the end of this year before releasing a new investment plan.”
PTT Group led by PTT Exploration and Production will host the 10th “International Petroleum Technology Conference” under the theme “Innovation and Efficiency Excellence for Our Energy Future” from November |14-16 at the Bangkok Convention Centre, part of CentaraGrand @Central World Bangkok.
At the event, PTT will showcase its innovative exploration, while up to 80 other oil and petrochemical firms – such as Shell, ExxonMobil, Halliburton, Baker Hughes, Petronas and Weatherford – will also display their innovations and technology.
“We target up to 4,000 visitors at this event. We also will discuss and exchange our knowledge and innovative technology with other petrochemical firms.
“This is a challenge for us and other petrochemical firms to learn about innovation and technology for the future,” Tevin said.
