0325 - PTT One Report ENG 2023 For Navigation Final
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Tropical Trip TV56-1 One Report 2023
PTT Public Company Limited 56-1 One Report
Contents
Vision, Mission and PTT Values
2023
PTT Public Company Limited
56-1 One Report 2023
This report uses
PTT Information environmentally
friendly paper.
Financial Highlights
Achievement Highlights
Awards and Recognition
Message from the Board of Directors
Economic, Petroleum
and Petrochemical Review and Outlook
Section 1
Business Operations and Performance
Section 2
Corporate Governance
Section 3
Financial Report
Attachment
Ignite Life
Potential
PTT Public Company Limited
PTT Public Company Limited
555 Vibhavadi Rangsit Rd., Chatuchak,
Bangkok 10900, Thailand
Tel. 66 (0) 2537-2000
www.pttplc.com
56-1 One Report 2023 Contents
PTT Public Company Limited
002 Vision, Mission and PTT Values
004 PTT Information
005 Financial Highlights
Contents
008 Achievement Highlights
Vision, Mission and PTT Values 0 1 4 Awards and Recognition
PTT Information 030 Message from the Board of Directors
034 Economic, Petroleum
Financial Highlights
and Petrochemical Review and Outlook
Achievement Highlights
Awards and Recognition
1
Message from the Board of Directors
042
Economic, Petroleum Section
and Petrochemical Review and Outlook Business Operations and Performance Attachment
Section 1 043 1. Structure and Business Operations 371 Attachment 1
Business Operations and Performance of PTT Group Information of the Board of Directors, Ignite Life Potential...
Executives, Controlling Persons,
1 2 2 2. Risk Management the person supervising Finance and Accounting,
Section 2 1 3 6 3. Driving Business towards Sustainability the person supervising Accounting, Over the last 45 years,
Company Secretary
PTT Public Company Limited
Corporate Governance 1 9 6 4. Management’s Discussion and Analysis PTT has developed hand in hand with Thai society,
446 Attachment 2
56-1 One Report 2023
(MD&A)
Details of Directors and Subsidiaries unwavering through pivotal moments,
Section 3 228 5. General Information
448 Attachment 3
Financial Report and Other Important Information solidifying PTT as the country’s national energy company,
Detail of Head of the Office of Corporate Audit
449 Attachment 4 committed to the mission of ensuring energy security
Attachment
Business Assets and Details on Asset Valuation
for Thai people as always.
2
4 4 9 Attachment 5
Corporate Governance, Ethical Standards
Section and Code of Business Ethics Handbook Believing in the strength of PTT and Thai people,
Corporate Governance of PTT Public Company Limited, including
Authorities, Duties and Responsibilities we strive to “Ignite Life Potential”,
of the Board and Duties and Responsibilities
233 6. Corporate Governance ensuring a prosperous future for our children
of Specific Committees of PTT Public
2 6 2 7. Governance Structure Company Limited
and sustainability for Thai society.
and Key Data on the Board of Directors, 449 Attachment 6
Specific Committees, Management, Report of the Audit Committee
Employees and Others
450 About This Report
296 8. Corporate Governance Milestones
451 Assurance Report
3 4 0 9. Internal Control and Connected Transactions
Section 3
Financial Report
370 Financial Report
Vision, Mission and PTT Values Vision, Mission and PTT Values
56-1 One Report 2023
PTT Public Company Limited
VISION MISSION STRATEGIC
FRAMEWORK
Contents Powering Life To conduct integrated energy
Powering Life
with Future Energy and petrochemical business as with Future Energy and Beyond
Vision, Mission and PTT Values and Beyond the nation’s energy company
Target
whose mission to equally by 2030
1 BUSINESS GROWTH 2 NEW GROWTH 3 CLEAN GROWTH
LNG : 9 MTPA PTT Group Net Income from 15% Greenhouse Gas
PTT Information
respond to all stakeholders POWER (CONVENTIONAL) : 5 GW
RENEWABLE ENERGY : 15 GW
Future Energy and Beyond > 30% Reduction from 2020
Financial Highlights
through the following aspects Aspiration
POWERING THAILAND’S TRANSFORMATION by
Achievement Highlights
002 PARTNERSHIP & PLATFORM TECHNOLOGY FOR ALL TRANSPARENCY & SUSTAINABILITY
003
Awards and Recognition
Strategic
Message from the Board of Directors CORE STRENGTHENING FOUNDATION FOR GROWTH
Direction
STAKEHOLDERS
Economic, Petroleum
and Petrochemical Review and Outlook
Section 1 To Public Sector To Investors Resilience Reenergize Reimagination Reform
Business Operations and Performance Ensuring long-term energy Operating commercial
PTT Public Company Limited
PTT Public Company Limited
security by providing adequate business that generates Survive any crisis Enhance Initiate businesses Enhance
56-1 One Report 2023
56-1 One Report 2023
high-quality energy supply optimum returns and leads to competitiveness for the next normal readiness
Section 2 at fair prices to support sustainable growth. • Secure liquidity • Create value along •Accelerate growth through •Transform organization
Corporate Governance economic growth. • Safety, Operation PTT Group value chain transition energy (LNG & structure for regulatory
excellence • Reinforce upstream and power) and environment shift
• Synergy & optimization & downstream •Generate Future Energy
• Agile workforce • Reshape portfolio and Beyond business
Section 3 • Risk & Crisis Management • Decarbonize towards at speed and scale
Net Zero
Financial Report
To Customers To Society Group Synergy - People - Finance - Communication
Attachment
Ensuring customers’
and Communities
satisfaction and loyalty Maintaining an excellent corporate
standing in Thai society Mindset: Inside out + Outside in Values:
by delivering world-class quality
by exercising environmental
products and services
stewardship of internationally
at fair prices.
accepted standards, and helping
to improve the quality of life for
the community and
the wider society.
PTT VALUES
To Directors To Suppliers
and Employees and Partners
Promoting capability building Conducting fair business practice
professionally and ensuring with all partners while promoting
that employees’ well-being trust, good relationship,
remains competitive with and cooperation to expand business
other leading companies. capability and increase efficiency
in long-term business
partnership. Synchronize Agile for Invent future Reach sustainability Embed integrity Tune-up
through excellence growth through with green economy & ethics trust through
partnership innovation and social care to enhance empowerment
good corporate and respect
citizenship
PTT Information Financial Highlights
56-1 One Report 2023
PTT Public Company Limited
PTT Information Financial Highlights
Contents
Name
Vision, Mission and PTT Values
PTT Public Company Limited
2021 2022 2023
Abbreviation References
PTT Information
PTT • Securities Registrar
Thailand Securities Depository Statement of Income (THB million)
Registered Number Company Limited
Sales and service revenue 2,258,818 3,367,203 3,144,551
0107544000108 1st Floor, The Stock Exchange
Financial Highlights Earnings before interest, taxes,
of Thailand Building,
004 005
93 Ratchadaphisek Road, Din Daeng, depreciation and amortization (EBITDA) 427,956 491,288 426,895
Din Daeng, Bangkok 10400, Thailand Profit attribute to equity holders of the company 108,363 91,175 112,024
Achievement Highlights Telephone: 66 (0) 2009-9999
Awards and Recognition • Auditor
EY Office Limited
Statement of (THB million)
Message from the Board of Directors
193/136-137, 33rd Floor, Financial Position
Economic, Petroleum Lake Rajada Office Complex,
Total assets 3,071,384 3,415,632 3,460,462
and Petrochemical Review and Outlook Ratchadaphisek Road, Klong Toei,
Total liabilities 1,598,444 1,881,939 1,835,486
PTT Public Company Limited
PTT Public Company Limited
Klong Toei, Bangkok 10110, Thailand
Type of Business Telephone: 66 (0) 2264-9090 Non-controlling interests of the subsidiaries 466,244 481,102 503,778
Section 1
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56-1 One Report 2023
The Company’s operated businesses consist of natural gas, gas transmission, Fax: 66 (0) 2264-0789 Equity attributable to owners of the company 1,006,696 1,052,591 1,121,198
Business Operations and Performance international trading, new business and infrastructure business; the rest are
• THB Debentures Registrar
invested through subsidiaries, joint arrangements and associates, and PTT Group,
Siam Commercial Bank
Section 2 namely exploration and production, liquefied natural gas, petrochemical and refining, Shares or Information about Common Shares
Public Company Limited
Corporate Governance oil and retail, power and utilities, and service businesses.
Registrar 1 Issued and paid up share capital (Million Shares) 28,563 28,563 28,563
17th Floor, Zones B&C, SCB Head Office,
Book value per share (THB) 35.24 36.85 39.25
Section 3 Registered Capital Issued and Fully Paid-up Capital 9 Ratchadaphisek Road, Chatuchak,
Earnings per share (THB) 3.79 3.20 3.92
Financial Report Chatuchak, Bangkok 10900, Thailand
THB 28,562,996,250 THB 28,562,996,250 Telephone: 66 (0) 2777-6784 Dividend per share (THB) 2.00 2.00 2.00
comprising 28,562,996,250 ordinary shares comprising 28,562,996,250 ordinary shares E-mail: [email protected] Dividend payout ratio (%) 52.8 62.5 51.0
Attachment whose value is THB 1 per share whose value is THB 1 per share Bank of Ayudhya Public Share price at the end of period (THB) 38.00 33.25 35.75
(as of December 31, 2023) (as of December 31, 2023) Company Limited
Security Services Operations Department,
AA Floor, 1222 Rama III Road, Financial Ratios
Bang Phongphang, Yannawa,
Corporate Communications Net profit margin (%) 6.73 3.63 4.94
Bangkok 10120, Thailand
Telephone: 66 (0) 2537-2150-1 Net profit margin (only equity holders of the company) (%) 4.80 2.71 3.56
Telephone: 66 (0) 2296-2000 ext. 50604
Fax: 66 (0) 2537-2171
Return on equity (%) 11.47 8.85 10.31
E-mail: [email protected] • Legal Consultant for Debenture
Head Office
Issuance and Sales Offering Return on total assets (%) 5.41 3.76 4.52
555 Vibhavadi Rangsit Road, Investor Relations Debt to equity 1/
(Times) 0.64 0.78 0.71
Allen & Overy (Thailand)
Chatuchak, Chatuchak, Telephone: 66 (0) 2537-3518-9
Company Limited Net debt to equity
2/
(Times) 0.40 0.55 0.44
Bangkok 10900, Thailand Fax: 66 (0) 2537-3948
23rd Floor, Sindhorn Tower III, Net debt to EBITDA
2/
(Times) 1.37 1.71 1.67
Telephone: 66 (0) 2537-2000 E-mail: [email protected]
130-132 Wireless Road, Lumpini, Interest coverage (Times) 12.54 13.25 9.41
Fax: 66 (0) 2537-3498-9
Office of the President Pathumwan, Bangkok 10330, Thailand
Website: www.pttplc.com
Telephone: 66 (0) 2537-3855 Telephone: 66 (0) 2263-7600
Fax: 66 (0) 2537-3883, 66 (0) 2537-3887 Fax: 66 (0) 2263-7699
E-mail: [email protected] Remarks:
1/ Debt to equity = Interest bearing debt divided by Total shareholder’s equity
2/ Net debt = Interest bearing debt (IBD) - Cash and cash equivalents - Short-term investments in financial assets
Financial Highlights Financial Highlights
56-1 One Report 2023
Financial Highlights
PTT Public Company Limited
Contents Sales and Service Net Income Statement of Statement of
Revenue Financial Position Cash Flows
Vision, Mission and PTT Values
PTT Information THB 3,144,551 THB 112,024 THB 3,460,462
million million million
Financial Highlights
Net cash provided by operating activities
2% 0.1% 6% 12%
(THB million)
12% 22%
Achievement Highlights 006 26% 5%
2023 382,045 007
Awards and Recognition 2023 2023
9% 2022 1 9 1 , 700
THB 3,144,551 THB 112,024
Message from the Board of Directors 3,460,462 2021 322,4 25
million 7% million 3,415,632
1,081,739
674,044
Economic, Petroleum
1,040,862
688,345
15% 39%
and Petrochemical Review and Outlook Net cash used in investing activities
45% 3,071,384
(THB million)
855,254
648,619
Section 1 2023 ( 1 61 , 2 45 )
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
1,161,442
3% 1% 6%
1,193,594
17%
2022 (1 8 6,690)
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56-1 One Report 2023
12% 22%
Section 2 2021 (3 85,308)
949,825
875,440
837,514
26%
Corporate Governance 2022 2022
779,253
1%
1% Net cash provided by (used in) financing activities
THB 3,367,203 THB 91,175
(THB million)
8%
Section 3 million million
Financial Report 38%
2023 (1 4 2 , 1 5 9)
1,624,976
14%
51%
1,541,209
1,533,693
2022 50,66 8
1,499,330
1,472,940
1,436,877
Attachment
2021 46, 1 90
2% 1% 6% 13%
Cash and cash equivalents at the beginning of year2/
13%
3% (THB million)
31%
30%
2021 2021 2023 340,054
THB 2,258,818 21% THB 108,363 2022 3 1 2 ,7 30
million million
2021 332,032
33%
2021 2022 2023
15% 8% 24% Cash and cash equivalents at the end of year2/
(THB million)
Exploration Petrochemical PTT Petrochemical Current Assets Account Payable
2023 4 1 7, 1 3 4
and Production Business and Refining Business Exploration and Refining Affiliates Other Non-current Assets and Other Liabilities
Gas Business New Business and and Production Affiliates New Business and Net Property, Plant, Interest Bearing Debt (IBD) 2022 340,054
International Trading Business Infrastructure Business Oil and Retail Affiliates Infrastructure Affiliates and Equipment Shareholder’s Equity
Oil and Retail Business Others1/ Others Affiliates 2021 31 2 ,7 30
Remarks:
1/ Others such as coal business
2/ Excluding short-term investment
Achievement Highlights Achievement Highlights
56-1 One Report 2023
Achievement Highlights
PTT Public Company Limited
Contents
Vision, Mission and PTT Values
PTT Information
BUSINESS
Financial Highlights
EV Value Chain
Achievement Highlights
GROWTH NEW ARUN PLUS
GROWTH
008 and CATL signed 009
Awards and Recognition a contract
Enhance competitiveness to establish a Cell-To-Pack
Message from the Board of Directors
and foster growth from battery factory with
Economic, Petroleum
the current business Future Energy a production capacity
6
and Petrochemical Review and Outlook
Accelerating renewable energy
Section 1 The pipeline connecting and electric vehicle businesses GWh/year,
Business Operations and Performance LMPT1 and LMPT2 and Beyond
PTT Public Company Limited
PTT Public Company Limited
aiming to start
was completed
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Penetrate new businesses production in 2024.
Section 2 in March 2023 for more flexibility
Corporate Governance in natural gas management beyond energy, drive new
and enhancing Thailand’s
ventures, and improve ARUN PLUS, in
Section 3 energy security. collaboration with KYMCO
Financial Report livelihoods of Thai people Group has established
a joint venture company
Attachment called Aionex
to distribute electric motorcycles.
It is expected to commence sales
in the year 2024 with a target of
PTT and its subsidiaries
procured 87 cargoes
of Spot LNG,
5,000 units.
totaling
6 million tons
out of 92 cargoes of E n s u r e
NUOVO PLUS and Gotion
formed NV Gotion,
Spot LNG that Thailand imports
in total 6.3 million tons.
Thailand’s a joint venture company, completed
e n e r g y the construction of a 2 GWh battery
production plant , with plans for future
security expansion to reach a capacity of 8 GWh.
Achievement Highlights Achievement Highlights
56-1 One Report 2023
PTT Public Company Limited
Life Science
Contents Innobic Nutrition (INNT)
launched
6
Vision, Mission and PTT Values
PTT Information Lotus Pharmaceutical’s
Financial Highlights revenue in 2023 grew by
16% from 2022,
due to the substantial market growth of
products
Achievement Highlights
Buprenorphine/Naloxone and Lenalidomide Medical technology to promote good health
in Asia and the United States of America.
010 products were launched for Thai people i.e. 011
Awards and Recognition into the market 1 . Innourish High Protein Plus+
2. Probiotics LD
Message from the Board of Directors 3. Pro Salmon Oil
7products
Economic, Petroleum 4. Gummy Triphala
and Petrochemical Review and Outlook 5. Stevia Syrup
6. Daily Nutrigen
Section 1
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
56-1 One Report 2023
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Section 2
Corporate Governance
Plant & Bean (Thailand)
completed the construction
Section 3 Revenue in 2023 and commissioning of Plant & Bean plant
Financial Report grew by produce plant-based protein.
16%
Attachment 1 . Saliva Mouth Care
2. Luvena Feminine Care
3. Colotect
from 2022 4. Longest DVT
5. Sterilization Wraps
6. Oil Absorbent
7. HPV DNA Testing Kit
Achievement Highlights Achievement Highlights
56-1 One Report 2023
PTT Public Company Limited
Logistic and Infrastructure
Drive greenhouse
CLEAN
gas emission
reduction towards
Carbon Neutrality
GROWTH
Contents
and Net Zero Emissions
Vision, Mission and PTT Values
PTT Information Carbon
Neutrality
Financial Highlights
GML offers relable rail
Net Zero
Emissions
Achievement Highlights
freight services to transport
012 goods both domestically 013
Awards and Recognition and internationally
Message from the Board of Directors comprising total of
47
Economic, Petroleum
and Petrochemical Review and Outlook Driving the “Climate
trains Neutral Now” Initiative
1,205
Section 1 Initiated Carbon Credit
Driving the “Climate Neutral Now”
Business Operations and Performance Trade Transactions
PTT Public Company Limited
PTT Public Company Limited
Initiative through the Thailand
PTT commenced the procurement of
Carbon Neutral Network (TCNN)
56-1 One Report 2023
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Section 2 carbon credits to offset the International
by formulating policy recommendations,
Corporate Governance containers enhancing T-VER standards,
Trading Business Unit’s business
operations and activities, thereby signing
and aiming to become
a carbon credit-linked derivatives
Section 3 “Thailand’s Leading Network
Financial Report
AI, Robotics and Digitalization towards Carbon Neutrality
agreement with Krung Thai Bank.
and Net Zero Emissions”.
Attachment
“Ignite Life Potential:
Turning 1 Seedling into
2nd Million Forest” Initiative
PTT Group signed MOU to reforest
an additional 2 million rai by initiating
the “Ignite Life Potential: Turning 1 Seedling
into 2nd Million Forest” initiative
and kick off project on August 8, 2023.
PTT planted
Mekha V, in collaboration
with WHAUP and Sertis,
has established a joint venture company -
RENEX TECHNOLOGY to provide
86,173 rai
of forest in 25 provinces in Thailand in 2023.
a peer-to-peer power trading platform.
Awards and Recognition Awards and Recognition
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PTT Public Company Limited
Contents
Awards
Vision, Mission and PTT Values
and Recognition
PTT Information
Financial Highlights
Achievement Highlights PTT focuses on operating sustainable
business in all sectors, aiming for
Awards and Recognition
014 a three-dimensional balance: 015
Message from the Board of Directors
Envir nmental
54
Economic, Petroleum
and Petrochemical Review and Outlook
Environmental management aims to
Section 1
strike a balance between business growth awards
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
and efficient resource consumption.
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Section 2
S cial
Corporate Governance
Section 3
Financial Report
Social management applies PTT Group’s
Attachment expertise, innovation, and collaboration
in creating model communities of wisdom In 2023,
PTT garnered 54 domestic
and expanding nationwide in support of
and international awards,
the well-being of people and communities
prestigious rankings,
in a sustainable manner.
and certifications
G vernance from a total of 31 entities.
Conducting business under
good governance principles.
Awards and Recognition Awards and Recognition
56-1 One Report 2023
PTT Public Company Limited
Award Environmental
Contents
from a Leading
Vision, Mission and PTT Values
Institution
PTT Information
Financial Highlights
Achievement Highlights
Awards and Recognition 016 017
Message from the Board of Directors
Economic, Petroleum
and Petrochemical Review and Outlook
Section 1
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
Climate Action
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Section 2 Leading Organization
Corporate Governance
Section 3
PTT is proud to be Awarded: Awarded by:
October 7, 2023 Thailand Greenhouse Gas
Financial Report globally ranked among Management Organization
(Public Organization)
the top 5 DJSI
Attachment
Mr. Auttapol Rerkpiboon, President & CEO, received
Awarded: Awarded by:
a plaque of honor of Climate Action Leading Organization
December 9, 2023 S&P Global
(CALO) Award.
PTT was selected as a DJSI member for the 12th
consecutive year in the World Index group and Emerging
Market Index group. Also, it was listed among the leading
organizations in the Oil & Gas Upstream & Integrated
(OGX). With this accomplishment, PTT is proud and can
reassure investors globally that it will continue to operate
profitably in all three ESG dimensions (Environmental,
Social, and Governance).
Awards and Recognition Awards and Recognition
56-1 One Report 2023
PTT Public Company Limited
Plaque of Honor
in Forest Resource
Restoration Social
Contents
and Development
Vision, Mission and PTT Values
Awarded: Awarded by:
PTT Information
September 18, 2023 Royal Forest Department
Financial Highlights Thailand Best
Achievement Highlights PTT received a plaque of honor in Forest Resource Employer Brand
Restoration and Development on the occasion of
the 127th anniversary of the Royal Forest Department. Awards 2023
Awards and Recognition 018 019
Awarded: Awarded by:
January 10, 2023 World HRD Congress
Message from the Board of Directors
Economic, Petroleum PTT received Thailand Best Employer Brand Awards
and Petrochemical Review and Outlook 2023 in Thailand - Cambodia Best Employer Brand
The 14th Thailand Awards 2023. This reflects PTT’s operations
Section 1
Business Operations and Performance
Tourism Awards that prioritize employees as the organization’s
PTT Public Company Limited
PTT Public Company Limited
most important resource.
or Kinaree Awards
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Section 2
2023
Corporate Governance
Awarded: Awarded by:
Section 3
September 27, 2023 Tourism Authority of Thailand
Financial Report
PTT received the 14 th Thailand Tourism Awards
Attachment
or Kinaree Awards 2023 as follows:
1. The Metroforest Learning Center by PTT
Reforestation and Ecology Institute: Thailand
Tourism Gold Awards in the Learning & Doing
Plaque of Honor from
Attraction category
2. Princess Maha Chakri Sirindhorn Herb Garden the Senate Education
and Wang Chan Forest Learning Center by PTT Fund project
Reforestation and Ecology Institute: Thailand
Tourism Silver Awards in the Learning & Doing
Awarded: Awarded by:
Attraction category February 28, 2023 The Senate
3. Sirinart Rajini Mangrove Ecosystem Learning Center:
Thailand Tourism Certificate in the Low Carbon
PTT received a plaque of honor from the Senate
& Sustainability category.
Education Fund project by supporting computers
to promote digital distance teaching and learning
for 147 schools under the Education Fund project.
Awards and Recognition Awards and Recognition
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PTT Public Company Limited
Contents
Vision, Mission and PTT Values
PTT Information
Financial Highlights
Exemplary Network Honor for Medical
Achievement Highlights
Royal Dragonfly Organization for Prachabodee Award Equipment
Book Award Promoting Gender
Awards and Recognition
Equality Awarded: Awarded by:
September 28, 2023 Department of Social
Awarded:
October 8, 2023
Awarded by:
Candlelight Club
020 Awarded: Awarded by: 021
Development and Welfare for Education
March 2023 Story Monsters Book Awards
Awarded: Awarded by:
Message from the Board of Directors March 31, 2023 Ministry of Social
“Giving Breath Journal” won the 1st Place Winner Royal Development Mr. Auttapol Rerkpiboon, President & CEO, was awarded PTT received a plaque of honor for medical equipment
Economic, Petroleum the 2023 Prachabodee Award for his achievement in support to Thammasat University Hospital.
at the Royal Dragonfly Book Award. and Human Security
and Petrochemical Review and Outlook the category of social contribution at the ceremony for
the years 2022 and 2023.
Sustainable Power Foundation received a plaque of
Section 1
honor of “Exemplary Network Organization for Promoting
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
Gender Equality” at Gender Fair 2023.
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Section 2
Corporate Governance
Section 3
Financial Report
Attachment
Plaque of Honor for
Zero Accident Safety, Occupational the Organization with
Campaign 2023 Health, and Work Outstanding Social
Human Rights
Environment Award Activities on National
Awarded: Awarded by: Awards 2023
July 13, 2023 Thailand Institute of 2023 Social Welfare Day 2023
Occupational Safety and
Health (Public Organization) Awarded: Awarded by:
September 22, 2023 Rights and Liberties Awarded: Awarded by: Awarded: Awarded by:
Protection Department, October 10, 2023 Ministry of Labor October 21, 2023 Ministry of Social Development
PTT Group received Zero Accident Campaign Award and Human Security
Ministry of Justice
2023 at the 35th National Occupational Safety and
Rayong Gas Separation Plant received the Outstanding
Health Fair. Rayong Gas Separation Plant received
PTT received the Outstanding Role Model Organization Model Award for safety, occupational health, PTT received a plaque of honor for the organization with
the honorary award for the “Zero Accident Campaign”.
“Human Rights Awards 2023” in the State Enterprise and work environment at the Platinum level for the 11th
outstanding social activities on National Social Welfare
sector for the 3 consecutive year.
rd
consecutive year. Day and Thai Volunteer Day 2023.
Awards and Recognition Awards and Recognition
56-1 One Report 2023
PTT Public Company Limited
Thailand Top
Company Awards
Governance 2023
Contents
Awarded: Awarded by:
Vision, Mission and PTT Values
March 15, 2023 BUSINESS+ Magazine
PTT Information collaboration with the
University of the Thai
Financial Highlights Chamber of Commerce
Achievement Highlights The Role Model Ethical
Organization Award PTT received “Thailand Top Company Awards 2023”
in the Energy Industry Sector for the 4th consecutive year.
Awards and Recognition 022 023
Awarded: Awarded by:
February 28, 2023 National Moral Promotion
Message from the Board of Directors Committee
Economic, Petroleum
PTT won the Role Model Ethical Organization Award for
and Petrochemical Review and Outlook
the 3rd consecutive year.
Section 1
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
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Section 2
Corporate Governance
Section 3
Financial Report
Attachment
Thailand Quality Thailand Top CEO
Women of the Year 2023 Class (TQC) of the Year 2023
Awarded: Awarded by: Awarded: Awarded by: Awarded: Awarded by:
March 2023 Bangkok Post March 22, 2023 Office of Thailand Quality June 20, 2023 BUSINESS+ Magazine by
Award ARIP Plc. and Faculty of
Commerce and Accountancy,
Miss Pannalin Mahawongtikul, CFO, was selected
Thammasat University
by Bangkok Post editorial staff and qualified persons as Gas Business Unit received Thailand Quality Class (TQC)
one of the “Women of the Year 2023” as a key player Award at the 21st Thailand Quality Award Ceremony.
in driving corporate and social sustainability through This award is the result of the collaborative efforts Mr. Auttapol Rerkpiboon, President & CEO, received
financial management. of the Gas Business Unit’s management and staff, “Thailand Top CEO of the Year 2023” in the Energy
who are dedicated to enhancing the processes in Industry Sector.
accordance with the TQA standards, which have been
used as an implementation framework for over 15 years.
Awards and Recognition Awards and Recognition
56-1 One Report 2023
PTT Public Company Limited
Contents
Vision, Mission and PTT Values
PTT Information
Financial Highlights Plaque of Honor from Excellent CG Scoring Commendation Award
Achievement Highlights the Anti-Corruption
Awarded: Awarded by:
Foundation 2023 Awarded:
November 15, 2023
Awarded by:
Thai Institute of Directors November 20, 2023 The National
Awards and Recognition (IOD) Anti-Corruption
024 025
Commission (NACC)
Awarded: Awarded by:
Asian Excellence July 7, 2023 The Anti-Corruption PTT received Excellent CG Scoring or 5 badges for
Message from the Board of Directors PTT received the plaque of Commendation Award
Economic, Petroleum
Awards 2023 Foundation the 15th consecutive year. It has been ranked among
in the 11th NACC Integrity Awards. PTT received NACC
the Top Quartiles of listed companies with a market value
and Petrochemical Review and Outlook Integrity Awards for 5 consecutive years: NACC Awards
PTT received a plaque of honor for its excellent of not less than THB 10,000 million by the Corporate
Awarded: Awarded by: twice and Commendable Awards 3 times, an honorable
support to the Anti-Corruption Foundation in 2023 Governance Report of Thai Listed Companies (CGR)
June 26, 2023 Corporate Governance Asia award for good governance and transparency.
Section 1 from Professor Vicha Mahakun, Chairman of the Board 2023.
Magazine
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
of Anti Corruption Foundation.
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56-1 One Report 2023
Section 2 PTT received 7 Asian Excellence Awards 2023
Corporate Governance (13th Asian Excellence Award) as follows:
1. Asia’s Best CEO: Mr. Auttapol Rerkpiboon,
President & CEO
Section 3
2. Asia’s Best CFO: Miss Pannalin Mahawongtikul,
Financial Report
CFO
3. Asia’s Best CSR
SET Awards 2023
Attachment 4. Best Investor Relations Professional:
Mr. Tanapon Prapapan, Awarded: Awarded by:
November 21, 2023 The Stock Exchange of
Investor Relations Vice President
Thailand and Money
5. Best Environmental Responsibility
& Banking Magazine
6. Best Investor Relations Company
7. Best Corporate Communications Chief Innovation Officer
PTT received the highest level of AAA of “Thailand
Honorary Award Sustainability Investment” (THSI) and won awards
of honors from the SET Awards 2023 as follows:
Awarded: Awarded by: 1. Sustainability Awards of Honor
July 13, 2023 National Innovation Agency 2. Innovative Company Awards of Honor
(Public Organization) (NIA) 3. Outstanding Investor Relations Awards
Dr. Buranin Rattanasombat, Chief New Business and
Infrastructure Officer, received the Chief Innovation
Officer Honorary Award at the Chief Innovation
Officer (CIO) Honorary Event as a key player in driving
organizational innovation and Thailand’s innovation
ecosystem.
Awards and Recognition Awards and Recognition
56-1 One Report 2023
PTT Public Company Limited
Contents
Vision, Mission and PTT Values
PTT Information
Financial Highlights
Achievement Highlights
Awards and Recognition 026 027
Macquee Awards Sustainable
Message from the Board of Directors
“Best Treasurer- Development Outstanding Engineer Prime Minister Awards:
Economic, Petroleum Corporates” Excellence Award Award (OEA) Thailand Cybersecurity
and Petrochemical Review and Outlook
Excellence Awards
Awarded: Awarded by:
Section 1
Awarded:
November 21, 2023
Awarded by:
The Corporate Treasurer November 28, 2023 Thailand Management
Awarded:
November 29, 2023
Awarded by:
IEEE Power & Energy 2023
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
Magazine Association and Sasin Society (Thailand)
Graduate Institute of
56-1 One Report 2023
56-1 One Report 2023
Awarded: Awarded by:
Section 2 Business Administration of
PTT received “Best Treasurer-Corporates” from Mr. Auttapol Rerkpiboon, President & CEO, received the December 25, 2023 Ministry of Digital Economy
Corporate Governance Chulalongkorn University
The Corporate Treasurer Awards 2023 organized IEEE PES Outstanding Engineering Award 2023 (OEA) and Society
by The Corporate Treasurer, a leading business magazine as an outstanding and commendable engineer in the
Section 3 PTT received the Sustainable Development Excellence
trusted by financiers and investors in the Asia-Pacific engineering profession. This includes his contribution to PTT received 3 Prime Minister Awards: Thailand
Financial Report Award at the Thailand Corporate Excellence Awards
region at Singapore Marriott Tang Plaza Hotel. society and his advocacy for energy and electricity- Cybersecurity Excellence Awards 2023
2023 ceremony organized by the Thailand Management
The award is considered for outstanding performance related education. 1. Commendation Award in Cybersecurity Performance
Association in collaboration with Sasin Graduate
Attachment in corporate financial management.
Institute of Business Administration of Chulalongkorn Excellence Awards 2023, Critical Information
University. The award was graciously endowed Infrastructure Category (CII)
by Her Royal Highness Princess Maha Chakri Sirindhorn 2. Commendation Award in Best Cybersecurity
to organizations with excellence in management Performance Awards, Critical Information
in various fields. Infrastructure in Energy and Public Utilities
3. Best Cybersecurity Performance Awards 2023,
Critical Information Infrastructure in Cybersecurity
Cooperation
Awards and Recognition Awards and Recognition
56-1 One Report 2023
PTT Public Company Limited
2022
Contents Awards
Vision, Mission and PTT Values Announced
PTT Information
or Awarded
Financial Highlights
Achievement Highlights
in 2023 State Enterprise
Awards (SOE Awards)
Awards and Recognition 028 029
Awarded: Awarded by:
March 24, 2023 State Enterprise Policy
Message from the Board of Directors Office (SEPO)
Economic, Petroleum
and Petrochemical Review and Outlook PTT was honored with 7 State Enterprise Awards
(SOE Awards) in 2022, reflecting its potential for excellent The Global
Section 1 operations in all dimensions.
Economics Awards IAA Awards for Listed
Business Operations and Performance 1. Excellent State Enterprise Award 2022
PTT Public Company Limited
PTT Public Company Limited
2. Outstanding Board of Directors Award 2022 Companies 2022
56-1 One Report 2023
56-1 One Report 2023
Section 2 (Honorable Acclaim)
3. Outstanding Organizational Management Award
Corporate Governance Awarded: Awarded by: Awarded: Awarded by:
4. Outstanding Sustainable Development State
February 2023 The Global Economics, August 2023 Investment Analysts
Enterprise Award Association
Section 3 a leading financial magazine
5. Outstanding Social and Environmental from the UK
Financial Report Implementation Award
6. Outstanding Creativity and Innovation Award Mr. Auttapol Rerkpiboon, President & CEO and Miss
Attachment PTT received the Best Natural Gas Supply Procurement Pannalin Mahawongtikul, CFO, received the following
(Creativity Category)
and Distribution Company from The Global Economics awards:
7. Outstanding Creativity and Innovation Award
(Innovation Category) Awards 2022 in Best Natural Gas Supply Procurement 1. Best CEO
and Distribution Company. 2. Best CFO
3. Outstanding IR in the resources business sector
Message from the Board of Directors Message from the Board of Directors
Message from
56-1 One Report 2023
PTT Public Company Limited
the Board
Business
growth
of Directors
New
growth
Contents
Clean
Vision, Mission and PTT Values growth
PTT Information
The year 2023 marks PTT’s 45th year of pride since the establishment of the Petroleum Authority of Thailand
Financial Highlights
in 1978 as the national energy company with the mission of ensuring energy security. Throughout 45 years
Achievement Highlights of our history, PTT has grown through good and bad times together with Thailand. We have weathered through
multiple crises, each of which we strive to emerge stronger, while providing support to help Thai economy
Awards and Recognition
and society recover. We have also continuously promoted social development to enhance the well-being
and livelihood of Thai people.
030 031
Message from the Board of Directors The world economy grew by 3.1% in 2023, down from 3.5% in 2022. This is a result of the protracted war between
Russia and Ukraine, the erupted Israeli-Hamas conflict and the tightening of financial condition due to policy rate hike
that is intended to limit inflation in key economies. As for Thailand, the economy grew by 1.9%, continuing from 2.5%
Economic, Petroleum
growth in 2022 driven by the recovery of tourism sector. The export sector on the other hand remains weak.
and Petrochemical Review and Outlook
Energy price in 2023 remains volatile from international conflicts, while energy demand weakens from
an economic slowdown. The average price of Dubai crude oil dropped from USD 96.3 per barrel in 2022 to
Section 1 USD 82.1 per barrel as a result. In the meantime, there was a decline in the petroleum product price spread.
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
Amid this challenging situation, PTT’s management and employees remain committed to deliver 2023 results
56-1 One Report 2023
56-1 One Report 2023
Section 2 and executing strategic direction in line with our vision, “Powering Life with Future Energy and Beyond.”
Corporate Governance PTT’s total revenue in 2023 was THB 3.14 trillion, with a net profit of THB 112,024 million, representing 3.6%
of total revenue, which 22% accounted for PTT’s businesses and 78% of PTT Group.
Section 3 Enhance Competitiveness and Foster Growth from the Current Business
Financial Report
PTT is still committed to ensuring Thailand’s energy security. PTT focuses on strategies to boost the energy
Attachment industry’s long-term competitiveness by leveraging PTT Group’s synergy to accelerate business performance
growth in the face of the energy transition.
To create energy security for businesses in Thailand, PTT Exploration and Production Plc. (PTTEP) has
continuously increased its gas production from block G1/61 to 400 million cubic feet per day at the 2023 year-end.
It also won the bid and obtained petroleum exploration and production rights in the G1/65 and G3/65 blocks,
and signed a purchase agreement to acquire a 33.33% stake in block G12/48 from Total Energies EP Thailand.
Natural gas is regarded as a transition fuel that will be crucial in the future transition to clean energy. Thus,
the goal of the Gas Business is to create growth via the supply of natural gas and the expansion of investment
projects. To improve flexibility in LNG management in Thailand, PTT LNG Co., Ltd. (PTTLNG) completed
the pipeline connecting LNG Map Ta Phut Terminals 1 and 2, and to further encourage the development of
a commercial LNG market, it also signed an LNG Truck Loading Agreement with PTT Global LNG Co., Ltd. (PTTGL).
To serve national demand, PTT and its subsidiaries procured 87 cargoes of Spot LNG, totaling 6 million tons.
Petrochemical and Refining Business continuously invests in the development of its production processes to
boost competitiveness and get oil production ready for the nationwide implementation of Euro 5 standards
in 2024, which will help lower sulfur levels and improve air quality. In addition, PTT Global Chemical Plc. (GC)
started the commercial operation of the Olefins Modification Project Unit 2, allowing for the increased use of
propane as a feedstock during the high price of naphtha, thereby enhancing feedstock flexibility and long-term
competitiveness.
Message from the Board of Directors Message from the Board of Directors
56-1 One Report 2023 Transition to Future Energy Business 859 locations across the country. In hydrogen business, Pursuit of Lower Emissions: Accelerate production process 450 communities via the “Smile Community” platform.
PTT Public Company Limited and Grow in New Businesses PTTEP won the bid to develop “Green Hydrogen”, a clean energy adjustment for energy efficiency enhancements through Furthermore, PTT supports environmental initiatives via
Beyond Energy source, in Oman. Production is anticipated to begin in 2030 the implementation of energy-saving and conservation projects. the Green Globe Institute to recognize communities with
with an annual capacity of around 220,000 tons per year. This year, PTT collaborated with CP Group to study the use of exceptional environmental conservation. We are also prepared
Based on the vision and strategic direction, PTT has set CO2 from the gas separation process to produce alternative to disseminate our knowledge throughout the network via
a long-term target to invest in and increase the profit share from Beyond energy business, PTT focuses on investing in businesses proteins for animal feed, and signed an agreement with diverse channels and aid more than 10,000 individuals
Contents future energy and beyond energy businesses to at least 30% with growth potential, including the Life Science business by Krung Thai Bank to launch Carbon Credit Linked Derivatives, impacted by natural disasters.
by 2030. Accelerated development of new business Innobic (Asia) Co., Ltd. (Innobic (Asia)), which has invested an innovative and first-of-its-kind in the Thai capital market.
Vision, Mission and PTT Values
is necessary to generate significant returns for PTT before in a global pharmaceutical company through its 37% stake From the implementation of strategies under the sustainability
PTT Information existing energy businesses decline as the world transition in Lotus Pharmaceutical Co., Ltd. (LOTUS), achieving growth Portfolio Transformation: Accelerate portfolio transformation framework, with transparent and auditable oversight
towards clean energy. performance from the launch of Lenalidomide for leukemia in towards an environmentally friendly business by focusing and operations, PTT was awarded over 54 awards from
Financial Highlights
U.S. market. Concurrently, Innobic (Asia) sold 13 new medical on the future energy business and expanding into beyond 31 entities both domestically and internationally.
Achievement Highlights In the future energy business, PTT is focused on investing in and nutritional products, and completed the construction of businesses. This year, the Board of Directors approved PTT has been selected as a member of the Dow Jones
a Plant & Bean factory to produce plant-based protein.
the entire clean energy supply chain, including renewable the revision of 2030 business growth target by reducing the Sustainability Indices (DJSI) - World Index and Emerging
Awards and Recognition
energy, energy storage, electric vehicle (EV), and the utilization In logistics business, Global Multimodal Logistics Co., Ltd. target of fossil fuel power generation capacity from 8 GW to Market Index - for the 12th consecutive year and ranked among
032 of alternative energy sources by consumers. In renewable power (GML) has launched the Khon Kaen-Laem Chabang route, 5 GW and increasing renewable energy from 12 GW to 15 GW the top five in the Oil & Gas Upstream & Integrated (OGX) 033
business, Global Power Synergy Plc. (GPSC), PTT Group’s where a rail system is ready to transport sugar with the Mitr Phol in line with the energy transition direction and moving towards category, an assurance for global investors’ confidence in PTT’s
Message from the Board of Directors
power business flagship, has won the bid for solar farm projects Group and inaugurated the Thailand - Cambodia freight train Net Zero Emissions. PTT also completed the share sale efficient operations across all dimensions. In terms of national
with a total capacity of 5.2 GW in Thailand and India, or 2.2 GW to transport plastic pellets and lubricants of PTT Group. agreement of PTT Mining Limited (PTTML) with PT Astrindo recognition, PTT received the Best State Enterprise Award
Economic, Petroleum equity. The capacity expansion investment in India AI, Robotics, and Digitalization business is operated through Nusantara Infrastruktur Tbk to exit the coal business, aligned 2022 and other outstanding state enterprise awards totaling
and Petrochemical Review and Outlook is implemented through Avaada Energy Private Limited (Avaada). Mekha V Co., Ltd. (Mekha V), which has formed RENEX with the corporate strategic direction of shifting more towards 7 awards received in 2023 from the State Enterprise Policy
PTT Group’s renewable power generation capacity is now TECHNOLOGY, a joint venture company to provide a peer-to-peer clean energy. Office, received the 2023 SET Awards in the categories of
4.9 GW equity. In EV and Energy Storage business, PTT Group power trading platform and partnered with Siasun Co., Ltd. Sustainability Awards of Honor, Innovative Company Awards
Section 1
via ARUN PLUS Group has continuously expanded its energy to develop AI & Robotics business to support Thailand’s Partnership with Nature and Society: Accelerate an additional of Honor and Outstanding Investor Relations Awards,
Business Operations and Performance
PTT Public Company Limited
PTT Public Company Limited
storage business through the signing of a contract to establish industrial sector and warehouse and logistics businesses. 1 million rai of forest plantation by 2030 to increase natural and SET ESG Ratings at the highest level of AAA. In addition,
56-1 One Report 2023
56-1 One Report 2023
a Cell-To-Pack battery assembly plant with Contemporary In addition, PTT has made investments in high-value business greenhouse gas absorption. In 2023, PTT Group planted a total PTT was granted an Excellent CG Scoring rating or 5 badges
Section 2
Amperex Technology Co., Ltd. (CATL) to start production through GC to enter the high-value product market, and lifestyle of 86,173 rai of forests in 25 provinces nationwide. for the 15th consecutive year, being ranked among the Top
Corporate Governance in 2025, and established NV GOTION, a joint venture business through OR to grow retail, food, and service businesses Quartiles of listed companies with a market value of not less
company with Gotion Singapore Pte. Ltd. (Gotion) to build to meet lifestyle needs and support future consumer needs. than THB 10,000 million in the Corporate Governance Report
Section 3 Continuing the Commitment to Igniting
a battery pack manufacturing plant. Regarding the electric of Thai Listed Companies (CGR) 2023 from the Thai Institute
Financial Report Life Potential and Driving the Future
motorcycle business, PTT and KYMCO Group have partnered “3P” Strategy towards Net Zero of Directors Association (IOD).
to form Aionex, a joint venture company that will market electric Emissions PTT has strived to be powering life for all in keeping with
Attachment motorcycles. The first phase of the EV production plant is the organization’s purpose. Through various initiatives, PTT On behalf of the Board of Directors and PTT management,
now being built at the Rojana Industrial Estate in Chon Buri PTT has aimed to drive Thailand towards a low-carbon society, has integratively strengthened communities in 45 locations we would like to thank shareholders, investors, and
as part of Horizon Plus Co., Ltd.’s (HORIZON PLUS) EV Production with the goal to control and reduce greenhouse gas emissions throughout 29 provinces in 2023. One such project is Smart all stakeholders for their trust and belief in PTT’s potential
Platform investment. In the meantime, the expansion of (Scope 1 and 2) by 15% by 2030 compared to greenhouse Farming, which applies PTT Group’s innovation to boost and their support for PTT’s growth over the past 45 years.
EV charging stations is implemented through On-I on Solutions gas emissions in 2020, as well as achieve Carbon Neutrality by agricultural efficiency and lead to increased revenue and PTT, as a Thai energy company, has a mission to create national
Co., Ltd. (On-I on Solutions), increasing its public chargers to 2040 and Net Zero Emissions by 2050, earlier than Thailand’s self-sufficiency for the community. Smart Marketing is energy stability, ready to create balanced and sustainable
over 454 outlets and PTT Oil and Retail Business Plc. (OR) 2065 target. In order for PTT to play a role in driving Thailand the creation of community products with promise and the growth for Thai society, with the aim of Powering Life with Future
expanding its EV charging service in accumulated towards this goal, PTT has formulated 3P Strategy as follows: promotion of community product distribution channels to Energy and Beyond in line with PTT’s vision.
