PTT Doubles Down on Bt1trn Investment Drive, Eyes LNG Leadership by 2035

 

PTT reaffirms its five-year, Bt1-trillion investment plan, targeting 15 million tonnes of LNG by 2035 as it balances national energy security with shareholder returns amid Middle East volatility.

 

Thailand's national energy champion PTT Public Company Limited has confirmed it will maintain its five-year investment budget of one trillion baht for 2026-2030, with liquefied natural gas (LNG) expansion and sustainable growth at the heart of its strategy, even as geopolitical turmoil in the Middle East forces a rethink of some corporate plans.

 

Kongkrapan Intarajang, PTT's chief executive officer and president, said the group would prioritise upstream investment to safeguard energy security, maintain domestic LNG production, and expand its resource base overseas through exploration and mergers and acquisitions with partners, particularly across Southeast Asia.

 

"We continue to place the highest priority on the country's energy security," Kongkrapan said, adding that the company had managed its supply chain carefully and built up financial liquidity to absorb rising costs and volatility stemming from the crisis in the Middle East.

 

 

 

LNG expansion at the core

PTT is targeting an LNG portfolio of 3.7 million tonnes by the end of 2026, rising to 10 million tonnes by 2030 and 15 million tonnes by 2035, leveraging its international trading capabilities and global network to diversify energy sources and strengthen resilience.

 

"Natural gas will play a crucial role in stabilising the energy system while the world, including Thailand, transitions towards cleaner energy," Kongkrapan said.

 

 

Thailand will showcase its ambitions on the world stage when PTT, together with the Ministry of Energy and public and private sector partners, hosts Gastech 2026 from 14 to 17 September — a platform for policy dialogue between governments, industry and international organisations.
 

Beyond gas, PTT plans to expand its electricity business in line with the country's forthcoming Power Development Plan (PDP), including domestic investment through third-party access schemes and data centre partnerships, while pursuing renewable energy opportunities abroad.

 

The group is also pushing further into trading, artificial intelligence and technology, alongside efforts to extract greater value from existing assets.

 

 

 

Middle East crisis tests resilience

Kongkrapan said the continuing unrest in the Middle East had tested PTT's dual role as both a state enterprise responsible for national energy security and a listed company accountable to shareholders.
 

He said the group had diversified its crude oil sources rather than relying on any single supplier, drawing on a global network of business partners to maintain continuous crude procurement while investing in refinery upgrades in advance to enhance flexibility in processing crude from a wider range of sources.

 

That resilience helped deliver stronger-than-expected results in the first half of 2026, with net profit reaching 78.26 billion baht — an increase of more than 33 billion baht, or over 74%, compared with the same period last year.
 

 

 

 

Petrochemical partner search delayed

However, the fallout from the Middle East conflict has forced PTT to push back its timeline for securing joint venture partners for its petrochemical and refining businesses, which include PTT Global Chemical (PTTGC), Thai Oil (TOP) and IRPC.

 

The group had originally aimed to conclude the search by the end of 2026.

 

Kongkrapan explained that volatile global oil prices, driven largely by the closure of the Strait of Hormuz, had prompted companies with existing Middle Eastern petrochemical and refining investments – but unable to export oil from the region – to reassess their strategies, with some now looking to diversify into Southeast Asia given the region's strong demand for petroleum and plastics.

 

 

As a result, some new foreign investors with Middle East exposure have approached PTT to discuss potential partnerships, while some existing prospective partners have had to pause and reconsider their positions given the changed circumstances.

 

Middle East crude once accounted for as much as 70% of PTT's crude oil imports; that share has now fallen to around 30% as the group sought alternative supplies to mitigate the disruption.

 

"Even though performance in the petrochemical and refining industry has improved, we will not abandon our plan to find joint venture partners," Kongkrapan said, stressing that PTT would remain the majority shareholder in its flagship petrochemical and refining businesses, while new partners would help strengthen the group and support the search for new petroleum sources.

 

 

 

Decarbonisation and digital transformation

On sustainability, PTT is progressing its Carbon Capture and Storage (CCS) project at the Arthit gas field in the Gulf of Thailand, expected to begin operations in 2028, alongside the I-SPARK initiative to build clean energy infrastructure for future industries and economic growth.

 

The group is also working with the Mae Fah Luang Foundation to enhance forests as carbon sinks and generate carbon credits through community engagement in support of Thailand's Net Zero goals.

 

Internally, the PTT Group has generated more than 8.7 billion baht in added value through its Profit Enhancement Initiatives, including the MissionX programme, while its AXIS digital transformation project applies digital tools and AI across operations.

 

Supply chain and marketing cooperation continues through the P1 and D1 initiatives, supported by the F1 programme to maintain financial discipline and manage cash flow efficiently.
The group has also supported government measures to ease the impact of energy prices on the public, contributing roughly 8.5 billion baht of an estimated total 17.5 billion baht in support measures.

 

 

 

Regional recognition

PTT retained its position as Thailand's largest company and the second largest in Southeast Asia on the Fortune Southeast Asia 500 list for a third consecutive year.

 

Marking its 48th anniversary, PTT said it remained committed to balanced sustainability under its "Energy Trilemma" approach — covering energy security, affordability and competitiveness and sustainability — while pursuing its ambition to become a "Global LNG Player" and a "National Champion" that drives economic growth and connects Thai business to global markets.

 

"We aim to integrate AI and digital technology into our operations while driving clean energy innovation and decarbonisation," Kongkrapan said, under the group's vision of "Together for Sustainable Thailand, Sustainable World".