Transition to Future Energy Business
and Grow in New Businesses
Beyond Energy
Mr. Chatchai Phromlert Mr. Auttapol Rerkpiboon
Renewable Electric Hydrogen Life Lifestyle High Value Logistics AI, Robotics
Energy Vehicle Science Business & Infrastructure & Digitalization Chairman President and CEO
& Energy
Storage
Economic, Petroleum and Petrochemical Review and Outlook Economic, Petroleum and Petrochemical Review and Outlook
56-1 One Report 2023
PTT Public Company Limited
Economic, Petroleum
and Petrochemical Review
Contents
and Outlook Figure 1
Vision, Mission and PTT Values
PTT Information
Financial Highlights 1. 2023 in Review Global Economic 10
Growth 2021 - 2023
Achievement Highlights
Awards and Recognition 1.1 World Economy 8
6.9
6.3
Message from the Board of Directors 6 5.6
034 World economy in 2023 expanded at a slower pace than the previous year due to tightening in financial conditions following 035
Unit: % YoY
a series of policy rate hikes to curb inflation in major economies, especially the United States and the Eurozone, which led to Sources: IMF as of January 2024 4.1 4.1
Economic, Petroleum a lack of liquidity and forced the closure of three U.S. regional banks at the end of March 2023. Whereas, geopolitical
4 3.5
World 3.1
and Petrochemical Review and Outlook conflicts, including the protracted Russia-Ukraine war and, most recently, the Israeli-Hamas war, have been holding back Advanced Economies
2.6
(including U.S. and Eurozone) 2 1.6
regional economies and hindering international trade and cooperation. Meanwhile, China’s economic growth accelerated Emerging Market
Section 1 following the lifting of the zero-COVID-19 policy and the reopening of the country, despite the real estate sector continuing and Developing Economies
(including China)
Business Operations and Performance to suffer from debt and liquidity problems. The International Monetary Fund (IMF) as of January 2024 estimated global 0
2021 2022 2023
economic growth in 2023 at 3.1%, down from 3.5% in 2022. (Figure 1)
PTT Public Company Limited
PTT Public Company Limited
Section 2
56-1 One Report 2023
56-1 One Report 2023
Corporate Governance
1.2 Global Petroleum and Petrochemical Industries
Section 3
According to S&P Global estimates as of March 2024, world oil demand in 2023 was 102.8 million barrels per day,
Financial Report
up 2.0 million barrels per day from and a smaller increase than 2022 amid a slower, service-driven global economic recovery
Attachment
and weak global manufacturing sector. (Figure 2). Figure 2
The slowdown in world oil demand, coupled with increased supply, especially from the non-OPEC, led by record-high U.S.
and Brazilian crude oil production in 2023, continued Russian crude oil exports into new markets, and the limited World Oil Demand 110
Israeli-Hamas war amid OPEC+ efforts to curb production, resulted in Dubai crude oil prices falling in 2023 to an average 2021 - 2023 102.8
108
of USD 82.1 per barrel, down from USD 96.3 per barrel in 2022. (Figure 3) +2.3
100.8
+2.0
98.5 103.8 104.0
104
102.1 102.5
101.6 101.4
100.5 100.9
100 99.7 99.8
97.4
96 94.6
92
88
84
Unit: Million Barrels/Day
Source: S&P Global as of March 2024 80
2021 2022 2023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Economic, Petroleum and Petrochemical Review and Outlook Economic, Petroleum and Petrochemical Review and Outlook
56-1 One Report 2023
PTT Public Company Limited
Contents In 2023, the price of high density polyethylene (HDPE) averaged USD 1,044 per ton, falling in line with crude oil
Figure 3 and naphtha prices, as well as sluggish demand for end products amid consumers shifting spending from goods to
Vision, Mission and PTT Values services after the ease of COVID-19 situation. This, coupled with new supply coming online from China and Vietnam,
resulted in a decrease in naphtha-to-HDPE spreads. Paraxylene (PX) price in 2023 averaged USD 1,038 per ton, falling
PTT Information Dubai and Petroleum 200
in line with crude oil and naphtha prices, amid increased use of PX as a gasoline octane booster and limited demand
Financial Highlights Products Prices 180
from purified terephthalic acid (PTA) capacity for use in the polyester industry. All this resulted in an increase in
2021 - 2023
Achievement Highlights 160 naphtha-to-PX spreads. (Figure 4)
140
Awards and Recognition
120
Unit: USD/Barrel
Message from the Board of Directors
036 Source: Reuters
100
037
2021 2022 2023
80
Economic, Petroleum Dubai 69.2 96.3 82.1
and Petrochemical Review and Outlook Gasoline 95 Octane 80.3 115.2 98.8 60
Figure 4
Diesel* 77.6 135.3 106.4
Fuel Oil 3.5%S 64.4 82.3 71.8 40
Section 1 Remark: 20
* Reporting of diesel price changed
Business Operations and Performance 0
from diesel 0.05%S in past reports
to diesel 0.001%S which meets 2021 2022 2023 Prices of 1,600
PTT Public Company Limited
PTT Public Company Limited
Euro 5 standards
Section 2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Petrochemical 1,400
56-1 One Report 2023
56-1 One Report 2023
Corporate Governance Products in Asia
Market 2021 - 2023 1,200
Section 3 1,000
Financial Report
800
As for the prices of refined petroleum products in 2023, the price of gasoline 95 octane averaged USD 98.8 per barrel,
Attachment 600
falling in line with lower crude oil prices and increased supply from new refineries in China, resulting in a decrease in Unit: USD/Ton
Source: ICIS, S&P Global 400
gasoline crack spreads. Diesel price averaged USD 106.4 per barrel, falling in line with lower crude oil prices, weak demand
in the global manufacturing sector, a switch back to natural gas for power generation following a sharp drop in natural
2021 2022 2023
200
High Density 1,182 1,203 1,044
gas prices, as well as increased diesel exports from China and continued Russian diesel exports into new markets. Polyethylene 0
As a result, diesel crack spreads decreased significantly. High sulfur fuel oil 3.5%S (HSFO 3.5%S) price in 2023 averaged Paraxylene 859 1,103 1,038 2021 2022 2023
Naphtha 635 785 649
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
USD 71.8 per barrel, falling in line with crude oil prices. While demand for power generation in the Middle East amid
a hot El Nino summer helped further support the rise in HSFO 3.5%S crack spreads.
The Singapore cracking margin against Dubai crude in 2023 averaged USD 6.8 per barrel versus USD 10.7 per barrel in 2022.
Economic, Petroleum and Petrochemical Review and Outlook Economic, Petroleum and Petrochemical Review and Outlook
56-1 One Report 2023
PTT Public Company Limited 1.3 Thai Economy
The Thai economy in 2023 continued to expand from the previous year, following the recovery of the tourism sector as Thailand’s petroleum balance in 2023 increased from 2022, with petroleum procurement totaling 1,914.40 thousand barrels
foreign tourists (almost all nationalities) returned to 75% of the pre-COVID-19 level. Private consumption expanded per day (KBD), up 3.6% from 2022 (Figure 8). Oil and natural gas procurement accounted for 61% and 39%, respectively.
Contents well in line with the increase in household income, especially of those in the service sector, amid a decline in inflation 88% of crude oil and 46% of natural gas were imported. Domestic consumption totaled 1,723.17 KBD, up 3.08% from 2022,
back to the Bank of Thailand’s target range of 1 - 3% due to gradually easing supply factors and government cost-of-living with refined oil products accounting for 56% and natural gas 44%, whereas petroleum product exports totaled 193.94 KBD,
Vision, Mission and PTT Values support measures. Private investment slowed, in line with weak goods exports following rising global spending in services up 12.18% from 2022.
and a global electronics downturn. In addition, business confidence was affected by political uncertainties during
PTT Information
the transition to the new government. The Office of the National Economic and Social development Council (NESCO) reported
Financial Highlights
the growth rate of Thai economy in 2023 at 1.9%, down from 2.5% in 2022. The Thai baht in 2023 averaged THB 34.8 per USD,
Achievement Highlights
a slight appreciation amid slowing U.S. policy rate hikes and Thailand’s current account returning to surplus. (Figure 5) Figure 6
Awards and Recognition
Message from the Board of Directors
038 Thailand’s Primary 2.6
039
Commercial Energy -0.1%
Figure 5
2.4
+0.5% 2.00
Economic, Petroleum Consumption
1.99 1.99 3%
and Petrochemical Review and Outlook 2021 - 2023 2.0 3% 3% 14%
19% 17%
1.6
Unit: MBOED
Thai Economic % YoY THB/USD
Section 1 20 40 Source: Energy Policy
1.2 35% 41%
41%
Growth 2021 - 2023 36.4 36.4 and Planning Office
Business Operations and Performance 34.4 33.9 34.5
35.2 35.7
32.9 33.4 33.1 Hydro/ Imported Power 0.8
31.4 Coal
30.3
PTT Public Company Limited
PTT Public Company Limited
43% 39% 42%
Section 2 10
7.7
30 Oil 0.4
Natural Gas
56-1 One Report 2023
56-1 One Report 2023
Corporate Governance 4.4 0.0
Source: Office of the National Economic Remark:
1.9 1.9 2.4
1.3
2.6
1.8 1.4 1.7 2021 2022 2023
and Social Development Council (NESDC) Excluding renewable energy
Section 3 0
-0.1
20
Financial Report 2021 2022 2023
-2.5
GDP (% YoY) 1.5 2.5 1.9
Exchange Rate 32.0 35.1 34.8
Attachment (Mid-Rate, THB/USD) -10 10
2021 2022 2023
Figure 7
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Thailand’s Refined 60,000
1.4 Thailand Petroleum Industry Petroleum Product
50,000 +14.5%
50,235
+0.4%
50,434
4%
Consumption 43,849 5%
7% 10%
2021 - 2023 5%
In 2023, Thailand’s commercial primary energy consumption (excluding renewable energy) was 2.00 million barrels per day, 40,000 4% 13% 13%
Unit: Million liters 14%
up 0.5% from the previous year (Figure 6). Oil consumption increased by 0.3%, while natural gas consumption rose by 8.3% Source: Department of Energy 22%
23%
30,000
24%
as fuel for electricity generation increased in line with the increased demand for electricity in the tourism and services sectors Business
after the economy began to recover. Fuel Oil
20,000
Jet/ IK
LPG* 53% 53% 50%
10,000
Thailand’s refined oil consumption increased 0.4% in 2023 (Figure 7), with gasoline up 3.4%, LPG up by 0.5%, and aviation Gasoline
Diesel
fuel up by 49.9% as both domestic and international travel demand tended to return to normal. Also, the visa waiver notice 0
Remark:
encouraged more tourists to travel. Diesel decreased 5.7% due to a slowdown in exports and a reduction in the use of base * Excluding LPG used as
2021 2022 2023
diesel in place of Spot LNG for power generation. Fuel oil declined by 15.8% as the use in international vessels decreased Feedstock in Petrochemical
Industries
due to the inability to compete with Singapore.
Economic, Petroleum and Petrochemical Review and Outlook Economic, Petroleum and Petrochemical Review and Outlook
56-1 One Report 2023
PTT Public Company Limited 2. 2024 Outlook Overall petrochemical prices in 2024 are expected to trade
Figure 8 close to 2023 levels, amid falling crude oil and naphtha
2.1 Global Economic costs, as new supply and excess supply from North Asia
continue to enter the market. Whereas, production cut by
Outlook existing producers due to previous low profits, coupled
Contents Thailand Petroleum Balance 2023
Unit: KBD with the global manufacturing sector steadying for a 2024
Global economic growth in 2024 is expected to continue at
recovery as consumers shift spending back to goods from
Vision, Mission and PTT Values a similar pace as in 2023, amid steadily declining inflation
services, should help support petrochemical prices in 2024.
PTT Information and improving global trade on the back of waning pent-up
HDPE price in 2024 is expected to average USD 1,020 - 1,120
Procurement Domestic Consumption/ Export demand for services and slowly rising demand for goods.
Financial Highlights per ton and PX price USD 980 - 1,080 per ton.
Imported
Whereas, high policy rates (at least in the first half of 2024)
Achievement Highlights 949.30 in major economies, as well as the gradual fiscal consolidation
Awards and Recognition
Crude oil
1,020.20
Share 93%
5.89% in many countries, will weigh on global economic growth 2.3 Thailand Economic
Message from the Board of Directors
Share 88%
4.14%
Indigenous in 2024. However, a close watch must be kept on how Outlook
70.90
040 Share 7% China’s real estate problem will resolve, renewed geopolitical 041
-14.68% Domestic Export uncertainties (including the Houthi rebel’s Red Sea attacks in Economic recovery is expected to continue in Thailand
Gasoline 197.22 28.11
Economic, Petroleum 3.98% -2.80% a show of support for Hamas), and a potentially more severe in 2024, led by the tourism sector, as foreign tourists surge closer
and Petrochemical Review and Outlook Imported
12.00
Domestic
Consumption and prolonged El Nino phenomenon. The IMF as of January to the pre-COVID-19 level, amid visa exemptions for tourists
Domestic Export
Share 16% 6 Refineries2/ 960.04
Oil Condensate
-28.57% with
Kerosene/
JET
86.33
49.89%
15.20
1.81%
0.71% 2024 forecasted global economic growth in 2024 at 3.1%. from Kazakhstan, Russia, India, and Taiwan on a temporary
1,159.40 77.10
Section 1 Share 61% Share 7%
Combined
Capacity of basis, and most recently for Chinese tourists on a permanent
0.78% -2.03% Indigenous
Domestic Export Export
Business Operations and Performance 65.10 1,106 KBD
Diesel 433.58 87.63 182.46
2.2 Global Petroleum basis. Private consumption is expected to further expand, in
Share 84%
-5.67% 48.42% 14.46%
line with employment in tourism-related sectors, as well as
and Petrochemical
5.17%
PTT Public Company Limited
PTT Public Company Limited
Section 2 Domestic Export government stimulus measures. Whereas, goods exports
Fuel Oil 34.15 47.38
Industry Outlook
56-1 One Report 2023
56-1 One Report 2023
Corporate Governance -15.80% -6.59% are expected to return to growth on the back of recovering
Refined Product Imported1/
ต่าง Domestic Export global demand for goods and a global electronics upturn.
62.10 62.10 1/1/
ประเทศ World oil demand in 2024, according to S&P Global in March
Section 3 Share 5% Share 100%
59.00
LPG 208.76
1.45%
4.14
-28.57%
However, a close watch must be kept on Thailand delayed
-32.57% -32.57%
สัดส่วน 2024, is projected to increase 1.7 million barrels per day to
Financial Report Crude Oil
2024 fiscal budget and public investment disbursement,
Export 104.5 million barrels per day, amid continued expansion El Nino phenomenon and heightened risk of drought,
11.48
Attachment -14.80% of the global economy, tighter energy efficiency standards, and conflicts in the Middle East which could cause energy
and expanding EV fleet. The slowdown in global oil demand, prices to rise. The NESDC in February 2024 forecasted
Power Generation 471.99
coupled with an increase in supply from non-OPEC+,
Imported
350.30 11.69% the growth rate of Thai economy in 2024 at 2.2 - 3.2%. As for
Natural Gas
Share 46%
23.65%
will weigh on oil prices in 2024. Though OPEC+ efforts to the Thai baht, analysts foresee exchange rate between
755.00 7 Gas Separation
Share 39% Plants3/
Industry/ Transportation 155.37
curb production could help support oil prices. Dubai crude the Thai baht and U.S. dollar averaging THB 34.3 - 35.3
Indigenous -3.24%
with
oil prices in 2024 are expected to average USD 75 - 85 per
8.26%
404.70 Combined per USD in 2024 on the back of still restrictive U.S. monetary
Share 54%
barrel. The Singapore cracking margin against Dubai crude
Capacity of Oil
-2.27% 2,917 MMSCFD Petrochemical 135.77 policy and a surplus in Thailand’s current account.
0.38% Natural Gas oil in 2024 is expected to average USD 6 - 7 per barrel.
2.4 Thailand Petroleum
Industry Outlook
Total Procurement 1,914.40
Consumption 1,723.17 3.08% Export 193.94 12.18%
Refined Product 960.04 0.71% Refined Product 182.46 14.46%
3.60%
Thailand’s energy consumption in 2024 is likely to improve
Natural Gas 763.13 6.23% Crude Oil 11.48 -14.80%
from 2023 due to the recovery of tourism, continuous
expansion of household consumption, and the government’s
economic stimulus measures. However, other factors to
Source: Energy Policy and Planning Office, Department of Energy Business, Department of Mineral Fuels, and PTT
Remarks: monitor include oil price fluctuation and a lower-than-expected
1/ Including LPG
number of Chinese tourists despite the visa-free measure.
2/ Capacity includes those of BCP, ESSO, IRPC, PTTGC, SPRC, TOP and excludes GC’s condensate splitters & Fang refinery.
3/ Capacity includes those of PTT/ GSP 1 - 6, PTT/ ESP and PTTEP Siam/ Phalang Phet. The Petroleum Procurement and Domestic Consumption/ Export exclude bitumen.
Section 1 Business Operations and Performance Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited
1. Structure and Business
Contents
Operations of PTT Group
Vision, Mission and PTT Values
PTT Information
1
Financial Highlights
1.1 Business Policy
Achievement Highlights
Section and Overview
Awards and Recognition
Business Operations
Message from the Board of Directors
043
Background
Economic, Petroleum
and Petrochemical Review and Outlook
and Performance The Petroleum Authority of Thailand (PTT) was established on December 29, 1978 according to the Petroleum
of Thailand Act B.E. 2521 principally to operate petroleum and related businesses. However, amidst an intense competition
Section 1 environment, Government recognized the necessity of the private sector’s participation in the energy business.
Business Operations and Performance 1. Structure and Business Operations of PTT Group The Cabinet resolution on August 21, 2001 approved a corporatization plan of the Petroleum Authority of Thailand,
2. Risk Management and on September 25, 2001 approved the corporatization under the State Enterprise Corporatization Act B.E. 2542 to establish
1. Structure and Business Operations PTT Plc. by converting capital of the Petroleum Authority of Thailand into capital stock. It is mandated that the state
PTT Public Company Limited
3. Driving Business towards Sustainability
of PTT Group holds at least 51% share in PTT and for PTT to remain the national oil company. After the Civil administration reform,
56-1 One Report 2023
4. Management’s Discussion and Analysis (MD&A)
2. Risk Management PTT was placed under the supervision of the Ministry of Energy.
5. General Information and Other Important
3. Driving Business towards Sustainability
Information
4. Management’s Discussion and Analysis
(MD&A)
5. General Information
and Other Important Information
Section 2
Corporate Governance
Section 3
Financial Report
Attachment
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited On October 1, 2001, the Petroleum Authority of Thailand As the Energy Business Act B.E. 2550 become effective on 1. Business Growth: Expanding energy business with In addition, to strengthen the competitiveness of current
became PTT Plc. under the State Enterprise Corporatization December 11, 2007, PTT as an energy operator is regulated a growth potential of 9 million tons per annum in businesses, while creating new business growth in response to
Act with an initial registered capital of THB 20,000 by the Energy Regulatory Commission, with PTT licenses LNG portfolio; 5 GW of conventional power and a total the global economic recovery, PTT adjusted our 4R operational
million, divided into 2,000 million ordinary shares at a par to operate in the natural gas business. Licenses held of 15 GW of renewable energy production capacity. strategies as follows:
value of THB 10, with the Ministry of Finance as the sole by PTT include licenses for natural gas transmission
Contents
shareholder. 1/ Subsequently, shares were offered to through gas pipeline, natural gas supply and marketing, 2. New Growth: Growth in future energy business and other 1. Resilience: Create flexibility in order to operate business
the public and institutional investors and then traded in natural gas retail sale through distribution pipeline businesses beyond energy, generating more than 30% continually, maintain liquidity, create safety and operation
Vision, Mission and PTT Values
the Stock Exchange of Thailand on December 6, 2001. network, and the power business which consists of power of total net profit. excellence, promote synergy and optimization of existing
PTT Information The Finance Ministry remained a majority shareholder, and generation for its own consumption at Gas Separation assets, and encourage employees to be agile and prepared
Financial Highlights PTT’s status remains that of a state enterprise regulated by Plants in Rayong province and Khanom, and at natural 3. Clean Growth: 15% Greenhouse Gas emissions reduction to cope with changing business situations, and also give
the Ministry of Energy to this day. (On April 24, 2018, PTT gas stations. compared to 2020’s emissions. Moreover, PTT with precedence to risk and crisis management.
Achievement Highlights
split the par value from THB 10 to THB 1, resulting in a total targets to achieve Carbon Neutrality within 2040,
Awards and Recognition
number of common share 28,562.9 million, and registered 1.1.1 Vision, Strategy, and Net Zero Emissions within 2050. 2. Reenergize: Strengthen the competitiveness of
Message from the Board of Directors capital of THB 28,562.9 million.) From its corporatization date, the existing business, create added value throughout
044
the Petroleum Authority of Thailand transferred its businesses,
and Business Direction In attaining the goals outlined in the vision, PTT has the laid the supply chain from upstream to downstream, adjust
045
Economic, Petroleum
and Petrochemical Review and Outlook
rights, debts, liabilities, assets, and staff to PTT to enable of PTT Group out operational principles called “PTT by PTT” which guides the portfolio to support the transition from hydrocarbon
PTT to operate seamlessly and efficiently. Through the State every aspect of business, through a business approach energy, and reduce carbon emissions from existing
Enterprise Corporatization Act, a Royal Decree was gazetted PTT commits to generates economic growth, enhancing of forging “Partnership and Platform”, where business business operations.
Section 1 determining that PTT Plc. maintains the authority, rights, Thailand’s competitiveness, and developing society and means more than production and distribution. PTT will
Business Operations and Performance and benefits entitled to the Petroleum Authority of Thailand people’s well-being. With innovations and technology, develop the platform business model through forming 3. Reimagination: Business expansion to accommodate
under the Petroleum Authority of Thailand Act B.E. 2521, we are the driving force in transitioning people, society, partnership and collaborating with expertise from overseas changes that will become the Next Normal, including
1. Structure and Business Operations with the provision that such authority, rights, and benefits community, and environment forward, in line with our alongside collaboration with Thai state enterprises, energy businesses that are likely continue to expand,
PTT Public Company Limited
PTT Public Company Limited
of PTT Group entitlement end upon PTT’s state enterprise status are vision of “Powering Life with Future Energy and Beyond.” the public sector, entrepreneurs, and SMEs. We will blend consisting of liquefied natural gas and power businesses
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2. Risk Management dissolved according to the Budget Procedures Act. Our mission is to equally respond to all stakeholders, technology with knowhow, innovation, and digitalization including accelerating the development and expansion of
A separate Royal Decree was gazetted on the timeframe the country, society, shareholders, clients, business in every aspect of work, “Technology for All”. And we will new business models beyond the hydrocarbon business,
3. Driving Business towards Sustainability
of revocation of the Petroleum Authority of Thailand Act partners, and our workforce. We promote the core value conduct business with “Transparency and Sustainability”, both future energy and other businesses beyond energy.
4. Management’s Discussion and Analysis
B.E. 2544 resulting in the end of the law. Then on February 16, called SPIRIT: S for Synergy; P for Performance Excellence; in consideration of Environmental, Social, and Governance
(MD&A)
2007, a Royal Decree was gazetted to determine I for Innovation, R for Responsibility for Society, I for including actions to reduce GHG emissions, including 4. Reform: Restructuring or Re-design new business
5. General Information Integrity & Ethics, and T for Trust & Respect. In order to
the authority, rights, and benefits of PTT Plc. (Second carbon sequestration through forestation schemes, approaches to align with future trends, with the resilience
and Other Important Information achieve our long-term target according to the new vision,
Edition) in B.E. 2550. Substantively this Decree withheld and investment in the clean energy business. to cope with any unforeseen challenges.
or limited certain authority, rights, and benefits entitled PTT set the following three goals by 2030:
Section 2 to PTT under the Petroleum Authority of Thailand Act,
Corporate Governance and determined the authority, rights, and benefits of
PTT such as exploration demarcation of petroleum
Section 3 transmission pipeline zone, planning of petroleum
Financial Report transmission pipeline, southward, northward, or passing
through lands owned by any individuals, etc., according to
Attachment the PTT Act to fall under the supervision of a committee
regulating the company.
1/ PTT is exempted, under the State Enterprise Corporatization Act B.E. 2542, from enforcement of provisions in the Public Company Act
on status and corporatization.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited 1.1.2 Major Development of the Past Three Years
February (continued) April
February 25, 2021: April 9, 2021:
The Central Administrative Court rendered a judgment The annual general meeting of shareholders approved
Contents to dismiss the case that the Ombudsman filed a lawsuit the dividend payment from 2020 performance which will
against the Ministry of Finance and others, totaling 11 parties, be paid at THB 1 per share to the shareholders totaling
Vision, Mission and PTT Values including PTT. The complaint alleged that the separation and 28,562,996,250 shares at an approximate amount of
PTT Information transfer of assets according to the Supreme Administrative THB 28,563 million. The dividend payments are divided
Major Court did not comply with the Cabinet’s Resolution on into the interim dividend payment from the first half of 2020
Financial Highlights Development December 18, 2007. Consequently, the Central Administrative performance which PTT had already paid to shareholders
2021
Achievement Highlights Court rendered a judgment to dismiss the case on the ground at THB 0.18 per share. PTT also paid the dividend from
that the issues presented in this case are the same issues on the second half of 2020 performance at THB 0.82 per share
Awards and Recognition which the Supreme Administrative Court had rendered the final on April 30, 2021.
Message from the Board of Directors judgment. Therefore, the Central Administrative Court is
046 047
prohibited from reconsidering such issues. The judgment is April 16, 2021:
Economic, Petroleum
consistent with the Supreme Administrative Court and The Board of Directors of PTT and Lotus Pharmaceutical
and Petrochemical Review and Outlook the subsequent orders of the Court in various cases that PTT Co.,Ltd. (LOTUS), a Taiwan-listed company on TWSE,
and relevant government agencies completed the separation approved the investment in LOTUS’ newly issued shares
Section 1 and transfer of the assets to the Ministry of Finance. by Innobic LL Holding Co., Ltd. (INBL), which is a wholly
owned subsidiary of Innobic (Asia) in an amount of
Business Operations and Performance
17,517,348 common shares at NTD 80.7 per share and
the total investment is approximately USD 50 million.
1. Structure and Business Operations After the aforementioned subscription of LOTUS’ newly
PTT Public Company Limited
PTT Public Company Limited
of PTT Group issued shares, INBL has a 6.66% stakeholding in LOTUS
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56-1 One Report 2023
2. Risk Management March of the total registered and paid-up capital. On November 26,
2021, PTT’s Board of Directors approved Innobic (Asia)
3. Driving Business towards Sustainability
to join Aztiq HK Ltd., an affiliate of Aztiq Investment
4. Management’s Discussion and Analysis March 8, 2021:
Group, to acquire all stakes in Alvogen Emerging Markets
PTT completed the deregistration of PTT International Trading
(MD&A) February DMCC (PTTT DMCC), PTTT wholly owned subsidiary. PTTT
Holdings Ltd., a major shareholder of LOTUS and with 100%
5. General Information stake in Alvogen Malta (Out-Licensing) Holding Ltd., who owns
DMCC was established for international trading business
and Other Important Information
January February 18, 2021: in petroleum products in the United Arab Emirates. However,
100% of Adalvo Ltd. (Adalvo), B2B pharmaceutical company
Alpha Com completed the establishment of On-I on with the massive global network. The total consideration of the
PTT revised the trading strategy of the petroleum products
January 1, 2021: Solutions Co., Ltd. (On-I on Solutions) (Later changed transaction is approximately USD 475 million. The transaction
Section 2 in the United Arab Emirates, Hence, PTTT DMCC reduced
The retail price of NGV for public vehicles was adjusted to be the name to Arun Plus Co., Ltd. (ARUN PLUS)), a wholly has been completed. After the closing date, Innobic (Asia) will
its commercial operation and focused only on maintaining
Corporate Governance similar to the retail price of private vehicles. Consequently, then have an indirect shareholding in LOTUS of approximately
owned subsidiary of Alpha Com, with the registered relationships with business partners. The resolution of
NGV retail price for all vehicles will be based on a cost-plus capital of THB 30 million, later increased to THB 5,000 37%, and 60% of the total issued capital in Adalvo.
PTTT DMCC’s deregistration is aligned with PTT’s strategy
Section 3 pricing structure. million. The company will be responsible for operating in closing down the dormant companies and did not affect
The objective of the investment is to align with PTT’s New S-Curve
Financial Report strategy in expanding into a new business, especially in Life
the EV Value Chain business in line with the New PTT’s business operation.
Science. LOTUS is a fully integrated pharmaceutical company
January 8, 2021: S-Curve strategy to support PTT’s expansion in the EV
that focuses on research and development, manufacturing,
Attachment Alpha Com Co., Ltd. (Alpha Com), PTT wholly owned business. March 18, 2021:
and distribution of generic drugs that cover therapeutic
subsidiary, complete the establishment of Mekha PTT passed the resolution of the establishment of Innopolymed
areas, especially oncology and the central nervous system.
Technology Co., Ltd. (Mekha Tech) (Later changed the name February 21, 2021: Co., Ltd. (Innopolymed), a joint venture between Innobic
This investment will enable PTT to expand into addressable
to Mekha V Co., Ltd. (Mekha V) with a registered PTT completed the establishment of PTT MEA Ltd. (Asia) Company Limited (Innobic (Asia)) (PTT wholly owned
markets of the oncology portfolio as well as the strong global
capital of THB 30 million, later increased to THB 266 million). in the United Arab Emirates, which is wholly owned by subsidiary) and IRPC Plc. (IRPC), with a registered capital of
network and commercialization capabilities will reinforce
The objective of the company is to invest in the business PTT International Trading Pte. Ltd. (PTTT) (a subsidiary THB 260 million. A 40% stake in Innopolymed Co., Ltd. is held by
business expansion not only in Asia but also globally.
of Public Cloud which provides various types of information of PTT), with a registered capital of USD 1.5 million. Innobic (Asia), and 60% is held by IRPC. The objective
system services via the Internet, including data storage, The objective is to operate the international trading of the establishment is to manufacture and sell Non-Woven
data processing, and data management to companies, business, especially in the Middle East and Asia region. Fabric products as well as medical consumables,
organizations as well as PTT Group, which is aligned with aligned with PTT’s new business strategy in Life Science.
The Company’s registration was completed, with expected
PTT’s investment strategy in Digitalization.
commercial operation within 2024.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited
Contents
Vision, Mission and PTT Values
PTT Information
June
Financial Highlights
Achievement Highlights June 23, 2021:
The Supreme Court judgment of the Dispute between PTT
Awards and Recognition May and RPCG Plc. (RPCG) was reported as follows: July
• Dispute of the Thai Arbitration Institute No. Black 114/2552,
Message from the Board of Directors
048 April (continued) May 20, 2021:
No. Red 23/2559, in which RPCG sought damage from July 22, 2021:
049
Economic, Petroleum PTT’s Board of Directors approved the following:
PTT on the ground of wrongful contract termination. On-I on Solutions Co., Ltd. (On-I on Solutions), a wholly
and Petrochemical Review and Outlook April 19, 2021: • Approved Innobic (Asia) to establish a new joint venture
The Supreme Court rendered judgment in concurrence owned subsidiary of PTT, registered to change the company
Energy Complex Co., Ltd. (EnCo), PTT’s subsidiary, won company with Nove Foods Co., Ltd., a subsidiary of NR
with the Civil Court’s judgment to enforce the arbitral name to Arun Plus Co., Ltd. (ARUN PLUS) and increase
Section 1 the bidding for land and buildings at the Thai Airways Crew
Center at Lak Si, Bangkok of Thai Airways International Plc.
Instant Produce Plc. (NRF) with the registered capital
not over THB 300 million. Innobic (Asia) and Nove Foods
award and the case was final. As a result, PTT was
obliged to make payment to RPCG in the approximate
the registered capital to THB 5,000 million (initial registered
Business Operations and Performance capital is THB 30 million). ARUN PLUS will be responsible
with the proposed price of THB 1,810 million. This Co., Ltd. will equally hold 50% stakes in this joint venture
amount of THB 2,200 million within 30 days from for operating the EV Value Chain business in line with
transaction would support PTT Group’s business expansion. company. The investment objective aims to operate
1. Structure and Business Operations the judgment date. the New S-Curve strategy to support PTT’s expansion plan
the alternative protein business of which the initial phase
PTT Public Company Limited
PTT Public Company Limited
• Dispute of the Thai Arbitration Institute No. Black 78/2555, in the EV business. ARUN PLUS established EVME PLUS
of PTT Group April 22, 2021: will cover the entire supply chain of Plant-based Proteins
No. Red 37/2560, in which PTT sought an overdue
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Co., Ltd. (EVME PLUS) which is 100% owned by ARUN
2. Risk Management PTT’s Board of Directors approved the shareholding from the development, manufacturing, and distribution.
payment for goods delivered from RPCG. The Supreme PLUS, with a registered capital of THB 1,000 million and
3. Driving Business towards Sustainability restructuring of PTT’s power business. PTT and Siam The manufacturing plant using state-of-the-art
Court rendered judgment in reverse of the Civil Court’s initial paid-up capital of THB 340 million. The objective
Management Holding Co., Ltd. (SMH), a wholly owned imported technology will be based in Thailand with
4. Management’s Discussion and Analysis judgment to enforce the arbitral award and the case of the company is to operate the electric vehicle business
subsidiary of PTT, will purchase 358,936,756 shares a production capacity of 3,000 tons per year. The company
was final. As a result, RPCG was obliged to make payment through the digital platform in order to promote and
(MD&A) of Global Power Synergy Plc. (GPSC) or equivalent to completed its registration on August 25, 2021.
to PTT in the approximate amount of THB 2,800 million create an EV ecosystem for the widespread use of electric
5. General Information 12.73% of GPSC’s total issued and paid-up shares from • Approved the establishment of T-ECOSYS Co., Ltd.
within 30 days from the judgment date. vehicles in Thailand, which includes EV rental services and
and Other Important Information PTT Global Chemical Plc. (GC) for the value of THB 70 (T-ECOSYS), which is 100% owned by SMH, with
• On July 23, 2021, PTT exercised the right to offset information services for the charging and maintenance
per share or total approximately THB 25,126 million. a registered capital of THB 350 million. The objective is
the obligation that RPCG has to pay to PTT from another case, stations.
Section 2 Before the transaction, PTT owned 31.72% and GC owned to operate the industrial digital platform business under
RPCG has to pay PTT in the amount of THB 600 million.
22.73% of GPSC’s total issued and paid-up shares. After the cooperation between PTT and the Ministry of Industry,
Corporate Governance Subsequently, on November 26, 2021, RPCG paid July 27, 2021:
this transaction, PTT and SMH will own 44.45% and GC together with the Industrial Estate Authority of Thailand,
the remaining obligation to PTT completely according Global Renewable Power One Co., Ltd. (GRP1) (a wholly
will own 10% of GPSC’s total issued and paid-up shares. the Board of Investment Office (BOI), financial institutions,
Section 3 to the Supreme Court’s judgment. owned subsidiary of Global Renewable Power Co., Ltd.
The Restructuring Transaction will enable PTT to increase etc. The Platform is created as an Ecosystem for service
Financial Report (GRP) which is a subsidiary that PTT and GPSC equally
its investment in the power business through its flagship providers and customers who want access to robotics,
hold at 50%) has met the conditions precedent under
company which aligns with PTT’s strategy. The Share automation system, and digital technologies through
Attachment the share purchase agreement to acquire 90% stakes
Purchase Agreement of GSPC’s common shares was signed the Industrial Digital Platform (IDP) which is developed
in Sheng Yang Energy Co., Ltd. (Sheng Yang) from Tatung
in May 2021 and the transfer of GPSC shares to relevant by PTT. The company has been completed its registration
Forever Energy Co., Ltd. with the total value of approximately
parties was completed on June 8, 2021. by 2022.
THB 2,560 million. This transaction turned Sheng Yang
into a subsidiary of PTT. Currently, Sheng Yang operates
a solar power generation business in Taiwan with a total
installed generation capacity of 55.8 MW with all commenced
commercial operations.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited
October December
Contents
October 5, 2021: December 2, 2021:
PTT’s Board of Directors approved SMH (PTT’s 100% owned subsidiary) to PTT’s Board of Directors approved PTT Energy
Vision, Mission and PTT Values
establish PTT and TGES Optec Co., Ltd. (OPTEC), a new joint investment with Resources Co., Ltd. (PTTER) (a wholly owned
PTT Information Tokyo Gas Engineering Solutions Corporation (TGES) (a 100% owned subsidiary subsidiary of PTT) to sell its entire investment
Financial Highlights of Tokyo Gas Co., Ltd.) with the registered capital of not more than THB 60 of 25% of the total issued shares in East
million. SMH and TGES will hold 51% and 49% shareholding, respectively in Mediterranean Gas S.A.E (EMG) with the total
Achievement Highlights
September this joint investment. The registration was completed on November 15, 2021. amount of approximately USD 50 million to
Awards and Recognition The investment objective aims to provide One-stop Total Improving Efficiency Snam S.p.A. The transaction caused EMG to
Technology Solutions and Services for Machinery and Equipment including cease to be the associated company of PTTER.
Message from the Board of Directors September 14, 2021:
050 fuel supply to customers in industrial, power, and utilities sectors. 051
ARUN PLUS signed the joint venture agreement with Lin Yin
Economic, Petroleum
and Petrochemical Review and Outlook
August International Investments Co., Ltd. (Lin Yin), the wholly
December 16, 2021:
PTT’s Board of Directors approved the five-year
owned affiliate of Hon Hai Precision Industry Co., Ltd.
(2022 - 2026) investment plan of PTT and its
August 6, 2021: (Foxconn), and established the joint venture company,
Section 1 PTT has issued unsubordinated and unsecured debentures Horizon Plus Co., Ltd. (HORIZON PLUS), on February 3,
2022, withthe registered capital not over THB 3,220 million.
wholly owned subsidiaries in an aggregate
amount of THB 102,165 million. PTT invested
Business Operations and Performance No. 1/2021 for the total amount of THB 47,000 million
at an interest rate of compound THOR+0.18% to 2.37% ARUN PLUS and Lin Yin will hold 60% and 40% stakes,
November in the core businesses which account for
65%, i.e., Gas business and Transmission
per annum with a tenor of 1 year 6 months to 10 years respectively. The objective of the company is to operate
1. Structure and Business Operations November 1, 2021: business. Additionally, PTT prepared
PTT Public Company Limited
PTT Public Company Limited
to the institutional investors and/or high net worth the electric vehicle manufacturing business in Thailand using
of PTT Group To support energy prices for Thai people, PTT capped the NGV retail price provisional capital expenditure for the next
investors (excluding individual). The debentures are Foxconn’s state-of-the-art technology in manufacturing
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2. Risk Management for taxi in Bangkok Metropolitan Area at THB 13.62 per kilogram from 5 years amounting to THB 238,032 million
issued under the THB 130,000 million Medium-Term and developing of MIH (Mobility-In-Harmony) platform
November 1, 2021 to March 15, 2022, and the NGV retail for general cars mainly for the investment expansion into
3. Driving Business towards Sustainability Note Program (MTN Program) 2020. collectively with PTT Group’s expertise in business operation
at THB 15.59 per kilogram from November 16, 2021 to March 15, 2022. new businesses with the focus on clean
4. Management’s Discussion and Analysis within Thailand and the final investment decision
energy businesses towards a low-carbon
August 23, 2021: have been reached and expect to start the commercial
(MD&A) November 25, 2021: society, i.e., investment in renewable energy
PTT Global LNG Co., Ltd. (PTTGL) (a subsidiary of PTT in production 2025.
5. General Information The Board of Directors of PTT Tank Terminal Co., Ltd. (PTT TANK), a wholly to achieve PTT Group’s renewable energy
which PTT and PTTEP equally hold 50% shares) completely
and Other Important Information owned subsidiary of PTT, approved the establishment of a new joint venture with target of 12,000 MW (In 2023, the target
subscribed the 250,000 newly issued ordinary shares September 18, 2021:
Gulf Energy Development Plc. (GULF) and CHEC OVERSEA INFRASTRUCTURE was changed to 15,000 MW) within the year
in B.Grimm Power LNG JV Ltd. (BGP LNG JV) with PTT Regional Treasury Center Pte. Ltd. (PTT RTC), PTT wholly
HOLDING PTE. LTD. (CHEC OVERSEA) under the name of GPC International 2030, EV Value Chain project, Life Science,
Section 2 the subscription price at par value of THB 100 per share, owned subsidiary, was completely dissolved which aligned
Terminal Co., Ltd. (GPC) with a registered capital of THB 4,000 million. Logistics and Infrastructure businesses.
Corporate Governance totaling THB 25,000,000. As a result, PTTGL and B.Grimm with PTT’s policy to close down the dormant company that
PTT TANK, CHEC OVERSEA, and GULF will hold 30%, 30%, and 40% Furthermore, there is an investment in the gas
Power Plc. (BGRIM) equally hold 50% stakes in BGP did not affect PTT’s business operation.
stakeholding, respectively in this joint investment. The investment objectives business which is the transition fuel with
Section 3 LNG JV. The objective of BGP LNG JV is to procure and
are to operate a seaport and to provide services covering mooring, docking, a focus on the expansion of the pipeline
Financial Report supply LNG and explore other business opportunities
loading, and goods unloading for container vessels as well as to conduct network (subject to government approval)
related to LNG Value Chain both domestically and
warehouse business. This is in line with PTT’s strategy in pursuing Logistics and the investment in the LNG value chain
Attachment internationally as well as create a business alliance with
& Infrastructure business and supporting infrastructure growth in Thailand. both in Thailand and overseas.
the potential partners to expand business opportunities.
November 29, 2021:
The Board of Directors of Alpha Com approved the establishment of ReAcc
Co., Ltd. (ReAcc) (Later changed the name to NEWVERSAL Co., Ltd.
(NewVersal) (to be completed by the first quarter of 2024) which is
100% owned by Alpha Com, with a registered capital of THB 29 million,
later increased to THB 302 million) to be the trading platform for clean energy
and climate neutrality through the digital platform for the companies which
have targets and needs to procure renewable energy.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited
April
Contents
April 1, 2022:
Major The Energy Regulatory Commission (ERC) announced criteria
Vision, Mission and PTT Values
Development February for calculating Energy Pool Price (EPP), which is the weighted
2022
PTT Information average prices of energy used to generate power, including
February 17, 2022: PTT’s pool gas, New Shipper’s liquefied natural gas (LNG),
Financial Highlights
PTT’s Board of Directors approved the shareholding diesel, fuel oil, LPG and other fuels as specified by the ERC
Achievement Highlights restructuring of PTT’s power business. PTT and/or SMH, in order to average the cost of natural gas prices in the Pool
Awards and Recognition a wholly owned subsidiary of PTT, will purchase 304,098,630 Gas to calculate EPP price during the energy crisis. EGAT
shares of GPSC, with a par value of THB 10.00 per share, which is the clearing house is responsible for gathering
Message from the Board of Directors equivalent to 10.78% of GPSC’s total paid up capital, data from relevant sectors to calculate the EPP gas price
052 053
Economic, Petroleum from Thai Oil Public Company Limited (TOP) at the total and submit EPP to PTT for determining gas cost for PTT’s
and Petrochemical Review and Outlook price of approximately by THB 22,351 million which is all customers. The purposes of the change are to reduce
the price before deduction of GPSC’s dividends after power producer’s burden of higher gas cost. EPP is effective
December 31, 2021 and before the share transfer date from April 1, 2022 and implemented on May 1, 2022 onwards.
Section 1 (if any). TOP will derive the proceeds to repay the loan to
Business Operations and Performance PTT and commercial banks for financial assistance in April 7, 2022:
the form of bridging loan to finance the TOP’s investment Innobic (Asia) (a wholly owned subsidiary of PTT), has
1. Structure and Business Operations in PT Chandra Asri Petrochemical Tbk. Consequently, after completed the cooperative investment with Aztiq HK
PTT Public Company Limited
PTT Public Company Limited
of PTT Group the Restructuring Transaction, PTT and SMH will own Limited, the affiliate of Aztiq Investment Group to acquire
January
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56-1 One Report 2023
55.23% and TOP will own 10% of GPSC’s total paid-up all stakes in Alvogen Emerging Markets Holdings Limited,
2. Risk Management
capital. SMH and PTT have completed the purchase a major shareholder of LOTUS and also holds 100% stake
3. Driving Business towards Sustainability in Alvogen Malta (Out-Licensing) Holding Limited who owns
January 1, 2022: with Thailand’s automotive industry policy to promote electric of GPSC’s ordinary shares from TOP on June 7, 2022.
4. Management’s Discussion and Analysis To support Thai people on energy prices, PTT has extended vehicles, energy storage system (for the storage of electricity 100% of the company so called Adalvo Limited (Adalvo),
(MD&A) the cap of NGV retail price from January 1 to September 15, from renewable sources), as well as the investment in the B2B pharmaceutical company with the massive global
5. General Information 2022. For the taxi in Bangkok Metropolitan Area the retail price related businesses. On February 28, 2022, the Board of network. Consequently, Innobic (Asia) will then has
has capped at THB 13.62 per kilogram and the NGV retail Directors of NUOVO PLUS approved the acquisitions of an indirect shareholding in LOTUS of approximately 37%
and Other Important Information
price for general cars has capped at THB 15.59 per kilogram. battery related assets from PTT Group companies with the of the total issued capital and 60% of the total issued capital
Then, from September 16 to December 15, 2022, PTT has total amount of not exceed THB 2,900 million. The battery in Adalvo. The objective for the investment is to align with
Section 2 PTT’s New S-Curve strategy in expanding into new business
extended the cap of NGV retail price for general cars to related assets consist of:
Corporate Governance THB 16.59 per kilogram. Also, PTT has extended the period especially in Life Science area. LOTUS is a fully integrated
1. The assets, expenses, contracts, and other agreements
of LPG’s discount for low-income household who sell food related to the battery plant with the initial capacity of pharmaceutical company that focuses on research and
Section 3 or operate food stalls through the State Welfare Card by 30 MWh per year in Map Ta Phut Industrial Estate, Rayong development, manufacturing, and distribution of Generic
Financial Report THB 100 per person per month until March 31, 2023. province from GPSC. drugs that cover therapeutic areas especially oncology
2. 100% of the ordinary shares of GPSC-SG Holding and central nervous system.
Attachment January 11, 2022: Company, Singapore (the subsidiary of GPSC) that holds
The Board of Directors of ARUN PLUS, the wholly owned 11.1%1/ in Anhui Axxiva New Energy Technology Co., Ltd., April 8, 2022:
subsidiary of PTT, approved the establishment of People’s Republic of China, which operates a battery The annual general meeting of shareholders approved the
Nuovo Plus Co., Ltd. (NUOVO PLUS), a joint venture plant with the capacity of 1 GWh per year, and also any dividend payment from 2021 performance which will be
company with GPSC with the registered capital of relevant contracts and other agreements from GPSC. paid at THB 2 per share to the shareholders of totaling
THB 4,200 million and an initial paid-up capital of 3. The battery development under VISESS project of PTT 28,562,996,250 shares in an approximated amount of
THB 1,050 million. ARUN PLUS and GPSC hold 51% and Alpha Com (PTT wholly owned subsidiary). THB 57,126 million. The dividend payments are divided
and 49% of the shares in NUOVO PLUS, respectively. into the interim dividend payment from the first half of 2021
The objectives of the company establishment are to study performance which PTT already paid to shareholders at
the possibility of the investments in the battery value chain in THB 1.20 per share on October 15, 2021. PTT also paid
order to support the electric vehicle industry in accordance 1/ As of June 2022 NUOVO PLUS holds 10.3% in Anhui.
the dividend from the second half of 2021 performance at
THB 0.80 per share which already paid on April 29, 2022.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited
Contents
Vision, Mission and PTT Values
May (continued)
PTT Information
Financial Highlights May 20, 2022:
PTT’s Board of Directors passed a resolution for PTT
Achievement Highlights
May to relieve electricity generating cost of EGAT in order July
Awards and Recognition to alleviate electricity burden for Thai people during
Message from the Board of Directors April (continued) May 17, 2022: the energy crisis in Thailand through the discharge of July 11, 2022:
054 PTT’s Board of Directors approved the shareholding the interest from the delay of natural gas payment to EGAT PTT’s Board of Directors passed a resolution for PTT’s gas 055
Economic, Petroleum April 8, 2022: restructure of PTT Global LNG Company Limited (PTTGL) by according to the postponement of the natural gas payment business to specifically support the Oil Fuel Fund for
and Petrochemical Review and Outlook PTT has issued unsubordinated and unsecured debentures assigning SMH to purchase all shares of PTTGL from PTT for the period of May 2022. The due date will be extended the amount of THB 1,000 million per month for 3 months
No. 1/2022 for the total amount of THB 20,000 million with and PTTEP Business Center Company Limited (PTTEP BC), from June to October 2022. The interest amount is within the year of 2022 in the total amount of THB 3,000
Section 1 the tenor of 3 - 12 years and the interest rate of 1.79% - 3.47%
per annum to the institutional investors and/or
which equally hold 50% stake in PTTGL, at the amount
approximately USD 255 million. The transaction was
approximately THB 340 million. EGAT has already paid for
gas payment for the period as aforementioned.
million. PTT aims to support the oil fuel fund to stabilize the
energy prices in Thailand during the period of fluctuating
Business Operations and Performance completed in June 2022, after the restructuring transaction, global energy prices.
high net worth investors (excluding individuals).
The debentures are issued under THB 130,000 million SMH will hold 100% of PTTGL’s shares. The shareholding May 25, 2022:
1. Structure and Business Operations restructure will enable PTTGL to flexibly accelerating growth Alpha Com has established P-Dictor Company Limited July 21, 2022:
Medium-Term Note Program (MTN Program) 2020.
PTT Public Company Limited
PTT Public Company Limited
of PTT Group in the LNG value chain business and becoming a global LNG (P-Dictor) with the registered capital of approximately PTT’s Board of Directors approved the establishment of
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2. Risk Management April 20, 2022: player in accordance with PTT group’s strategic plan. THB 54.5 million with the objective to operate the predictive Innobic Nutrition Co., Ltd. (INNT) which is 100% owned
PTT, as buyer, and PTTEP Energy Development Company maintenance and machine monitoring artificial intelligence by Innobic LL Holding Co., Ltd. (INBL), with the registered
3. Driving Business towards Sustainability
Limited (PTTEP ED) (a wholly owned subsidiary of PTTEP), May 20, 2022: (AI) for industrial solution which help predicting the possibility capital of THB 100 million. The objective of the company
4. Management’s Discussion and Analysis of any mechanical failures on the critical machineries
operator of G1/61 and G2/61 Project, together with PTT’s Board of Directors and Board of Directors of Interpharma establishment is to conduct Nutrition business including
(MD&A) Public Company Limited (IP) (Thai listed company on and equipments of the plants. Therefore, the production Nutraceutical, which offers dietary supplements for general
Department of Mineral Fuels as sellers, have completely
5. General Information entered into Gas Sale Agreement, Condensate Sale MAI ticker: IP) have approved the investment in IP’s newly and maintenance could be properly planned and the risk of wellness that focuses on the suitable nutrition for each
and Other Important Information Agreement, and Crude Sale Agreement. PTTEP ED will issued shares via private placement by Innobic LL Holding damage on operational production and product distribution individual group by age, gender, or their nutritional needs as
become an operator under a Production Sharing Contract Co., Ltd. (INBL) to acquire IP’s stakes at 20% of the total would be reduced. The service will be provided to the industrial well as for specific prevention and the Medical Nutrition, which
of both projects from April 24, 2022 onwards. PTTEP ED registered and paid-up capital. The total investment value is plants both within PTT group and external customers. provide the nutritional needs for patients that will be developed
Section 2
has also reached an agreement with MP G2 (Thailand) approximately THB 1,043 million. The transaction has been for both general and specific patients. INNT is completed
Corporate Governance
Limited, a subsidiary of Mubadala Petroleum (Thailand) completed in the third quarter of 2022. The collaboration May 27, 2022: its registration in September 2022.
Holdings Limited (Mubadala), for PTTEP ED to be a sole aims for the further development of R&D and for the PTT has issued the unsubordinated and unsecured debenture
Section 3 No. 2/2022 for the total amount of THB 20,000 million with
investment operator of G1/61 and shall recognize escalation in businesses across the country, covering a full July 22, 2022:
Financial Report the tenor of 7 years and interest rate of 3.25% per annum
all revenues and costs from the petroleum produced with range of healthcare products including innovative medicine, PTTGL signed the sale and purchase agreement of
effective date from December 1, 2021. eye healthcare, nutraceuticals & supplement, Thai herbal to general public, foundation, and non-profit organization. LNG with Corpus Christi Liquefaction LLC (CCL), which is
Attachment medicines, as well as health food and drink. The debenture is issued under THB 170,000 million a wholly owned subsidiary of Cheniere Energy Inc.
Medium-Term Note Program (MTN Program) 2020. (the energy company in U.S.) in the amount of 1 million tons
per year for a period of 20 years, starting its first delivery
in 2026 onwards. The signing of this long-term LNG
purchase agreement was in according with the Board’s
resolution of National Energy Policy (NEPC) which approved
PTT to procure for the additional 1 million tons per year of
LNG, from current long-term LNG contracts of 5.2 million
tons per year, in order to increase country’s energy security.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited
August December
August 2, 2022: August 17, 2022: December 14, 2022: December 15, 2022:
Contents PTT International Holdings Limited (PTTIH) (a wholly owned The Energy Regulatory Commission (ERC) approved the criteria PTT’s Board of Directors approved the shareholding PTT’s Board of Directors approved the five-year (Year 2023 - 2027)
subsidiary of PTT) has entered into a Share Purchase of natural gas tariff for natural gas transportation licensees restructuring of AI & Robotics business by assigning SMH investment plan of PTT and its wholly owned subsidiaries in
Vision, Mission and PTT Values Agreement of its entire investment, being 100% of to purchase all shares of ReAcc Co., Ltd. (ReAcc) from an aggregate amount of THB 100,227 million. PTT invested
through pipeline, which consist of two components;
PTT Information the total issued shares, in PTT Mining Limited (PTTML) with the Demand Charge (Td) for the period of 2022 - 2026 and Alpha Com (SMH, ReAcc, and Alpha Com are indirect in the core businesses to ensure national energy security which
PT Astrindo Nusantara Infrastruktur Tbk (Astrindo), a listed Commodity Charge (Tc) for the year 2022 according to new wholly owned subsidiary of PTT). In addition, there are accounted for 55% of PTT’s total five-year investment plan.
Financial Highlights
company in Indonesia Stock Exchange, or its affiliate, natural gas pricing structure from the resolution of National was an approval for the shareholding restructuring of Additionally, PTT has prepared provisional capital expenditure
Achievement Highlights on August 1, 2022 with a purchase price of approximately Energy Policy Council (NEPC)’s meeting on August 4, 2021. Mekha Tech by assigning ReAcc to purchase all shares for the next 5 years amounting to THB 302,168 million mainly
USD 486 million. The transaction has been completed on of Mekha Tech from Alpha Com. The objective of for the investment expansion into new businesses to align with
The revised gas pipeline tariff rates are effective since August
Awards and Recognition
February 15, 2023. This transaction will divest all of PTT 2022. the shareholding restructuring is to strengthen operational PTT’s vision “Powering Life with Future Energy and Beyond”
Message from the Board of Directors investment in the coal business which is aligned with PTT’s agility of AI & Robotics business to support new with the focus on clean energy businesses towards a low-carbon
056 057
Economic, Petroleum strategy towards sustainability and clean energy. August 29, 2022: business opportunities as per PTT group’s strategy. society i.e. investment in EV value chain business covering from
and Petrochemical Review and Outlook The Extraordinary General Meeting of Shareholders of PTT Moreover, the Board of Directors approved the change upstream to downstream, Logistics and Infrastructure businesses
Energy Solutions Co., Ltd. (PTTES) approved the dissolution in registered capital and company name which focusing on connecting all transportation networks throughout
of PTTES. PTTES is a subsidiary in which PTT holds 40% Mekha Tech completed the registration in 2022 and the country, Life Science (Pharmaceutical, Nutrition, and Medical
Section 1 together with TOP, GC, and IRPC which hold equally at ReAcc is expected to complete the registration within Device & Diagnostics) to drive Life Science business in Thailand
Business Operations and Performance 20%. The registration of dissolution has already been the first quarter of 2024, detail as follows: and the ASEAN, as well as the investment in Renewable energy
completed in December 2022. The dissolution of PTTES • Previous name: Mekha Technology Co., Ltd. (Mekha to achieve PTT group’s renewable energy target of 12,000 MW
1. Structure and Business Operations is aligned with PTT Group’s business restructuring policy Tech) New name: Mekha V Co., Ltd. (Mekha V) (In 2023, the target was changed to 15,000 MW) within year 2030.
PTT Public Company Limited
PTT Public Company Limited
of PTT Group and does not affect PTT group’s business operations. Registered capital: THB 266 million (initial registered Furthermore, there is investment in gas business which is
56-1 One Report 2023
56-1 One Report 2023
capital is THB 30 million) the transition fuel with the focus on the expansion of pipeline
2. Risk Management
• Previous name: ReAcc Co., Ltd. (ReAcc) network and the investment in LNG value chain both in Thailand
3. Driving Business towards Sustainability New name: NEWVERSAL Co., Ltd. (NewVersal) and overseas.
4. Management’s Discussion and Analysis Registered capital: THB 302 million (initial registered
(MD&A) capital is THB 29 million) December 15, 2022:
NUOVO PLUS (a subsidiary which PTT holds 51% of shares
5. General Information
and GPSC holds 49% of shares) enter into a joint venture agreement
and Other Important Information
October and to establish NV Gotion Company Limited (NV Gotion), a joint
venture company with Gotion Singapore Pte. Ltd. (Gotion),
Section 2 the leading Chinese company specializing in power battery for
October 5, 2022:
Corporate Governance electric vehicles and energy storage systems, with the registered
The Board of Directors of SMH approved the establishment
of Global Multimodal Logistics Co., Ltd. (GML) which is capital of not exceeding THB 600 million, in which NUOVO PLUS
Section 3 100% owned by SMH, with the registered capital of and Gotion hold 51% and 49% of the shares, respectively.
Financial Report THB 230 million. The objective of the company’s The objectives of the joint venture company are to operate
establishment is to operate a logistics business with a focus the business of importing, assembling, and distributing battery
Attachment on creating connectivity all of Thailand’s transportation modules and battery packs for energy storage systems and
system and also seamlessly connecting the international electric vehicles by combining technology and expertise of
transportation network. This will help entrepreneurs those two companies to increase competitiveness in the battery
increase their market competitiveness as well as reduce business and also to integrate the supply chain of renewable
their logistics costs. The key services consists of freight energy and electric vehicles for Thailand which are in line
services (by rail, sea, land, air), cold chain management, with PTT Group’s investment strategy in Future Energy.
property management, and asset rental related to the The establishment of the joint venture company is completed in
logistics business. The establishment of GML aims the fourth quarter of 2023 with the initial capacity of 2,000 MWh
to support national policy under the 13th National Economic per year and is expected to scale up to 8,000 MWh per year.
and Social Development Plan and PTT’s New S-Curve
strategy in logistics and infrastructure business.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
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PTT Public Company Limited
March
March 10, 2023:
Contents Global Renewable Power Co., Ltd. (GRP) (a subsidiary
which PTT indirectly holds 50% and GPSC holds 50%) has
Vision, Mission and PTT Values
Major completed the establishment of Global Renewable Power
Development China (Shanghai) Co., Ltd. (GRP China) in the first quarter
2023
PTT Information
of 2023 with the registered capital of Yuan 5,340,000
Financial Highlights (or approximately THB 27,768,000), in which GRP holds
Achievement Highlights
100%. The objective of the company’s establishment is May
to support the investment and development of renewable
Awards and Recognition business in China, in accordance with PTT group’s investment May 10, 2023:
Message from the Board of Directors strategy of Future Energy business. PTT has issued unsubordinated and
058 059
unsecured debenture No. 1/2023 for the total
Economic, Petroleum
amount of THB 1,000 million with 2 years
and Petrochemical Review and Outlook
tenor at coupon rate of 2.31% per annum and
PTTEP Treasury Center Company Limited
Section 1 (a subsidiary of PTTEP Group) has issued
senior guaranteed debentures with
Business Operations and Performance
April a bondholders’ representative for THB 1,500
million with 3 years tenor at coupon rate
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
of 2.51% per annum to the institutional
of PTT Group April 17, 2023:
investors. This is the first time of Thai capital
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56-1 One Report 2023
The Annual General Meeting of shareholders approved the dividend
2. Risk Management
January payment from 2022 performance which will be paid at THB 2.00 per share
market to issue the digital debenture through
3. Driving Business towards Sustainability the DIF: Web Portal under the Sandbox
to the shareholders of totaling 28,562,996,250 shares in an approximated
4. Management’s Discussion and Analysis January 1, 2023: February amount of THB 57,126 million. The dividend payments are divided into
project which is a part of the Digital
To support public sector on energy prices, PTT extended the cap of Infrastructure development of the Securities
(MD&A) the interim dividend payment from the first half of 2022 performance
NGV retail price until June 15, 2023, previously from December 16, February 15, 2023: and Exchange Commission, Thailand, to
5. General Information which PTT already paid to shareholders at THB 1.30 per share on
2022 to March 15, 2023. For the taxi in Bangkok Metropolitan PTT International Holdings Limited (PTTIH) support digital bond transaction.
October 12, 2022. PTT also paid the dividend from the second half of 2022
and Other Important Information Area, the NGV retail price was capped at THB 13.62 per kilogram (a wholly owned subsidiary of PTT) divested performance at THB 0.70 per share which was paid on April 28, 2023.
and for general cars at THB 17.59 per kilogram. Subsequently, its entire investment, 100% of the total issued
Section 2 on June 16, 2023, PTT extended the cap of NGV retail price shares, in PTT Mining Limited (PTTML) April 21, 2023:
Corporate Governance further by capping the retail price at THB 14.62 per kilogram to an affiliate of PT Astrindo Nusantara The Board of Directors of Energy Complex Company Limited (EnCo)
for taxi in Bangkok Metropolitan Area and THB 18.59 per kilogram Infrastruktur Tbk (Astrindo) and completed (a subsidiary which PTT holds 50%) on April 10, 2023, approved EnCo
Section 3 for public cars until December 31, 2023. For general car, the settlement with the total value of USD to joint venture with One Origin Public Company Limited (ONEO) through
Financial Report the price was capped at THB 18.59 per kilogram until 486 million (including interest). As a result, the purchase of 50% shares of One District Rayong 2 Co., Ltd. (a subsidiary
September 15, 2023 and adjusted to 19.59 per kilogram until PTTML ceased to be the subsidiary of PTT. of ONEO which ONEO holds 99.9997% of shares) from ONEO at the amount
Attachment December 31, 2023. Subsequently, PTT’s Board of Directors In addition, this transaction divested all of THB 46 million. On April 11, 2023, EnCo signed a share purchase
extended the cap of NGV retail price further by capping the retail of PTT investment in the coal business and sale agreement, and the payment has been completed on April 21,
price at THB 14.62 per kilogram for taxi in Bangkok Metropolitan which is aligned with PTT’s strategy towards 2023. The objective of this joint venture is to jointly develop a hotel
Area until June 30, 2024 and THB 18.59 per kilogram for public sustainability and clean energy. business in the Origin Smart City Rayong project, in order to support
cars until December 31, 2025. For general car, the price has the expansion of business sector in the Eastern Economic Corridor (EEC)
been capped at THB 19.59 per kilogram until May 15, 2024. and the tourism sector after economic recovery from the COVID-19.
Nevertheless, for LPG, PTT ended the LPG’s discount for low-income The hotel has started commercial operations in December 2023.
household who sell food or operate food stalls through the State
Welfare Card by THB 100 per person per month since March 31,
2023.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited
December (continued)
Contents September December 21, 2023:
August PTT’s Board of Directors approved the renaming of
December 21, 2023:
PTT’s Board of Directors approved the shareholder restructuring
Vision, Mission and PTT Values
September 21, 2023:
PTT’s subsidiary namely Alpha Com Company Limited of GRP by approving PTTGM, PTT’s subsidiary, to sell ordinary
PTT Information August 16, 2023: PTT’s Board of Directors, approved the dissolution of
(Alpha Com) to ExpresSo NB Company Limited shares of GRP (50% owned subsidiary of PTTGM) to GRSC,
The Board of Directors of ARUN PLUS (PTT’s 100% PTT Energy Resources Company Limited (PTTER) (a wholly
Financial Highlights (ExpresSo NB) (PTT’s owned 100%) through SMH, a wholly owned subsidiary of GPSC, totaling 10,007,500 shares
subsidiary) approved ARUN PLUS to enter into a joint owned subsidiary of PTT). The registration of dissolution
a subsidiary of PTTGM, PTT’s subsidiary, with the total (equivalent to 50%) at par value of THB 100 per share with
Achievement Highlights venture agreement with KWANG YANG MOTOR Company has been completed in December 2023. The dissolution of
registered capital not exceeding THB 2,388.5 million. the total value of approximately THB 1,275 million. The sale
Limited (KYMCO) and KYMCO CAPITAL PRIVATE EQUITY PTTER is aligned with PTT’s policy to close down the dormant
Awards and Recognition The objective of the company’s establishment remains and purchase of GRP shares is expected to be completed by
MANAGEMENT Company Limited (KC) (the subsidiary of company. This has no impact to PTT’s business operation.
the same which is to conduct venture business the second quarter of 2024. After completion of the share sale,
Message from the Board of Directors KYMCO) to establish Aionex Company Limited (Aionex),
060 operation. The registration of the renaming is expected GRP shall remain a subsidiary of PTT. The objective of the sale 061
Economic, Petroleum a joint venture company which ARUN PLUS, KYMCO September 21, 2023:
to be completed within April 2024. of GRP shares is to restructure the shareholding structure in
and Petrochemical Review and Outlook and KC hold 51%, 29% and 20% respectively, with PTT’s Board of Directors approved a resolution of interim
renewable power business in accordance with PTT Group’s
the registered capital not exceeding of THB 600 million. dividend payment for the first six-month performance of
strategic plan to support GPSC to become the flagship for
Aionex’s vision aims to be a leader of two-wheeler electric year 2023 to PTT’s shareholders at the rate of THB 0.80
Section 1 vehicle in Thailand and ASEAN which include not only per share, totaling approximately THB 22,851 million,
PTT Group’s electricity and utility businesses (PTT Group’s
Power Flagship) and a leader in the renewable energy or green
Business Operations and Performance to sale and produce two-wheeler electric vehicle, but also or 48% of the consolidated net income. The Record Date
energy sectors both domestic and overseas.
to provide battery swapping service. The establishment to entitle rightful shareholders who may receive the
1. Structure and Business Operations of Aionex has been completed in 2023 and expected to interim dividend was on October 5, 2023. The payment
PTT Public Company Limited
PTT Public Company Limited
of PTT Group start operation by 2024. of the interim dividend was made on October 20, 2023.
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2. Risk Management
3. Driving Business towards Sustainability The Milestones of the past three years of each PTT Group’s flagship companies listed
4. Management’s Discussion and Analysis on SET were disclosed on the website; the details are as follows:
(MD&A)
5. General Information READ
MORE
READ
MORE
and Other Important Information
PTT Exploration and Production Plc. Global Power Synergy Plc.
Section 2 December (PTTEP) (GPSC)
Corporate Governance
December 21, 2023:
Section 3 PTT’s Board of Directors approved the five-year (Year 2024 - 2028) investment plan of PTT and its wholly READ READ
MORE MORE
Financial Report owned subsidiaries in an aggregate amount of THB 89,203 million. PTT invested in the core business
to promote sustainable growth and to ensure national energy security which are accounted for 51% of PTT’s
total five-year investment plan. Additionally, PTT has prepared provisional capital expenditure for PTT Global Chemical Plc. Thai Oil Plc.
Attachment (GC) (TOP)
the next 5 years amounting to THB 106,932 million mainly for the investment expansion during energy
transition period such as the investment in the Gas business which is the transition fuel with the focus
on the expansion of pipeline network, the investment in LNG value chain both in Thailand and overseas,
the expanding investment in the Downstream business in storage tanks, etc. Moreover, PTT also focus
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on clean energy business toward a low-carbon society e.g. investment in Life Science including
Pharmaceutical, Nutrition, and Medical device & Diagnostics, the AI & Robotics business with the target
PTT Oil and Retail Business Plc. IRPC Plc.
to become a leader in AI & Robotics services in the future, as well as Logistic and Infrastructure business (OR) (IRPC)
by focusing on connecting all transportation networks throughout the country.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited 1.1.3 Use of Proceeds 1.2 Nature of Business
Details of the use of proceeds as of December 31, 2023 are as follows:
1.2.1 Revenue Structure
Contents Domestic, Unsecured, and Unsubordinated Bonds % 2021 (Audited) 2022 (Audited) 2023 (Audited)
(Enforced under Thai Laws) Product/ Service Operated by Share-
Vision, Mission and PTT Values holding THB million % THB million % THB million %
PTT Information PTT utilized the funds derived from the issuance and offer of Thai Baht Bond consisting of PTTC243A, PTTC247A, PTTC248A, 1. Gas products PTT Plc. 305,386 14 505,520 15 458,955 15
PTTC254A, PTTC255A, PTTC257A, PTTC268A, PTTC277A, PTTC27OA, PTTC288A, PTTC295A, PTTC307A, PTTC318A, PTT Exploration and Production Plc. (PTTEP) 63.79 27,801 1 42,581 1 38,429 1
Financial Highlights
PTTC344A, PTTC357A, PTTC457A and PTTC10DA fulfilling completely the objectives as stated in the Registration Statement. PTT Natural Gas Distribution Co., Ltd. (PTTNGD) 58.00 11,652 1 16,600 1 14,642 -
Achievement Highlights Global Power Synergy Plc. (GPSC) 47.27 84 - 75 - 81 -
PTT Oil and Retail Business Plc. (OR) 75.00 29,377 1 37,425 1 41,604 1
Awards and Recognition Foreign, Unsecured, and Unsubordinated Bonds PTT International Trading London Ltd. 100.00 - - - - 2,174 -
Message from the Board of Directors (Enforced under New York Laws) (PTTT LDN)
062 063
Total revenue from gas products 374,300 17 602,201 18 555,885 17
Economic, Petroleum
PTT utilized the funds derived from the offer of USD bond of PTT and PTT Treasury Center Co., Ltd. (PTT TCC) with PTT 2. Oil products PTT Plc. 193,348 9 338,011 10 274,647 9
and Petrochemical Review and Outlook
as guarantor consisting of USD Bond 2005, USD Bond 2012, USD Bond 2019 and USD Bond 2020 fulfilling the objectives PTT Exploration and Production Plc. (PTTEP) 63.79 32,771 1 35,557 1 33,360 1
completely as stated in the Registration Statement. PTT International Trading Pte. Ltd. (PTTT) 100.00 317,550 14 414,650 12 525,469 16
Section 1 PTT International Trading London Ltd.
(PTTT LDN)
100.00 32,275 1 68,138 2 68,791 2
Business Operations and Performance 1.1.4 Obligations Pledged by the Company in the Registration PTT Global Chemical Plc. (GC) 45.18 23,783 1 36,976 1 24,007 1
1. Structure and Business Operations Statement Thai Oil Plc. (TOP)
IRPC Plc. (IRPC)
45.03
45.05
163,039
127,779
7
6
212,352
141,610
7
4
200,935
147,576
6
5
PTT Public Company Limited
PTT Public Company Limited
of PTT Group PTT Oil and Retail Business Plc. (OR) 75.00 439,076 20 696,875 21 653,355 20
56-1 One Report 2023
Domestic Bonds and Foreign Bonds (Unsecured, Unsubordinated)
56-1 One Report 2023
2. Risk Management PTT International Trading USA Inc. (PTTT USA) 100.00 7,285 - 51,034 2 27,308 1
Total revenue from oil products 1,336,906 59 1,995,203 60 1,955,448 61
3. Driving Business towards Sustainability
PTT has no financial obligation per each tranche of bond as stated in the Registration Statement and other documents 3. Petrochemical PTT Plc. 13,245 1 4,558 - 14,679 -
4. Management’s Discussion and Analysis pertaining to each tranche. Conditions for the exercising of Put and Call Options of each tranche are disclosed in 1.5 Issuance products PTT Global Chemical Plc. (GC) 45.18 259,292 11 384,204 11 318,805 10
(MD&A) of Other Securities (1.5.2 Debt Securities). Thai Oil Plc. (TOP) 45.03 30,638 1 38,193 1 32,966 1
5. General Information IRPC Plc. (IRPC) 45.05 67,016 3 60,568 2 45,997 1
PTT International Trading Pte. Ltd. (PTTT) 100.00 67,379 3 83,768 3 77,612 3
and Other Important Information
PTT Oil and Retail Business Plc. (OR) 75.00 619 - 608 - 499 -
PTT International Trading USA Inc. (PTTT USA) 100.00 186 - 3,231 - 2,092 -
Section 2
PTT Global Management Co., Ltd. (PTTGM) 100.00 - - 3 - 8 -
Corporate Governance
Total revenue from petrochemical products 438,375 19 575,133 17 492,658 15
4. Mining products PTT Global Management Co., Ltd. (PTTGM) 100.00 15,560 1 31,331 1 1,883 -
Section 3
Total revenue from mining products 15,560 1 31,331 1 1,883 -
Financial Report
5. Pharmaceutical PTT Global Management Co., Ltd. (PTTGM) 100.00 - - 14,411 1 21,541 1
products
Attachment Total revenue from pharmaceutical products - - 14,411 1 21,541 1
6. Public utilities Thai Oil Plc. (TOP) 45.03 4,842 - 7,519 - 5,516 -
IRPC Plc. (IRPC) 45.05 3,420 - 4,003 - 4,201 -
Global Power Synergy Plc. (GPSC) 47.27 57,845 3 100,939 3 68,347 3
PTT Tank Terminal Co., Ltd. (PTT TANK) 100.00 46 - 59 - 61 -
PTT Global Management Co., Ltd. (PTTGM) 100.00 628 - 739 - 761 -
Total revenue from public utilities 66,781 3 113,259 3 78,886 3
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited % 2021 (Audited) 2022 (Audited) 2023 (Audited) 1.2.2 Business/ Supply/ Distribution
Product/ Service Operated by Share-
holding THB million % THB million % THB million %
Upstream Petroleum and Natural Gas Business Group
7. Non-oil Business PTT Plc. 28 - 20 - 15 -
Contents PTT Oil and Retail Business Plc. (OR) 75.00 17,190 1 21,606 1 23,725 1
Currently, PTT and PTT’s affiliates under the upstream petroleum and natural gas business are the only fully integrated natural
Total revenue from non-oil business 17,218 1 21,626 1 23,740 1
gas operator in Thailand, which covers exploration and production, natural gas supply, Liquefied Natural Gas (LNG) import
8. Revenue from PTT Plc. 260 - 314 - 257 -
Vision, Mission and PTT Values and regasification, pipeline transmission, gas separation, distribution, including investment in natural gas-related business in
services
PTT Exploration and Production Plc. (PTTEP) 63.79 2,993 - 5,331 - 4,451 -
PTT Information Thailand and internationally, and business development.
PTT Global Chemical Plc. (GC) 45.18 3,343 - 4,968 - 4,346 -
Financial Highlights Thai Oil Plc. (TOP) 45.03 90 - - - - -
IRPC Plc. (IRPC) 45.05 576 - 487 - 545 -
Achievement Highlights PTT Oil and Retail Business Plc. (OR) 75.00 391 - 472 - 468 -
Awards and Recognition PTT Digital Solutions Co., Ltd. (PTT DIGITAL) 20.00 145 - 176 - 327 - Diagram of PTT Group’s Upstream & Gas Business Group
PTT Tank Terminal Co., Ltd. (PTT TANK) 100.00 685 - 684 - 705 -
Message from the Board of Directors
064 PTT Energy Solutions Co., Ltd. (PTTES) 40.00 4 - 3 - - - 065
Economic, Petroleum Energy Complex Co., Ltd. (EnCo) 50.00 282 - 297 - 310 -
Natural Gas Supply and Distribution Business,
and Petrochemical Review and Outlook Business Services Alliance Co., Ltd. (BSA1/) 25.00 211 - 240 - 183 - Transmission Pipeline Business,
Exploration
Global Power Synergy Plc. (GPSC) 47.27 30 - 63 - 435 - & Production Gas Separation Business, Distribution Pipeline Customers
Business, Natural Gas for Vehicles Business,
1
PTT LNG Co., Ltd. (PTTLNG) 100.00 288 - 314 - 451 - and Gas Supply1/
Section PTT Natural Gas Distribution Co., Ltd. (PTTNGD) 58.00 3 - 13 - 14 -
and Commercial and Marketing
Management Business2/
Business Operations and Performance PTT Global Management Co., Ltd. (PTTGM) 100.00 5 - 118 - 259 -
PTT International Trading USA Inc. (PTTT USA) 100.00 - - 5 - - -
Natural Gas Ethane
1. Structure and Business Operations Total revenue from services 9,306 - 13,485 - 12,751 -
PTT Public Company Limited
PTT Public Company Limited
Propane • Petrochemical
of PTT Group 9. Others PTT Plc. - - - - 1 -
Gas • Industrial
56-1 One Report 2023
56-1 One Report 2023
Indigenous Sources LPG
Business Services Alliance Co., Ltd. (BSA1/) 25.00 - - - - - -
2. Risk Management for Gas Supply Dew Point
Separation • International
Global Power Synergy Plc. (GPSC) 47.27 - - - - - - Plant NGL Trading Business
3. Driving Business towards Sustainability PTT Digital Solutions Co., Ltd. (PTT DIGITAL) 20.00 - - - - - -
Control • Oil Business
Unit Isopentane
4. Management’s Discussion and Analysis PTT International Trading Pte. Ltd. (PTTT) 100.00 269 - 324 - 595 -
(MD&A) IRPC Plc. (IRPC) 45.05 99 - 98 - 97 -
Natural Gas3/
PTT Oil and Retail Business Plc. (OR) 75.00 - - - - - -
5. General Information
PTT Global Management Co., Ltd. (PTTGM) 100.00 3 - 123 - 501 -
Natural Gas
and Other Important Information
PTT International Trading London Ltd. 100.00 - - 2 - - - International • EGAT
(PTTT LDN) Sources • IPPs
Common Header
Section 2 PTT International Trading USA Inc. (PTTT USA) 100.00 - - - - 558 - for Gas Supply • SPPs
(Myanmar Natural Gas • Industrial
Corporate Governance PTT LNG Co., Ltd. (PTTLNG) 100.00 1 - 7 - 7 -
and Import LNG) • NGV
Total revenue from other products 372 - 554 - 1,759 -
Section 3 Total revenue from products and services 2,258,818 100 3,367,203 101 3,144,551 98
Financial Report 10. Others
10.1 Other revenue2/ (3,018) - (50,494) (1) 27,510 1
10.2 Gain (loss) from foreign exchange (6,469) - 5,552 - 22,285 1
Attachment Remarks:
Total other revenue (9,487) - (44,942) (1) 49,795 2
1/ PTT operates exploration and production through PTTEP. PTT procures natural gas from both indigenous and international sources
11. Share of profit from investment in joint ventures and associates 9,010 - 5,849 - 3,013 -
together with import LNG.
Grand total 2,258,341 100 3,328,110 100 3,197,359 100 2/ Operated by PTT.
Remarks: 3/ Refers to a portion of natural gas which is left after other products have been separated. It mainly consists of methane.
Revenue of PTT and subsidiaries represents net revenue derived from external parties.
1/ PTT holds 100.00% of BSA’s ordinary shares. Thus, PTT’s ownership interest in BSA is 100.00%.
2/ Other revenue includes gain (loss) on derivatives.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited PTT-Operated Upstream Business Terminal through PTT LNG Co., Ltd. (PTTLNG) in which (5) Commercial and Marketing Management: in charge PTTEP Energy Development Co., Ltd. (PTTEP ED)
PTT holds 100% shares to cater to LNG vessels, storage, of commercial supply and distribution of LNG (a subsidiary of PTT Exploration and Production Plc.) holds
Gas Business Unit and regasification to accommodate LNG import. PTTLNG domestically and internationally, and of natural gas- exploration and production rights in Block G1/61 (Erawan)
allows the external party to register intent to connect related products and services. and G2/61 (Bongkot), and it signed a Production Sharing
The Gas Business Unit engages in procurement, wholesaling, with LNG terminal from March 30, 2015. Contract (PSC) with the public sector since February 2019
Contents
and retailing, distribution of products from gas separation In 2023, PTT’s revenue from natural gas sales totals THB with a minimum contractual capacity of 800 MMSCFD
plants (GSP), as well as investment in businesses that utilize The Energy Regulatory Commission (ERC) is the competent 555,885 million, decreased by THB 46,316 million or 7.7% and 700 MMSCFD, respectively. PTT and PTTEP ED have
Vision, Mission and PTT Values
and creates value for natural gas through PTT’s affiliates. authority according to the Energy Business Act B.E. 2550 to from 2022 sales at THB 602,201 million (More details of PTT’s entered into the agreement on the natural gas purchase
PTT Information The gas procurement includes domestic sourcing and determine natural gas tariffs, wholesale and retail. PTT divides revenue structure and subsidiaries per product specialization contract for Block G1/61 to replace the UNOCAL123
Financial Highlights international sourcing from neighboring countries, including natural gas business further into 5 sub-business units: are outlined in 1.2.1) (Erawan) contract which expires in 2022. It is seeking
LNG import to ensure adequate supply for Thailand’s (1) Natural Gas Supply and Trading Business: sources negotiation for a contract for Block G2/61 to replace
Achievement Highlights
ever-increasing demand. For distribution, it supplies power natural gas from Thailand and internationally including Natural Gas Supply and Trading Business the Bongkot North and Bongkot South contracts which
Awards and Recognition generators: Electricity Generating Authority of Thailand supply of LNG and regasification to be distributed to expire in 2022 - 2023.
Message from the Board of Directors (EGAT), Independent Power Producer (IPP), and Small Power customers, with power producers as the major user. Natural Gas Supply
066 067
Producer (SPP). For industrial customers, distribution is (2) Gas Separation Plant: operates and develops gas PTT’s gas supply is under the charge of the Natural Gas Supply PTTEP ED and PTT signed the Gas Sale Agreement on
Economic, Petroleum
through PTT-invested distribution pipeline. For transportation separation plant business. There are currently six units and Distribution Business, with 52% mainly from sources in April 20, 2022, and in order to manage contractual transition
and Petrochemical Review and Outlook
sector distribution is to incentivize natural gas as of gas separation plants. country and the rest from Myanmar and LNG import. risks which may impact the continuity of production,
an alternative to gasoline and diesel via Natural Gas (3) Natural Gas Retail: responsible for distributing natural gas PTT has negotiated additional supply as a backup from
Section 1 for Vehicles (NGV) service network. For gas separation to industrial customers through distribution pipelines and Currently, PTT is the buyer from gas producers governed the Gulf of Thailand, and LNG to ensure adequate
Business Operations and Performance business, PTT invested in gas separation plants to add off-pipe transportation, as well as offering comprehensive by existing 15 contracts. Of the total, 12 are from sources supply to meet clients’ demand, without affecting power
value to Gulf of Thailand gas for outputs to feed Thailand’s energy solution provider services. in Thailand namely: Pailin, C5 & G4/481/, B8/322/, Arthit, generation and energy security.
1. Structure and Business Operations petrochemical industry in support of other sectors thereby (4) Natural Gas for Vehicles (NGV) Business: responsible G12/48 , MTJDA Block A-18, MTJDA Block B-17, G1/61,
3/
PTT Public Company Limited
PTT Public Company Limited
of PTT Group contributing to national economic growth. LPG is also for the expansion of NGV service stations, coverage, and G2/61, Nam Phong, Sinphuhorm4/, Sirikit (Lankrabue Area), In addition, PTT secured LNG supply to reinforce security
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management distributed as fuel to household, industrial, and transportation promoting gas as an alternative transport fuel because and 3 contracts with producers outside Thailand namely: and meet the ever-increasing demand. PTT has a total of
3. Driving Business towards Sustainability sectors. it is greener and cheaper than oil, less costly for consumers Yadana, Yetagun, and Zawtika5/ in Myanmar. 5 long-term LNG supply contracts. However, currently,
4. Management’s Discussion and Analysis while mitigating air pollution which is intensifying. PTT received LNG at a totaling of 5.2 million tons per
The Gas Business Unit operates related businesses year under 4 contracts: 2 million tons per year with Qatar
(MD&A)
namely pipeline asset management, gas logistics through In addition, Phase 2 of the state’s gas liberalization policy Liquefied Gas Co., Ltd.; 1 million tons per year with Shell
5. General Information
transmission pipeline consisting of offshore pipeline to promote competition in the natural gas business results Eastern Trading (Pte) Ltd., and with BP Singapore Pte. Ltd.;
and Other Important Information system connected to production platforms in the Gulf in emerging business competitors from existing clients, and 1.2 million tons per year with Petronas LNG Ltd.
of Thailand, onshore eastern pipeline system that particularly when LNG price is low which incentivizes Besides, another 1 million tons per year contract with
Section 2 receives gas from the Gulf of Thailand, and LNG Receiving the entry of new shipper. The new shipper could seek PTTGL will be started receiving gas in 2026.
Corporate Governance Terminal, together with onshore western pipeline system promising opportunities for the LNG market expansion
that receives gas from Yadana, Yetagun, and Zawtika in into the growing international market, especially in
Section 3 Myanmar along the Thailand-Myanmar border to feed the Asia-Pacific. With these developments, PTT formed a fifth
Financial Report natural gas to power producers, gas separation plant, sub-business unit:
NGV, and industries. PTT invests in LNG Receiving
Attachment
Remarks:
1/ Contract/ Concession expires in 2035.
2/ Consisting of Benjamas, Benjamas North, Maliwan, Chamchuree, North Chamchuree, Chabaa, Lanta. From October 1, 2019, volume
averages 45 MMSCFD.
3/ The contract was signed on March 7, 2023 for the volume of 7 MMSCFD.
4/ Contract expiry date is November 28, 2021 and a new 10-year Sinphuhorm contract was signed on October 1, 2021 (October 1, 2021 -
March 15, 2031).
5/ Contract was signed on July 30, 2010 for the volume of 240 MMSCFD with first delivery on August 5, 2014.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited As the current energy situation in Thailand where the demand for LNG has greatly increased. In order to provide a sufficient Key Terms in Gas Supply Contract On pricing, the contract shall fix an Initial Base Price as
of LNG to meet demand at the appropriate price level, PTT will continuously seek opportunities to negotiate with LNG sellers Gas supply contracts between PTT and Seller typically cover constant, with the formula to determine the highest and
to procure LNG both short-term and long-term to further strengthen the country’s energy security. a duration of 25 - 30 years. The contract parties agree to lowest prices to protect the buyer and seller. The gas price
trade natural gas at agreed delivery points, for example at formula incorporates the following considerations: High
In any case, a large chunk of PTT’s gas supply originates from concessions/ production blocks in-country shown in the volume a wellhead platform or other agreed location at quality, Sulfur Fuel Oil price in the Singapore market, Dubai price,
Contents
and proportion of PTT’s gas supply 2021 - 2023 in the chart below. quantity, and pressure as specified in the contract. exchange rate, and key economic indicators such as
Thailand’s wholesale price index, and U.S. oil and gas
Vision, Mission and PTT Values
2021 2022 2023 The Seller is duty-bound to prepare Contractual Delivery producers’ index, among others. The time frame for pricing
PTT Information Location/ Concession Block Capacity (CDC) for PTT to dispatch in the range of 105 - 125% adjustment varies according to contracts ranging from
MMSCFD % MMSCFD % MMSCFD %
Financial Highlights of Daily Contract Quantity (DCQ) depending on the contract, every 12 months, 6 months, 3 months, or monthly. This
Domestic whereas PTT must take the daily minimum quantity. PTT also pricing shall be passed through to clients in the power
Achievement Highlights
- Pailin 395 8.9 399 9.5 396 8.9 has the right to buy more than the CDC contracted volume generation sector who are core customers that buy gas
Awards and Recognition provided if the Seller is ready to deliver. from PTT, according to the pricing formula in the NG
- Bongkot (North/South) 827 18.7 663 15.9 123 2.8
Message from the Board of Directors contract, and hence relatively low risks of pricing
068 069
- UNOCAL 1, 2, 3 (Erawan) 805 18.2 136 3.3 - - However, if in any contractual year, PTT is unable to take volatility for PTT.
Economic, Petroleum
- B8/32 50 1.1 51 1.2 24 0.5 the Annual Contracted Quantity (ACQ), the Take-or-Pay
and Petrochemical Review and Outlook
obligation is applied with the right to receive the paid All gas supply contracts have a force majeure clause which
- G1/61 - - 138 3.3 277 6.3
commodity rolled over to subsequent years in the contract can be invoked by either PTT or the seller as a reason for
Section 1 - G2/61 - - 134 3.2 670 15.1 without a deadline and additional cost (make-up gas). failing to meet the obligation. The clause covers acts of
Business Operations and Performance - C5&G4/48 - - 4 0.1 4 0.1 In the year when PTT wishes to exercise the right to take gods faced by the contracting party. Some contracts
the make-up gas volume, this can be executed only after specify cases in which PTT cannot dispatch due to force
1. Structure and Business Operations - Arthit 234 5.3 288 6.9 319 7.2
PTT completes its CDC obligation of the year. In reverse, majeure on parts of PTT clients. This can only be invoked
PTT Public Company Limited
PTT Public Company Limited
of PTT Group - MTJDA 423 9.6 413 9.9 408 9.2 should PTT buy more than CDC in any contract year, PTT by PTT on the single condition that PTT must decrease
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management - Nam Phong/ Sinphuhorm 97 2.2 103 2.5 96 2.2 can carry forward the surplus to be counted in the CDC dispatch across the board among sellers involved
3. Driving Business towards Sustainability portion in subsequent years not exceeding 15 - 20% proportionate to the amount decreased.
- Sirikit 7 0.2 7 0.2 3 0.1
4. Management’s Discussion and Analysis depending on the contract. The right to exercise this is
Total in Thailand 2,838 64.2 2,336 56.0 2,320 52.4 valid for 5 years from the starting year of Carry-Forward. Gas supply contracts end in the event of one of the following:
(MD&A)
Overseas (1) Expiry date as stated in the contract
5. General Information
In the event of a shortfall where the seller is unable to (2) Expiry of concession (gas fields in Thailand)
and Other Important Information - Yadana 434 9.8 428 10.3 287 6.5
deliver PTT dispatch in full, PTT shall pay for the actual (3) The natural gas reserve on-site runs dry.
- Yetagun 16 0.4 27 0.6 32 0.7 quantity received, and be entitled to a 15 - 25% discount
Section 2 for the shortfall amount in that month, or subsequent month Natural Gas Trading
- Zawtika 243 5.5 229 5.5 237 5.4
Corporate Governance or subsequent year depending on contracts. Upon the end PTT markets most of its natural gas supply to power
- LNG 889 20.1 1,153 27.6 1,552 35.0
of each contract year, PTT can use the shortfall to reduce producers: EGAT, independent power producers, and small
Section 3 Total overseas 1,582 35.8 1,837 44.0 2,108 47.6 the ACQ. power producers, through the Natural Gas Transmission
Financial Report System.
Total 4,420 100.0 4,173 100.0 4,428 100.0
Attachment Average gas buying price 226.2 391.2 332.3
(THB/MMBTU)
Remark:
Natural gas calculated at heat rate of 1,000 BTU per cubic foot.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Volume of gas supply to different segments (inclusive of that used in PTT’s gas separation plants) during 2021 - 2023 is (2) Pipeline Tariffs
shown in the table: Pipeline tariffs consist of 2 components. The first part is the fixed cost (Demand Charge: Td) with a 5-year regulatory cycle,
calculated from the net value (NPV) of the Allowed Revenue of the licensee. Permission should be received (Allowed Revenue)
2021 2022 2023 in the next regulatory cycle divided by the NPV of the Capacity Reserved in the next regulatory cycle. The Allowed Revenue
Customer will reflect the investment, expenses, and returns on investment in the form of a weighted average cost of capital (WACC)
Contents MMSCFD % MMSCFD % MMSCFD %
as approved by the ERC. The second part is the natural gas transportation service charge of the variable cost (Commodity
1. EGAT 700 15.8 688 16.4 793 17.9 Charge: Tc), calculated from the cost incurred in servicing the variable cost according to the amount of gas delivered through
Vision, Mission and PTT Values
2. IPPs 587 13.2 547 13.1 753 16.9 the natural gas pipeline system.
PTT Information
3. SPPs 1,331 30.0 1,218 29.1 1,197 26.9
Financial Highlights In 2023, the Demand Charge (Td) of the gas pipeline tariff for natural gas transportation via pipeline calculated according
4. Industry1/ 910 20.5 957 22.8 922 20.7 to the criteria for determining the natural gas tariff for licensees transporting natural gas by pipeline through the natural gas
Achievement Highlights
5. Gas Separation Plant 909 20.5 780 18.6 783 17.6 transmission system B.E. 2564 has remained the same for the 2022 - 2026 regulatory cycle. As for the Commodity Charge
Awards and Recognition (Tc), PTT has proposed 2023’s pipeline tariff to the ERC for consideration as follows:
Total 4,437 100.0 4,190 100.0 4,448 100.0
Message from the Board of Directors
070 071
Source: PTT Demand Charge component of pipeline tariff structure is as follows:
Economic, Petroleum
Remarks: Unit: THB/MMBTU
and Petrochemical Review and Outlook
Natural Gas volume is calculated at a heat value of 1,000 BTU per 1 cubic foot and based on calendar days.
1/ Including natural gas sold to customers holding licenses of natural gas retail business through the distribution system for sale to the Zone Pipeline Demand Charge
Section 1 industrial sector and natural gas for vehicles sector (NGV).
1 Offshore pipeline at Rayong province 12.88691/
Business Operations and Performance 2 Offshore pipeline at Khanom 2.1135
Generally, natural gas pricing structure for the power producer segment consists of 2 components: gas cost and pipeline
1. Structure and Business Operations tariffs, elaborated herewith. 3 Onshore pipeline 11.6894
PTT Public Company Limited
PTT Public Company Limited
of PTT Group 4 Onshore pipeline at Chana 1.0061
56-1 One Report 2023
56-1 One Report 2023
(1) Gas Cost
2. Risk Management 5 Onshore pipeline at Nam Phong 0.2693
Gas cost is the sum of the average gas price that PTT buys from Seller and remuneration for supply and marketing.
3. Driving Business towards Sustainability
Remark:
4. Management’s Discussion and Analysis The supply and marketing remuneration which covers expenses and risks in sourcing natural gas and marketing varies in 1/ Offshore system includes TTM.
(MD&A) rates depending on the type of clients. At present, supply and marketing remuneration for EGAT and IPPs equals 1.75% of
5. General Information average gas price that PTT buys from Seller. The rate charged on EGAT and IPPs is capped at THB 2.1525 per MMBTU.
and Other Important Information For small power producers whose volume is lower than the first two groups, PTT charges 9.33% of the average gas cost that
PTT buys from Seller at production fields. Nonetheless, the rate charged to SPP must not exceed THB 11.4759 per MMBTU.
Section 2
Corporate Governance On August 4, 2021, the National Energy Policy Council (NEPC) approved the natural gas pricing structure to facilitate
the second phase of natural gas liberalization alongside a timeframe to enforce the structure. As a result, natural gas liberalization
Section 3 is now in the second phase, when operators are competing to supply LNG. Currently, the Energy Regulatory Commission
Financial Report (ERC) granted LNG Shipper Licenses to a total of 8 recipients: PTT, EGAT, Gulf LNG Co., Ltd., B.Grimm LNG Co., Ltd.,
Hin Kong Power Holding Co., Ltd., EGCO Plc., PTTGL, and SCG Chemicals Co., Ltd. (SCG Chemical).
Attachment
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Commodity Charge
Unit: THB/MMBTU
Commodity Charge
(From October 1, 2023
Commodity Charge
Contents Zone Pipeline (August 1, 2022 -
onwardsor until
the tariff adjustment
September 30, 2023)
is approved
Vision, Mission and PTT Values by the ERC)
PTT Information
1 Offshore pipeline at Rayong province 0.19031/ 0.22071/
Financial Highlights
2 Offshore pipeline at Khanom 0.0002 0.0248
Achievement Highlights
3 Onshore pipeline 1.3954 1.9304
Awards and Recognition
4 Onshore pipeline at Chana 0.0900 0.0806
Message from the Board of Directors
072 5 Onshore pipeline at Nam Phong 0.0000 0.0000 073
Economic, Petroleum
Remark:
and Petrochemical Review and Outlook
1/ Offshore system includes TTM.
PTT is currently the major GSP operator in Thailand, with 6 GSP units. All of PTT’s gas separation plants have consistently
Section 1 The Demand Charge is subject to periodic adjustment, through review of constant costs over a cycle of 5 years
been improved and optimized, with actual processing capacity totaling 2,870 MMSCFD, outperforming the nameplate
capacity of 2,660 MMSCFD.
Business Operations and Performance or ERC-approved timing, or in the event of factors affecting significant change in tariff to main the approved
EIRR. The Commodity Charge component is reviewed annually by defining indexes to adjust variable costs to reflect
The production volume of GSP products from 2021 to 2023 is as follows:
1. Structure and Business Operations current circumstances and operational efficiency.
PTT Public Company Limited
PTT Public Company Limited
of PTT Group
56-1 One Report 2023
56-1 One Report 2023
Product (Ton) 2021 2022 2023
2. Risk Management Gas Separation Business
3. Driving Business towards Sustainability Ethane 2,181,596 1,752,406 1,786,925
Besides the selling of natural gas direct to customers, PTT feeds parts of supply to its gas separation plants to add value 1,017,933 963,476 965,193
4. Management’s Discussion and Analysis Propane
and optimize the feed through extraction of key hydrocarbon components. Products from PTT gas separation plants include
(MD&A) Liquefied Petroleum Gas (LPG) 2,293,291 1,912,982 1,952,091
ethane, propane, liquefied petroleum gas (cooking gas), natural gasoline and isopentane. Another byproduct of the process
5. General Information is carbon dioxide that can be utilized in various industries. Products from gas separation plants and applications are listed Natural Gasoline 489,937 385,284 387,183
and Other Important Information in this chart.
Isopentane 43,055 48,800 50,961
Section 2 Total 6,025,812 5,062,948 5,142,353
Product Application
Corporate Governance Source: PTT
Ethane Raw material in the upstream petrochemical industry
Section 3 Propane Raw material in the upstream petrochemical industry Commercial and Marketing Management
Financial Report
Liquefied Petroleum Gas (LPG) Fuel for household, vehicle, industrial factories,
and raw materials in upstream petrochemical industry In support of the government’s natural gas liberalization policy and energy reform plan to make Thailand as the Regional LNG
Attachment hub, in 2021 new sub-unit on Commercial and Marketing Management was established under PTT’s Natural Gas Business.
Natural Gasoline Feed for oil refinery as gasoline
Commercial and Marketing is responsible for commercial natural gas products and services related to natural gas, selling
and raw material in the upstream petrochemical industry
and taking care of customers in the commercial natural gas market, gas product market and gas-related services. It also
Isopentane Raw material in upstream petrochemical industry serves as the focal point for the Gas Business’s international expansion, with the CLMV countries as its target market such as
Cambodia, Laos, Myanmar, and Vietnam as well as China to in line with PTT’s strategy expanding into growing overseas markets.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited The main product sales volume under Commercial and Marketing Management is divided into 2 main markets which are The pricing structure for industrial customers differs from Transmission Pipeline Business Unit
the Commercial Natural Gas Market and the Natural Gas Products Market. The Commercial Natural Gas Market is mainly that of power producers. For industry clients, the gas charge
distributed LNG via trucks. Natural gas products before 2021 were sold by PTT’s gas separation plant business, and since consists of 2 components: gas cost according to actual The business unit operates service, operation, maintenance
2021 the distribution of natural gas products is operated through Commercial and Marketing Management Business. volume used per month, and management fees to ensure work for transmission pipeline, and carrying out legal
The sales volume of each product in 2021 - 2023 is as follows: availability per their advance notification to PTT. Natural gas work related to gas transmission pipeline. When the Seller
Contents
price for industrial customers is determined to be competitive delivers natural gas to PTT at delivery point, natural gas
Product (Ton) 2021 2022 2023 with other alternatives such as fuel oil and LPG. shall be transmitted to clients via the pipeline systems
Vision, Mission and PTT Values
which are assets of PTT’s Upstream Petroleum and Natural
PTT Information Ethane 2,181,272 1,752,287 1,786,823
Natural Gas for Vehicles Business Gas Business Group. These assets consist of offshore
Financial Highlights Propane 953,395 1,139,216 1,028,237 transmission pipeline, connected to production fields
Liquefied petroleum gas (LPG) 3,113,277 3,301,907 3,288,262 In addition to distributing natural gas to power producers in the Gulf of Thailand and the onshore pipeline system
Achievement Highlights
and industrial customers, to promote natural gas as in the east coast receiving gas from Gulf of Thailand,
Awards and Recognition Natural Gasoline 617,011 504,133 500,264
an alternative transportation fuel, ease impacts on fluctuation and the LNG station onshore westward that receives
Message from the Board of Directors Isopentane 43,057 48,803 50,965 in crude oil and refined oil prices, reduce environmental gas from Yadana, Yetagun and Zawtika fields in Myanmar
074 075
Total 6,908,012 6,746,346 6,654,551 impact, and encourage the use of fuel produced domestically, to be distributed to power producers, GSPs, NGV and
Economic, Petroleum
PTT introduced NGV to the public bus fleet of Bangkok industries. Within PTT’s pipeline systems, other critical
and Petrochemical Review and Outlook
Source: PTT
Metropolitan Mass Transit since 1993. Subsequently, components include Dew Point Control Unit and Common
the NGV market has been expanded to other types of Header for quality control and harmonization processes
Section 1 The major customers can be divided into 2 main groups, consisting of: (1) the petrochemical group, including GC, vehicles. By the end of December 2023, a total of 266,642 for gas from various sources to yield unified heat rate
Business Operations and Performance HMC Polymers Co., Ltd. (HMC), Rayong Olefins Co., Ltd. (ROC) and (2) oil operator group according to Section 7 vehicles use NGV as fuel according to the Department of and quality across the system.
of the Fuel Oil Trade Act B.E. 2543 The important Section 7 operators namely PTT Oil and Retail Business Plc. (OR), Land Transport. NGV sales in 2023 averaged 3.3 million
1. Structure and Business Operations Siam Gas and Petrochemicals Plc., and Unique Gas and Petrochemicals Plc. kilograms per day. The 310 NGV service stations consist As of December 31, 2023, PTT’s transmission pipeline runs
PTT Public Company Limited
PTT Public Company Limited
of PTT Group of 18 mother stations, distributing and trucking to feed a total length of 4,570 kilometers consisting of a 2,437-
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2. Risk Management Pricing of products from gas separation plants to petrochemical clients complies with the formula mutually agreed upon 183 daughter stations outside the pipeline route, and kilometers long onshore pipeline (inclusive of pipeline
with individual client, mainly benchmarked against petrochemical product prices in the global market. Natural gasoline 109 conventional stations located along the pipeline route. to supply independent power producers and to power
3. Driving Business towards Sustainability
price is benchmarked against naphtha price in the global market. For LPG sold domestically from August 2017, EPPO shall A total of 123 stations serve Bangkok and surrounding plants but excluding distribution pipeline) and a 2,133-
4. Management’s Discussion and Analysis
announce reference price for domestic retail price of LPG only. Criteria have been changed for imported LPG price from areas while 169 stations are in the upcountry. kilometers offshore pipeline.
(MD&A) CP price announced monthly to benchmarking instead against LPG Cargo with Platts’ Spot Cargo data (FOB Arab Gulf)
5. General Information bi-weekly average, to make LPG cost from all supply sources comparable and competitive in a liberalization environment. The NGV sale price structure consists of natural gas costs
and Other Important Information For gas separation plants, currently, the Committee of Energy Policy Administration resolved to collect the spread onto the based on the actual cost price each month and operating
Oil Fuel Fund in case LPG Cargo+X (import expense) is higher than LPG cost from gas separation plants and compensate in expenses (within a radius of 50 kilometers) and transportation
Section 2 the event where LPG Cargo+X is lower than LPG cost from GSPs. costs exceeding a radius of 50 kilometers as specified
Corporate Governance by the government. However, in 2023, PTT provided
Since 2015 the public sector requested PTT’s cooperation in assisting LPG users in the household sector (low-income assistance through the NGV Giving Breath Project for
Section 3 households, vendors, small shops and food hawkers) to lessen the impact of LPG retail price adjustment. Effective from taxi drivers in Bangkok and its vicinity, as well as additional
Financial Report October 2017 PTT targeted help to only low-income citizens through the government’s welfare card scheme. In 2023, measures to help public bus groups nationwide through
PTT supported a total of THB 1,440,595.05. benefit cards totaling THB 643 million, as well as NGV
Attachment price assistance for general vehicle groups, totaling
Natural Gas Retail Business THB 4,810 million, resulting in a total assistance value ending
in December 2023 of THB 5,453 million.
In addition to selling most of natural gas to power producers, PTT supplies industrial customers, having invested in a distribution
pipeline system connected from the main transmission pipeline system to industry customers for the purposes of production
processes, cogeneration and commercial use, together with the contribution through trucking of CNG (Compressed Natural
Gas) and LNG. PTT and retail clients shall enter a gas supply contract that specifies the quantity required and the agreed
selling price structure, for a duration ranging from 6 months to 10 years. As of December 31, 2023, PTT is serving a total of
374 pipeline contracts and 10 CNG/LNG contracts.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited This table presents information on the Transmission Pipeline, only the crucial systems, as of December 31, 2023.
Length Pipe size
Transmission Pipeline System COD Year Details
(km) (inch)
Length Pipe size
Transmission Pipeline System COD Year Details Nam Phong - Nam Phong 3 16 1990 From Nam Phong production platform to
(km) (inch)
Power Plant Nam Phong Power Plant in Khon Kaen
Contents Offshore Pipeline System
Rayong Gas Separation Plant - 105 28 1996 Parallel pipeline system from Rayong GSP to
Erawan - Rayong Gas Separation 415 34 1981 Pipeline from Erawan production platform
Bang Pakong Power Plant Bang Pakong Power Plant in Chachoengsao
Vision, Mission and PTT Values Plant (1st principal pipeline) in the Gulf of Thailand to Rayong Gas
(parallel pipeline)
Separation Plant in Map Ta Phut, Rayong
PTT Information Bang Pakong - Wang Noi 101 36 1996 Parallel pipeline from the compressor station
Bongkot - Erawan 171 32 1996 From Bongkot platform in the Gulf of
Financial Highlights Power Plant (parallel pipeline) at Bang Pakong to Wang Noi Power Plant
(1st principal pipeline) Thailand, connected to Erawan platform
in Phra Nakhon Si Ayutthaya
Achievement Highlights Erawan - Rayong Gas Separation 413 36 1996 - 1997 Parallel pipeline from Erawan platform
Transmission Pipeline from 238 42 1998 From the delivery point along Thai-Myanmar
Awards and Recognition Plant (parallel pipeline) to Rayong GSP in Map Ta Phut, Rayong
Thai-Myanmar border to border at Ban-I-Tong in Kanchanaburi,
Message from the Board of Directors Erawan - Khanom Power Plant 161 24 1996 Pipeline from Erawan platform to Khanom Ratchaburi Power Plant this system pipes natural gas from
076 Power Plant in Nakhon Si Thammarat 077
Yadana and Yetagun to feed Ratchaburi
Economic, Petroleum
Arthit - Rayong Gas Separation 610 42 2007 The third pipeline from Arthit platform Power Plant in Ratchaburi
and Petrochemical Review and Outlook
Plant (3 pipeline)
rd
to Rayong GSP in Map Ta Phut, Rayong Ratchaburi - Wang Noi 154 30 2000 This connects the transmission pipeline at
JDA - Arthit 95 42 2008 The third pipeline from JDA to Arthit the gas measuring station in Ratchaburi with
Section 1 Chevron Platform Extension 48 28 2011 From Chevron Platform Extension
the Bang Pakong - Wang Noi Power Plant
Business Operations and Performance segment (parallel pipeline) at Wang Noi
(Platong 2) - 3rd offshore pipeline (Platong 2) to 3rd offshore pipeline
gas measuring station.
1. Structure and Business Operations South Bongkot - 3rd offshore 38 24 2012 Linking South Bongkot platform with
Rayong Gas Separation Plant - 110 36 2006 The third pipeline from Rayong Gas
PTT Public Company Limited
PTT Public Company Limited
pipeline the third offshore pipeline
of PTT Group Bang Pakong Power Plant Separation Plant to Bang Pakong
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56-1 One Report 2023
Onshore Pipeline System
2. Risk Management (3 pipeline)
rd
Power Plant in Chachoengsao
3. Driving Business towards Sustainability Rayong Gas Separation Plant - 107 28 1981 From Rayong Gas Separation Plant
Wang Noi Power Plant - 72 36 2006 Pipeline system from Wang Noi Power Plant
Bang Pakong Power Plant in Map Ta Phut to Bang Pakong Power Plant
4. Management’s Discussion and Analysis Kaeng Khoi Power Plant in Phra Nakhon Si Ayutthaya to Kaeng Khoi
(2nd principal pipeline) in Chachoengsao
(MD&A) Power Plant in Saraburi
Bang Pakong Power Plant - 57 28 1981 From Bang Pakong Power Plant
5. General Information Transmission pipeline from 67 30 2007 Transmission pipeline from the pressure
South Bangkok Power Plant in Chachoengsao to South Bangkok
the pressure control station control station RA#6 - South Bangkok
and Other Important Information (1st principal pipeline) Power Plant in Samut Prakan
RA#6 - South Bangkok Power Plant in Samut Prakan
Bang Phli - Saraburi 99 24 1981 This pipeline system runs from Bang Phli, Power Plant
Section 2
(principal pipeline) Samut Prakan to the cement factory of
Corporate Governance Offshore - Chana Power Plant 8 20 2007 Pipeline system off the coast of Chana district,
Siam Cement Plc. in Tha Luang, Saraburi
Songkhla to Chana Power Plant in Songkhla
Section 3 Transmission pipeline to 7 24 2009 The pipeline system connects
Financial Report North Bangkok Power Plant South Bangkok Power Plant with
North Bangkok Power Plant in Nonthaburi
Attachment
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023 Myanmar Vietnam
PTT Public Company Limited Length Pipe size
Transmission Pipeline System COD Year Details
(km) (inch)
Onshore pipeline along the 0.59 28 2014 The project to accommodate supply from
Thai - Myanmar border - BVW#1 Zawtika in Myanmar to feed existing Laos
Contents transmission pipelines operated by PTT Natural Gas
at BVW#1 in Kanchanaburi Transmission Pipeline
Vision, Mission and PTT Values
Rayong - Kaeng Khoi (4th pipeline) 298 42 2015 Pipeline system from Rayong to Wang Noi - System and Gas
Kaeng Khoi Power Plant
PTT Information
Seperation Plants
Financial Highlights Nakhon Sawan 192 28 2015 The pipeline from Wang Noi Power Plant
Sin Phu Hom
in Phra Nakhon Si Ayutthaya to Nakhon Sawan
Achievement Highlights
Awards and Recognition
Nakhon Ratchasima 145 28 2018 The pipeline from Wang Noi - Kaeng Khoi Thailand Nam Phong
pipeline system in Saraburi to
Message from the Board of Directors Nakhon Ratchasima Nakhon Sawan
078 Nong Khae
079
5th onshore pipeline 72 42 2021 This system runs from Rayong to
Industrial
Yadana Nakhon Ratchasima
Economic, Petroleum Ban I Tong Rojana Tha Luang Estate
and Petrochemical Review and Outlook (GDF4 - BV5.4) the gas compression station 5.4 Industrial Park
(Ayutthaya)
Kaeng Khoi
in Chon Buri Zawtika
Wang Noi
Nava Nakorn
1 Transmission system from 119 30 2021 From gas compression station RA#6
Industrial Zone
Yetagun Pathumthani
Section the 6 gas compression station
th
in Nonthaburi to BVW#10 in Ratchaburi SBK
NBK
Bang Chan Industrial Estate
Business Operations and Performance Ratchaburi - Wang Noi to connecting the transmission pipeline
BRK Ladkrabang Industrial Estate
Andaman Sea
304 Industrial Park
Khao Hin Sorn
Ratchaburi province network between the east and west Chon Buri
Ratchaburi
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
Bangplee Industrial Estate
The 5th onshore gas pipeline 57 36 2021 The pipeline runs from gas compression
Pinthong Industrial Estate
of PTT Group
transmission project station 5.6 in Chon Buri to BP4 compression
GAS Bang Poo Industrial Estate
Samut Prakan Saha Group Industrial Park-Sriracha
Laem Chabang Industrial Estate
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WHA Chonburi Industrial Estate 1
2. Risk Management TRANSPORTATION ESB
(BV5.6 - BP4) station in Chachoengsao Rayong Eastern Seaboard Industrial Estate
PIPELINE CAPACITY Amata City Industrial Estate
3. Driving Business towards Sustainability The 5th onshore gas pipeline 74 42 2021 The section connects gas compression
Asia Industrial Estate
Map Ta Phut Industrial Estate
WHA Eastern Industry Estate (Map Ta Phut)
4. Management’s Discussion and Analysis transmission project station 5.4 in Chon Buri with control station Natural Gas Field
(MD&A) (BV5.4 - BV5.8) 5.8 in Chachoengsao Gulf of
Power Plant
Thailand Cambodia
5. General Information The 5th onshore gas pipeline 5 42 2021 The system from Rayong to Gas Quality
Gas Seperation Plant Benchamas
and Other Important Information transmission project Mixing Zone (TP5MX) Unit 1, 2, 3, 5, 6
in Rayong Tantawan
(GDF4 - TP5MX)
Platong 2
Section 2 The 5th onshore gas pipeline 8 42 2022 The system from Rayong to Gas Quality Gas Seperation Plant Platong
Unit 4
Corporate Governance transmission project Mixing Zone (TP5MX) in Nakhon Si Thammarat
Erawan
(GDF5 - TP5MX)
Block Valve/ Important Node
Section 3 in Pipeline Network
Khanom North Pailin
Financial Report South Pailin Arthit
LNG Receiving Terminal
(T-1) Bongkot
Attachment South Bongkot
LNG Receiving Terminal
(T-2) Thai - Malaysia Joint
Chana Development Area (JDA)
Existing Pipeline
Future Pipeline Sadao
Industrial Estate
Nameplate Capacity Unit 1 Nameplate Capacity Unit 4
420 MMSCFD 170 MMSCFD
Unit 2 and 3 Unit 5
820 MMSCFD 580 MMSCFD
(Including incremental capacity Unit 6
from Ehane Seperation Plant) 880 MMSCFD
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Upstream Business Invested through PTT Group Downstream Business Group
Gas-related Business PTT’s downstream business is divided into two business segments.
Contents PTT operates natural gas-related businesses through its affiliates. For example, the LNG business operates LNG vessels,
storage, and regasification to accommodate Thailand’s LNG import. PTT is expanding investment and business into
the gas value chain. The business scope to date includes the development and construction of distribution pipeline
Downstream Business Group Structure
Vision, Mission and PTT Values
system, and gas transportation. PTT invests through PTT Natural Gas Distribution Co., Ltd. (PTTNGD), Trans
PTT Information
Thai-Malaysia (Thailand) Co., Ltd. (TTM(T)), Trans Thai-Malaysia (Malaysia) Sdn. Bhd. (TTM(M)), PTT LNG Co., Ltd. (PTTLNG)
Financial Highlights and Map Ta Phut Air Products Co., Ltd. (MAP).
Achievement Highlights
Petroleum Exploration and Production
Awards and Recognition
Message from the Board of Directors PTT has conducted petroleum exploration and production businesses via PTT Exploration and Production Plc. (PTTEP), Downstream
080 081
Economic, Petroleum which is PTT Group’s flagship company in exploration and production. PTTEP operates domestic and international petroleum Business Group
and Petrochemical Review and Outlook E&P and invests in related businesses to prospect petroleum sources of crude oil and natural gas for the purposes of ensuring
Thailand’s energy security and selling petroleum outputs from domestic and regional projects, mostly natural gas, primarily
Section 1 to the domestic market. As of December 31, 2023, PTTEP had more than 50 petroleum exploration and production projects
in 12 countries, both in Thailand and overseas.
Business Operations and Performance
Investment in Other Upstream Business Petrochemical
1. Structure and Business Operations International and Refining,
PTT Public Company Limited
PTT Public Company Limited
of PTT Group
PTT has operated energy businesses overseas to find new energy sources and alternative energy to reinforce Thailand’s Trading Business Oil and Retail
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56-1 One Report 2023
2. Risk Management Business
energy security and upgrade its own existing businesses by leveraging the knowledge, expertise, and experiences of
3. Driving Business towards Sustainability its human resources as well as collaborations within PTT Group to expand its investment outside Thailand. PTT invests through
• Crude Oil and Condensate Operated through PTT Group
4. Management’s Discussion and Analysis its subsidiaries, namely PTT Energy Resources Co., Ltd. (PTTER) and PTT Green Energy Pte. Ltd. (PTTGE).
• Refined Oil Product and LPG • Petrochemical and Refining
(MD&A) • LNG and Alternative Products Business
5. General Information • Petrochemical Product, - PTT Global Chemical Plc.
and Other Important Information Chemical, and Solvent (GC)
• Derivatives - Thai Oil Plc. (TOP)
• International Chartering - IRPC Plc. (IRPC)
Section 2
More details on Business/ Supply/ Distribution by Operated through PTT Group - PTT Tank Terminal Co., Ltd.
Corporate Governance
individual company within the Group - PTT International Trading (PTT TANK)
in which PTT invests are available at Pte. Ltd. (PTTT) • Oil and Retail Business
Section 3 - PTT International Trading - PTT Oil and Retail Business
investor.pttplc.com/en/downloads/supplementary-one-report
Financial Report London Ltd. (PTTT LDN) Plc. (OR)
READ - PTT International Trading
MORE
Attachment USA Inc. (PTTT USA)
and on PTTEP at
pttep.com/en/Investorrelations/Regulatorfilings/Annualfiling.aspx
READ
MORE
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT-Operated Downstream • Refined oil products such as gasoline, kerosene, aviation 1.1) Domestic Crude Oil
PTT Public Company Limited 1) Crude Oil
fuel, gasoil, fuel oil, low sulfur waxy residue, etc. Due to resource scarcity in Thailand which is an importer,
Business
• Liquefied Petroleum Gas (LPG) crude oil is precious and must be optimized. At present
Crude oil represents assorted hydrocarbon compounds.
• Natural Gasoline (NGL) PTT procures domestically from various fields including
International Trading Business Its quality varies with the types of organic substances
Sirikit (Phet), Kampangsaen and U-thong (BP), Sankajai,
Contents where a given crude oil originates from, along with
5) Petrochemical Products, Chemicals Buengyah and Buengmuang (North Central), Wichianburi
International Trading Business Unit engages in fully associated impurities. This is one of a constraint facing
and Solvent and Srithep (Wichianburi), East Na-sa-noon (NSE), Arunotai,
Vision, Mission and PTT Values integrated international trading ranging from supply refineries. Thailand has several crude oil fields, but since
Pattani, Jasmine, Thantawan, Benjamas, Bualuang, Manohra.
procurement, import, and export to international trading of the amount of crude oil extracted and used domestically
PTT Information Petrochemical Products, Chemicals, and Solvent are products PTT buys parts of indigenous crude from concessionaires
assorted products, namely crude oil, condensate, liquefied accounts for only less than 20% of the total demand for
obtained from processing by heat, pressure, and chemical and sells this portion to domestic refineries.
Financial Highlights natural gas, liquefied petroleum gas, refined product, domestic refineries, therefore, it is necessary for Thailand
reaction with the main raw materials from oil or natural gas,
Achievement Highlights petrochemical, solvent, and chemical, together with price to import crude oil. From aboard. The crude suppliers are
consisting of 1.2) International Crude Oil
risk management (hedging) services and international primarily from the Middle East, including Saudi Arabia, UAE,
Awards and Recognition • Aromatics products such as Benzene, Toluene, Mixed PTT procures and transports crude oil from outside
chartering services. Its core objective is to enhance Qatar, and Oman, and the Far East, including Malaysia,
Xylene, Paraxylene, Cyclohexane, Styrene Monomer, Thailand for domestic refineries together with providing
Message from the Board of Directors energy security while adding value to Thailand’s surplus Vietnam, Indonesia, and Australia along with other sources
082 Cumene, Phenol, etc. hedging management services. PTT fully supplies crude 083
products in parallel with trading platform expansion to all such as Africa and USA.
Economic, Petroleum
• Olefins products such as Ethylene, Propylene, Butadiene, and condensate according to the refinery’s demand from
and Petrochemical Review and Outlook regions around the world and raising international trading
C4 Raffinate, Butane, Mono-ethylene Glycol (MEG), GC, TOP, and IRPC, whereas supplies part of crude and
competitiveness for PTT Group. 2) Condensate
Propylene Oxide (PO), etc. condensate to Bangchak Corporation Plc. (BCP), and Star
Section 1 The business unit’s performance hinges on its pursuit of Condensate is natural gas that is present as gaseous
• Feedstock & By-Product such as Naphtha, Pygas, etc. Petroleum Refining Plc. (SPRC). The procured volumes
Business Operations and Performance • Chemicals such as Methyl Tert-butyl Ether (MTBE), are dependent on the quality, prices, bidding, and trading
growth opportunities in out-out trading activities. It components in underground under high pressure but
Sulfuric Acid, Acetic Acid, Purified Terephthalic Acid terms offered by refineries.
therefore formed affiliates and representative offices liquefies once brought up to the surface of the earth, and
1. Structure and Business Operations (PTA), etc.
in trading hubs around the world, including Singapore, it is considered as a by-products of natural gas production.
PTT Public Company Limited
PTT Public Company Limited
of PTT Group • Solvents such as Methanol, Acetone, etc. PTT procures and imports feedstock to domestic refineries,
Abu Dhabi (the United Arab Emirates), Shanghai (China), Over 60% of condensate used in Thailand is mainly from
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2. Risk Management accounting for over 80% of their throughput needs.
London (the United Kingdom), and Houston (the United domestic gas production, with the rest imported. Refineries
3. Driving Business towards Sustainability States of America). As a result, the business unit engages process condensate directly or blend with crude oil for refining.
Product Distribution of International PTT also serves as PTTEP’s trading arm for the domestic
trading transactions with various partners covering around Products yielded will have the same property as those refined
Trading Business and international crude oil trade.
4. Management’s Discussion and Analysis
(MD&A) the world. Since international trading transactions using light crude.
PTT’s international trading business is divided into 4 main Besides supplying imported crude oil for domestic refining,
carry high value activities, the business unit has applied
5. General Information aspects namely PTT also trades crude oil overseas for out-out trading,
the risk control system employed by the world-class trading 3) Liquefied Natural Gas
and Other Important Information 1) Crude Oil and Condensate Business procured from producing countries worldwide, and supply
houses as its best practices. In addition, a committee is in
2) Refined Oil Products & Liquefied Petroleum Gas to other countries. This could generate revenue and profits
place to set risk management policies, steer assorted risk Liquefied natural gas (LNG) is natural gas that has been
Section 2 3) Liquefied Natural Gas from overseas, as well as build a reputation for the country
management tasks, and clearly divide the work structure converted into liquid at atmospheric pressure by reducing
Corporate Governance 4) Petrochemical Products, Chemical and Solvent in the international trading platform. A comprehensive global
and roles in the system as Front-Mid-Back for checks and the temperature to -160 degrees Celsius for the purpose
trade network will contribute to energy security in the event
balances. Digital technology is also applied to develop of long-distance transportation by ship. The demand for
Section 3 1) Crude Oil and Condensate of unrest affecting some oil-exporting countries.
systems for operation and transaction risk controls to LNG is currently increasing around the world in the energy
Financial Report
enable quick, transparent transactions along with an transition era because natural gas is a low-carbon
The scope of operations includes international trading
efficient audit, and able to support the continuous growth fuel compared to coal-fired power and other types of
Attachment transactions, procurement, import, and export of crude oil
of trade with greater volume and diversity. petroleum.
and condensate from domestic and international sources
to supply refineries in and outside Thailand, as well as
Nature of Merchandise and Products 4) Refined Oil Product & Liquefied
seeking opportunities for the physical swap of crude oil and
Petroleum Gas
condensate for profit and balance of the system and ensuring
International Trading Business deals in 5 categories of
that indigenous crude oil and condensate are consumed
Merchandise and Products: Refined Oil Products & Liquefied Petroleum Gas are products
effectively.
obtained from the crude oil refining process or gas separation
process, consisting of
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited 1.3) Condensate 4) Petrochemical Products, Chemical and Solvent
PTT procures and transports condensate for domestic petrochemical plants and refineries, which GC, PTT Group’s petrochemical
flagship, serves as the foremost buyer for feedstock purposes. PTT purchases condensate from domestic concessionaires, PTT procures, imports, exports, and engages in out-out trading of both upstream and midstream aromatics and olefins
operators of onshore gas fields namely Sinphuhorm and Gulf gas fields, namely Erawan, Pailin, Bongkot, and Arthit. However, petrochemical products, as well as chemicals and solvents, covering both raw materials, main products, and by-products
during the shortage of domestic condensate, PTT will import from overseas sources, for instance, Australia, Indonesia, from refineries and petrochemical plants. PTT is the main exporter of petrochemical products that exceed GC’s demand
Contents in the aromatics sector, such as benzene (BZ) and paraxylene (PX). In addition, PTT also increases trade opportunities
Philippines, and Malaysia, etc.
by participating in bidding for various products from other petrochemical plants both domestically and internationally
Vision, Mission and PTT Values
Volume of PTT’s Crude Oil and Condensate Supply to generate income and profit from international trade covering all regions of the world.
PTT Information
Financial Highlights 2021 2022 2023
International Trading Support
Achievement Highlights Volume Volume Volume PTT has the support for its international trading as follows:
Awards and Recognition (Million % (Million % (Million % 1) Price risk management
barrels) barrels) barrels)
2) International chartering
Message from the Board of Directors
084 Domestic crude oil 26.3 7.9 23.4 6.2 22.1 5.3 085
Economic, Petroleum 1) Price Risk Management
and Petrochemical Review and Outlook Domestic condensate 26.8 8.0 22.8 6.0 23.2 5.5
Imported crude oil 175.2 52.3 230.9 61.0 247.4 58.9 The Derivatives Trading Department is a support unit dealing with price risk management from trading transactions, refining,
Section 1 Imported condensate 18.4 5.5 17.9 4.8 16.3 3.9 production, petroleum products, petrochemicals, and cargo vessels for PTT, including PTT Group by trading derivatives in
the derivatives market to efficiently hedge against transaction risk and product price volatility risk. Digital systems
Business Operations and Performance Internationally traded crude oil 88.3 26.3 83.4 22.0 111.0 26.4
are introduced to capture the timing of buying and selling derivatives contracts for efficient price risk management.
and condensate
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
Total 335.0 100.0 378.4 100.0 420.0 100.0 2) International Chartering
of PTT Group
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management Source: PTT
The International Chartering Department is a support unit for international trade by securing cargo vessels and managing
3. Driving Business towards Sustainability time charter for import, export, and trading product of PTT and PTT Group as well as external agencies both in Thailand
2) Refined Oil Products & Liquefied Petroleum Gas
4. Management’s Discussion and Analysis and overseas. In addition, it seeks opportunities to manage the cost of vessels from co-loading products to enhance our
(MD&A) competitiveness and end-to-end business operation.
PTT procures, imports, exports and trades in refined oil product, semi-refined products and LPG for the purpose of energy
5. General Information security and balance under normal circumstances and emergency. It sells to PTT Group and other corporate buyers, both
and Other Important Information
International Trading
domestically and internationally. PTT also seeks trading opportunities in the world market to generate income for the national
economy and fostering energy-security network worldwide. These endeavors have established PTT’s reputation in the world As of December 31, 2023, PTT’s international trading business reported sales revenue of THB 2,032,062 million.
Section 2 arena. PTT imported LPG and basic gasoline for production of gasohol to meet domestic demands, and then exported natural
Corporate Governance gasoline, which is by-product of gas separation plants, as well as surplus fuels from refineries. Currently, PTT is well-positioned Volume and Value of International Trading by Product
to export refined oil product to all parts of the world, with trading price in line with market mechanism.
Section 3 2021 2022 2023
Financial Report 3) Liquefied Natural Gas
Product Volume Volume Volume
Value Value Value
(Million (Million (Million
Attachment PTT by International Trading Business Unit imports LNG from the Spot market and short-term purchase contracts (THB million) (THB million) (THB million)
Liters) Liters) Liters)
for Commercial and Marketing Management Business under the gas business unit and those with Shipper License
International Trading
to create energy security for the country. Along with expanding liquefied natural gas trade in the international
market continuously in line with the growing demand for clean energy, International Trading Business seeks - Crude oil and condensate 761,374 335 1,351,138 378 1,270,205 420
opportunities for LNG Reloading Cargo to increase trade opportunities to other international markets.
- Refined oil product and LNG 301,484 114 723,104 168 660,994 210
- Petrochemical product 83,420 24 97,973 22 99,395 78
- Other product 286 - 351 - 1,468 -
Total of International Trading 1,146,564 473 2,172,566 568 2,032,062 708
Source: PTT (inclusive of transactions through PTT Group)
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Downstream Business Invested Flagship. OR conducts the business of distributing
New Business and Infrastructure Group
through PTT Group Companies petroleum products, retails, and other services (Non-Oil),
both domestic and overseas. Its business includes
New Business and Infrastructure Group was formed on October 1, 2021, as a result of organizational restructuring.
International Trading Business distribution of petroleum and other products in retail and
The objective is to steer the operation of business units and subsidiaries in line with PTT Group’s transition from legacy
commercial markets, coffee business, food and beverages,
Contents to new business in which Future Energy and Beyond will become PTT’s core business in the future. This business group
PTT invested in international trading business to undertake convenience stores, and space management. PTT TANK
engages in engineering-related management, construction, real estate, logistics business development related to transport
full-fledged international trading transactions through operates the business of receiving, storing, and transferring
Vision, Mission and PTT Values and infrastructure, research and development (R&D) of innovations for commercialization, as well as extending digital
3 companies which are PTT International Trading Pte. Ltd. of products to PTT Group. PTT exercises direct and indirect
advancements and developing digital transformation to accommodate business growth.
PTT Information governance of its affiliates through representatives that serve
(PTTT), PTT International Trading London Ltd. (PTTT LDN)
Financial Highlights and PTT International Trading USA Inc. (PTTT USA). as directors and secondment.
New Business and Infrastructure Group operates as follows:
Achievement Highlights
PTT invested in the petrochemical and refining business,
Awards and Recognition as well as the oil and retail business through shareholding
Details of business/ procurement/
Structure of New Business and Infrastructure Group
Message from the Board of Directors distribution of each company in which in 5 companies in PTT Group as follows:
086 087
PTT invests through its affiliates are available on 1. PTT Global Chemical Plc. (GC)
Economic, Petroleum
the website investor.pttplc.com/en/downloads/ 2. Thai Oil Plc. (TOP)
and Petrochemical Review and Outlook
supplementary-one-report 3. IRPC Plc. (IRPC)
4. PTT Oil and Retail Business Plc. (OR)
Section 1 READ
MORE
5. PTT Tank Terminal Co., Ltd. (PTT TANK)
Business Operations and Performance New Business
and Infrastructure
1. Structure and Business Operations Details of business/ procurement/ distribution of
PTT Public Company Limited
PTT Public Company Limited
Group
of PTT Group each company in which PTT invests through
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management Petrochemical and Refining its affiliates are available on the website
3. Driving Business towards Sustainability and Oil and Retail Business investor.pttplc.com/en/downloads/one-report
4. Management’s Discussion and Analysis READ
(MD&A) PTT invests in refining business in 3 out of 6 existing MORE
refineries in Thailand, with a combined capacity of
5. General Information Innovation Engineering
770,000 barrels per day (BPD), accounting for 62% of
and Other Important Information
including additional information of and New Business and Infrastructure
the national refining capacity (as of December 31, 2023)
and integrated petrochemical business covering upstream GC: pttgcgroup.com/en/investor-relations/document/
Section 2 annual-filings • Business • Engineering and
to downstream, from production to distribution of fuel oil,
Corporate Governance TOP: investor.thaioilgroup.com/form_561_ Development Project Management
upstream, midstream and downstream petrochemicals
• Eastern Economic
both olefins and aromatics, which focus on value creation, one_report.html
Section 3 Corridor of Innovation
including marine terminal and tank services. PTT procures IRPC: irpc.co.th/annualreport_post/annual-report/
Financial Report (EECi)
crude oil and purchases fuels and petrochemical products OR: investor.pttor.com/en/document/annual-reports
• Logistics and
partially from PTT Group to supply both domestic and Infrastructure Business
Attachment READ READ
international markets. Performance of oil, petrochemical, MORE MORE
Development
and refining businesses mainly depend on economic
situation and spreads between crude and feedstock to PTT Global Chemical Plc. Thai Oil Plc.
petroleum and petrochemical products in the global market (GC) (TOP)
which fluctuate according to global demand and supply,
READ READ
as well as year-end inventories. For PTT Group, GC is MORE MORE
Innovation Institute
the Petrochemical Flagship, TOP is the Refinery
Flagship, IRPC is the Integrated Petrochemical and IRPC Plc. PTT Oil and Retail Business Plc.
(IRPC) (OR)
Refinery Flagship, and OR is the Oil and Retail Business
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited PTT-Operated New Business specialists in individual aspects. All these are aimed at cost- EV Value Chain Business: Arun Plus Co., Ltd. (ARUN PLUS) Life Science Business: Innobic (Asia) Co., Ltd. (Innobic (Asia))
and Infrastructure optimization, productivity maximization, and commercialization operates a fully integrated EV business recognizing supports investment in Life Science business such as
of R&D and innovations to yield business outcomes. significant environmental awareness and global change. pharmaceuticals, food and nutrition, medical equipment
Innovation and New Business While aiming to be a leader in developing and driving and diagnosis, etc. The investment in this business will
Contents New Business and Infrastructure the EV ecosystem in ASEAN, ARUN PLUS has explored EV enhance PTT’s capability in life science and create added
This segment focuses on developing new businesses, Operated through PTT Group manufacturing opportunities in Thailand through business value for the country. For example, Innobic (Asia) has
exploring business opportunities in new technologies partnerships, providing EV air-conditioned bus services, purchased common stocks of Lotus Pharmaceutical Co., Ltd.
Vision, Mission and PTT Values
and innovations to accommodate megatrends and groom As of December 31, 2023, the following PTT Group distributing EV chargers, and expanding EV charging (LOTUS), a listed company on the Taiwan Stock Exchange,
PTT Information stations outside gas stations, etc. Investments through whose core business is research and development (R&D),
PTT for entering New Businesses which is in line with companies are under the supervision of the New Business
Financial Highlights “Powering Life with Future Energy and Beyond” vision. These and Infrastructure Group: subsidiaries are as follows: Horizon Plus Co., Ltd. (HORIZON manufacturing, and distribution of generic drugs that cover
include new energy businesses by investing in renewable 1. Global Power Synergy Plc. (GPSC) PLUS) is set up to operate EV manufacturing in Thailand various therapeutic areas, especially oncology, central
Achievement Highlights
energy projects, battery related to the energy storage system 2. District Cooling System and Power Plant Co., Ltd. (DCAP) targeted to start its commercialization in 2025 with an initial nervous system, etc. In addition, Innobic Nutrition Co., Ltd.
Awards and Recognition production capacity of approximately 50,000 vehicles is established to operate the business of dietary supplements
business, EV value chain business, and Hydrogen business. 3. Energy Complex Co., Ltd. (EnCo)
Message from the Board of Directors Growth opportunities are explored in businesses other 4. PTT Energy Solutions Co., Ltd. (PTTES) per year. EVME PLUS Co., Ltd. (EVME PLUS) is the first and and medical food. The construction of a plant-based protein
088 089
than energy, such as Life Science (includes Pharmaceuticals, 5. PTT Digital Solutions Co., Ltd. (PTT DIGITAL) only fully integrated EV rental service provider factory with a capacity of 3,000 tons per year, the largest
Economic, Petroleum
Medical Devices, and Nutrition), AI, Robotics and in Thailand through the EVme application, such as EV rental in ASEAN, was completed in 2023.
and Petrochemical Review and Outlook
Digitalization to provide energy management services, Currently, the power business is a core business under services, information service on charging stations,
and digital platforms to support other business that are and maintenance stations for EVs. Aionex Co., Ltd. (Aionex) AI, Robotics, and Digitalization Business: Alpha Com
Section 1 not currently in PTT’s business value chain. Furthermore,
the New Business and Infrastructure Group. PTT Group
has engaged in the power business through GPSC, a Power operates the business of manufacturing 2-wheel EVs Co., Ltd. (Alpha Com) serves as an investment vehicle in
Business Operations and Performance this business unit shall regulate the investment in to sell and provide battery swapping servicesfor 2-wheel EVs new businesses for PTT and PTT Group, whereby new
Flagship company. GPSC conducts its business primarily
new business development and charting direction for in the production and distribution of electricity, steam, with projected commercial operation in 2024. Swap and Go business concepts and models can be assessed before
1. Structure and Business Operations Co., Ltd. (Swap and Go) provides an infrastructure platform actual investments. PTT Raise Co., Ltd. (PTT RAISE) supplies
the operation of companies within the Innovation and New
PTT Public Company Limited
PTT Public Company Limited
industrial water, and other public utilities, which operates by
of PTT Group Ventures. and battery-swapping network for electric motorcycles without and installs robotics and automation system for industrial
itself and by investing in other companies. As of year-end
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management 2023, its total committed equity capacities were 9,315 waiting for charging. customers. PTT and TGES Optec Co., Ltd. (OPTEC) operate
3. Driving Business towards Sustainability Engineering and Infrastructure megawatts (MW) of power generation (4,431 MW from One-stop Total Improving Efficiency Technology Solutions/
4. Management’s Discussion and Analysis conventional and 4,884 MW from renewable energy), Energy Storage and System Related Business has Services that deploy technology to enhance the efficiency
This segment consists of engineering and project 2,858 tons per hour of steam, 7,026 cubic meters per hour established Nuovo Plus Co., Ltd. (NUOVO PLUS) to support of industrial equipment and machinery. Mekha V Co., Ltd.
(MD&A)
management in engineering and construction, such as of industrial water, 15,400 refrigerated tons of chilled investment in the battery value chain, accommodating (Mekha V) which holds shares through NEWVERSAL Co., Ltd.
5. General Information
construction of gas transmission pipeline and gas separation water, and 314 megawatts hour of energy storage unit. the EV industry according to the country’s automotive driving (NewVersal) is a flagship to accommodate investment
and Other Important Information in AI & Robotics. T-Ecosys Co., Ltd. (T-ECOSYS) operates
plant, assets management including land, building, and policy, including the Energy Storage System (ESS), a system
construction, etc. In addition, this segment shall implement Renewable Energy Business operates through GPSC, that supports the storage of electric energy from renewable a digital platform business called “Industrial Digital Platform”
Section 2 energy and investment in related businesses. NV Gotion (IDP) for driving industrial transformation in the Thai industry
projects that execute PTT’s new business strategy, a flagship company in renewable energy business investment
Corporate Governance Co., Ltd., in which NUOVO PLUS holds 51% shares and through connecting service providers with industrial users
primarily logistics and infrastructure business that focuses both domestically and internationally, to achieve the goal of
on connecting domestic and international transportation 15,000 MW of power generation from renewable energy by Gotion Singapore Pte. Ltd., holds 49% shares, designs, who want to access the robotics technology, automation,
Section 3 develops, inspects, manufactures, procures, and operates and digital technology services which is the basic ecosystem
networks, as well as executing the Eastern Economic 2030. As of the year-end 2023, GPSC’s power generation
Financial Report after-sales service for battery modules and battery packs to support the growth of the industry sector.
Corridor of Innovation Project (EECi); exploring joint capacity from renewable energy totaled 4,884 MW.
development possibilities in various Smart City projects with battery management system for all types of commercial
Attachment vehicles, passenger cars, SUVs, two-wheelers and tricycles, as Logistics & Infrastructure Business: Global Multimodal
and exploring business opportunities in logistics and In addition, PTT Group has set the strategic direction by
infrastructures. All these are geared towards excellence moving towards the energy business of the future and well as energy storage system. In addition, ARUN PLUS has Logistics Co., Ltd. (GML) was established to connect all
in the real estate development business and integrated growing in new business beyond energy. In this regard, completed the establishment of A C Energy Solution Company transportation networks of Thailand and also seamlessly
engineering services. PTT has established new subsidiaries under the PTTGM Limited (A C Energy Solution) by early 2024, collaboration with connect the international transportation network. Its main
group to execute these new businesses or New S-Curve Contemporary Amperex Technology Co., Limited (CATL) to services include freight services (by rail, sea, land, and air),
Innovation Institute businesses under the vision of “Powering Life with Future construct a Cell-To-Pack battery plant in Thailand to operate cold chain management, property management and asset
Energy and Beyond”. The following new businesses have the Cell-To-Pack battery business, with targeted commercial rental, and real estate related to the logistics business.
The Institute undertakes research and development (R&D) already started their commercialization, such as; operation by 2025. This will help entrepreneurs increase their competitiveness
of products and innovations by focusing on strengthening as well as reduce their logistics costs.
technologies and evolving researcher’s caliber to become
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited 3) Naphtha
1.2.3 Marketing PTTEP sells naphtha from its investment in the ADNOC Gas Processing Project (AGP), the largest gas processing complex
Details of business/ procurement/
and Competition located onshore of Abu Dhabi, UAE, which is sold by Abu Dhabi National Oil Company (ADNOC) and represents as a Marketing
distribution of each company in which
Agent. The selling price followed the official selling price in the region and naphtha is sold under a short-term contract.
PTT invests through affiliates are available on
Contents the website investor.pttplc.com/en/downloads/ Exploration
4) Liquefied Petroleum Gas
supplementary-one-report and Production Business
PTTEP sells LPG produced from S1 Project to PTT under a long-term contract with a price in line with the government’s
Vision, Mission and PTT Values
policy and announcements of the Joint Committee on Energy Policy Administration. In addition, LPG produced by ADNOC
PTT Information
READ
MORE Marketing
Gas Processing Project (AGP) is sold under a short-term contract in which the selling price refers to the official selling price
Financial Highlights in the region.
PTTEP operates petroleum exploration and production
Achievement Highlights and for GPSC on gpscgroup.com/en/investor-relations/ business both domestically and internationally. The target
Competition
Awards and Recognition downloads/one-reports markets are both domestic and overseas where the company
invested. In 2023, the total sales ratio of domestic to overseas
Message from the Board of Directors Thailand’s E&P industry is oligopolistic due to high petroleum demand compared with production, resulting from
090 READ
MORE was 66% : 34%. PTTEP sells its outputs from domestic 091
Economic, Petroleum the business’ relatively high investment and advanced technology required. The GSAs, especially natural gas,
and ASEAN primarily to the Thai market through PTT,
and Petrochemical Review and Outlook are predominantly long-term contracts coupled with take-or-pay clauses to attract new investments to the market
the major buyer and processor of all products. PTT then
and reduce the risk of investors investing in this business.
turns the processed products into the power sector,
Section 1 petrochemical sector, transportation sector, industry sector,
Based on estimated data of 2023 production petroleum of PTTEP from domestic sources accounted for 72% of total domestic
Business Operations and Performance and household sector.
Other Businesses production
1. Structure and Business Operations Marketing of petroleum products varies with their characteristics
PTT Public Company Limited
PTT Public Company Limited
PTT Treasury Center Co., Ltd. (PTT TCC) serves as a treasury As of 2022-year-end, the total amount of the natural gas reserves in Thailand
of PTT Group and field location which results in differentiating the market
center for PTT and PTT Group companies by securing Thai and the Malaysia-Thailand Joint Development Area (MTJDA) are as follows:
56-1 One Report 2023
56-1 One Report 2023
and sales price structures as summarized herewith.
2. Risk Management baht and foreign currency over the long and short term to be
3. Driving Business towards Sustainability lent to PTT and/or affiliates. This includes debt management, Natural Gas Crude Oil Condensate
1) Natural gas
4. Management’s Discussion and Analysis liquidity management, short-term and medium-term Reserves (Billion Cubic (Million Barrels: (Million Barrels:
Due to capital-intensive investment in developing oil and
(MD&A) investment services, financial risk management, etc., taking Feet: bcf) MMbbl) MMbbl)
gas exploration business, gas sales agreements (GSAs)
5. General Information into account the interests of PTT and PTT Group companies. Proved Reserves 4,658.88 76.70 131.29
must be agreed upon or signed between the buyer and seller
and Other Important Information before any major investment is made. GSAs are typically Probable Reserves 3,627.84 94.11 132.80
PTTGM acts as a holding company to support investment
long-term contracts, ranging from 15 to 30 years. Prices,
in PTT’s businesses both domestically and internationally Possible Reserves 3,127.75 38.86 135.15
Section 2 volumes, and points of sale are stipulated for each of
or operate new businesses according to PTT’s vision and
Corporate Governance the contracts. Gas prices are mostly linked to fuel oil prices or Source: Annual Report 2022 of Department of Mineral Fuels
strategic direction.
Dubai crude prices as well as several key economic indices
Section 3 and exchange rate to reflect the investment costs and be In Thailand, there are many large operators in petroleum exploration and production such as PTT Exploration and Production Plc.,
Financial Report competitive compared with other fuels along the GSA period. Chevron Thailand Exploration and Production Co., Ltd., Chevron Offshore (Thailand) Co., Ltd., Hess (Thailand) Co., Ltd.,
Further information concerning business/ Mitsui Oil Exploration Co., Ltd. In 2023, the average production volume of domestic natural gas was at 2,192 MMSCFD,
Attachment procurement/ distribution of companies in which 2) Condensate and Crude Oil stable from the previous year, and crude oil production was at 69,012 BPD, decreased by 12% from the previous year.
PTT invests through its affiliates is available on Condensate and crude oil prices are determined by their Additionally, condensate production volume was at 60,668 BPD, which increased by 3% from the previous year.
the website investor.pttplc.com/en/downloads/ properties and benchmarked with condensate prices and
supplementary-one-report crude oil prices of Regional Benchmark Price. Contracts are
either short-term or long-term, and some are sold in spot
READ
MORE markets.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Thailand’s Petroleum Production Volume 2013 - 2023 For the natural gas wholesale business, the ERC granted Current Natural Gas Demand
Shipper License to the following 8 companies:
Natural Gas Crude Oil Condensate 1. PTT Plc. In 2023, natural gas supply averaged 4,430 MMSCFD
Year
(MMSCFD) (BPD) (BPD) 2. EGAT (heat value of 1,000 BTU per cubic foot), 52% of which
3. Gulf LNG Co., Ltd. domestic and 48% international production. The volume
Contents 2013 4,045 149,482 91,159
4. B.Grimm LNG Co., Ltd. of gas supply in 2023 increased by 257 MMSCFD or 6%
2014 4,073 138,552 94,330 5. Hin Kong Power Holding Co., Ltd. from 2022. Overall supply and distribution of natural gas
Vision, Mission and PTT Values
2015 3,852 152,387 95,629 6. EGCO Plc. increased due to higher gas supply from gulf of Thailand.
PTT Information 7. PTT Global LNG Co., Ltd.
2016 3,777 163,527 94,489
Financial Highlights 8. SCG Chemicals Co., Ltd. PTT supplied natural gas in 2023 to the following clients:
2017 3,620 141,248 98,572
Achievement Highlights
2018 3,527 129,201 99,010 In 2023, PTT has continued to supply most natural gas • Electricity
Awards and Recognition and LNG from both long-term contracts and the spot market Averaging 2,743 MMSCFD, accounting for 62% of overall
2019 3,623 125,889 102,332
Message from the Board of Directors into the pipeline transmission system for the country’s sales volume, a 12% increase from 2022, an average of
092 2020 3,262 117,029 84,835
093
energy security and energy cost management. Only EGAT 2,453 MMSCFD. In this segment, supply to EGAT totaled
Economic, Petroleum
2021 3,204 97,620 79,549 imports LNG from the spot market for use in EGAT’s power 793 MMSCFD, along with 753 MMSCFD to independent
and Petrochemical Review and Outlook
plants, as part of the implementation of the Third Party power producers and 1,197 MMSCFD to small power
2022 2,192 78,793 58,630
Access (TPA) policy, which allows third parties to access producers.
Section 1 2023 2,192 69,012 60,668 gas pipelines and LNG stations as well as promotes
Business Operations and Performance competition in the natural gas business under the framework • Industry
Source: Website of the Energy Policy and Planning Office, Ministry of Energy (www.eppo.go.th)
established by the Ministry of Energy. Averaging 786 MMSCFD, 18% of total sales, decreased by
1. Structure and Business Operations 4% from the 2022 sales volume of 817 MMSCFD.
PTT Public Company Limited
PTT Public Company Limited
of PTT Group Natural Gas Business Regarding Distribution Pipeline System, PTT remains
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management the lead player in investment and operation. Apart from • Transport
In Thailand, natural gas business is regulated by the Energy Regulatory Commission under the Energy Business Act B.E. 2550. Natural gas sales in the transport sector in 2023 averaged
3. Driving Business towards Sustainability PTT, there are other companies operating in distribution
In view of the government’s policy to restructure the energy business, separating regulatory work from the energy business, 136 MMSCFD, 3% of total sales, which decreased by 3%
4. Management’s Discussion and Analysis pipeline system including PTTNGD, which engaged
and for the regulatory scope to cover the electricity and natural gas business for efficiency, prosperity, and adequate supply, from 2022 at 140 MMSCFD.
in developing and constructing distribution systems
(MD&A) the Energy Regulatory Commission was established. As an independent regulator, the scope of ERC authority includes
to transport and distribute natural gas to customers in
5. General Information the prevention of monopoly and protection of energy users and those affected by the energy business. The Energy
industrial zones around Bangkok and perimeter. • Gas Separation Plant
and Other Important Information Business Act B.E. 2550 was gazetted on December 10, 2007, effective from December 11, 2007 onwards. The gas usage on the gas separation plant to add value to
natural gas had a total volume of 783 MMSCFD, accounting
Section 2 PTT is the sole integrated operator of natural gas business in Thailand. Currently, PTT and affiliates engaging in the for 17% of total sales volume, which increased by 0.4% from
Corporate Governance gas business adhered to the following marketing policies: 2022 at 780 MMSCFD.
• Supply Strategy: This includes the procurement of natural gas and LNG to ensure energy security together with
Section 3 commercial competition accommodating the policy to promote competition in natural gas business.
Financial Report • Operating Strategy: Maintaining operational excellence in meeting client’s needs and lay the foundation for future growth.
• Marketing Strategy: Managing supply contracts with power producers to maintain market share while exploring new avenue
Attachment to boost natural gas sales or LNG in Thailand and internationally.
• Portfolio Expansion: Pursuing investment opportunities in Thailand and beyond including Gas/ LNG Business and
Non-Gas Business.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Electricity Output by Fuel Type 2019 - 2023 On its parts, PTT has been preparing for the imminent to other countries in the region. At the same time, it will also
Unit: Million Units competition in natural gas business. It has plans, structure, promote the Thai economy as an energy hub in the region.
and investment capital in place to act on the government’s
2019 2020 2021 2022 2023
policy of making Thailand Regional LNG Hub for importing Natural Gas Demand Outlook
1. Hydropower 6,310 4,540 4,540 6,599 6,588 and exporting LNG to countries in the region, concurrently
Contents
2. Natural gas 121,841 113,859 113,113 114,637 129,402 promoting the Thai economy as a regional energy hub. The Cabinet on October 20, 2020 endorsed NEPC’s
resolution of March 19, 2020 to approve Thailand’s Power
Vision, Mission and PTT Values 3. Fuel oil and diesel 1,125 722 716 1,731 888
In addition, the ERC on March 29, 2022 announced Development Plan B.E. 2561 - 2580, the first revision edition.
PTT Information 4. Coal 35,825 36,823 36,065 35,523 30,433 the criteria for calculating natural gas prices under the (PDP 2018 Rev. 1) and Gas Plan 2018 as proposed by
Financial Highlights 5. Imported electricity 25,547 29,551 33,356 35,472 32,805 supervision of the ERC (Energy Pool Price: EPP), which are the Energy Ministry. The conceptual framework and
weighted average prices of fuel costs. These include PTT’s objectives of Gas Plan 2018 envisage natural gas use in
Achievement Highlights 6. Renewable Energy 21,402 20,540 21,894 21,862 23,179
pool gas, New Shipper’s liquefied natural gas, diesel, multiple economic sectors to reduce air pollution, accelerate
Awards and Recognition Total 212,050 206,035 209,684 215,824 223,295 fuel oil, liquefied petroleum gas, or other fuels as specified exploration and production in-country, in Joint Development
Message from the Board of Directors Expansion rate (%) 3.7 (2.8) 1.8 2.9 3.5 by the ERC to reflect the cost of energy management, Areas and overlapping areas, develop and optimize natural
094 095
which is the country’s resource, to be fair to the people, gas infrastructure and promote sector competition.
Economic, Petroleum
Source: www.eppo.go.th conducive to competition and non-discrimination.
and Petrochemical Review and Outlook
PTT has supported and implemented the guidelines set On gas demand outlook, Gas Plan 2018 worked on
Policy to Promote Competition in Natural Gas Business by the ERC. assumptions of demand chiefly from power generation,
Section 1 according to PDP 2018 Rev. 1 which reduced output from
Business Operations and Performance The government has launched a policy to promote natural gas business competition throughout the system. The objective In addition, on February 13, 2023, the NEPC resolved coal and nuclear and increased natural gas share from
is to raise the efficiency of supplying and service providing, which enables consumers to get quality services at reasonable to approve the review of guidelines to promote competition 37% in 2079 (PDP 2015) to 53% in 2080 (PDP 2018
1. Structure and Business Operations and fair prices. To this end, the government advocated a rise in the number of LNG supply and wholesale players and in natural gas business Phase 2, divided into 2 groups: Rev. 1). Gas separation plants’ demand (as feedstock for
PTT Public Company Limited
PTT Public Company Limited
of PTT Group assigned the ERC to grant shipper licenses and issue the third party access regime (TPA regime) so that other shippers (1) The Regulated Market: The group under the supervision of LPG and petrochemicals) is estimated on the back of Gulf
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management can use PTT’s natural gas infrastructure. PTT Group complied with such policy and on March 30, 2015, announced the ERC in terms of volume, quality, and price consists of of Thailand supply. Industry sector demand is based on
its first onshore natural gas pipeline third party access code (the latest revision was announced on June 7, 2017). EGAT’s power generation users, IPPs, SPPs, and VSPPs, GDP growth forecast 2018 - 2037 at 3.8% annual average
3. Driving Business towards Sustainability
PTTLNG announced its first LNG terminal third party access code on March 30, 2015 (the latest revision was announced as well as industrial and NGV users who use natural gas and factoring in distribution pipeline network expansion
4. Management’s Discussion and Analysis
on August 1, 2021) from the country’s pool gas. while the transport sector is calculated on future numbers
(MD&A)
(2) The Partially Regulated Market: The group under the of NGV vehicles. These elements combined, overall Thailand
5. General Information The Committee on Energy Policy Administration (CEPA) on August 30, 2019, endorsed experimental guidelines for supervision of the ERC in terms of volume and quality gas demand is estimated in the range of 5,348 MMSCFD
and Other Important Information EGAT’s Spot LNG import of up to 200,000 tons in 2 vessels, each 65,000 tons. PTTLNG coordinated with EGAT consists of natural gas users who do not use natural gas in 2037, annual average increase of 0.7% per year. (Power
in implementation of CEPA’s resolution by receiving the first LNG shipment on December 28, 2019, and the second on from the country’s pool gas. generation 67%, industry 21%, gas separation plants 11%
Section 2 April 21, 2020. and transport 1%). These estimates are revised upward
Corporate Governance All shippers in the Regulated Market shall sell natural gas of Gas Plan 2015 according to revision 2 assumptions
Following EGAT’s trial in Phase 1, the Energy Ministry reviewed and drew up a framework and blueprint for Phase 2 and/or LNG supplied to the Pool Manager to be incorporated forecasting 2036 demand at 5,062 MMSCFD, an increase
Section 3 and on April 1, 2021, the National Energy Policy Council (NEPC) approved the natural gas liberalization Phase 2 and assigned into the country’s pool gas and purchase natural gas from of 0.1% per year.
Financial Report relevant agencies to work out the details. The Council assigned CEPA to deliberate and act according to the guideline. the pool gas according to the volume supplied and input
On August 4, 2021, NEPC approved the natural gas pricing structure to promote competition in Phase 2, along with into the pool gas. PTT has been assigned to manage On September 27, 2021, the EPA resolved to approve the
Attachment the timeframe to enforce the pricing structure. This would increase to more natural gas operators for LNG supply. the country’s pool gas (Pool Manager) by establishing long-term electricity demand forecast for the preparation
Currently, the ERC approved a total of 8 shipper licenses as mentioned. a separate unit independent of PTT with ring-fenced of the Thailand’s Power Development Plan B.E. 2565 - 2580
implementation. The ERC is to consider the implementation (PDP 2022) and acknowledged the draft PDP 2022
to align with the format of competition promotion in base case plan that takes into account the utilization of
the natural gas business Phase 2. the existing infrastructure for maximum benefit. This is
the initial case for the preparation of other case plans of
PTT has prepared for the upcoming competition in the natural the country and presented to the CEPA for consideration
gas business and has planned its structural readiness and again. In this regard, it will consider the draft plan in
investment in response to the government’s policy to drive the case that is most suitable for Thailand as a draft PDP
Thailand to be the Regional LNG to import and export LNG 2022 plan for actual implementation.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited The PDP 2022 plan places importance on the following petrochemicals, chemical and solvent, and export of Going forward, the industry and competition outlook remain intense. The world is still facing challenges despite the ease
issues: (1) Security of the country’s power system (Security), refined oil products, petrochemicals, chemical and solvent of the COVID-19 situation, world economic growth particularly the recovery of the Chinese and large economies is still
including power generation, transmission and area security the portion exceeding domestic demand to generate gradually affected by the economic impact of global central banks’ policy rate hikes to slow down inflation
(2) Cost of electricity is at an appropriate level (Economy) income and profits from oversea. In 2023, the share and geopolitical conflicts, thereby resulting in limited growth of global energy demand. The Net Zero Emissions
and (3) Environmental impact (Ecology) that must limit of revenue from the international market is 45.4% (45.0% policy of various countries has led to the use of more environmentally friendly clean energy. Therefore, the International
Contents
the amount of carbon dioxide emission in accordance with from out-out trading and 0.40% from export). Trading Business Unit has established an agency to be responsible for the trade in LNG, an important choice
the goals of the national energy plan and the country’s in the transition to clean energy in the future, as well as seeking new business opportunities, including entering
Vision, Mission and PTT Values
long-term greenhouse gas emissions target (LTS) To foster business growth and trading opportunities, one the carbon credit trading market and sustainable aviation fuel (SAF) trading. This is in line with the industry’s
PTT Information according to the Carbon Neutrality and Net Zero Emissions needs to engage in worldwide trading. One of the key business trend in line with the Net Zero Emissions target.
Financial Highlights policies that were signed at the COP26 meeting. strategies is to penetrate oil trading hubs through offices
Achievement Highlights
in various countries, including Singapore for Asia, China Refining Business
Trends in renewable and clean energy are increasing. for China and nearby countries, UAE for the Middle East,
Awards and Recognition PTT Group can increase channels to expand the market UK for Europe and Africa, and in the U.S. for the Americas.
Refining Industry
Message from the Board of Directors for natural gas and liquefied natural gas. PTT Group will This global presence enables PTT to closely monitor
096 097
promote the use of renewable and clean energy in parallel ongoings around the clock across time zones for
Economic, Petroleum Marketing
with the usage of natural gas. d e m a n d - s u p p l y, e f f e c t i v e l y c a p t u r i n g a r b i t r a g e
and Petrochemical Review and Outlook
opportunity when imbalance arises. These offices also
Currently, Thailand has a total of 6 oil refineries with a combined refining capacity of 1,243,600 barrels per day (BPD)
International Trading Business facilitate relationship between PTT and clients and
Section 1 partners and exploring value-added opportunities in
(including GC’s condensate splitter capacity of 135,000 BPD). As of December 31, 2023, these refineries yielded 1,060,787 BPD
(including LPG production from gas separation and petrochemical plants).
Business Operations and Performance Marketing those regions.
Unit: BPD
1. Structure and Business Operations Domestic markets feature main customers, including Competition Product 2021 2022 2023
PTT Public Company Limited
PTT Public Company Limited
of PTT Group refineries with demand for crude oil and condensate through Gasoline 214,845 223,203 228,202
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2. Risk Management the supply of domestic producers and import from overseas International trading has become more competitive as
Diesel 476,859 481,972 489,332
3. Driving Business towards Sustainability producers, along with petrochemical plants needing national oil companies in the Middle East and global energy
feedstock from overseas producers, import of gasoline companies holding various assets such as production Aviation fuel 36,221 71,447 92,256
4. Management’s Discussion and Analysis
for gasohol production, import of LPG for the industrial, wellheads, jetty, oil terminal, refinery and petrochemical Fuel oil 91,782 99,308 86,760
(MD&A)
transport, and household sectors, LNG import for power plants ventured into Asset-backed Trading. Asset-backed
5. General Information Kerosene 28,864 33,086 34,405
and industries to cater to national demand for imports, trading is a form of trade in which major multinational trading
and Other Important Information LPG 143,840 130,116 129,832
which reflect on the role of strengthening national energy companies expand investment into their assets to add
security. In 2023, the share of revenue from the domestic value and competitiveness to the playing field. In addition, Total 992,411 1,039,132 1,060,787
Section 2 market is 55% (6% from domestic supply and 49% from technology and digitalization enable fast and well-rounded
Corporate Governance import). access to pricing and trading data, where speed can make
Source: Department of Energy Business, Ministry of Energy
or break trading and profitability opportunities. In 2023,
Section 3 Outside Thailand, main clients include refineries, the volume of International Trading Business and PTT Group
Competition
Financial Report petrochemical plants, national oil companies, total trade volumes of 1.86 million barrels per day, up by 23%
In 2023, Thailand’s average daily demand for fuel products grew by 2.1% compared to 2022, with demand for diesel
multinational energy companies, and international from 2022 with partners and clients numbering over 1,200
Attachment increasing by 1.5% and aviation fuel increasing by 29.1%. Demand for fuel oil declined 12.6% and LPG (including
trading houses through transactions of commodities companies located in 70 countries worldwide.
petrochemical feedstock) declined 0.2%. Demand for gasoline rose 2.2% and kerosene rose 4.0%. Overall oil demand
such as crude oil, condensate, LNG, LPG, refined oil,
was steadily rising. Foreign tourists were interested in visiting Thailand, and Thais were increasingly traveling across
provinces, particularly during the year-end New Year celebration. In addition, the government launched measures to help
with diesel prices by lowering the excise tax and funding the diesel price freeze with the oil fuel fund.
In 2023, refined product exports included gasoline, diesel, fuel oil, aviation fuel, kerosene, and LPG, with
the export volume decreasing to 183,304 BPD (an increase of 15.0%), with a total export value of THB 19,199 million
per month (a decrease of 4.7%).
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
Oil sales in Thailand is a free market, with constant competition based on market forces in terms of price, product quality
PTT Public Company Limited Petrochemical Business
and service development, supply chain cost management, and new business model development to increase revenue.
Thailand’s oil consumption in 2023 increased compared to 2022 due to the economic recovery, increasing travel,
Marketing
resulting in rising energy demand.
Contents Thailand’s overall petrochemical industry in 2022 slightly contracted compared to the previous year due to the slowdown
in the domestic and global economies owing to the Russia-Ukraine conflict, thereby resulting in declining global energy Thailand’s Fuel Consumption for 2021 - 2023
Unit: Million liters
Vision, Mission and PTT Values supply. Meanwhile, energy prices, whether crude oil or natural gas, rose significantly, leading to higher inflation, while
the increasing policy rate in many countries slowed down the economic growth. In addition, China enforced a zero-COVID-19 Product 2021 2022 2023
PTT Information
policy, which significantly impacted the manufacturing sector, transport sector, and domestic consumption. This led to
Financial Highlights LPG1/ 6,246 6,705 6,743
a global supply chain disruption that has affected Thailand’s petrochemical and plastic resin manufacturing sector,
Achievement Highlights which primarily serves China as its major destination market. Besides, the commissioning of new petrochemical plants Gasoline 10,762 11,180 11,559
in the region resulted in increased supply and competition on the whole.
Awards and Recognition Kerosene 6 5 4
Message from the Board of Directors Aviation fuel 1,775 3,337 5,006
098 Thailand’s Profile of Overall Production, Import, Export, and Consumption of 099
Economic, Petroleum Petrochemical Products Diesel 23,042 26,664 25,153
and Petrochemical Review and Outlook Unit: Thousand tons per year Fuel oil2/ 1,897 1,992 1,832
Supply Consumption Lube 458 468 465
Section 1 Year
Production Import Production Import Total 44,186 50,351 50,762
Business Operations and Performance
2020 23,500 1,739 17,672 7,573 Source: Department of Energy Business, PTT Oil and Retail Business Plc. (OR)
1. Structure and Business Operations Remarks:
2021 25,130 1,703 18,182 8,203
PTT Public Company Limited
PTT Public Company Limited
1/ Excluding propane and butane
of PTT Group 2022 22,951 1,742 18,098 6,597 2/ Excluding fuel oil sold to the Electricity Generating Authority of Thailand
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2. Risk Management
Source: Petroleum Institute of Thailand
3. Driving Business towards Sustainability OR is a lead player in the domestic fuel market across most product categories. According to the Department of Energy
4. Management’s Discussion and Analysis Business, in 2023, OR’s market share was 42.2% of the overall oil sales volume.
Competition
(MD&A)
5. General Information Oil Traders’ Market Shares from 2021 - 2023
Olefins
Unit: Percent
and Other Important Information
In 2022, production volume decreased from 2021, mainly due to factory maintenance shutdowns and weaker demand from Company 2021 2022 2023
Section 2 end-product manufacturers cutting production capacity after facing a downturn in profits from rising raw material prices
OR1/ 42.21 43.22 42.17
Corporate Governance in the first quarter in the wake of the Russia-Ukraine war. This was in contrast to the product selling price that was pressured
by the increasing supply in the market, while economic slowdown and rising inflation resulted in receding demand. Bangchak 10.39 11.15 11.96
Section 3 Esso2/ 11.29 10.53 9.95
Financial Report Aromatics
Shell 7.50 7.13 6.72
Attachment In 2022, production volume decreased from 2021 due to weaker demand from the economic slowdown, as well as higher raw Minor traders 28.61 27.97 29.20
material prices in line with crude oil and naphtha prices. As a result, production margins decreased. Exports also declined Source: Department of Energy Business
as overseas demand remained unrecovered. This is mainly due to China’s policy of reducing imports and relying on Remarks: Excluding LPG used as petrochemical feedstock
domestic production and consumption, as well as the commissioning of new refineries in India. 1/ Including PTT’s and OR’s market shares
2/ Name changed to Bangchak Sriracha Plc. on November 15, 2023
Oil and Retail Business
Thailand has a total of 52 registered fuel traders in Article 7 (as of December 31, 2023). In 2023, domestic oil demand
totaled 50,762 million liters with the largest share being diesel, followed by gasoline, LPG, aviation fuel, and fuel oil,
respectively.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Oil Price Structure LPG Supply Industry New Business
and Infrastructure Group
Oil price structure consists of 2 components: refiners’ wholesale price and retail price. The wholesale price at refinery In 2023, Thailand’s demand for LPG averaged 17.60
gate incorporates refining costs, excise duty, municipal tax, contribution to Oil Fuel Fund, Energy Conservation Fund, million kilogram per day, increase 0.6% from 2022.
Power Business
Contents and value-added tax (VAT). The retail price component consists of refiners’ wholesale price, marketing margin and VAT. Transport sector consumed 2.27 million kilogram per day
(increase 3.6%), industry sector consumed 2.00 million
Industry Overview
Vision, Mission and PTT Values Given Thailand’s oil importer status mostly in crude oil and partially refined oil, and a free-market trade system, determination kilogram per day (decrease 1.6%), petrochemical sector
of oil price at refinery is benchmarked against global oil price on Import Parity principle, decided by the authority. Pricing is consumed 7.60 million kilogram per day (increase 0.9%)
PTT Information At the end of November 2023, Thailand had an installed
also subject to foreign exchange rates (value of Thai baht) which directly affects Import Parity cost calculation. and household sector consumed 5.74 million kilogram
power generation capacity of 53,762 megawatts and an
Financial Highlights per day (decrease 0.05%).
electric power consumption of 187,727 gigawatt-hours,
Achievement Highlights Regarding excise duty, municipality tax and VAT, contribution to the Oil Fuel Fund, and Energy Conservation Fund, the state
an increase of 3.1% compared to the same period last
determines tariffs which differ with each category of oils. Producers are responsible to paying tax and into funds at the rates LPG Price Structure
Awards and Recognition year. The increase resulted from robust electricity
fixed by the state.
demand from industrial and business sectors following
Message from the Board of Directors LPG price structure consists of two components:
100 the economic recovery. The overall peak demand for 101
Economic, Petroleum With refined oil price in the world market moving in line with market conditions, and the government fixed different rates (1) Ex-refinery wholesale price, consisting of
the electricity system in 2023 was 34,827 megawatts,
and Petrochemical Review and Outlook for different fuel categories resulted in continuous adjustments of retail oil prices. The table shows the oil price structure on • Price at refinery
5.0% higher than in 2022. For the long term according
December 28, 2023. • Excise duty, municipal tax, oil fund contribution,
to the National Energy Plan, the proportion of power
and VAT
Section 1 Oil Price Structure in Bangkok Metropolis as of December 28, 2023 (2) Retail price, consisting of
generation from renewable energy is expected to increase
to achieve Net Zero Emissions by 2065.
Business Operations and Performance Unit: THB/liter • Ex-refinery wholesale price
• Marketing margin and VAT
1. Structure and Business Operations Gasohol 95 Gasohol 95 Gasohol 95 Competition
Gasoline 95 Gasohol 91 Diesel B10
PTT Public Company Limited
PTT Public Company Limited
E10 E20 E85
of PTT Group LPG Price Structure as of December 28, 2023
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56-1 One Report 2023
Amidst increasingly competitive market in the power sector,
2. Risk Management Ex-refinery price 20.6032 21.0470 20.6191 21.6818 27.6332 22.8788
PTT Group’s power company stands strong with the potential
3. Driving Business towards Sustainability Excise tax 5.5000 4.9500 4.9500 4.4000 0.8250 3.6700 THB/kilogram to compete with other players from its expertise and long
4. Management’s Discussion and Analysis Municipal tax 0.5500 0.4950 0.4950 0.4400 0.0825 0.3670 experience in power generation and steam businesses,
Ex-refinery price 25.7135
(MD&A) in combination with the security of grids linking outputs
Oil Fuel Fund 9.3800 2.8000 1.4500 0.8100 0.1600 (0.9500) Excise tax 2.1700
5. General Information from various generation plants as well as coverage of large
Energy Conservation Promotion 0.0500 0.0500 0.0500 0.0500 0.0500 0.0500 Municipal tax 0.2170 geographical area, customer care, guarantee of secure
and Other Important Information
Fund
Oil fund (7.1826) electricity and steam supply to clients throughout contractual
Section 2 Ex-refinery wholesale price 36.0832 29.3420 27.5641 27.3818 28.7507 26.0158 duration and coupled with a sustainable growth policy with
Ex-refinery wholesale price 20.9179
Corporate Governance an emphasis on innovation development. Moreover, it can
VAT 2.5258 2.0539 1.9295 1.9167 2.0125 1.8211
VAT 1.4643 generate using a wide range of fuel types, resulting in lower
Ex-refinery wholesale price 38.6090 31.3959 29.4936 29.2985 30.7632 27.8369
Section 3 Ex-refinery wholesale price 22.3822 cost compared to competitors, or proprietary utility that
including VAT
Financial Report Including VAT invested by individual customers in an industrial estate.
Marketing margin 4.5150 3.8823 4.0060 3.8706 2.6419 1.9655
Marketing margin 3.2566
Attachment VAT 0.3160 0.2718 0.2804 0.2709 0.1849 0.1376
VAT 0.2280
Retail price 43.44 35.55 33.78 33.44 33.59 29.94
Retail price 25.8668
Source: Energy Policy and Planning Office
Source: Energy Policy and Planning Office
Remarks:
- Refinery price, benchmarked against refined oil in the global market on the Import Parity principle
- Tax and fund contribution rates determined by the state
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Electric Vehicle (EV) Phase 3: 2026 - 2030 As for the competition in Thailand, there are many foreign EV manufacturers, especially China, have given importance
and EV-related businesses to entering Thailand’s market. Moreover, having a tax support policy for EVs imported from China, resulting in
Drive plans and measures to achieve concrete results in line competition that will benefit consumers and the development of Thailand’s EV ecosystem. However, the increasing
Industry Overview with the 30/30 policy for total target production of 725,000 in competition and transforming in automotive industry, causing players in the industry and related parties to
passenger cars and pick-up trucks, 675,000 electric quickly adjust themselves and their networks in response to the new era of the automotive industry, such as
Contents
Currently, Electric Vehicles (EVs) are emerging globally motorcycles, amounting to 30% share of total production in improving production efficiency to the level of economies of scale, adjusting product and service models, seeking for
as a megatrend to address environmental challenges, 2030 including battery production to meet domestic demand. the target customers, developing new business models, and collaborating with other players both inside and outside
Vision, Mission and PTT Values
to reduce fossil fuel dependence, presenting a New the industry in order to be able to compete in the market.
PTT Information
S-Curve opportunity. For Thailand in 2022, the government The Board of Investment (BOI) meeting on November 4,
2020 approved a new round of EV investment promotion
Financial Highlights announced an EV investment promotion and support 1.2.4 Business Assets
Achievement Highlights policy to encourage the use of EVs and develop Thailand after the application period for promotion has expired
as the regional EV production base. Thailand’s National EV since 2018. The promotion covers all types of EVs,
Awards and Recognition PTT’s core business assets consist of investment properties; property, plant, and equipment; right-of-use assets; goodwill;
Policy Committee has announced an EV incentive guideline including cars, motorcycles, tricycles, buses, trucks,
intangible assets; and exploration and evaluation assets. The net book values as of December 31, 2023 were as follows:
Message from the Board of Directors under a “30/30 Policy” which targets manufacturing Zero and electric-powered boats. In the past, only electric
102 Unit: THB million 103
Emissions Vehicle (ZEV) by at least 30% of total car cars and electric buses were promoted. The benefits
Economic, Petroleum
Exploration Exploration
and Petrochemical Review and Outlook outputs by 2030 through the EV 3 support policy and and conditions are as announced by the Office of the Buildings Machinery Right-of- Other
Investment and Other Construction and
continual support of EV 3.5 policy in 2024 - 2027, as well as Board of Investment. Subsequently, on February 15, Land & Building & use Goodwill Intangible Total
Properties Production Assets in Progress Evaluation
Improvements Equipment Assets Assets
2022, the Cabinet approved measures to promote
Section 1 reducing import duties and excise taxes on EVs,
and supporting investment in the supply chain such as EVs which contains both of tax measures and
Net value 11,234 60,601 148,705 655,700
Properties
428,934 7,580 239,689 116,099 183,731 130,312
Assets
94,331 2,076,916
Business Operations and Performance batteries and key parts. Thailand’s National EV Policy other non-tax measures to increase the competitiveness.
These measures cause the price of EVs to drop and Obligations None 765 8,701 41,785 None 25 1,104 None None 4 None 52,384
Committee assigned sub-committees to study details and
1. Structure and Business Operations stimulate the demand of EVs in Thailand. To achieve the
PTT Public Company Limited
PTT Public Company Limited
feasibility of incentives to be implemented in 3 phases:
of PTT Group goal in 2030, the measures issued by the Cabinet meeting Besides the assets stated above, PTT’s business assets include petroleum reserves, which are the core business assets of
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2. Risk Management Phase 1 (Immediate): 2021 - 2022 are divided into two main parts: tax-related measures PTTEP, PTT’s subsidiary. As of December 31, 2023, PTTEP and its subsidiaries have total Proved Reserves of 353 million barrels of
3. Driving Business towards Sustainability and subsidy measures. crude oil, condensate, and LPG, as well as 6,620 billion cubic feet of natural gas, or equivalent to a total of 1,436 million barrels
4. Management’s Discussion and Analysis Launched pilot promotion for electric motorcycles and support of crude oil equivalent. PTTEP’s geologists and petroleum engineers audit and appraise these reserves every year to achieve
EV infrastructure nationwide. Competition standardized numbers.
(MD&A)
5. General Information
Phase 2: 2023 - 2025 The trend of using EVs around the world tends to grow rapidly,
and Other Important Information such as in China, European countries, and the USA, which
Develop EV industry by set the production target of 225,000 will inevitably affect the automotive industry in Thailand.
Section 2 The combustion engine industry must adapt to the EV
units of passenger cars and pick-up trucks, 360,000 units
Corporate Governance industry. The development of the EV industry in Thailand
of motorcycles, and 18,000 units of buses/ trucks by 2025
along with battery production to meet domestic demand, has lagged behind many countries in terms of production,
Section 3 technology, sales, and infrastructure. On the other hand,
which is the first indicator to achieve the economies of scale
Financial Report it is an opportunity to create growth because Thailand
production target.
has market readiness and has a production base in the
Attachment region. However, consumers still have some concerns
such as safety, after-sale service, charging service stations,
and driving distance per charge cycle, which will affect
the decision-making to use EVs and will also be a guideline
for the adjustment of industry players in the future.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Proved Crude Oil, Condensate, and Natural Gas Reserves1/ Long-Term Leases
Crude Oil PTT’s major long-term property leases are the agreements for using Ratchaphatsadu land (royal land) subleased to
Natural Gas Crude Oil Equivalent
and Condensate2/ the Ministry of Finance for PTT Plc.’s business under an agreement between the Ministry and PTT dated
Contents (Million Barrels) (Billion Cubic Feet)
(Million Barrels of Crude June 3, 2008. Properties which PTT segregated to the Ministry under the verdict of the Supreme Administrative
Oil Equivalent) Court are right-of-use land, pipelines, equipment, and tools which together form transmission pipeline
Vision, Mission and PTT Values Indigenous Overseas Total Indigenous Overseas Total Indigenous Overseas Total
systems. The assets under the agreement were booked as right-of-use of such Ratchaphatsadu land for
30 years (January 1, 2008 to December 31, 2037). After the period expiration, the Ministry pledges to allow
PTT Information Proved Reserves of PTT and Subsidiaries
PTT to use this segregated land for another 30 years. Regarding compensation payment for land use,
Financial Highlights As of December 31, 2021 3/
115 242 357 3,004 2,969 5,973 605 745 1,350 the agreement calls for annual payment at the rate derived from revenue sharing of onshore gas transmission
Achievement Highlights pipeline tariff of each calendar year. This tariff means the charge for the onshore transmission pipeline system (Area 3),
1) Revision of previous estimates 13 6 19 173 208 381 41 33 74
which includes demand charge and commodity charge under the rule for setting natural gas prices and pipeline
Awards and Recognition 2) Improved recovery 1 - 1 1 - 1 1 - 1
charges under the NEPC announcement No. 1 of 2001 or future amendments. The compensation is calculated by
Message from the Board of Directors 3) Additional development 32 9 41 859 171 1,030 174 37 211 a sliding scale as detailed below.
104 105
Economic, Petroleum well drilling & new discoveries Unit: THB million
and Petrochemical Review and Outlook 4) Purchase/ sale of reserves 3 - 3 80 35 115 16 4 20 Compensation Rate (% of Revenue)
Revenue Annual Compensation
5) Production (31) (25) (56) (575) (402) (977) (125) (89) (214) Minimum Increment
Section 1 Proved Reserves of PTT and Subsidiaries 0 - 3,600 5% = Minimum Compensation 180
Business Operations and Performance
As of December 31, 2022 3/
133 232 365 3,542 2,981 6,523 712 730 1,442
> 3,600 - 3,700 10% > 180 - 190
1. Structure and Business Operations 1) Revision of previous estimates 32 1 33 618 (1) 617 123 1 124
PTT Public Company Limited
PTT Public Company Limited
of PTT Group > 3,700 - 3,900 15% > 190 - 220
2) Improved recovery 3 - 3 2 - 2 3 - 3
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56-1 One Report 2023
2. Risk Management > 3,900 - 4,100 20% > 220 - 260
3) Additional development 10 3 13 273 278 551 55 46 101
3. Driving Business towards Sustainability
well drilling & new discoveries
> 4,100 - 4,300 25% > 260 - 310
4. Management’s Discussion and Analysis
4) Purchase/ sale of reserves - (1) (1) - - - - (1) (1)
(MD&A) > 4,300 - 4,500 30% > 310 - 370
5) Production (35) (25) (60) (694) (379) (1,073) (147) (86) (233)
5. General Information
> 4,500 - 5,000 36% > 370 - 550
and Other Important Information Total Proved Reserves as of 143 210 353 3,741 2,879 6,620 746 690 1,436
December 31, 20233/
> 5,000 = Maximum Compensation 550
Section 2 Remarks:
Corporate Governance 1/ Proved reserves include PTTEP’s net equity reserves and those of the countries that own oil and gas fields.
Investment Policy in Subsidiaries and Associates
2/ Including NGL
Section 3 3/ Including reserves under the APICO joint-venture project
PTT’s investment policy, whether for new investments, expansion or capacity growth, share purchase or acquisition.
Financial Report
PTT has taken many factors into consideration, namely, business growth trends, investment capable of adding
value and economic viability, and enhanced competitiveness. PTT or its subsidiaries may carry out the investments,
Attachment
depending on each company’s suitability and capability.
1.2.5 Outstanding of Undelivered Project
-None-
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited 1.2.6 Environmental Impacts Management System (ISO 9001) Certification, Business of Natural Gas Transportation System by Pipeline and an instrument role in the development and evaluation
Continuity Management System (ISO 22301) Certification Procedure, Criteria Procedures and guidelines for of catalyst and adsorbents for PTT Group of companies
Environmental Impacts of and Energy Management System (ISO 50001) Certification. Environmental Report (ER) B.E. 2556. PTT has studied to substitute import and to enable performance evaluation
Khanom GSP has received the above management standard and specified the types of projects that are deemed for appropriate choice of catalyst and adsorbents.
Gas Separation Plants (GSPs)
certifications as well. to be subject to a complete study of environmental These result in cost cutting and value adding to Business
Contents
impacts according to relevant requirements. Units to the tune of over THB 200 million per year.
Throughout the operations of the Gas Separation Plants
Vision, Mission and PTT Values (GSPs), PTT pays great attention to the impacts on
Environmental Impacts of
the environment, safety and occupational health as well as Gas Transmission Pipeline Therefore, before the construction preparation, construction In addition, the Institute works on simulation of processes
PTT Information and operation phases, all PTT natural gas pipeline projects to enhance energy efficiency or develop new technology
the quality of life and health of people living nearby by Operations
Financial Highlights must study and assess direct or indirect potential corresponding with raw material and market trends.
continuously and strictly monitoring environmental quality
environmental impacts from project implementation For example, the Microchannel Base reactor that is compact
Achievement Highlights following the relevant laws. Based on the environmental PTT has been developing the natural gas pipeline network
to lead to the determination of preventive, corrective, and efficient in transfer of intense energy and matters.
quality monitoring results of all GSPs since the start of since 1981. Originally, the natural gas pipeline system was
Awards and Recognition and environmental impact monitoring measures, then It plays a part in evaluation of CO2 Conversion to manage
operations, air quality, water quality and waste management not designated for environmental impact studies until
Message from the Board of Directors compiling it as an EIA or ER and presented to the Office of process and turn CO2 into valuable product, demonstrating
106 from the processes are all well below regulatory limits, the adoption of the National Environmental Quality 107
Natural Resources and Environment Policy and Planning for Business Units in their investment consideration and
Economic, Petroleum as well as complying with environmental impact prevention Promotion and Preservation Act B.E. 2535 and the Ministry
(ONEP) and related licensors such as the Department potential new business of PTT in the future.
and Petrochemical Review and Outlook and mitigation measures with continuous monitoring. of Science, Technology, and Environment Announcement
of Energy Business (DOEB), the Energy Regulatory
If the results of the environmental impact monitoring No. 3 in 1996 on determining the type and size of projects
Commission (ERC). After the EIA or ER is approved, PTT To assist PTT Group and external agencies with energy
Section 1 measures do not conform to the environmental impact
assessment, PTT would develop an implementation plan
or businesses of government, state-owned or private
sectors that require the preparation of the Environmental
will direct, monitor, and present the results of compliance applications. PTT Innovation Institute has created a readiness
Business Operations and Performance with the conditions specified in the report, including strict for the Energy Application Lab to assess the impact of gas
to improve and comply with the established measures, Impact Analysis Report, respectively. As a result,
environmental measures both during the construction quality on industrial machinery, as well as provide training
including reporting information to relevant agencies within the Environmental Impact Assessment (EIA) of natural gas
1. Structure and Business Operations and after-construction phases. The project will deliver on gas engines to PTT’s natural gas business customers
PTT Public Company Limited
PTT Public Company Limited
the guidelines and time frame specified by law. In addition, pipeline system projects must be studied and prepared.
of PTT Group the project care to the natural gas transmission business to support the replacement of industrial fuel from diesel.
56-1 One Report 2023
At the time, the network of natural gas pipeline system
56-1 One Report 2023
PTT improves the efficiency of processes as well as
2. Risk Management throughout the period of gas transportation through LPG or fuel oil to natural gas, with future transition
implementing energy conservation projects, for example, under PTT’s operations consisted of natural gas pipeline
3. Driving Business towards Sustainability the pipeline system. The results of EIA or ER compliance to liquefied natural gas.
a waste heat recovery project at GSP Unit 5, power projects under the Natural Gas Pipeline Master Plan Project,
4. Management’s Discussion and Analysis will be reported to the relevant licensors on a 6-month basis
generation and cogeneration projects for the Ethane Natural Gas Pipeline Project to Industrial Customers,
or according to the conditions specified by each agency.
(MD&A) GSPs, and a waste gas recovery unit (Remaining Gas Power Plants, and Natural Gas for Vehicles (NGV) Service Biotech and Materials Research
All PTT projects have fully implemented the measures
5. General Information Recovery Unit: RGRU) for GSPs in Rayong province. Stations. Environmental impacts in accordance with
proposed in the report until now.
and Other Important Information the requirements of the announcement have been studied In support of PTT’s sustainable business, PTT Innovation
Moreover, PTT has determined to control air pollution since then. In addition, when additional environmental Institute pursues R&D in biotechnology, Microbial development
Section 2 consistently. In 2019, the construction was begun to install requirements are enacted. For example, the National 1.2.7 Notable Research and selection, polymer technology and products, materials,
Corporate Governance the Regenerative Thermal Oxidizer (RTO) and the SO 2 Environmental Quality Promotion and Protection Act and Development (R&D) and chemicals to generate innovation and products for PTT
Scrubber at GSP Unit 5 and the expansion of the installation (No. 2) B.E. 2561, the Announcement of the Ministry of Group and to support PTT’s new business in Life Science.
Works of
Section 3 of Regenerative Thermal Oxidizer (RTO), a hydrogen sulfide Natural Resources and Environment determining
removal unit for gas contaminated with residual acidic gas the project, business, or operation, which must prepare
PTT Innovation Institute In supporting PTT’s new business, the Institute works on
Financial Report
from gas separation, and SO 2 Scrubber to GSP Unit 6 an environmental impact assessment report and criteria, biomaterial for medical use such as bio-cellulose wound
Attachment and Ethane Separation Plant. PTT is also committed to procedures and conditions for the preparation of Process Technology dresser, multi-purpose masks with dust filters and disinfection
controlling the quality of effluent to be more stable by installing the Environmental Impact Assessment B.E. 2562, including and Applied Energy capability. In addition, it works in the polymer field, material
additional Advanced Oxidation Process (AOP) units within the additional announcements and the latest version of and chemicals for PTT Group, ranging from petroleum plastic
central wastewater treatment system. the Announcement of the Ministry of Natural Resources and The core business of PTT Group revolves around and bioplastic such as pellets to clean machinery. The Institute
Environment Subject determining the project, business production process, from natural gas industry to also successfully developed Coffee Chaff Compound, using
In addition to compliance with laws, PTT’s GSPs at Rayong or operation, which must prepare an environmental impact petroleum refinery and petrochemicals. PTT Innovation coffee chaff which is waste from bean roasting process to mix
province achieved Integrated Management Systems assessment report and criteria, methods and conditions Institute focuses on research and development to add with polymer and shape into products and furniture pieces
(IMS) Certification, Environmental Management Systems for the preparation of the Environmental Impact value to product, increase process efficiency in terms of to reduce waste generation and add value by producing
Certification (ISO 14001), Occupational Health and Safety Assessment (No. 7) B.E. 2566 and the Notification energy use, productivity, and enhance high-tech environmentally friendly products.
Management System (ISO 45001) Certification, Quality of the Ministry of Energy determining the Type and Size processes. To date, PTT Innovation Institute has played
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited In addition, PTT Innovation Institute has also focused on New Energy Technology PTT Innovation Institute conducts R&D on environmental In planning and innovation, PTT has a process of project
the research and development of extracts, active ingredients Research quality assessment - air, water, soil and waste to PTT’s screening to prioritize and allocate resources properly, as
from plants and herbs to be used in the food supplement businesses and PTT’s office building to define approach, well as collaboration on innovation with other units within PTT
industry and pharmaceuticals by using domestic raw PTT Innovation Institute has developed innovations method and measures to resolve or mitigate non-compliance. Group under the supervision of PTT Innovation Management
materials that contain the desired active ingredients Its R&D work covers preventive solutions, control, and Committee (PTT IMC) and PTT Group-wide integration through
Contents to support the growth of the EV value chain business and
such as stevia, black galingale, etc. technology that will drive the energy business towards elimination of pollution from PTT Group’s business activities oversight of PTT Group Technology Committee (PTT GTC).
an electricity-consuming society in the future, including the over short and long terms. These include factory-generated
Vision, Mission and PTT Values
Petroleum Product use of energy produced from renewable energy sources for VOCs treatment system, prototype food waste digestion Furthermore, PTT Innovation Institute operates a unit on
PTT Information machine, prototype anti-PM2.5 and pathogen machine. the commercialization of technology. The scope of its work
and Automobile Research sustainability and reducing environmental impact, such as
Financial Highlights the EV Wall Charger and Charging Platform, with continuous The Institute has developed a climate simulation prototype includes economic feasibility assessment of research projects,
development to support power and formats, more diverse using pollution databases to enable 3-dimensional inspection developing a business model to commercialize research,
Achievement Highlights PTT Innovation Institute plays an active role in the
applications including connecting to other network’s charging of pollution on the ground for PTT Group. It has conducted and ensuring effective commercialization of research.
development of oil and lubricant products for automobiles,
Awards and Recognition Life Cycle Analysis (LCA) of fuel and products by PTT Group PTT Innovation Institute has an intellectual property
industrial lubricants, and specialties, including by-products devices. Currently, it has cooperated with Arun Plus Co., Ltd.
Message from the Board of Directors (ARUN PLUS) to produce and distribute EV Wall Charger to gather evidence for renewables with the least environmental management unit in charge of IP Landscape & FTO study
108 from petroleum and new products for factory machinery and 109
impact. All these efforts are exerted to ensure efficiency of prior to research undertaking. The unit maintains IP data base,
Economic, Petroleum equipment to accommodate overseas market expansion. and manage the charging service network. Energy storage
technology has been developed either in battery or environmental rehabilitation process and mitigate business IP valuation as well as facilitates patent application in support
and Petrochemical Review and Outlook This enables PTT Group to maintain its market share and
hydrogen form. PTT Innovation Institution collaborates impact on the environment and community, aligned with of PTT Group’s innovation.
leadership by responding to new needs of clients, and new
with Vidhyasirimedhi Institute (VISTEC) and Nuovo Plus corporate social responsibility and sustainability principles in
Section 1 international standards and to provide technical support
to the state in matters relating to fuel, alternative fuel, Co., Ltd. (NUOVO PLUS) in developing battery cells using PTT Group’s business. To ensure the sustainability of PTT’s innovation, the Institute
Business Operations and Performance Core-Shell technology for higher storage capacity than those operates a knowledge management unit that advances
lubricant, and automobiles, as a guideline for national
available in the market, and it is ready for commercialization In addition, the Institute has also collaborated with PTT the capacity of researchers and staff to ensure that
energy formulation. In 2022, a premium gasohol formula
1. Structure and Business Operations Group in feasibility studies and technology development innovation generation is systematic and efficient. The unit
and business development. The Institute has equipment and
PTT Public Company Limited
PTT Public Company Limited
was developed, and in 2023 a new fuel product formula
of PTT Group a lab to mold cells at bench scale and pilot scale. Furthermore, of Carbon Capture & Sequestration and plans to implement handles general support including public dissemination
56-1 One Report 2023
was launched under the name XtraSave with nozzle
56-1 One Report 2023
2. Risk Management the Institute works on capacity-strengthening for technical due it as a national pilot project in the Gulf of Thailand. of research outcomes and innovation, community relations
cleaning feature and higher acceleration for Gasohol 95,
3. Driving Business towards Sustainability diligence tasks for investment in renewables namely wind, the Institute has also studied and developed the T-VER work, procurement, and the overall administration of
E20, and diesel.
4. Management’s Discussion and Analysis and solar, to expand the renewables portfolio of PTT Group Methodology for carbon credit certification of CCS and the Institute itself.
in Thailand and internationally. Future Energy projects to support PTT Group’s Net Zero
(MD&A) In addition, PTT Innovation Institute has laboratories to
strategy. PTT Innovation Institute is certified ISO 14001 for its
5. General Information provide fuel-related technical services and lubricants
In addition, PTT has realized the importance of related environmental management system, ISO 45001 by
and Other Important Information for machinery and vehicles for PTT Group and external
entities. This is to support research, solutions, analysis and businesses which necessary to build the foundation for Strategic Plan and Innovation the Management System Certification Institute (Thailand)
(MASCI), and TISI 17025 from the Thai Industrial Standards
Section 2 test, and standard setting. The Institute offers consultancy the country. Therefore, a working group has been set up Management
to drive business in both hydrogen and smart electronics. Institute (General Requirement for the Competence of Testing
Corporate Governance and keeps a database of related research. There is
and Calibration Laboratories).
a state-of-the-art Automotive Lab for testing and Research and innovation management plays an important
Section 3 benchmark testing against international standards, testing, Environment Technology part in shaping the direction, tracking performance, and
Financial Report and evaluation of vehicle and engine performance, Research steering PTT Innovation Institute’s work towards outcomes
combustion, and pollution emissions from different efficiently. Managing research and innovation consists of
fuel types. In 2023, the testing laboratory was certified Beyond business perspective, PTT upholds environmental strategic planning and innovation management, intellectual
Attachment
by the Thai Industrial Standards Institute as an industrial conservation. It has conducted R&D in environment property management, Innovation and Collaboration Strategy,
product inspection unit according to Section 5 of management to mitigate and prevent impacts of PTT commercial technology work, knowledge management, and
the Industrial Standards Act B.E. 2511 in testing Euro 5 operations, to ensure sustainability in PTT Group’s sustainable other support.
standard vehicles, which will be enacted in 2024. In addition, growth in line with the Net Zero goal of the organization and
the Institute has expanded the testing laboratory capability Thailand, generating Circular Economy. The Institute provides
to test batteries for EVs to support the expansion of the EV R&D services, development, and application of environmental
business in the future. technology and products to PTT Group and external parties.
Section
(MD&A)
Section 3
Section 2
1
Attachment
Contents
of PTT Group
PTT Information
Financial Report
Financial Highlights
2. Risk Management
Economic, Petroleum
5. General Information
Achievement Highlights
Awards and Recognition
Corporate Governance
56-1 One Report 2023
PTT Public Company Limited
and Other Important Information
Vision, Mission and PTT Values
Message from the Board of Directors
1. Structure and Business Operations
and Petrochemical Review and Outlook
3. Driving Business towards Sustainability
Business Operations and Performance
4. Management’s Discussion and Analysis
56-1 One Report 2023
110
PTT Public Company Limited
1.3.1
Section 1 Business Operations and Performance
through subsidiaries. The following structure illustrates the integration of our operations.
Shareholding Structure of PTT Group
economic prosperity, and organization sustainability in parallel with socio-environmental stewardship.
1.3 Shareholding Structure of PTT Group
1. Structure and Business Operations of PTT Group
on value added to its businesses as well as creating energy innovation. PTT has its own business operations and operates
Our operations cover the energy industry’s entire business value chain from upstream to downstream activities with an emphasis
PTT is a fully integrated national petroleum and petrochemical company with the mission to ensure national energy security,
Business Structure of PTT Group Companies
Upstream Petroleum and Gas Business Group Downstream Petroleum Business Group New Business and Infrastructure Group Other Businesses
Gas Business International Trading Business • Innovation and New Business PTT Treasury Center Co., Ltd. (PTT TCC) 100.00%
• Supply and Distribution • Crude oil and condensate • Engineering and Infrastructure PTT Global Management Co., Ltd. (PTTGM) 100.00%
• Gas Separation Plant • Refined oil product and LPG • Innovation Institute Veolia Sustainable Solution (Thailand) 40.00%
• Distribution Pipeline • LNG and alternative products Co., Ltd. (VSS)
• NGV • Petrochemical product, chemical, and solvent Business Services Alliance Co., Ltd. (BSA)2/ 25.00%
• Commercial and Marketing Management • Derivatives Sarn Palung Social Enterprise Co., Ltd. (SPSE) 20.00%
Gas Transmission Business • International Chartering Energy Complex Co., Ltd. (EnCo) 50.00% Dhipaya Group Holdings Plc. (TIPH)1/ 13.46%
1/
Global Power Synergy Plc. (GPSC) 47.27%
CHCJ EQ LLC (CHCJ) 43.73%
PTT Energy Solutions Co., Ltd. (PTTES) 40.00%
PTT LNG Co., Ltd. (PTTLNG) 100.00% PTT International Trading Pte. Ltd. (PTTT) 100.00% District Cooling System and Power Plant 35.00%
Section 1 Business Operations and Performance
PTT Energy Resources Co., Ltd. (PTTER) 100.00% PTT International Trading London Ltd. 100.00% Co., Ltd. (DCAP)
PTT Green Energy Pte. Ltd. (PTTGE) 100.00% (PTTT LDN) VISUP Co., Ltd. (VISUP) 22.22%
PTT Digital Solutions Co., Ltd. (PTT DIGITAL) 20.00%
PTT Exploration and Production Plc. 63.79% PTT International Trading USA Inc. 100.00%
NTG Holdings Pte. Ltd. (NT) 14.22%
(PTTEP)1/ (PTTT USA)
InnoSpace (Thailand) Co., Ltd. (InnoSpace) 13.61%
PTT Natural Gas Distribution Co., Ltd. 58.00%
3/
HG Robotics Co., Ltd. (HG ROBOTICS) 9.47%
(PTTNGD)
Sunfolding, Inc. (Sunfolding) 5.81%
Trans Thai-Malaysia (Thailand) Co., Ltd. 50.00%
Shenzhen Immotor Technology Co., Ltd. 3.05%
(TTM(T))3/ Petrochemical and Refining Business
(Immotor)
Trans Thai-Malaysia (Malaysia) Sdn. Bhd. 50.00%
Baania (Thailand) Co., Ltd. (Baania) 2.63%
(TTM(M))3/ PTT Tank Terminal Co., Ltd. (PTT TANK) 100.00%
6K, Inc. (6K) 1.30%
Map Ta Phut Air Products Co., Ltd. (MAP)3/ 49.00% PTT Global Chemical Plc. (GC)1/ 45.18% Ample, Inc. (Ample) 1.13%
IRPC Plc. (IRPC)1/ 45.05% Luminar Technologies, Inc. (Luminar) 0.08%
Thai Oil Plc. (TOP)1/ 45.03%
Own Operations Investment in PTT Group
Oil and Retail Business
1. Structure and Business Operations of PTT Group
Remarks:
1/
Information as of December 31, 2023. (All figures are presented by PTT’s portion.)
PTT Oil and Retail Business Plc. (OR) 75.00%
1/ These 7 listed companies are registered in The Stock Exchange of Thailand.
2/ BSA is a wholly owned subsidiary as PTT holds all common shares of BSA.
3/ Shareholding in these subsidiaries is a joint investment in other businesses.
Details are in Supplementary of 56-1 One Report for the year 2023.
56-1 One Report 2023
111
PTT Public Company Limited
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Create Value through Business Chain
UPSTREAM INTERMEDIATE DOWNSTREAM END CUSTOMERS
Contents
LNG
Terminal
Vision, Mission and PTT Values
PTT Information LNG Exploration
Liquefied Gas Distribution
&
and Industry
Production Natural Gas Separation Pipeline
Financial Highlights
GAS Procurement Plants
Achievement Highlights
CHAIN
Electricity
Awards and Recognition Natural Gas Gas Transmission Power Plants
Pipeline
Message from the Board of Directors
112 NGV
113
NGV Station
Economic, Petroleum
and Petrochemical Review and Outlook
Section 1 Crude and Petroleum Oil PTT
Transportation
PETROLEUM
Petroleum Products and Station
Business Operations and Performance Products Logistics Biofuel
& OIL Crude Oil
LPG for Household/
1. Structure and Business Operations Transportation
CHAIN
PTT Public Company Limited
PTT Public Company Limited
and Petroleum Trading Industrial Use
of PTT Group Procurement Refineries LPG
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management Lubricant
Lube Base Plants
3. Driving Business towards Sustainability
4. Management’s Discussion and Analysis
(MD&A) End Products
5. General Information
PETROCHEMICAL Olefins and Polymer Plastic
and Other Important Information CHAIN Aromatics Plants Resins Export Market
& OTHERS Plants
Bio-Plastic
Section 2 Biodiesel Resins
Corporate Governance Plants and Health and
Ethanol Plants Hygiene Products
Section 3
Life Science
Financial Report
Attachment FUTURE ENERGY
& BEYOND
Renewable EV Value Chain, Hydrogen High Value Business AI, Robotics Logistics Lifestyle
Energy Energy Storage and Digitalization
and System Related Pharmaceutical Medical Device Nutrition
and Technology
INFRASTRUCTURE
Environmental Management/ Asset Management Wangchan
Sustainability Management/ and Facility Valley
Project Consultancy & Engineering Management
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
Top 10 shareholders (as of October 5, 2023) are as follows:
PTT Public Company Limited 1.3.2 Parties with Conflict of Interest
-None- No. Name Shares %
1. Ministry of Finance 14,598,855,750 51.111
Contents 1.3.3 Relations with Major Shareholders’ Business Group 2. Vayupak Fund 1 by MFC Asset Management Plc. 1,736,895,500 6.081
Vision, Mission and PTT Values 3. Vayupak Fund 1 by Krungthai Asset Management Plc. 1,736,895,500 6.081
PTT is a state enterprise, with the government through the Ministry of Finance as its major shareholder, under the supervision
PTT Information of the Ministry of Energy. Its business operations must also comply with the National Energy Policy Council Act B.E. 2535 4. Thai NVDR Co., Ltd. 1,176,890,806 4.120
(1992) with the supervision of the National Energy Policy Council (NEPC). As a state enterprise, the public sector can supervise
Financial Highlights 5. SOUTH EAST ASIA UK (TYPE C) NOMINEES LTD. 515,807,753 1.806
its operations in compliance with national energy, economic, and social policies.
Achievement Highlights 6. Federation of Savings and Credit Cooperative of Thailand Ltd. 490,063,300 1.716
7. Social Security Office 456,149,900 1.597
Awards and Recognition
1.3.4 Shareholders
Message from the Board of Directors 8. STATE STREET EUROPE LTD. 365,440,285 1.279
114 115
The following table illustrates PTT’s shareholding structure as of October 5, 2023, the record date for the 2023 interim 9. Electricity Generating Authority of Thailand Saving and Credit Cooperative Ltd. 349,476,100 1.224
Economic, Petroleum
dividend payment.
and Petrochemical Review and Outlook 10. THE BANK OF NEW YORK MELLON 329,620,728 1.154
Total 21,756,095,622 76.169
1
Item Shares (million) THB million %
Section
Registered Capital 28,562.9 28,562.9 - Remarks:
Business Operations and Performance
- Shareholders of Thai NVDR Co., Ltd., who hold non-voting depository receipts (NVDR) in No. 4, are ineligible for voting at shareholders’
Paid-up capital (as of October 5, 2023) 28,562.9 28,562.9 100.000
meetings except when exercising their voting rights on delisting the shares from SET.
1. Structure and Business Operations • Ministry of Finance 14,598.9 14,598.9 51.111
PTT Public Company Limited
PTT Public Company Limited
- Number 5 is a nominee account. PTT’s investigation at Thailand Securities Depository Co., Ltd. (TSD) found that the ultimate shareholder’s
of PTT Group • Vayupak Fund 1 by MFC Asset Management Plc. 1,736.9 1,736.9 6.081 names could not be disclosed. However, the Ministry of Finance remained the sole majority shareholder on behalf of the State, which in part
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management • Vayupak Fund 1 by Krungthai Asset Management Plc. 1,736.9 1,736.9 6.081 dictates PTT’s management policy. The ministry nominated directors to the Board for approval by shareholders. Other substantial
• Institutions and public investors 10,490.2 10,490.2 36.727 shareholders, including Number 5 exercise no influence over PTT’s management policy formulation, including director nomination.
3. Driving Business towards Sustainability
4. Management’s Discussion and Analysis Unpaid Capital - - -
(MD&A)
5. General Information
and Other Important Information
Section 2
Corporate Governance
Section 3
Financial Report
Attachment
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited 1.4 Registered and Paid-up Capital Unsecured, Unsubordinated Domestic Debentures
Amount
1.4.1 Common Shares Symbol
Issuance Maturity
Date Date
Tenor (THB
Annual
Coupon Rate (%)
Terms
million)
Contents As of December 31, 2023, PTT’s registered capital totaled THB 28,562,996,250, consisting of 28,562,996,250 common shares PTTC243A Mar. 6, Mar. 6, 15 years 14,9671/ Year 1 - 5, 5.00 • Debenture holders can redeem
at THB 1 per share. These shares represented THB 28,562,996,250 in paid-up capital, or 28,562,996,250 common shares. 2009 2024 Year 6 - 8, 6.20 at the end of the 8th year.
Vision, Mission and PTT Values
Year 9 - 15, 6.80
PTT Information
1.4.2 Other Shares with Different Terms or Rights from (semi-annually)
Financial Highlights
Common Shares PTTC247A Jul. 31, Jul. 31, 15 years 9,3872/ Year 1 - 5, 4.25 • Debenture holders can redeem
Achievement Highlights 2009 2024 Year 6 - 10, 5.50 at the end of the 10th year.
Year 11 - 15, 5.75
-None-
Awards and Recognition
(semi-annually)
Message from the Board of Directors
116 1.4.3 PTT’s Shares or Convertible Securities as PTTC248A Aug. 6, Aug. 6, 3 years 15,000 0.96 - 117
Economic, Petroleum 2021 2024 (semi-annually)
and Petrochemical Review and Outlook
Underlying Securities for Issuing Mutual Funds for
PTTC254A Apr. 8, Apr. 8, 3 years 8,000 1.79 -
Foreign Investors 2022 2025 (semi-annually)
Section 1 -None- PTTC255A May 10, May 10, 2 years 1,000 2.31 -
Business Operations and Performance 2023 2025 (semi-annually)
PTTC257A Jul. 2, Jul. 2, 5 years 3,000 2.05 -
1. Structure and Business Operations
1.5 Issuance of Other Securities
PTT Public Company Limited
PTT Public Company Limited
2020 2025 (semi-annually)
of PTT Group
56-1 One Report 2023
56-1 One Report 2023
PTTC268A Aug. 6, Aug. 6, 5 years 15,000 1.31 -
2. Risk Management
2021 2026 (semi-annually)
3. Driving Business towards Sustainability
1.5.1 Convertible Securities PTTC277A Jul. 24, Jul. 24, 7 years 13,000
3/
2.85 -
4. Management’s Discussion and Analysis
2020 2027 (semi-annually)
(MD&A) -None-
PTTC27OA Apr. 8, Oct. 8, 5.5 years 3,000 2.45 -
5. General Information
2022 2027 (semi-annually)
and Other Important Information 1.5.2 Debt Securities 4/
PTTC288A Aug. 6, Aug. 6, 7 years 5,000 1.79 -
2021 2028 (semi-annually)
Section 2 Bonds and Debentures
Corporate Governance PTTC295A May 27, May 27, 7 years 20,000 3.25 -
2022 2029 (semi-annually)
As of December 31, 2023, PTT had THB 143,354 million of Baht-denominated debentures and U.S. dollar denominated
Section 3 debentures issued by PTT and PTT Treasury Center Co., Ltd. (PTT TCC), which are guaranteed by PTT, equivalent to PTTC307A Jul. 2, Jul. 2, 10 years 2,0005/ 2.84 -
Financial Report THB 53,933 million. The detail is summarized as follows: 2020 2030 (semi-annually)
PTTC318A Aug. 6, Aug. 6, 10 years 8,000 2.37 -
Attachment
Amount Redemption 2021 2031 (semi-annually)
Debentures Guarantee
(THB million) Date
PTTC344A Apr. 8, Apr. 8, 12 years 9,000 3.47 -
Domestic debentures1/ 143,354 2024 - 2110 None 2022 2034 (semi-annually)
Foreign debentures 2/ 3/
53,933 2035 - 2070 None
Total 197,287
Remarks:
1/ Fitch Rating’s national rating of PTT long-term debentures at “AAA (tha).”
2/ Moody’s rating of PTT and PTT TCC foreign debentures at “Baa1.”
3/ S&P’s international rating of PTT and PTT TCC foreign debentures at “BBB+.”
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited Amount Amount
Issuance Maturity Annual Issuance Maturity Annual
Symbol Tenor (THB Terms Symbol Tenor (THB Terms
Date Date Coupon Rate (%) Date Date Coupon Rate (%)
million) million)
PTTC357A Jul. 2, Jul. 2, 15 years 6,000 3.20 - USD Bond Oct. 25, Oct. 25, 30 years 8,271
11/
4.50 • Debenture holders have right to
20128/
Contents 2020 2035 (semi-annually) 2012 2042 (semi-annually) exercise put option in the event that
(i) the Thai Government, directly
PTTC457A Jul. 2, Jul. 2, 25 years 7,000 3.74 -
or indirectly, ceases to own
Vision, Mission and PTT Values 2020 2045 (semi-annually)
and control at least 50% of PTT’s
6/
PTT Information PTTC10DA Dec. 2, Dec. 2, 100 years 4,000 5.90 • Debenture holders can redeem issued and outstanding capital stock
2010 2110 (semi-annually) at the end of 50th and 75th years, and (ii) within 180 days from the date
Financial Highlights
and other cases as defined of such decrease in ownership,
Achievement Highlights in the Indentures. PTT’s Credit Rating is reduced below
such Credit Rating immediately prior
Awards and Recognition Total 143,354
to the occurrence of such change of
Message from the Board of Directors control as defined in debentures
118 119
prospectus and related documents.
Economic, Petroleum Unsecured, Unsubordinated Foreign Debentures
• PTT has right to exercise call option
and Petrochemical Review and Outlook
(Make-whole Redemption) as defined
Amount in debentures prospectus and related
Issuance Maturity Annual
Section 1 Symbol
Date Date
Tenor (THB
million)
Coupon Rate (%)
Terms
documents.
Business Operations and Performance USD Bond Oct. 24, Aug. 3, 15 years 8,424
12-13/
5.875 • Debenture holders have the right to
USD Bond Aug. 3, Aug. 3, 30 years 1,832
10/
5.875 • Debenture holders have right to
20197-9/ 2019 2035 9 months (semi-annually) exercise put option in the event that
20057/ 2005 2035 (semi-annually) exercise put option in the event that
1. Structure and Business Operations 10 days (i) the Thai Government, directly
(i) the Thai Government, directly
PTT Public Company Limited
PTT Public Company Limited
of PTT Group or indirectly, ceases to own
or indirectly, ceases to own
56-1 One Report 2023
56-1 One Report 2023
and control at least 50% of PTT’s
2. Risk Management and control at least 50% of PTT’s
issued and outstanding capital stock
3. Driving Business towards Sustainability issued and outstanding capital stock
and (ii) within 180 days from the date
and (ii) within 180 days from the date
4. Management’s Discussion and Analysis of such decrease in ownership,
of such decrease in ownership,
(MD&A) PTT’s Credit Ratings is reduced below
PTT’s Credit Rating is reduced below such Credit Rating immediately prior
5. General Information such Credit Rating immediately prior to the occurrence of such change of
and Other Important Information to the occurrence of such change of control as defined in debentures
control as defined in debentures prospectus and related documents.
Section 2 prospectus and related documents. 14/
Oct. 24, Oct. 25, 23 years 11,335 4.50 • Debenture holders have right to
Corporate Governance 2019 2042 1 day (semi-annually) exercise put option in the event that
(i) the Thai Government, directly
Section 3 or indirectly, ceases to own
Financial Report and control at least 50% of PTT’s
issued and outstanding capital stock
Attachment and (ii) within 180 days from the date
of such decrease in ownership, PTT’s
Credit Ratings is reduced below such
Credit Rating immediately prior to
the occurrence of such change of
control as defined in debentures
prospectus and related documents.
• PTT has right to exercise call option
(Make-whole Redemption) as defined
in debentures prospectus and related
documents.
Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group Section 1 Business Operations and Performance 1. Structure and Business Operations of PTT Group
56-1 One Report 2023
PTT Public Company Limited 10/ PTT engaged in a cross-currency swap from dollar-denominated debentures worth USD 53.297 million to Baht-denominated ones worth
Amount
Issuance Maturity Annual THB 1,749.21 million at a fixed rate to a lower fixed rate on the Baht-denominated principal. The swap will end on August 3, 2035.
Symbol Tenor (THB Terms
Date Date Coupon Rate (%) 11/ PTT engaged in an interest rate swap worth USD 240 million at a fixed rate to a floating rate based on the long-term USD reference rate.
million)
The swap will end on October 25, 2025.
USD Bond Jul. 16, Jul. 16, 50 years 24,071 3.70 • Debenture holders have right to 12/ PTT entered into a cross-currency swap worth USD 144.955 million to Baht-denominated ones worth THB 4,486.50 million, with a fixed
Contents 20209/ 2020 2070 (semi-annually) exercise put option in the event that interest rate to a floating rate of Compounded THOR + a fixed rate per year on the Baht-denominated principal which will end on
(i) the Thai Government, directly August 3, 2035.
Vision, Mission and PTT Values or indirectly, ceases to own 13/ PTT entered into a cross-currency swap from dollar-denominated debentures worth USD 100 million to Baht-denominated ones worth
and control at least 50% of PTT’s THB 3,230 million from a fixed to a lower fixed rate on the Baht-denominated principal which will end on August 3, 2035.
PTT Information 14/ PTT engaged in an interest rate swap of USD 200 million from a fixed to a floating rate of Compounded SOFR + a fixed rate per year on
issued and outstanding capital stock
Financial Highlights USD principal and the long-term USD reference rate which will end on October 25, 2030.
or PTT ceases to own and control,
Achievement Highlights directly or indirectly, at least 99% of
PTT TCC’s issued and outstanding Short-term Bills of Exchange
Awards and Recognition
capital stock and (ii) within 180 days
Message from the Board of Directors from the date of such decrease in As of December 31, 2023, there was no outstanding of short-term bill of exchange.
120 121
Economic, Petroleum ownership, PTT’s Credit Ratings
and Petrochemical Review and Outlook is reduced below such Credit Rating
immediately prior to the occurrence 1.6 Dividend Policy
of such change of control as defined
Section 1 in debentures prospectus and related
Business Operations and Performance documents. PTT
• PTT has right to exercise call option
1. Structure and Business Operations (Make-whole Redemption) as defined PTT has a policy to pay dividend of not less than 25% of net income after deducting all provisional reserves required by
PTT Public Company Limited
PTT Public Company Limited
of PTT Group in debentures prospectus and related law and PTT. While the net income is based on the consolidated financial statements, dividend payment is subject to future
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56-1 One Report 2023
2. Risk Management documents. investment plans, necessities, and suitability. Once the Board has decided on the annual dividend payment, it must seek
3. Driving Business towards Sustainability Total 53,933 approval from the shareholders’ meeting. An exception is for interim dividend payment, which the Board can approve and
report to the next shareholders’ meeting.
4. Management’s Discussion and Analysis
Remarks:
(MD&A) 1/ PTT engaged in an interest rate swap from Baht-denominated debentures worth THB 2 billion at a fixed rate to a Fallback Rate
5. General Information (THBFIX) + a fixed rate per year on the Baht-denominated principal. The swap will end on March 6, 2024.
Subsidiaries
and Other Important Information 2/ PTT engaged in an interest rate swap from Baht-denominated debentures worth THB 6 billion at a fixed rate to a floating rate based on
a long-term USD reference rate. The swap will end on July 31, 2024. Each subsidiary may proceed with dividend payment by taking into account its remaining cash flow in comparison with the
3/ PTT engaged in an interest rate swap from Baht-denominated debentures worth THB 13 billion at a fixed rate to a floating rate of investment capital. If the cash flow is substantial enough after legal provisions, the subsidiary may consider proceeding with
Section 2 Compounded THOR + a fixed rate per year on the Baht-denominated principal. The swap will end on July 24, 2027. dividend payment on a case-by-case basis.
Corporate Governance 4/ PTT engaged in an interest rate swap from Baht-denominated debentures worth THB 5 billion at a fixed rate to a floating rate of
Compounded THOR + a fixed rate per year on the Baht-denominated principal. The swap will end on August 6, 2028.
PTT Dividend Payment
Section 3 5/ PTT engaged in an interest rate swap from Baht-denominated debentures worth THB 2 billion at a fixed rate to lower fixed rate.
Financial Report The swap will end on July 2, 2030.
6/ PTT engaged in an interest rate swap from Baht-denominated debentures worth THB 4 billion at a fixed rate to a floating rate of 2021 2022 2023
Compounded THOR + a fixed rate per year on the Baht-denominated principal. The swap will end on December 2, 2031.
Attachment Earnings per share (THB/share) 3.79 3.20 3.92
7/ In 2019, PTT exercised liability management by repurchasing its USD bonds (USD Bond 2005) in the amount of USD 244.955 million,
and PTT TCC reissued new USD bonds (USD Bond 2019), guaranteed by PTT in the same amount of USD 244.955 million. The current Dividend per share (THB/share) 2.00 2.00 2.00
PTT’s USD bonds 2005’s outstanding is USD 53.297 million.
Dividend payout ratio (%) 53 63 51
8/ In 2019, PTT exercised liability management by purchasing its USD bonds (USD Bond 2012) in the amount of USD 330.09 million, and
PTT TCC reissued new bonds (USD Bond 2019) guaranteed by PTT. The current USD bond 2012’s outstanding is USD 240.51 million.
In 2023, PTT exercised liability management by purchasing PTT TCC’s reissued debentures in the amount of USD 0.47 million. The current
PTT’s USD Bond 2019 outstanding is USD 329.62 million.
9/ PTT TCC issued the bonds guaranteed by PTT. The guarantee’s maximum liability will be capped at an amount equal to 125% of the
outstanding of PTT TCC’s bond. The guarantee amount for USD Bond 2019 series maturity on August 3, 2035 and October 25, 2042
are USD 306 million and USD 412 million, respectively. Also, USD 875 million is the maximum guarantee for USD Bond 2020 with maturity
on July 16, 2070.
Section 1 Business Operations and Performance 2. Risk Management Section 1 Business Operations and Performance 2. Risk Management
56-1 One Report 2023
PTT Public Company Limited Risk Management Committee (ERMC) are responsible for and staff. PTT also conducts an annual survey to gauge
overseeing corporate risk management. A quarterly report employee opinions and understanding. In 2023, PTT
will be provided to update the relevant committees organized additional activities by running a GRC Knowledge
2. Risk Management on the progress of the Governance, Risk, and Compliance Awareness Workshop, publishing GRC policy and knowledge.
(GRC) plan, allowing for the evaluation of its efficacy Additionally, channels for employees to access the risk
Contents
and efficiency. management policy, enterprise risk management manual,
and public relations materials have been expanded through
Vision, Mission and PTT Values
Risk Management Structure the Risk Management Dashboard (RMD) system.
PTT Information
Financial Highlights To guarantee that risk management plans are efficient,
Achievement Highlights 2.1 Risk Management
effective, and in line with business goals and strategies, 2.2 Risk Factors Facing
PTT systematically controls risks through a variety of
Awards and Recognition
Policy and Plans management committees and integrates risk management
PTT’s Businesses
Message from the Board of Directors with the creation of corporate plans. Executives who oversee
122 123
a certain function are in charge of operational risks. PTT identifies enterprise risk factors through an analysis of
Economic, Petroleum
and Petrochemical Review and Outlook
Risk Management Each unit’s job description outlines their responsibility for the Risk Universe, which covers both internal and external
managing and controlling risks to acceptable levels. factors, the organization’s key goals and strategies,
In recognition of the importance of risk management in the needs and expectations of stakeholders, and a variety
Section 1 the face of changes from both internal and external factors Risk Management Tools of other factors, including economic, social, political,
Business Operations and Performance that may affect the business, PTT has adopted the International technological, industrial, and competitor trends. Enterprise
Standard Committee of Sponsoring Organizations of the Treadway PTT implements corporate risk management policies that risk factors are as follows:
1. Structure and Business Operations Commission (COSO-ERM 2017) to continuously manage risks, are binding on all employees. It also uses a range of
PTT Public Company Limited
PTT Public Company Limited
of PTT Group a crucial part of all PTT’s business processes that need risk management tools, including risk appetite assessment,
2.2.1 Current and Emerging
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2. Risk Management to be thoroughly linked. PTT has integrated Governance, Risk, risk map assessment and prioritization, mitigation plan
3. Driving Business towards Sustainability and Compliance (GRC) to support executives’ decision-making and key risk indicator (KRI) monitoring, and Monte Carlo Risks Facing
simulation technique to identify impacts on operating results
4. Management’s Discussion and Analysis
and to add value or help safeguard the company against risk
Businesses of PTT
factors that it encounters on a systematic and efficient basis. in the form of Value at Risk (VaR). To establish proactive
(MD&A)
risk management measures before having an impact on
or PTT Group
5. General Information
PTT currently has committees: the Corporate Governance PTT’s business operations, PTT also keeps an eye on changes
and Other Important Information and Sustainability Committee (CGSC) and the Governance Risk in important external factors and emerging risks. Strategic Risks
and Compliance Management Committee (GRCMC) to ensure
Section 2 effective governance, operational risk management, internal Risk Management Culture Strategic Direction
Corporate Governance control, legal compliance, adherence to corporate regulations,
sustainability management, and responsible engagement in To consistently enhance the effectiveness of enterprise Disruptive technology or innovation and global environmental
Risk
Section 3 social, community, and environmental operations, it is imperative risk management, PTT fosters awareness, cultivates a risk awareness have led to the concept of energy transition from
Financial Report to oversee the administration of ethical promotion, as well as management environment and culture throughout the conventional to new clean energy, which has had a significant
the prevention and repression of misconduct and corruption within organization, and emphasizes resource allocation by offering impact on PTT’s commercial operations. Consequently,
Attachment the operations of state enterprise agencies. This approach aims various GRC training courses and engaging in cultural PTT has established the strategic direction of PTT Group’s
to foster efficiency, transparency, and a concrete operational activities. These activities include a monthly GRC Talk corporate plan to accommodate shifts in the economy,
framework for state enterprise agencies, aligning with during the PTT Management Committee (PTTMC) meeting, society, energy, technology, and consumer behavior
the principles outlined in the National Strategy on Prevention the establishment of a regular agenda for line meetings, in line with the global megatrends in a timely manner
and Combating Corruption in the Public Sector. The Corporate Plan organization of a GRC Camp, and sharing senior executive to minimize effects on PTT’s business operations and future
and Risk Management Committee (CPRC) and the Enterprise interview clips as a Tone from The Top, both with executives performance.
Section 1 Business Operations and Performance 2. Risk Management Section 1 Business Operations and Performance 2. Risk Management
56-1 One Report 2023
PTT Public Company Limited PTT has directed its focus towards the AI, Robotics, When the investment is approved by the Board of Directors.
and Digitalization business including Logistic and Infrastructure PTT will follow up and report quarterly to the Investment
business in 2023, driven by its perception of significant Management Committee, PTT Management Committee,
future growth potential in these sectors. However, PTT faces and the Board of Directors to ensure that investments are
challenges due to a shortage of personnel with the necessary utilized for maximum benefit and efficiency. The Group’s
Contents
knowledge and understanding, as well as a lack of proprietary investment portfolio is regularly monitored and analyzed to
technology. Therefore, to mitigate the potential impact of risks improve operational performance and review investment
Vision, Mission and PTT Values
on its ability to run a successful business, PTT has developed plans. Importance is placed on the critical path to reduce
PTT Information prototypes to assess technology and gather feedback from risk levels to be under control, with scheduled completion,
Financial Highlights the market before scaling up to commercial production. under budget, of quality, and following laws and regulations.
Additionally, it has assembled and trained teams with
Achievement Highlights
specialized knowledge, while also actively seeking additional Personnel Development to
Awards and Recognition investment with potential partners.
Sustain Business Growth
Message from the Board of Directors
124 125
In terms of ESG risk, PTT conducts a comprehensive annual PTT expands its business through both domestic
Economic, Petroleum
assessment of the organization’s material topics using and international investments, explores opportunities in new
and Petrochemical Review and Outlook
the Double Materiality principle. This involves considering risks ventures, and leverages new technology and innovation
and opportunities that impact the environmental, society,
Section 1 and governance, with a focus on human rights throughout
to drive growth. However, PTT recognizes that a failure
to adequately prepare and develop its personnel to acquire
Business Operations and Performance the organization’s business processes (known as Impact expertise and experience in a timely manner could have
By 2030, PTT has targeted to build a portfolio of nine Creating a New S-Curve, exploring opportunities, Materiality). Additionally, PTT analyzes the influence of adverse effects on business operations and hinder
1. Structure and Business Operations million tons annually through the implementation of and developing new business formats such as investing in external factors on the organization’s financial performance
PTT Public Company Limited
PTT Public Company Limited
the achievement of long-term goals. Moreover, the ongoing
of PTT Group a liquefied natural gas (LNG) business plan across the whole Electric Vehicles, Renewable Energy, Life Sciences, Logistics (known as Financial Materiality). These key materiality factors digital and technology transformation are disrupting business
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56-1 One Report 2023
2. Risk Management supply chain. However, economic fluctuations, geopolitical and Infrastructure, as well as AI, Robotics, and Digitalization are served as input for organizational strategy determination operations across various industries. In response,
3. Driving Business towards Sustainability conditions, and changes in consumer behavior trends have businesses may pose operational risks, potentially leading and enterprise risk management processes, which are managed PTT actively promotes and encourages employees to be aware
led to a highly uncertain demand for energy. Energy to a slower alignment with the strategic direction according to the workflows of the responsible departments.
4. Management’s Discussion and Analysis and possess knowledge and understanding in technology,
prices, especially for LNG on the international market, and hindering the achievement of tangible success.
(MD&A) digital trends, and cybersecurity. It supports the utilization
are erratic as this fuel becomes increasingly important Therefore, each year at both PTT’s Top Executive Thinking Investment Risks
5. General Information of various technologies in the workplace and advocates
for preserving energy security and driving the country’s Session (TTS) and Strategic Thinking Session (STS),
for adjustments in core competencies to align with
and Other Important Information economy. As such, the government has a policy of natural the company has a brainstorming symposium to assess PTT has consistently pursued new ventures and expanded the organization’s vision, strategy, and direction. This includes
gas industry liberalization. Thailand is now liberalizing its vision, direction, and future business strategy to prepare its operations, both internally and through PTT Group firms, fostering adaptability to efficiently keep pace with changes,
Section 2 the natural gas industry in its second phase. Licenses for such developments. The risk management plan notwithstanding the possibility that the projected return prioritizing customer orientation by incorporating stakeholder
Corporate Governance have been granted by the government to eight natural gas and the business plan are integrated to create a five-year plan. on investment may fall short of expectations. To scrutinize needs into decision-making, and encouraging digital insight
suppliers and distributors in total. Apart from ensuring To make sure that operating results are in line with targets, decision-making, monitoring, and supervising investments to enhance knowledge and understanding of technology,
Section 3 energy security, PTT’s responsibilities also include PTT also organizes monthly meetings of PTT Group executives of PTT and PTT Group companies, PTT has established tools, methods, challenges, and new trends, ultimately
Financial Report boosting its competitiveness to grow its market share of to discuss short-term strategies and make adjustments regulations on investment criteria, budget management, accelerating individual and team effectiveness. The PTT
LNG by extending the market’s reach both domestically to the business plan in light of the group’s performance. and investment supervision guidelines for companies Leadership and Learning Institute (PLLI) develops employees’
Attachment and globally while preserving its initial market share. in which PTT holds shares. These regulations are based on competencies through training and provides essential
To foster collaboration within the Group and propel a Strategic Investment Management (SIM) process, which knowledge, understanding, and in-depth skills for
operations toward the Group’s objectives, PTT has also involves an Investment Management Committee made up each business area via the Functional Academy and on-the-job
worked with PTT Group companies to form committees of executives with a variety of backgrounds. The Committee training.
and working groups on commercial LNG business operations. reviews investments before recommending them to
the PTT Management Committee for endorsement
and requesting investment approval from the Board of Directors.
The Enterprise Risk Management Committee must review
and provide feedback on high-value or significant-risk assets
to support the Board of Directors’ investment decisions.
Section 1 Business Operations and Performance 2. Risk Management Section 1 Business Operations and Performance 2. Risk Management
56-1 One Report 2023
PTT Public Company Limited Furthermore, PTT has established a structure that facilitates • Study climate change risks and opportunities, adhering Reputation Risks • PTT Group Innovation for Community Project aims
its operations and assigns staff according to business unit to the guidelines of the Task Force on Climate-related to support the grassroots economy in 45 areas in
requirements. Through career management mechanisms, Financial Disclosures (TCFD) and considering different The environment is changing rapidly and becoming 29 provinces, which has set significant outcomes for
employee management is conducted by considering workforce climate scenarios, to assess potential impacts on more interconnected, leading various operations, including communities to increase their net income by at least
plans, identifying critical job positions, and creating individual business operations and formulate concrete climate corporate reputation risks, to inevitably affect each other. 10% and more than THB 5,000 per household
Contents The business sector must rethink how to sustain growth
development plans to help staff members in each profession management strategies, including transparent per month. Smiling innovation learning centers
gain expertise, foster leadership development, and promote information disclosure to investors. and manage risks in the long run. In addition to generating comprising 6 prototypes and 4 self-sufficiency innovation
Vision, Mission and PTT Values substantial turnover, businesses must be adaptive to meet
learning within the holistic view of the PTT Group. This ensures • Announce the intention to achieve Carbon Neutrality centers were completely established to serve as
PTT Information that PTT has enough qualified executives and staff to support by 2040 and Net Zero Emissions by 2050. Establish clean the needs and expectations of all stakeholders appropriately community learning resources for their career extension.
and timely to achieve their goals.
Financial Highlights the company’s future business growth. growth targets to reduce greenhouse gas emissions In addition, PTT has developed over 45 potential
by 15% by 2030 compared to the baseline year of 2020, community products and selected them for distribution
Achievement Highlights To fulfill its mission of caring for stakeholders, PTT effectively
In new business, where staff members might lack sufficient constituting one-third of PTT Group’s long-term targets. through smile community platform, as well as
Awards and Recognition experience or knowledge, PTT has updated its recruitment • Establish 3P Decarbonization Pathways linked to the manages stakeholder relationships and consistently refines continuously developing 6 community-based tourist
and enhances its practices by adhering to stakeholder
Message from the Board of Directors guidelines for competent personnel with relevant experience organization’s long-term goals, including: attractions nationwide to raise standards and gain
126 engagement standards such as the AA1000 Stakeholder 127
and expertise. Additionally, PTT establishes connections • Pursuit of Lower Emissions: Reducing greenhouse international recognition.
Economic, Petroleum Engagement Standard 2015 (AA1000 SES) and the State
with external organizations both domestic and international, gas emissions within the production process • Smile Community Project, PTT promotes community
and Petrochemical Review and Outlook
including educational institutions and alumni associations that • Portfolio Transformation: Shifting the direction of Enterprise Assessment Model (SE-AM). The SE-AM product distribution through both online and offline
have courses relevant to PTT’s business needs. Furthermore, business operations to focus on future energy growth serves as evaluation criteria, focusing on stakeholder channels, with 1,400 SKUs from 450 communities
Section 1 PTT has organized activities to build relationships with and increase the proportion of renewable energy and customer engagement, assessing operational processes, nationwide, as well as push the project’s products
Business Operations and Performance potential applicants, such as PTT Career Day, Career production. and evaluating the management enablers of state through various activities and campaigns such as
Ambassador, and internships. Knowledge management • Partnership with Nature and Society: Increasing enterprises. This approach is aimed at fostering sustainable “Young Influencer Challenge Thailand 2023: Invite U to
1. Structure and Business Operations is implemented for Mid-Career employees hired to work in carbon dioxide absorption and storage through growth and earning the trust of society. Create a Smile”. PTT, in collaboration with Pracharath
PTT Public Company Limited
PTT Public Company Limited
of PTT Group new businesses. This involves sharing knowledge among forest planting and maintenance. Rak Samakkee Rayong (Social Enterprise) Co., Ltd.
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2. Risk Management groups of employees who collaborate to retain knowledge • Establish the PTT Group Net Zero Task Force (G-NET) PTT compiles and analyzes stakeholders’ needs, and Tellscore Co., Ltd., organized a competition to create
within PTT. to provide a well-defined framework for enhancing expectations, and concerns derived from stakeholder marketing plans and distribute community products in
3. Driving Business towards Sustainability
climate change solutions and set goals and actions opinion surveys on business operations, as well as insights community projects through 30 youth teams from
4. Management’s Discussion and Analysis
from employees directly involved in stakeholder care,
(MD&A) Climate Change Risks through various support mechanisms to effectively 10 leading universities in Thailand to provide opportunities
achieve Net Zero Emissions. and considers megatrends to synthesize critical issues for youths to develop online selling skills for community
5. General Information between stakeholders and PTT. Once identified,
The global community is growing more conscious of • Improve the investment consideration criterion products.
and Other Important Information
by adopting a carbon price mechanism to support PTT designates relevant units to formulate a stakeholder • PTT Group Model School Project, PTT has mobilized
climate change. For instance, Thailand stated its stance
projects aimed at reducing greenhouse gas emissions management plan, reporting outcomes to the ERMC PTT Group’s strengths and knowledge to develop
and specific objectives toward achieving net-zero greenhouse
Section 2 and overseeing the execution of projects emitting quarterly and incorporating the committee’s opinions education under the concept of “STEEM 4E” in
gas emissions in the Paris Agreement, an agreement made
Corporate Governance greenhouse gases. and suggestions for operational enhancements. An annual collaboration with Kamnoetvidya Science Academy
under the United Nations Framework Convention on
evaluation of stakeholder engagement is also conducted School and Vidyasirimedhi Institute of Science and
Climate Change to set measures to reduce greenhouse
Section 3 to assess operations for the subsequent year. Technology to develop children with academic skills
gas emissions at the 26th Conference of the Parties (COP).
Financial Report (Science, Technology, Engineering, Mathematics (STEM)
Investors and financial institutions have adopted climate
In 2023, PTT revised its plans to promptly address and English (E) = STEEM)) and encourage schools to
change risk and opportunity management as one of
Attachment stakeholders’ needs, expectations, and concerns amidst apply them in teaching and learning or 4E, including
the factors for investing in businesses that have an impact on
changing circumstances. This adjustment aims to meet Ethics and growth mindset, Entrepreneurship, Energy
the environment, especially in the energy business based on
stakeholder needs swiftly, minimize risks to its reputation, literacy, and Environmental awareness. In 2023,
petroleum-based production. The policies will be
and enhance the overall image of the organization. It reflects the STEEM+4E program was implemented in 109 schools,
communicated through the Ministry of Energy to reorient its
PTT’s commitment to contribute to society comprehensively with the development of 24 model teachers divided
operation, PTT has put in place the following mitigating
through the implementation of various projects. into 10 STEM model teachers, 14 English model teachers,
and control measures:
and 11 4E model schools.
Section 1 Business Operations and Performance 2. Risk Management Section 1 Business Operations and Performance 2. Risk Management
56-1 One Report 2023
PTT Public Company Limited • Vetiver Development and Campaign Project under as planned, resulting in lowered natural gas production in PTT’s price risk management policy and procedures trade staff must closely monitor the market situation to adjust
the Initiative of His Majesty the King, PTT in collaboration the initial stage and impacting the continuity of gas production are formulated and approved by the Enterprise Risk strategies accordingly, along with upgrading measures
with the Chaipattana Foundation, the Office of the Royal from the gas fields, which would affect the business Management Committee, PTT Management Committee, to control risks in relation to trading partners to prevent
Development Projects Board (ORDPB), and the performance of PTT. and Hedging Committee. For PTT Group companies, the possibility of default due to a lack of liquidity in business
Department of Land Development implement PTT management serves as a representative on each operations. For example, changing payment terms from
Contents
a project to expand the use of vetiver for soil In addition, the unrest in Myanmar may result in the risk of company’s corporate risk management committee Open Credit to collateral calls as soon as negative information
and water conservation by organizing training sessions on natural gas delivery disruption from fields in Myanmar to oversee risk management procedures that are consistent is received on the credit status of business partners,
Vision, Mission and PTT Values
vetiver planting and handicrafts from vetiver leaves, to Thailand. PTT has thus formulated risk management with PTT Group Policy. PTT is in charge of monitoring establishing measures to warn and monitor abnormalities
PTT Information as well as organizing contests for planting and business continuity plans by establishing a team to work PTT Group companies to regularly report PTT Group’s in various aspects, including financial credibility and other
Financial Highlights and handicrafts from vetiver leaves. In 2023, Thailand was with relevant agencies to monitor the situation and setting price risk management results to the PTT Management sanction measures as well as halting or avoiding transactions
the host of the 7 International Conference on Vetiver
th operating guidelines, including continuously reporting Committee, Enterprise Risk Management Committee, involving trading partners or countries at risk. Technology for
Achievement Highlights
on the topic “Vetiver for Soil and Water Conservation: the situation to the Ministry of Energy. This will ensure that and PTT’s Board of Directors. sharing market information has also been applied to enable
Awards and Recognition In Commemoration of His Majesty the King Maha natural gas supply and delivery will not be interrupted, market situation monitoring for controlling and monitoring
Message from the Board of Directors Bhumibol Adulyadej The Great”at Shangri-La Hotel, or the volume may not be continuous or may be decreased. In addition, to efficiently handle the impact of volatile energy to prevent PTT and PTT Group from having higher price
128 129
Chiang Mai in a hybrid format with 1,098 participants PTT has prepared additional LNG procurement to replace prices, PTT has established price risk management risks than the appropriate level.
Economic, Petroleum
from 19 countries around the world. the decreasing volume of natural gas and seek new natural by formulating a business plan to support a variety of scenario
and Petrochemical Review and Outlook
• Relief Packages for Communities in Disaster Project, gas sources. Procurement of additional natural gas from planning in various oil price situations, promptly responding Compliance with Laws,
In 2023, there were 3,000 community beneficiary the Gulf of Thailand and the Thai-Malaysian Joint to changes and uncertainties that may occur in the future. and Regulations
Section 1 households in 5 provinces: Tak, Lampang, Chachoengsao, Development Area area to maintain natural gas supply The Price Strategy and Risk Management team has been
Business Operations and Performance Nakhon Sawan, and Phitsanulok. and delivery without affecting the electricity sector appointed under the Petrochemical and Refining Integrated PTT’s business operations are intricate and subject to
and the country’s energy security. Synergy Management (PRISM), responsible for analyzing numerous legal requirements, including those pertaining
1. Structure and Business Operations
Operational world oil price movement and jointly conducting price hedging to energy-related business operations, trade competition
PTT Public Company Limited
PTT Public Company Limited
of PTT Group Risks of Significant Changes management among PTT Group companies for the greatest laws, the Public Procurement and Supplies Management
and Business Risks
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2. Risk Management in Prices and Volume of Petroleum benefit. Today, PTT Group engages in hedging through Act, state fiscal discipline act, anti-corruption laws, personal
3. Driving Business towards Sustainability derivative contracts in both petroleum and petrochemical data protection laws, cybersecurity laws, and changes
Diminishing Natural Gas Outputs and Petrochemical Sales
4. Management’s Discussion and Analysis prices. To this end, meticulous, prudent data analyses to relevant laws. These legal requirements may have
and Continuity of Gas Production are conducted while suitable risk management tools are an impact on PTT’s legal liability, reputation, and corporate
(MD&A) Domestic and international factors influencing demand
chosen to fit periods and objectives. image. The “Compliance Policy” and “Compliance Framework
5. General Information After more than 30 years of production, reserves of natural for petroleum and petrochemical products such as
Guidelines” have thus been released by PTT for directors,
and Other Important Information gas from production fields in Thailand and Myanmar the economy, natural disasters, epidemics, trade wars,
Also in place is a structure and process for supervising risk executives, and staff members to uphold this concept
have been largely depleted. Some fields have gradually entered and geopolitical unrest have a direct impact on price
management with checks and balances of international and fulfill their responsibilities in compliance with all applicable
Section 2 the “Post-Plateau” period, the period stipulated in the Gas and sales volume, affecting PTT and PTT Group operations.
standards by the International Trading Business Unit. laws and rules. To stay current with legislative changes
Corporate Governance Sales Agreements where producers are permitted to slash Furthermore, the rise and fall in the production volume
Similarly, a Value at Risk (VaR) is defined for each commercial as well as the business and execution context, regular reviews
the daily contract quantity or the daily amount of natural gas of natural gas, crude oil, condensate, petroleum,
transaction. A risk status summary report is regularly required are implemented. PTT has also produced a Risk Appetite
Section 3 to be delivered. Under these circumstances, the chance of and petrochemical products, which affects the change
for relevant executives and units to control and monitor PTT Statement to outline the amount of risk that the business
Financial Report getting the same delivery volume as written in the agreements in feedstock prices and distribution prices, as well as
Group’s price risks beyond what is acceptable. Moreover, is willing to accept and to establish objectives for tracking
is getting slim. In addition, the gas sales agreements for the spread both domestically and internationally, which is
in the current higher-risk situation, the International Trading and averting the risk of unlawful activity.
Attachment the Bongkot (G2/61) and Erawan (G1/61) fields ended in highly volatile, may affect PTT’s and PTT Group’s
Business Unit needs to have tighter risk controls. International
2022 - 2023, respectively, with the government bidding operating results and return on investment in the future.
on the G1/61 and G2/61 under the Production Sharing Contract In order to mitigate the impact of such volatility, PTT Group
(PSC) regime, which stipulates a minimum combined delivery has implemented price risk management tools to help
volume of 1,500 MMSCFD for the entire agreement period of manage and prevent the potential impact of price changes.
10 years. PTTEP Energy Development Co., Ltd. (PTTEP ED) Business operations are thus stabilized, and operating results
(operator) won the bid and was granted the right for do not fluctuate dramatically in response to the volatile
petroleum exploration and production. The signing of market situation. PTT Group companies have their own
natural gas purchase agreements for G1/61 and G2/61 fields risk management policies in place.
was completed. Yet, PTTEP could not develop the areas
Section 1 Business Operations and Performance 2. Risk Management Section 1 Business Operations and Performance 2. Risk Management
56-1 One Report 2023
PTT Public Company Limited Regarding the compliance procedures, the Compliance PTT has chosen to verify the qualifications of persons with The Phase 2 natural gas industry restructure might cause PTT has prepared Demand-Supply data to efficiently
Department collects, monitors new laws, and assesses business transactions with PTT by referring to the rules PTT’s share of the domestic gas market to decline. Even so, manage energy demand and procure sufficient LNG to meet
the relevance of new laws to PTT’s business operations published by PTT Public Company Limited for the Criteria PTT is navigating this shift to continue being the guardian of the country’s demand. PTT worked with relevant
through various channels such as websites of the Government and Qualification Examination of Persons with Business energy security by planning corporate expansion, increasing agencies through the Execution Operation Team for
Gazette, the National Legislative Assembly (NIA), Office of Transactions with PTT. All parties that transact with PTT, its competitiveness with new operators, and securing situation management during the energy price crisis.
Contents
the Council of State, and government agency. In addition, including traders, clients, business associates, and joint adequate fuels to meet domestic demand. One example With more than 40 years of experience in the natural gas
PTT has assessed risks under new laws related to PTT based venture partners, are included in this. PTT’s investment is the internal reorganization that took place to fulfill PTT’s business, PTT continues to be able to supply natural gas
Vision, Mission and PTT Values
on Compliance Risk Criteria and defined the details of practices, in particular, are closely examined to ensure that responsibilities for company expansion to meet regional sufficiently for the country’s security as well as maintain
PTT Information the organization’s legal impact criteria. This is based on penalties PTT engages in lawful processes and avoids anomalies demand, particularly the LNG Regional Hub, and business its competitiveness amid market fuel price volatility.
Financial Highlights under laws related to PTT’s business operations, including in its transactions and investments. agility and competitiveness with new players. In Phase 2, In addition, PTT may need to develop a risk management
fines, imprisonment, license revocation, and cessation of PTT Group received a shipper license so there would be plan due to additional government policies.
Achievement Highlights
work, and consideration of limits according to the authority PTT drives its PTT Group Way of Conduct to PTT Group more competition among the New Supply participants.
Awards and Recognition
approved to perform financial work according to PTT Public entities to provide uniform management standards Disruption of Production
Message from the Board of Directors Company Limited’s regulations on Financial Operations and procedures, including supervision and risk management As energy prices soared due to international political and Business Operations
130 131
B.E. 2563 (2020) and its amendments, as well as defining in conformity with applicable laws and regulations. conflict, which has affected the fuel cost for domestic
Economic, Petroleum
the risk level of new laws that affect PTT’s business operations. power generation, the government has a policy to manage Because of its global operations, both domestic and foreign,
and Petrochemical Review and Outlook
The Department also communicates new law information in Risks Arising from Public and natural gas to reduce the burden on electricity bills during PTT is subject to production and business operations
the form of infographics via e-mail, [email protected], Applicable Government Agencies’ the energy crisis by allowing PTT to allocate natural gas
Section 1 and other important legal materials via electronic learning media
Policies from the Gulf of Thailand behind natural gas separation
disruptions due to human error, faulty machinery, political
instability, disasters, and other dangers, in addition to
Business Operations and Performance such as e-Learning, video clips, online learning, podcasts, plants for residential electricity users first. This affects terrorism and diseases. All of these might be harmful to
and training of GRC Academy: Compliance. On July 31, 2017, the National Energy Policy Council (NEPC) PTT’s Performance in areas where it is unable to pass on PTT and its major infrastructure. PTT thus values Process
1. Structure and Business Operations increased costs. PTT manages natural gas and procures Spot
approved a strategy aimed at increasing competition in
PTT Public Company Limited
PTT Public Company Limited
Safety Management (PSM) by emphasizing the methodical
of PTT Group Additionally, in order to manage non-compliance the natural gas industry, whose goal is to provide better service LNG during low-price periods to reduce the cost of natural management and control of operating risks through
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2. Risk Management by keeping an eye on, reviewing, and looking for ways to natural gas users and foster more competitive bidding for gas. In addition, on December 7, 2023, the Committee on the application of appropriate tools and management systems,
3. Driving Business towards Sustainability to prevent and lessen the likelihood of future recurrence, gas supply contracts while boosting procurement efficiency. Energy Policy Administration (CEPA) approved natural gas readiness for emergencies and incident management,
4. Management’s Discussion and Analysis the Compliance Department works in tandem with the 2nd Furthermore, natural gas prices, a significant factor in management guidelines. The price of natural gas entering and the introduction of engineering technology and complex
Line of Defense to assess compliance and confirm whether the cost of the country’s energy, may decline in tandem with and exiting gas separation plants is adjusted to the pool gas international standards. The PTT Group Oil and Chemical
(MD&A)
the 1 st Line is operating legally under the new laws. fuel prices. This policy for promoting competition has been price, except for natural gas used to produce LPG for fuel. Spill Response Guideline, which enables business operations
5. General Information
PTT has integrated the Governance, Risk, and Compliance (GRC) broken down into three stages by the Ministry of Energy. This would take effect in January 2024 and continue until to proceed even in the event of such incidents, and the PTT
and Other Important Information the criteria for determining the price structure of gas from
work system guidelines to guarantee that PTT’s business Eight operators were previously granted shipper licenses Group Oil Spill Remediation Guideline developed to prevent
operations have good governance, adequate internal control, by the ERC for natural gas procurement, and the NEPC has now the Gulf of Thailand entering and exiting gas separation and mitigate environmental impacts and swiftly restore
Section 2 and compliance with applicable laws and regulations, plants are finalized. Moreover, PTT is required to refund the
authorized the strategy for Phase 2, where numerous natural the ecology and biodiversity, are two examples. PTT activates
Corporate Governance as well as to prevent and reduce the risk of operations that do not money collected from Gulf gas producers if natural gas is not
gas operators compete in the LNG supply competition. the PTT Group Security, Safety, Health, and Environmental
comply with relevant laws and regulations. The Governance, produced according to the contract to be a discount on natural Management Standard and PTT Group Business Continuity
Section 3 Risk, and Compliance Management Committee (GRCMC), gas price. The policy directly affects PTT’s performance. Management System Standard (BCMS) for all business units
Financial Report PTT Management Committee (PTTMC), Corporate Governance The Board of Directors and Management of PTT have and PTT Group to utilize in developing and connecting with
and Sustainability Committee (CGSC), Audit Committee implemented all necessary management measures to mitigate both common systems to reduce the likelihood and impacts
Attachment (AC), and PTT’s Board of Directors (BOD) are among the the risks arising from government policies, aimed at preserving of such threats. In order to prevent disruption and protect
committees to which the performance is reported. the business performance of PTT and maintaining a balanced value-adding operations under PTT’s business chain from
outcome for all stakeholders. being disturbed, PTT not only protects these activities
Section 1 Business Operations and Performance 2. Risk Management Section 1 Business Operations and Performance 2. Risk Management
56-1 One Report 2023
PTT Public Company Limited at sites but also across the entire work process. Furthermore, and tools following international standards are adopted 2. Implementation of the Cybersecurity Audit Plan PTT assigns PTT Digital Solutions Co., Ltd. to operate
PTT develops, modifies, and reviews BCMS to guarantee to prevent serious accidents in manufacturing processes, 3. Cybersecurity Risk Assessment and provide cybersecurity services to PTT Group, with
a useful relationship between business units and organizes and transportation, together with safety assessment to find 4. Cyber Threat Response Plan the Cyber Security Operation Center (CSOC) to be responsible
integrated corporate BCM drills, information system readiness risk points, hazardous points, and corrective actions before for monitoring abnormalities from cyber-attacks, providing
plans, backup office preparation plans (Work from Anywhere), an accident. Safety management systems such as personal In 2023, PTT enhanced operational efficiency by investing 24-hour service with high-technology tools such as AI &
Contents
and human resource preparation plans (process to locate safety, production process safety, and transportation safety in technology, increasing process efficiency, and raising Machine Learning, along with personnel with international
key personnel) to guarantee BCMS recertification under are fundamental to the organization-wide and continuous awareness of cyber threats among people within certifications, and Cyber Security Incident Response Plan,
Vision, Mission and PTT Values
ISO 22301. improvement of operations. the organization, such as: including coordination with Thailand Computer System
PTT Information • Expand the scope of enforcement of 2-Factor Security Coordination Center (ThaiCERT) and other
Financial Highlights Following best practices in petroleum and petrochemical Cybersecurity Risks Authentication (2FA) both for internal personnel and international communities to exchange information of
industries, PTT has taken out insurance policies with partners/ customers for access to work systems that cybersecurity incidents.
Achievement Highlights
to protect its core business assets from business disruption Cyber attack risks continue to intensify, which can pose risks connect directly to the Internet (Internet Application)
Awards and Recognition
to further insurance coverage for operation suspension. to the organization in various aspects, such as data breach, • Vulnerability Assessment to regularly identify and Financial Risks
Message from the Board of Directors Such a subscription may not be all-inclusive since ransomware and cyber extortion, image and reputation close system vulnerabilities, as well as perform Red
132 133
no insurance company offers such comprehensive insurance. loss, and business interruption, etc. PTT continuously Team Assessment by experts to identify vulnerabilities
Economic, Petroleum Volatility of the Baht
Alternatively, sometimes it could prove uneconomic to buy prioritizes and raises cybersecurity as a corporate risk with and measure the effectiveness of internal protection
and Petrochemical Review and Outlook
excessively high-coverage insurance. While PTT believes close monitoring and outcome measurement annually systems, covering both Information Technology (IT)
Changes in the exchange rate between the baht
that its affiliates have insurance policies that are of industrial to ensure the response in case of cyber attack impacts with and Operation Technology (OT).
Section 1 standards, PTT cannot control the ceilings of PTT Group’s a capacity for normal business recovery in line with • Install the Privileged Access Management (PAM) system
and the U.S. dollar directly and indirectly affect the bulk of
PTT’s revenue because prices of natural gas, petroleum,
Business Operations and Performance insurance policies to cover possible damage. In other words, the organization’s cyber resilience goals. to increase security of system access at the admin level
and petrochemical products are tied to the world (USD-linked)
should properties not be significantly or fully covered, for both IT and OT.
market prices. In other words, PTT’s revenue varies with
1. Structure and Business Operations or should insurance companies face severe financial • Apply Attack Surface Management (ASM) technology
PTT is designated as a Critical Information Infrastructure
PTT Public Company Limited
PTT Public Company Limited
the value of the baht. Yet, changes in the baht value also
of PTT Group problems causing them to go out of business due to such (CII) in energy and utilities according to the Cyber to help identify vulnerabilities that organizations
affect PTT’s margin since the majority of its profits
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2. Risk Management events, PTT’s financial position, business performance, Security Act B.E. 2562 (2019) and is obliged to strictly have exposed to the Internet to analyze and manage
are fixed in the baht currency whereas costs are in the dollar
3. Driving Business towards Sustainability and business opportunities could face grave repercussions. operate under the Code of Practice and the Cyber Security further risks.
denomination, which is tied to world market prices,
Standard Framework for government agencies and critical • Regularly provide knowledge through various channels
4. Management’s Discussion and Analysis as are selling prices. Fluctuation of the baht affects PTT’s
(MD&A) Risks from Work-Related Accidents information infrastructure agencies as follows: such as email, PR, and training courses to raise
net book profit/loss because of PTT’s and subsidiaries’
awareness of cyber threats among employees,
5. General Information outstanding foreign loans. Yen-denominated loans
PTT focuses on the management and control of safety 1. Implementation of the Cyber Security Standard as well as recurrently assess employees’ knowledge and
leverage participating swaps to convert loans into dollars
and Other Important Information
risks for its operations systematically and continuously Framework understanding through phishing test campaigns, etc.
to agree with dollar-denominated revenue. That way,
by setting long-term goals to control incidents that cause • Risk identification (Identify) • Enhance PTT’s crisis management and business
PTT manages to counter most of the risks of yen fluctuation
Section 2 continuity management (BCM) drills by simulating
losses and affect lives, property, and the environment. • Measures to prevent potential risks (Protect) against the dollar.
Corporate Governance emergency scenarios from cyber threats to prepare
Targets for accidents that cause injuries to employees • Cyber threat monitoring and surveillance measures
and contractors until work stoppage, as well as safety, (Detect) to respond and deal with situations in terms of work
Section 3 processes and people.
production, and transportation accidents, must be • Response measures when a cyber threat is
Financial Report
zero. Risk control processes from hazard indications, detected (Response)
risk assessments, risk control measures, and impact • Measures to heal and recover the damage caused
Attachment
reduction are defined by setting work standards equivalent by cyber threats (Recovery)
to international standards and creating a safety culture for
employees and contractors through knowledge provision
and activities to raise awareness of safety. Engineering principles
Section 1 Business Operations and Performance 2. Risk Management Section 1 Business Operations and Performance 2. Risk Management
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PTT Public Company Limited To ease risks of baht fluctuation, PTT balances its the PTT group defaults under a shareholder support 2.2.2 Investment Risks Risks of Uncertain Returns
foreign currency loans with its foreign-currency revenue agreement, it may prompt creditors to demand immediate
for Shareholders on Investment for Shareholders
(that is, taking a natural hedge) while managing its repayment (Acceleration), further affecting PTT’s financial
foreign-currency deposits and purchasing forward position. Moreover, PTT cannot confirm that it won’t increase
PTT’s share prices may rise or fall in a volatile fashion
Contents foreign currencies for smart repayment and commercial its investment proportion beyond 50% or take control Risks from the Major Shareholder’s depending on various factors beyond its control, including
transactions, including imported natural gas and crude of management in these group companies if it deems Management • Prices of petroleum, petrochemicals, or other relevant
oil, trading of domestic products in baht but USD-linked such actions more beneficial. In the event PTT decides
Vision, Mission and PTT Values reference product prices
in value, and appropriate product exports. PTT has also to assume management control, it must prepare consolidated As of December 31, 2023, the Ministry of Finance • Change in policies, rules, regulations, requirements,
PTT Information developed a finance policy as an efficient, uniform financial statements by combining the financials of
was PTT’s major shareholder with 14,598,855,750 shares, or terms affecting the industry and/or PTT
Financial Highlights guideline for itself and PTT Group, which includes terms these group companies with PTT’s own financials from the date or 51.11% of all issued and paid-up capital, which entitles • Economic conditions, crisis, or unusual situations
for various risk management practices that could affect of gaining control, potentially impacting PTT’s overall it to vote at the AGM. Yet, most significant agenda
Achievement Highlights such as geopolitical tensions, oil price wars.
PTT’s financial position. financial position as it must adhere to Thai financial reporting items are required by PTT’s Articles of Association
Awards and Recognition standards.
to pass with three-quarters of the AGM votes, including These factors could depress share prices below
Message from the Board of Directors
134 Financial Support to Affiliated amendments to the memorandum of association what investors paid for and/or higher than their sold portions, 135
However, PTT maintains a process for screening
Companies and the articles of association, capital increase or decrease, putting investors at risk from uncertain returns on investment.
Economic, Petroleum
and approving investments, coupled with close monitoring of debenture issuance, company mergers, company
and Petrochemical Review and Outlook
PTT invests in new projects, expands its business, or improves the PTT Group’s performance through various committees, liquidation, company sale or transfer (whole or partial),
Risks from Dividend Affordability
including the Investment Committee and the Finance acquisition or transfer of other companies (public
Section 1 operations for continued growth through newly established
companies and/or joint ventures with strategic partners and Accounting Cooperation Management Committee. or private), engagement in, amendment, or termination of
Below Investors’ Expectation
Business Operations and Performance and/or within the PTT group companies. If the project The PTT Group Way of Conduct disseminated throughout lease agreements for entire or partial company business,
PTT’s affordability is subject to several factors, including
is in the initial stages or the financial position is not strong PTT Group companies to ensure consistent management delegation of other parties to manage the business,
1. Structure and Business Operations capital budget and capital reserve for business expansion,
aligned with international standards and guidelines, timely or mergers with other parties to share profits or losses,
PTT Public Company Limited
PTT Public Company Limited
enough, shareholders, including PTT, must provide financial
of PTT Group loan repayment, and cash flow from operating activities.
support during the project’s construction (Cost Overrun risk management, and to minimize impacts on the PTT Group. and voting to dismiss any director ahead of term completion.
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If these factors affect PTT’s affordability of the annual
2. Risk Management Support). If the company encounters liquidity challenges If an agenda item concerns a matter in which the ministry
dividends or interim dividends or both, it may be at risk
3. Driving Business towards Sustainability during commercial operations due to force majeure Securing of Funds as a major shareholder has vested interests, including
of paying dividends at a lower rate than investors’
4. Management’s Discussion and Analysis or a business downturn and necessitates financial assistance related transactions, acquisition, or sale of assets from/
expectations. Yet, PTT’s dividend policy is at least 25% of
(MD&A) from shareholders, financial support for each case may be The businesses of PTT and PTT Group require massive to the ministry, the ministry cannot vote on such
net profit after deducting all reserves under the law
extended through a Sponsor Support Agreement, and/or pre-paid capital investment. While PTT closely monitors an item. In addition, PTT has required independent directors
5. General Information and company regulations.
subordinated debt, and/or equity, and/or extending the credit and manages business risks, there may be deviations to account for at least half of the Board; it currently
and Other Important Information
limit, and/or trade credit period, and/or granting loans from in the actual investment capital required compared to has 10 out of 13 on the Board, who must command
shareholders, and other available options. PTT will consider projected plans. Due to PTT’s and PTT Group’s commitment expertise and useful experience to PTT and must engage in 2.2.3 Risks Facing Investing
Section 2
Corporate Governance
providing financial support if it is necessary and beneficial to to fostering long-term growth and upholding a good no conflicts of interest with PTT. It also appointed the Audit in Foreign Securities
Committee (made up of three independent directors
both PTT and the PTT Group in the long term. PTT believes corporate governance, PTT intends to invest in prudent (If the Issuer is a Foreign
that implementing such policies and actions will foster business expansion, considering various funding sources without vested interests in PTT) to monitor its business
Section 3
sustainable strength for the companies within the PTT Group. and giving due consideration to approved capital structuring and look after shareholders’ interests so that the business
Company)
Financial Report
by PTT’s Board of Directors during the annual corporate may proceed transparently in line with PTT’s corporate
-None-
When providing financial support to its affiliates in various planning round. This is done to align with the risk appetite governance code.
Attachment
forms as mentioned above, PTT cannot guarantee and maintain crucial financial ratios comparable to peer
their ability to repay loans or credit, nor can it ensure companies. Continuous monitoring of factors influencing
they won’t encounter financial difficulties or require further investment capital sourcing assures PTT that it can secure
support from PTT, potentially impacting PTT’s performance sufficient funds for future business expansion at a suitable
and financial standing. If either PTT or a company within cost of funds.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited
3. Driving Business towards
Contents Sustainability 3.1 Policy Commitments
and Targets for
Vision, Mission and PTT Values
Reponsible Business
PTT Information
Financial Highlights
Sustainability Performance Highlights 2023 Conducts
Achievement Highlights
Awards and Recognition Under the visionary statement “Powering Life with Future
Message from the Board of Directors Energy and Beyond”, PTT is dedicated to conducting
136 Environmental Social Governance its business towards sustainability. This commitment 137
Economic, Petroleum involves aligning business operations with sound corporate
and Petrochemical Review and Outlook governance and a strong responsibility towards society and
the environment. This dedication is in line with the principles
Direct and Indirect Greenhouse Gas Emissions Targets Achieved PTT Group Innovation for Community Project No cases of non- The assessment result for outlined in various policies, as follows:
Section 1 PTT: PTT Group:
compliance with
significant legal
the National Anti-Corruption
Commission’s Integrity and
Business Operations and Performance Sustainability Management
10.13
(domestic and international) implications in Transparency Assessment (ITA)
41.59 Policy
operations. are at a PASSED, Good level.
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
million tons of carbon dioxide
of PTT Group equivalent (Target: Not exceeding million tons of carbon dioxide This reflects the commitment to manage material
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• Smart Farming
11.5 million tons of carbon dioxide equivalent (Target: Not exceeding sustainability topics in 3 dimensions: Environmental,
2. Risk Management
equivalent) 51.5 million tons of carbon dioxide Developed integrated models in 45 areas, Human Rights
3. Driving Business towards Sustainability Social, and Governance (ESG), integrating into every
equivalent) across 29 provinces.
aspect of PTT’s business operation. PTT has established
4. Management’s Discussion and Analysis • Smart Marketing
Human Rights Due Diligence Human rights the “PTT Sustainability Management Policy”, signed
Developed 45 community products and
(MD&A) conducted, covering the operations violation by the Chairman of PTT’s Board of Directors
6 community-based tourism destinations
5. General Information of PTT and PTT Group and the President and CEO. After conducting a thorough
• Community Knowledge Management
of across totaling is review of the policy implementation and performance
and Other Important Information
17 31 81 0
3P Decarbonization Pathways Progress by PTT’s Board of Directors in 2023, it was found
Total Recordable Injury Rate (TRIR) for that the policy continues to comprehensively cover
Section 2 Pursuit of Portfolio
employees is 0.033 per 200,000 hours the company’s material sustainability topics and
Lower Emissions Transformation companies countries areas
Corporate Governance worked and 0.028 per 200,000 hours effectively convey them throughout the organization
• PTT is implementing carbon capture Completely diverted all worked for contractors. with an efficient sustainability management process.
Section 3 and storage (CCS) projects to capture investments in the coal business Honored ESG Awards
carbon dioxide from the production and revise long-term target in
Financial Report processes in the Gulf of Thailand 2030 to increase investments
Continuous zero major truck accident rate Human Rights Statement
per 1,000,000 kilometers
region. Additionally, PTT Group in renewable energy.
Attachment is collaboratively studying the CCS PTT is dedicated to upholding human rights for
feasibility under the PTT Group Partnership with all stakeholders, including employees, local communities,
Nature and Society The proportion of donation compared to the business partners and their employees, following
CCS Hub Model.
• Enhancing the efficiency of In collaboration with the
total social investment budget is ESG Ratings all applicable laws, regulations, the Universal Declaration
the gas separation plant
by constructing Unit 7 to replace
government and local communities
to increase green area nationwide,
26.83% ,
of Human Rights, international covenants, standards,
and best practices at every stage of our value chain.
Unit 1. The construction is covering terrestrial and mangrove which is below the target of not exceeding 30%. This commitment is outlined in the “PTT Human Rights
expected to be completed by 2024. forests through the Nature-based Statement”, signed by the President and CEO.
• Process optimization initiatives will Solution of carbon sequestration.
• Sustainalytics
also be undertaken, such as the In 2023, PTT has planted • S&P Global Ratings: PTT’s human rights due diligence is systematically
The Human Capital Index (HCI)
Carbon Dioxide Removal Unit (CDU)
capacity unlocking project for
approximately 86,173 rai of
new forest, which is higher has achieved its target of 80% ESG Credit Indicators
• MOODY’S
integrated into the organization’s sustainability
management process. This involves continuous
Units 5 and 6 of the gas than the target of 75,000 rai. monitoring, evaluation, and review of effectiveness
separation plant. and performance.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Driving Policy into Practice Revision of PTT’s Sustainability Management
Master Plan for Social and Environmental
To drive each policy into concrete practice throughout the organization
Corporate and value chain, PTT operates through processes, mechanisms and
Responsibility for 2021 - 2025 (2nd Edition)
approaches in 3 main forms.
Contents Governance Policy In 2023, relevant departments reviewed the details of the strategic management framework
to align with various input factors such as government policies, standards, diverse practices,
To demonstrate our commitment to Implementation of PTT’s Sustainability Management
1
Vision, Mission and PTT Values and changing business plans. Approved by the Corporate Governance and Sustainability
conducting business with good governance, Policy through strategic direction-setting, business
PTT Information excellent management, and creating values
planning, risk management, and KPI setting Committee (CGSC), the revised 2nd Edition was released as the sustainability strategy direction
for all stakeholders, the Board of Directors for 2024 with the following details:
Financial Highlights
has declared PTT’s Corporate Governance Sustainability material topics such as climate-related risks and
Achievement Highlights P o l i c y s i gned by the Chai rman of opportunities are taken as input factors in reviewing the long-term goals for
the Board of Directors. This policy outlines 2030 in preparing the business plan for 2023 - 2027. They are integrated
Awards and Recognition
6 principles for corporate governance at PTT: into the enterprise risk management, and then taken as key performance
Message from the Board of Directors Accountability, Responsibility, Equitable indicators – the State Enterprise Assessment Model (SE-AM) KPI for
138 Governance: 139
Treatment, Transparency, Vision to Create the President and CEO and the Corporate KPI for the Senior Executive
Economic, Petroleum
Long-term Value, and Ethics. The Board of
“Corporate Governance and
Vice President level. The performance progress is reviewed and monitored
and Petrochemical Review and Outlook
Directors, executives, and employees must by the Management Committee and the Board of Directors.
Performance Excellence”
adhere to and implement these principles
Section 1 earnestly. PTT’s Board of Directors
Integration into the PTT’s Sustainability Management consists of 3 strategic approaches:
Environmental:
“Sustainable
2
Business Operations and Performance reviews the policy annually to ensure its
relevance and appropriateness.
Master Plan for Social and Environmental • Adhering to good corporate governance Production and
Responsibility for 2021 - 2025 (2nd Edition)
and ethics principles. Consumption”
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
Furthermore, PTT demonstrates its • Adapt to changes, accelerate growth,
of PTT Group
commitment to managing various important PTT’s Sustainability Management Master Plan for Social and Environmental and drive the economy forward.
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management issues through several specific policies, such Responsibility for 2021 - 2025 (2nd Edition) consists of sustainability • Enhancing sustainable value chain consists of 2 strategic approaches:
3. Driving Business towards Sustainability as Risk Management Policy, Internal Control strategic direction, short-term/ medium-term targets, indicators, action management. • Developing the business towards
Policy, and Compliance Policy, to ensure legal plans for sustainability material topic management. The business plans a low-carbon society and
4. Management’s Discussion and Analysis
compliance, regulations, anti-corruption, and from functional units are reviewed annually, with an approval from environmentally friendly
(MD&A) corporate social responsibility policies. These the Board of Directors, in accordance with the Master Plan’s direction to business practices.
5. General Information policies encompass quality, security, safety, ensure process integration and budget planning.
• Utilizing resources efficiently,
and Other Important Information occupational health, and environmental
while adhering to the principles of
concerns. Details of these policies Social:
can be found on PTT Website. Apart from a circular economy.
Section 2
Corporate Governance
implementation within the organization, PTT 3 Management by the process owner responsible
according to the organizational structure
“People’s Well-being”
also disseminates these policies to PTT Group
and supply chain partners. Its implementation Key Enablers:
Section 3 is promoted and monitored through various In managing each sustainability material topic, process owners within consists of 3 strategic approaches:
• Technology
Financial Report tools. More information can be found on the organizational structure will be responsible for determining • Promoting a safe working environment and respect the human rights
and innovation
PTT Website under the Sustainability section. mechanisms, approaches, processes, or guidelines for policy principles. • Stakeholder
Attachment implementation. Examples include: • Enhancing employees’ readiness to support future business growth. management
• Establishing structures for governance and internal control processes • Creating shared values and elevating the quality of life for communities
for each policy. and society.
• Establishing regulations and operational guidelines, such as PTT’s
Rule on Complaints and Whistleblowing against Fraud, Malpractice,
Misconduct, and Non-Compliance with Laws or Organizational
PTT mandates a review and evaluation of the quality and effectiveness of sustainability management processes, covering
Regulations; Corporate Governance, Ethical Standards and Code of
Business Ethics Handbook. the implementation of policies and management of sustainability material topic to analyze and improve processes and
• Defining corporate or functional KPIs related to the material topics. performance. Progresses are presented to the relevant committees quarterly according to the governance structure.
• Developing project or initiatives with well-defined plans. Details regarding the policy implementation and management of each sustainability material topic and progress
• Conducting training and various communication materials. towards sustainability strategy implementation can be found under Section 3.4, “Overview of Sustainability
• Monitoring and reporting outcomes to relevant committees. Material Topic Management and Performance” and on PTT Website.
Progress Summary of the Sustainability Strategic Direction
Sustainability Strategic Targets Performance against Support for Support for the SDGs Additional
56-1 One Report 2023 Direction 2023 Targets the 20-year
Integrated into Collaborate with
Information
Indicators Short-term Targets 2023 Long-term Targets National Strategy
PTT Public Company Limited Core Business Other Stakeholders
Zero non-compliance with legal implication PTT: 0 PTT and PTT Group No cases of non- The 6th strategy: 16.5
16.6 17
Adhering to good within 2025: 0 compliance with Public Sector 16.10
Additional
corporate governance significant legal Rebalancing information
and ethics principles implications in and Development
Contents operations
Fostering growth by increasing investment in Future - To exceed 30% profit share from Currently The 2nd strategy: 7.1 9.4
Governance: 17
Adapting to Energy and Beyond businesses these business groups within 2030 in progress National 7.2 9.5
Additional
Vision, Mission and PTT Values Corporate
changes, accelerate Competitiveness information
Governance 8.1
growth, and drive Enhancement 8.2
PTT Information and
the economy
Performance
forward
Financial Highlights Excellence
Increasing renewable energy production capacity - 15 gigawatts by 2030 4.9 gigawatts
Achievement Highlights
Limiting PTT and PTT Group’s direct and indirect PTT Group: ≤ 51.5 million tons PTT Group: 15% reduction PTT Group: The 5th strategy: 6.6 14.2 17
greenhouse gas emissions (Scope 1 and 2) domestically of carbon dioxide equivalent by 2030 compared to the 2020 41.59 million tons of Eco-friendly Page 158
Awards and Recognition Developing the
and internationally PTT: ≤ 11.5 million tons emissions carbon dioxide Development 7.1 15.2
business towards a 7.2
of carbon dioxide equivalent PTT: To achieve Carbon Neutrality equivalent and Growth 15.4
Message from the Board of Directors low-carbon society 7.3 15.5 Additional
140 by 2040 and Net Zero Emissions PTT: 10.13 million 13.1 information 141
and environmentally
by 2050 covering PTT’s owned tons of carbon dioxide 13.2
Economic, Petroleum friendly business 13.3
operations and PTT’s wholly equivalent
and Petrochemical Review and Outlook practices
owned subsidiaries
Section 1 Environmental:
Sustainable Utilizing resources
Applying the principle of the circular economy in the PTT
Group’s business operation to achieve the level of circular
economy application according to the British Standards
PTT Group: Level 1.83 PTT Group: Level 3 by 2030 PTT Group:
Level 2.76
The 5th strategy:
Eco-friendly
Development
6.3 12.2
12.5 17
Additional
information
Business Operations and Performance Production efficiently, while Institution: Framework for implementing the principles of and Growth
and
Consumption
adhering to the the circular economy in organizations – Guide (BS 8001:
1. Structure and Business Operations principles of a 2017)
PTT Public Company Limited
PTT Public Company Limited
circular economy
Waste management by PTT Group’s principle of circular PTT Group: ≥ 42% PTT Group: ≥ 50% PTT Group: 42% 12.2
of PTT Group economy by 2030
6.3
12.5 17
56-1 One Report 2023
56-1 One Report 2023
Additional
information
2. Risk Management
3. Driving Business towards Sustainability Lost Time Accident (LTA) The 4th strategy: 3.4
3.6
8.5
8.7 5.1
17
Social Cohesion 3.9 8.8 5.2
Page 174
4. Management’s Discussion and Analysis Employee 0 0 by 2030 0 and Just Society 10.2
10.3
(MD&A) Contractor 0 0 by 2030 3 Additional
information
5. General Information Total Recordable Injuries Rate (TRIR) per 200,000 working hours
Promoting safe
and Other Important Information
working environment Employee ≤ 0.046 0 by 2030 0.033
and respecting
the human rights Contractor ≤ 0.056 0 by 2030 0.028
principles
Section 2 Process Safety Event (PSE) according to the API RP 754 standards
Corporate Governance Tier 1 0 0 by 2030 0
Tier 1+Tier 2 ≤1 0 by 2030 1
Section 3 Human rights complaints 0 0 by 2030 0
Financial Report Social: The 3rd strategy:
Social investment compared to PTT only operating profit 1 - 3% 1 - 3% by 2025 1.08% 6.6 1.5
11.4
11.5
People’s Human Capital 11.7 Page 181
Well-being Proportion of donation compared to the total social ≤ 30% of the total ≤ 30% of the total social investment 26.83% Development
Attachment investment budget social investment budget budget by 2025 and Strengthening
7.1
7.2
2.3
2.4
17
Creating shared Additional
The 4th strategy: 8.1 8.6 4.1 4.5 4.a information
values and elevating Social Cohesion
8.3 8.9 4.3 4.7 4.b
8.4 4.4 4.c
the quality of life Social Impact Assessment (SIA) and Social Return on Achieving the target or Achieving the target or exceeding Achieved the targets and Just Society 12.a 10.1
for communities Investment (SROI) compared to the investment costs exceeding the investment cost the investment cost by 2025 for all projects 12.b 10.2
and the society
Net return on investment of PTT Group Innovation for > 10% of - The average revenue 14.2
Community Project the previous revenue increased by over 10%
15.1 15.5
compared to the 15.2 15.6
previous revenue 15.4
Enhancing employees’ Human Capital Index (HCI) Score ≥ 76 83 by 2030 80 The 3rd strategy:
8.5 9.5 4.4 5.5
readiness to support Human Capital Additional
the future business Development information
growth and Strengthening
Remarks: Achieved the targets Currently in progress Targets not achieved Additional information is Additional details
available within this report on PTT Website
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Sustainability Governance Structure Sustainability Partnerships
and Collaborative Networks
PTT’s Board of Directors assign the Corporate Governance and are presented to GRCMC, GSMC and CGSC quarterly for the Supporting the Sustainable
Sustainability Committee (CGSC) to oversee sustainability management review. Furthermore, the CGSC reviews and PTT is aware that driving Thailand towards economic
management per the commitments outlined in various approves the materiality assessment result, and PTT’s Board
Development Goals
strength, ensuring the quality of life for Thai citizens,
Contents corporate responsibility policies, including the Governance of Directors approve the information disclosed in the 56-1 and fostering sustainable stability and balance in
Risk and Compliance Management Committee (GRCMC) One Report. all dimensions requires genuine and continuous PTT emphasizes the integration of the United Nations
Vision, Mission and PTT Values and the PTT Group Sustainability Management Committee cooperation across all sectors, both domestically and Sustainable Development Goals (UN SDGs) into its operations,
(GSMC) under management-level. The CGSC evaluates and To enhance the knowledge and understanding of PTT’s overall internationally. Therefore, PTT emphasizes continuously encompassing all 17 goals. These goals are divided into two
PTT Information preliminarily reviews the sustainability management process sustainability management processes among PTT’s Board of
strengthening partnerships and collaboration with groups: “Integrated into Core Business”, which includes
and performance. Executive Vice President, Sustainability Directors’ members who already possess expertise and
Financial Highlights networks and sustainability partners, both internally 10 goals (3, 6, 7, 8, 9, 12, 13, 14, 15, 16) integrated into
Management under the supervision of the Senior Executive experience in sustainability, PTT provides an orientation, and
and externally. These may include government strategic directions, indicators/targets, and organizational
Achievement Highlights Vice President of the Corporate Strategy and Sustainability, additional internal and external training courses and evaluates
agencies, international organizations, trade associations, business plans. These UN SDGs are reflected in company’s
is also designated to be responsible for implementing the the performance of the PTT Board members in overseeing
Awards and Recognition institutions, and non-profit organizations consistently key sub-goals, projects, and important initiatives, as shown in
policy, strategic directions, masterplan, and action plans, corporate governance. This ensures that the board can
seeking to contribute. This commitment is grounded “Linkage with the United Nations Sustainable Development
Message from the Board of Directors in collaboration with other departments responsible for efficiently carry out its duties according to the details provided
142 in policies regarding good corporate governance, Goals, Indicators, Targets, and Performance of PTT in 2023 143
managing each sustainability material topic. The in Section 2, Governance, on pages 232 - 369. More information
Economic, Petroleum risk management, legal compliance, organizational table” on PTT Website under the Sustainability section.
effectiveness and efficiency of process and performance can be found on PTT Website.
and Petrochemical Review and Outlook regulations, anti-corruption and anti-bribery efforts, The second group, “Collaborate with Other Stakeholders”,
guidelines for good governance, ethical standards, comprises 7 goals (1, 2, 4, 5, 10, 11, 17). These goals
and business conduct. In considering decisions
Section 1 regarding support or collaboration with these partners
are considered in analyzing and developing relationship-
building plans with stakeholders to expand mutual benefits
Business Operations and Performance and networks, PTT ensures thorough transparency with networks and relevant stakeholders in the future.
Board of and accountability.
Progress in achieving all 17 UN SDGs and supporting
Directors
1. Structure and Business Operations PTT identifies its positioning of support or participation sustainable development goals can be further explored
PTT Public Company Limited
PTT Public Company Limited
of PTT Group in sustainability partnerships and collaborative networks in related sustainability topics on PTT Website.
Board of Corporate Governance
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management Directors and Sustainability to support the organization’s vision, strategic direction,
Level Committee (CGSC)
and long-term sustainability goals. These encompass
3. Driving Business towards Sustainability
all sustainability issues and areas where PTT conducts
4. Management’s Discussion and Analysis its business to drive Thailand towards a sustainable
(MD&A) PTT Management Committee/ low-carbon society collectively, addresses climate
PTT Group Management Committee change promptly, and supports the long-term goal of
5. General Information Governance,
achieving Net Zero Emissions by 2050, with an interim
and Other Important Information
Risk and rs
de
ss
Management Compliance target of Carbon Neutrality by 2040. Consideration
ine
Level Management
is given to supporting networks and partnerships in
l
ho
Committee PTT Group
PTT Group
Section 2
into Core Bus
ke
(GRCMC) Sustainability
Net Zero sustainability with primary objectives:
with Other Sta
Management
Corporate Governance Committee
Task Force
(G-NET) 1. Developing and promoting development of good
(GSMC)
practices in sustainability, human rights and security,
Section 3 safety, occupational health, and environmental
Financial Report management (SSHE) to align with PTT’s vision
Senior Executive Vice President, Corporate Strategy and Sustainability
towards Future Energy and Beyond.
rated
e
Attachment
at
Established Policy/ Goals/ Performance Report for Reviewing
2. Supporting business operations in line with Thailand’s
or
Strategies/ Master Plan etc. Efficiency and Effectiveness
g
policies and objectives, advancing the United Nations
b
e
a
ll
Int
External Disclosure to
Factor
Executive Vice President, Sustainability Management
Stakeholder
Sustainable Development Goals (SDGs) towards a low- Co
carbon society, and achieving Carbon Neutrality
Cascade and Support
into Practice Performance Report and Net Zero Emissions targets per the Paris Agreement.
Process Owners Business Group/ Business Units PTT Group PTT strongly supports the networks and partnerships
through membership fee, as well as actively participating
in various means, such as serving as chairpersons
or committee members of networks or task forces.
More details of the committees responsible for overseeing sustainability material topics, both at the management and board levels More details are on PTT Website under the Sustainability
can be found in the table of Sustainability Material Topic Impacts and Management on pages 151 - 155. Additionally, further details section, subheading Sustainability Network.
are available on PTT Website.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023 Annual value chain analysis result of each business functions in 2023
PTT Public Company Limited 3.2 Stakeholder Analyzing the
Analysis in Business Business Value Chain
Value Chain In 2023, PTT analyzed the value chains of all 3 core
Stakeholders’
corporate topics
in sustainability
Upstream Downstream
Petroleum and Petroleum
Natural Gas Business Group
New Business and
Infrastructure
Business Group
Financial Organization Corporate
Management Effectiveness Strategy and
Business and Corporate Sustainability
Other
Support
Units*
Contents business groups and 15 supporting business departments
Business Group • Downstream
Natural Gas Petroleum-Strategic Innovation Engineering
Function Governance
Business
Business
Function
Stakeholder Engagement’s
Management and New and
according to the organizational structure. Internal and
Business Function
Function Business Function Business Infrastructure
• International Trading Function Business
Vision, Mission and PTT Values external stakeholders to the organization are identified
Objective
Business Function Function
to analyze impacts on stakeholders from business operations, Environmental
PTT Information
products, and/or services, as well as the organization’s value Climate Change
Stakeholder Engagement aims to allow stakeholders to express
Financial Highlights chain on the economy, environment, and society including Safety, Health & Environment
their opinions and participate in operations. PTT is committed
human rights. This includes identifying stakeholders’ needs, Social
Achievement Highlights to ensuring balanced care for all stakeholders, a crucial mission.
This involves fostering their engagement on key issues expectations, and concerns to identify issues aligned with Brand & Trust
Awards and Recognition organizational problems. Each department will conduct this Organization & Employee
and responding appropriately to needs, expectations, and concerns
during the preparation of their annual business plans to fully Safety, Health & Environment
Message from the Board of Directors in a timely and suitable manner. PTT’s stakeholder management
144 is guided by the international standard AA1000 Stakeholder integrate stakeholder engagement plans and sustainability Governance 145
Economic, Petroleum Brand & Trust
Engagement Standard 2015 (AA1000 SES) and the criteria for management plans into the business plans and budgets of
Compliance/ Transparency
and Petrochemical Review and Outlook focusing on stakeholders and customers according to the State each department. These will be presented to the PTT board
Customer Experience
Enterprise Assessment Model (SE-AM). This ensures systematic for approval before implementation in the following year.
Energy Transition
Section 1 and efficient operations that support PTT’s sustainable growth
and gain the trust of all stakeholder groups.
There are 10 organizational topics including: Financial Performance
Future Business
Business Operations and Performance
Information Security & Data Privacy
Brand & Brand refers to PTT’s image and the
1. Structure and Business Operations
Stakeholder Impacts Management Trust stakeholders’ perception towards PTT, or Organization & Employee
products and services; whereas Trust refers
PTT Public Company Limited
PTT Public Company Limited
of PTT Group in the Business Value Chain to credibility, reliability, and confidence. Stakeholders Public Society and Suppliers
Directors
and
Investors Customers
56-1 One Report 2023
56-1 One Report 2023
Sector Communities and Partners Employees
2. Risk Management Climate Climate change, whether occurred from
PTT establishes guidelines for analyzing and managing both Change natural causes or anthropogenic activities
3. Driving Business towards Sustainability positive and negative issues or impacts arising or likely to arise *Remark: Other support units include Office of General Counsel, Office of Corporate Audit, Corporate Reputation and Social Responsibility Department, and Company
Compliance/ Compliance refers to legal and regulatory Secretary and Office of General Counsel Corporate Relation.
4. Management’s Discussion and Analysis from its business operations and activities, both directly and
Transparency compliance. Transparency refers to clarity
indirectly within the company’s value chain. These guidelines of corporate disclosure, whether positive
(MD&A)
cover Environmental, Social, and Governance impacts including or negative information. Building Stakeholder Relationships
5. General Information human rights. The approach is as follows; Customer Interactions between the customers and PTT, PTT gathers and analyzes stakeholders’ needs, expectations, investment in “Future Energy and Beyond” to achieve a profit
and Other Important Information Experience as well as business relations to build
and concerns through surveys conducted among stakeholders margin of over 30% by 2030. Additionally, there is a commitment
awareness, encourage trainings, and
Analyze
business’s support purchases and services. and employees directly responsible for stakeholder engagement. to reduce greenhouse gas emissions by 15% by the same year,
Section 2 value chain This information and global trends are used to compile compared to the emissions in 2020, to achieve the intermediate
Energy Shifting towards new energy infrastructure
Corporate Governance Transition
key issues between stakeholders and the organization. target of Carbon Neutrality by 2040 and Net Zero Emissions
by 2050 (ahead of the country’s target year of 2065). Within PTT
Financial Financial - centric performance of operation
Once stakeholders’ importance and issues are prioritized and its wholly owned subsidiaries, efforts are being undertaken
Section 3 Performance
Build and linked to organizational issues, a plan is developed to build to engage internal and external stakeholders to foster employee
Financial Report Assess Assess Future New businesses, such as Renewable Energy,
relationships stakeholders’ sustainability stakeholder relationships. Progress is then monitored, participation towards these objectives. This involves promoting
with material material
Business Energy Storage, EV Value Chain, Hydrogen
stakeholders topics topics Technology, Life Science, AI, Robotics with selected organizational-level issues being tracked and reported collaborative ideas for change and driving investment plans
Attachment and Digitalization, etc. quarterly to the Corporate Plan and Management Committee to stimulate the Thai economy.
(CPRC) and the Enterprise Risk Management Committee (ERMC).
Information Security refers to data security.
Information
Security & Data Privacy refers to the protection of
This allows for adjustments based on committee feedback, Stakeholder Engagement Score
Manage
Data Privacy personal data, by providing protection including assessing stakeholder engagement and commitment
annually to review operations for the following year. The target for stakeholder engagement score is set at
sustainability and complying with the laws.
material an excellent level (≥ 80). The score for the 2023 is 85 points,
topics Organization Corporate and employee development
In 2023, four key issues were being monitored at the which exceeds the target, reflecting PTT’s overall responsiveness
& Employee
organizational level: to stakeholders at a very high level.
PTT’s Stakeholder Groups consist of 6 categories: Safety, Security, safety, occupational health,
Health & and environment 1) Brand & Trust 2) Climate Change
2020 2021 2022 2023
Environment 3) Energy Transition 4) Future Business
Public
Sector
Investors Suppliers
and Partners
Target
≥80 ≥80 ≥80 ≥80
Here is the
Society and Customers Directors and QR code to access
In alignment with PTT’s vision of “Powering Life with Future Performance
83 86 86 85
Communities Employees the organizational Energy and Beyond”, there has been an increased focus on
issue video.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
Stakeholder Engagement Result
PTT Public Company Limited
Investors Customers Society and
Public Sector Communities
• Monthly consultation meetings with the public • PTT Group’s operation site visits • Customer visits to raise awareness
Engagement Channel
Engagement Channel
• Community visits for engagement • Online media: such as
Contents sector • Annual general meeting of and foster correct understanding
Stakeholders
• Public hearing for communities per work plans
Stakeholders
• Quarterly update meetings with the public sector shareholders • Online meetings and discussions
• Information disclosure via PTT Website • Opportunity Day with clients • 1365 Contact Center
Vision, Mission and PTT Values and other online media • Online meetings • PTT NGV Station Application • PTT Website or email [email protected]
• Digital roadshow with international • 1365 Contact Center • Report grievance via email: [email protected]
PTT Information investors via online channels • Online media platforms such as PTT PTT NEWS/ @pttplc_ ptt_ PTT
or [email protected]
GROUP WE LOVE PTT/ official official_ig Official
LINE: PTT Natural Gas and PTT NGR GODJI TikTok
Financial Highlights Website: Customer Service Center
Achievement Highlights
CLIMATE CHANGE ENERGY TRANSITION CUSTOMER EXPERIENCE
Stakeholders’ Needs
Awards and Recognition BRAND & TRUST SAFETY, HEALTH & ENVIRONMENT
and Expectations
• Promote policies on greenhouse gas control/ • Expand into the clean energy • Access to quality and environmentally
absorption and efficient resource utilization/ business utilizing natural gas friendly products and services • Promote and contribute to solving national economic • Promote safety of life and property
Message from the Board of Directors
146 environmental conservation into practice • Achieve performance reflecting at fair prices issues • Preserve/ restore community environment 147
Economic, Petroleum • Actively participate in providing feedback the shifts in future energy business • Wo r k s y s t e m i s c o n v e n i e n t • Develop the society, quality of life, and the environment environmentally friendly and community-safe
and Petrochemical Review and Outlook and valuable information • Invest in companies adding values and flexible • Ensure reliable and transparent management with consumption and production
• Become a leader in greenhouse gas management to society and the environment FUTURE BUSINESS good governance • Reduce air pollution from construction project
COMPLIANCE/ TRANSPARENCY FINANCIAL PERFORMANCE • Provide Environmentally friendly • Address and promptly resolve community issues
Stakeholders’ Needs
1
and Expectations
• Ensure energy security and support the public • Invest in companies with good production and consumption
Section sector policies performance, stability, growth • Develop clean energy at fair prices
Business Operations and Performance • Provide easy-to-understand, sufficient, timely, with good returns • Expand electric vehicles and
and transparent disclosure of information, • Have the ability to repay debts electric charging stations nationwide
addressing issues comprehensively • Ensure good governance in BRAND & TRUST
1. Structure and Business Operations • Ensure good corporate governance operation management • Continuously communicate and promote - The Development and Campaign on the Utilization
PTT Public Company Limited
PTT Public Company Limited
of PTT Group that promotes fair competition and free trade FUTURE BUSINESS understanding of PTT’s vision of Vetiver according to the Royal Initiative Project
56-1 One Report 2023
56-1 One Report 2023
FUTURE BUSINESS • Expand investments into new • Support communities through various projects: In collaboration with the Chai Pattana Foundation,
2. Risk Management • Continuously develop new joint ventures in ventures - Innovation for Community Project Office of the Royal Development Projects Board
3. Driving Business towards Sustainability the future • Produce and consume in a way Utilizing knowledge, expertise, innovation, and (ORDPB), and Land Development Department, this
• Conduct business that supports and aligns with that creates value for society technology to support farmers to become Smart project aims to expand vetiver grass usage to
4. Management’s Discussion and Analysis government policies and is environmentally friendly Farmers in 45 areas (29 provinces), developing conserve soil and water. It includes training on
(MD&A) SAFETY, HEALTH & ENVIRONMENT
and elevating community products to more than vetiver grass cultivation and competitions. In 2023,
• Promote Safety of Life and Property
1,400 SKUs, from 450 communities and Thailand hosted The Seventh International Conference
5. General Information • Minimize environmental impact from operations
continuously developing community-based on Vetiver in Chiang Mai province with 1,098
through stringent standards and controls
and Other Important Information tourism in 6 areas nationwide. participants from 19 countries worldwide.
- PTT Group Model School Project
Section 2 CLIMATE CHANGE ENERGY TRANSITION CUSTOMER EXPERIENCE Developing education for 109 schools under the SAFETY, HEALTH & ENVIRONMENT
Key Performance
• PTT serves as the Thailand Carbon Neutral • Communicate the direction • Elevate customer experience concept “STEEM 4E” with Kamnoetvidya Science • Visit sites to build community’s confidence in safety
Examples of
Corporate Governance Network (TCNN) chairman, comprising over and progress of PTT’s business by analyzing business weaknesses Academy and Vidyasirimedhi Institute of Science measures, prepare for emergencies, and take feedback
500 leading organizations nationwide. This development efforts to identify areas for improvement and Technology to enhance students’ skills in STEM to improve operations
Section 3 network acts as a leading platform advocating FINANCIAL PERFORMANCE continuously (Science, Technology, Engineering, Mathematics) • Meet with community leaders to promptly address
for greenhouse gas reduction and expediting • Communicate PTT’s strategies • Instill confidence in products and English language, along withteaching the 4E complaints and requests systematically and fairly
Financial Report policy proposals to the government to elevate and directions to build investor and services, provide communication
p r i n c i p l e s ( E t h i c s a n d Growth Mindset/ while listening to feedback and instilling confidence
the country’s greenhouse gas reduction confidence through shareholder and offer training courses
Entrepreneurship/ Energy Literacy/ Environment in the community
Key Performance
Attachment standards to international levels meetings and online platforms as requested by customers
Examples of
Awareness). The goal of 2023 is to emergence of • Communicate information and construction plans in
COMPLIANCE/ TRANSPARENCY • Disseminate information to • Organize PTT’s CRM (Customer
• Participate in meetings/ discussion with shareholders regarding financial Relationship Management) and CSR 24 STEM model teachers, 11 of 4E model schools. the areas to inform the community and receive feedback
public sector to take suggestions and provide status and vital financial ratios (Corporate Social Responsibility) - Green Globe Institute and concerns
feedback beneficial to various projects through various channels, including activities to foster customer Awards given to communities and individuals
FUTURE BUSINESS communicate investors, analysts, engagement conserving natural resources and sustainable
• Communicate and raise awareness of and fund managers through Analyst FUTURE BUSINESS environments, utilizing local knowledge, emphasizing
PTT’s new business directions Meetings and Roadshows both • Build relationships and collaboration community participation, and sharing knowledge
SAFETY, HEALTH & ENVIRONMENT domestically and internationally in conducting joint business ventures and award-winning works for further benefit.
• Organize a public hearing to collect the public FUTURE BUSINESS
sector’s opinions relating to PTT’s projects • Establish relationships and
and implement the feedback for improvement cooperations in joint business
• Collaborate with the public sector and operations
communities’ leaders to open for community
concerns and suggestions
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited
3.3 Stakeholder Impact Management in
Suppliers Directors
and Partners and Employees Business Value Chain
Contents • Annual supplier seminar • Monthly Relation Affairs Committee meetings
Sustainability Materiality Assessment
Engagement Channel
• Supplier communication channel, such as procurement • Joint social activities between executives and
website and emails employees
Stakeholders
Vision, Mission and PTT Values • PTT Online procurement and vendor system, comprises • Business functions meetings The process of sustainability materiality assessment at PTT is aligned with the Global Reporting Initiatives (GRI) Universal Standards
2021 and the Corporate Sustainability Reporting Directive (CSRD) requirements. The assessment identifies sustainability risks and
- PTT e-purchase system • PTT Board meeting
PTT Information
- PTT e-bidding opportunities covering Environmental, Social, and Governance dimensions, considering human rights throughout the organization’s
Financial Highlights - ESG Self-Assessment for suppliers for PTT and PTT Group business operations. The material topics take into consideration the actual and potential impacts, both positive and negative.
suppliers
It evaluates the impacts on stakeholders, society, and the environment (Impact Materiality) and the impacts of external factors
Achievement Highlights
on the organization’s financial performance (Financial Materiality) throughout the value chain, following the concept of Double
Awards and Recognition BRAND & TRUST ORGANIZATION & EMPLOYEE Materiality. Due diligence materiality assessment is conducted annually and integrates into the annual enterprise risk assessment
• Develop capacity for long-term business collaboration • Achieve stability and progress, along with process to review changes in the context of internal/external factors and evolving circumstances, with 4 main steps as follows:
Message from the Board of Directors • Procurement information is easily accessed, and suppliers excellent benefits and compensation
148 149
are confident with PTT’s transparent procurement process • Work with an organization that adapts to changes,
Economic, Petroleum
• Promote job opportunities for SMEs and enhance mutual accelerates growth, and utilizes technology to
and Petrochemical Review and Outlook capabilities in responding to changes
• Enhance efficient work processes
enhance operational efficiency
• Develop employee skills to support future 1 Understand the
Organization’s Context 2 Identifying Actual and
Potential Impacts
Stakeholders’ Needs
COMPLIANCE/ TRANSPARENCY business needs
1
and Expectations
Section • Comply with rules and regulations • Establish understanding and confidence in
• Achieve transparent and traceable good governance PTT’s operations
Business Operations and Performance Consider internal factors (such as vision, mission, strategic Identify actual and potential impacts, both positive and
and clearly communicate work process and utilize technology INFORMATION SECURITY & DATA PRIVACY
ENERGY TRANSITION • Ensure data security in the collection and usage objectives, organizational risks, and operations/ activities) negative, in Environmental, Social, and Governance dimensions
1. Structure and Business Operations • Encourage business cooperation during the transition towards • Fully understand and comply with the Personal and external factors (such as standards, requirements, best with the consideration of human rights impacts throughout the
PTT Public Company Limited
PTT Public Company Limited
full-fledged free trade Data Protection Act (PDPA) practices, global trends, and relevant risks), as well as consider organization’s operations. It starts from actual and potential
of PTT Group • Proactively support constructive information and feedback material topics from PTT Group and industry peers. Additionally, negative impacts that may happen in the future. This includes
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management FUTURE BUSINESS
PTT also analyzes internal and external stakeholders’ needs and those the organization causes, contributes to, or is directly linked
• Collaborate to establish new businesses, foster continuous
3. Driving Business towards Sustainability expectations throughout the value chain from organizational to for business benefits from the organization’s value chain.
cooperation for the future, and provide accurate consultation
and information regarding new business operations activities through surveys/ public hearing/ interviews for material Next, identify the positive impacts that have occurred and have
4. Management’s Discussion and Analysis
topic grouping and prioritization. potential in the future to deliver value for sustainable development.
(MD&A)
5. General Information
BRAND & TRUST ORGANIZATION & EMPLOYEE
and Other Important Information • Communicate the progress of operations, including:
1) Investment plans that support future growth
2) Maintenance of business performance amidst economic
• Review employees’ skill sets, knowledge, and
abilities that align with the new business model
• Enhance welfare benefits to be suitable for the
3 Assess the Significance
of Impacts 4 Prioritize the most Significant
of Impacts for Reporting
Section 2 slowdowns current economic conditions and comparable
Corporate Governance 3) Collaboration management within the PTT Group through to companies in the same industry group
Assessing the impacts on society and the environment Prioritize the impacts and select materiality topics for
supply chain management • Revise the compensation structure to align
COMPLIANCE/ TRANSPARENCY with job performance and enhance performance- (Impact Materiality) and the impacts on the organization’s management and disclosure purposes in the 56-1 One Report
Key Performance
Section 3 • Implement digital procurement systems in the procurement driven initiatives financial performance (Financial Materiality) by analyzing and PTT Website. The company conducts a thorough analysis
Examples of
Financial Report process, allowing vendors to conduct transactions online, • Organize collaborative activities with the PTT both quantitative and qualitative aspects of both positive and of the Impact Materiality on society and the environment
thereby enhancing efficiency, convenience, and modernization Group’s committees to foster an understanding negative impacts. and the Financial Materiality on the organization’s financial
• Communicate the procurement processes of PTT and of the group’s business operations
Attachment Negative impacts: performance. This assessment undergoes a collaborative review
guide utilizing various systems to enhance knowledge and INFORMATION SECURITY & DATA PRIVACY
understanding among vendors through vendor seminars • Provide education and raise awareness about When evaluating the potential impacts, it is important to consider with relevant functions and experts. It is all under the oversight
and other communication channels such as procurement cyber threats both the negative and positive impacts. The severity of negative and approval of PTT’s committees at the management and
websites and emails • Offer knowledge on legal compliance, such as impacts should be assessed by considering their scale, scope, board levels, including the Governance, Risk and Compliance
ENERGY TRANSITION the Personal Data Protection Act, and ensure data and whether they are irremediable. Additionally, the likelihood Management Committee (GRCMC) and the Corporate
• Foster understanding of PTT’s business operations management practices adhere to legal standards of negative impacts occurring in the future should also be taken Governance and Sustainability Committee (CGSC), respectively.
FUTURE BUSINESS
into account. In addition, PTT engages external experts and agencies
• Foster relationships and cooperations in conducting business
together Positive impacts: to review the process and outcomes of the materiality assessment.
The significance of positive impacts should be evaluated by This is to ensure completeness, accuracy, reliability,
considering their scale and scope. The potential positive impacts and transparency. The company considers observations from
that are likely to occur in the future should be determined these experts and external agencies to continuously improve
by considering both their scale, scope, and the likelihood of operational processes and information disclosure practices.
Remark: Additional details regarding the vision and strategic direction of stakeholders in PTT can be found on PTT Website occurrence.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
beyond energy, adjusting investment
The table shows the impacts on the management and governance
PTT Public Company Limited Materiality Assessment Result portfolios to include low-carbon of key sustainability issues.
businesses, such as renewable energy,
electric vehicles, and life sciences.
High Positive Impact Negative Impact Governance Committee
+ Cost savings through energy - Increased operational costs Board of Directors Level
Contents P T T, i n p a r t i c u l a r, e m p h a s i z e s efficiency from business disruptions in • Corporate Governance and
the importance of promoting creativity and + Enhanced reputation and owned operation and supply Sustainability Committee
Climate Action innovation both within and outside stakeholder trust chain, damage to infrastructure, • Enterprise Risk
Vision, Mission and PTT Values + Access to new markets and regulatory and legal pressures,
the organization. This includes developing Management Committee
Climate Action customer segments etc.
PTT Information Innovation and Technology new products and services, improving • PTT’s Board of Directors
+ Innovation opportunities and - Ecosystem degradation and Management Level
work processes, and creating new new revenue streams biodiversity loss
Impact Materiality
Financial Highlights Occupational Health and Safety
• Direct and indirect GHG • Governance, Risk and
businesses that improve efficiency + Creation of green jobs for low - Economic disparities leading
Product Responsibility
Spills Water emission and reduction carbon society to health public risks, food and Compliance Management
Achievement Highlights and effectiveness. These efforts aim • Methane emission Committee
Corporate Citizenship + Reduced environmental water insecurity, displacement
Economic Contribution
to increase business competitiveness management impact and promotion of and forced migration, etc. • PTT Group Sustainability
Biodiversity
Awards and Recognition Waste Governance and Ethics and achieve sustainability goals. • Energy efficiency public health Management Committee
• Financial implications and • Corporate Plan and Risk
To achieve these goals, PTT has set ‘New
Message from the Board of Directors Employment Practices Digitalization
Management Committee
150 Growth’ corporate target for increasing other risks and opportunities 151
Emissions
• PTT Management
Economic, Petroleum revenue from growth in the future due to climate change Material Topic Additional
Page 158 Information Committee
• Climate change mitigation Management Plan
and Petrochemical Review and Outlook energy value chain and expanding into Functional Level
and adaptation PTT’s Sustainability 22
new businesses. The company has • Corporate Strategy and
• Net Zero Emissions Management Master Plan
also developed the “PTT Innovation for Social Reponsibility Sustainability
Section 1 Low Financial Materiality High
Management Master Plan” to guide and Environment
Business Operations and Performance its operations and strategies. In addition,
the business expansion has a potential Positive Impact Negative Impact Governance Committee
+ Cost savings through efficient - Increased operational costs Board of Directors Level
Material topics with increased priority compared to 2022 impact on the “water management” in
1. Structure and Business Operations Environmental Social Governance water use from business disruptions in • Corporate Governance and
PTT Public Company Limited
PTT Public Company Limited
Dimension Dimension Dimension
the future involving physical and transition
Material sub-topic 2023 reviewed from the previous year
+ Enhanced reputation and owned operation and supply Sustainability Committee
of PTT Group risks that may arise from climate change. stakeholder trust chain, damage to infrastructure, • PTT’s Board of Directors
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management + Innovation opportunities regulatory and legal pressures, Management Level
Water and new revenue streams etc.
• Occupational Health and Safety PTT • Governance, Risk and
3. Driving Business towards Sustainability + Conservation of natural - Environmental degradation
employees and contractors are at risk • Water withdrawal and Compliance Management
resources and ecosystems and water scarcity
4. Management’s Discussion and Analysis consumption from shared + Increase access to clean - Social conflict and inadequate Committee
Following the 2023 materiality assessment, low-carbon economy. PTT has set long-term of exposure to hazards arising from
sources water and improve public access to resources • PTT Group Sustainability
(MD&A) the top 3 priority topics and the issues that targets and strategies to prepare for this risk their work in the oil and natural gas Management Committee
• Water accessibility, health
5. General Information have changed from 2022 are as follows: by transitioning its business toward “Future industry that may lead to irreparable • PTT Management
conservation, and
Energy and Beyond”. These targets include health injuries/ illnesses or loss of life. consumption Committee
and Other Important Information Material Topic Page 169 Additional
Information
• Climate Action remains a top priority New Growth, Business Growth, and Clean All of these can financially result in the • Wastewater impact Management Plan Functional Level
following the previous year, as it remains Growth through Portfolio Transformation. cost of property damage, loss of income management PTT’s Sustainability 22, 25 • Corporate Strategy and
• Circular economy for water Management Master Plan Sustainability
Section 2 an internationally significant global agenda. These strategies have been clearly outlined from business disruption, remedies,
management for Social Reponsibility
Corporate Governance The issue was emphasized during the in the organization’s strategic plan, which fines, etc. PTT is therefore committed and Environment
27th Conference of the Parties to the aligns with the vision of “Powering Life with to improving management, safety, and
United Nations Framework Convention Future Energy and Beyond”. business continuity of the company to be Positive Impact Negative Impact
Section 3 + Minimized financial losses - Financial losses and long-term
on Climate Change (COP27) to limit the efficient, flexible, and ready to accept all
Financial Report and liabilities damage to reputation
increase in temperature to 1.5 degrees • Innovation and Technology have types of risks without affecting business + Preservation of reputation - Environmental contamination,
Celsius compared to pre-industrial levels. increased their ranking significantly operations and stakeholders. PTT has set and stakeholder trust economic loss, and public
Attachment As a national energy company under the due to new business development strategic direction “Promote safe working + Protection of ecosystems and health risks
Spills safeguarding public health
Ministry of Energy, PTT has a mission and expansion in which innovation environment and respecting the human
to reduce Thailand’s greenhouse gas and technology play important roles. rights principles” in the “Sustainability • Oil, gas, and chemical spills
emissions in the energy sector. Therefore, Companies are focusing on developing Management Master Plan” in the Social Material Topic Additional
Information
PTT integrates climate change risks and new sustainable products and services dimension to leverage occupational Management Plan
PTT’s Sustainability 8
opportunities assessment into its annual that cater to the needs of their current health and safety operations, such as
Management Master Plan
strategic planning and risk management and future stakeholders. This includes compliance with basic and task-specific for Social Reponsibility
processes. This involves considering energy supporting the energy transition following safety rules, health surveillance, analysis and Environment
transition risks, financial impacts related the vision “Power Life with Future and management of process safety event
to climate change, and identifying new Energy and Beyond”, which involves risks, PTT health reporting system, and Remarks: Cause of Impact Stakeholders
business opportunities in the transition to a expanding into new businesses that go transportation safety management. Human Rights Article 8: Right to Remedy Article 22:Right to Social Security Additional information Public
Cause Sector Customers
Impact Article 12: Right to Privacy Article 23:Right to Work is available within this
Article 3: Right to Life Article 17: Right to Own Property Article 24:Right to Rest and Leisure report Society and Suppliers and
Article 4: Freedom from Slavery Contributes to Communities Partners
Article 18: Freedom of Religion Article 25:Right to Adequate Standard
Additional information
Article 5: Freedom from Torture or Belief of Living Directors and
is available on PTT Directly linked to Investors
Article 7: Right to Equality Article 20: Freedom of Assembly Ref: Universal Declaration of Human Rights Employees
Website
Before the Law and Association (UDHR), Amnesty International
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited
Positive Impact Negative Impact Governance Positive Impact Negative Impact Governance
+ Enhanced ecosystem services - Financial losses and Committee + Reduced workplace - Financial losses and Committee
for ecosystem health and long-term damage to Board of Directors accident and injuries damage to reputation Board of Directors
resilience, economic reliance, reputation Level + Increased productivity and - Health risks for Level
recreational opportunities, - Disruption of ecological • Corporate business competitiveness workers and • Corporate
Contents Biodiversity and cultural benefits balance and human Governance and Occupational Health and Safety + Lower insurance and communities Governance and
+ Climate change adaptation well-being Sustainability healthcare costs Sustainability
+ Conservation network, public • Occupational health and safety management + Enhanced quality of life Committee
• Biodiversity protection and Committee
Vision, Mission and PTT Values participation and awareness system, risk assessment, investigate incidents for employees, contractors • PTT’s Board of
ecosystem restoration • PTT’s Board of
adaptation • Safety, occupational health, and work and communities
• Sustainable land and natural Directors Directors
PTT Information environment, that may cause occupational Management Level
resource use Management Level
• Governance, Risk injury/ safety to employees and operators • Governance, Risk
Financial Highlights • List the locations of operations
and Compliance • Services related to health, consultation, trainings, and Compliance
that caused or contributed to
Management health promotion, and communication with Management
Achievement Highlights involuntary resettlement
Committee employees and operators Committee
• Environmentally conscious
Awards and Recognition Material Topic Additional
• PTT Group • Prevention and mitigation of occupational • PTT Group
development of urban and Information Material Topic Page 174
Management Plan Sustainability health and safety impacts directly linked by Sustainability
rural areas Management Plan
Message from the Board of Directors PTT’s Sustainability 8, 22, 25 business relationships Additional Management
152 Management PTT’s Sustainability 153
Management Master Plan • Process safety Information
Committee
Committee Management Master Plan
Economic, Petroleum for Social Reponsibility • Travel, truck and marine transportation safety • PTT Management
• PTT Management for Social Reponsibility 22, 25
and Environment • Community safety
and Petrochemical Review and Outlook Committee and Environment Committee
Functional Level • Emergency, crisis, and business continuity Functional Level
Positive Impact Negative Impact • Corporate Strategy management to prevent impacts on business, • Corporate Strategy
Section 1 + Cost saving through resource - Financial losses and damage
efficiency to reputation
and Sustainability communities and the environment and Sustainability
Business Operations and Performance + Innovation in Circular - Environmental contamination
Economy across operations and public health risks
and value chain
+ Protection of ecosystems and
Positive Impact Negative Impact Governance
1. Structure and Business Operations + Enhancing quality of life and - Activities and Committee
PTT Public Company Limited
PTT Public Company Limited
safeguarding public health
of PTT Group promoting local community business operations Board of Directors
Waste employment, including throughout the value Level
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management aligning with state policies chain (such as the • Corporate
• Waste management that support the involvement construction of Governance and
3. Driving Business towards Sustainability of private sector and state plants, natural gas Sustainability
(waste generated, waste
diverted from disposal, enterprises in supporting pipeline laying, Committee
4. Management’s Discussion and Analysis Additional
Material Topic Information social enterprises production processes, Management Level
waste directed to disposal) Management Plan
(MD&A) + Establishing relationships product transportation, • Governance, Risk
• Circular economy for waste PTT’s Sustainability 8, 22, 25 and community participation etc.) may result in
management Corporate Citizenship and Compliance
5. General Information Management Master Plan to foster understanding and negative impacts
for Social Reponsibility Management
mitigate impacts on across various
and Other Important Information and Environment • Indirect economic impacts on society and organizational image dimensions, including Committee
communities + Promoting self-directed the environment, • PTT Management
• Local community impact assessments learning potential throughout biodiversity, quality Committee
Section 2 • Developing and supporting community’s all stages of life, covering of life in local Functional Level
Positive Impact Negative Impact
Corporate Governance + Enhanced operational - Financial losses and damage technology accessibility essential infrastructure communities, • Corporate
efficiency to reputation • Relationship fostering, education, and development, creating human rights of Reputation and
+ Reduced environmental - Environmental contamination engagement with communities educational opportunities, local communities, Social Responsibility
Section 3 impact and promotion of and public health risks • Preservation/ encouragement of culture and
fostering skills and creativity, and community
public health aiming for equality in various displacement.
Financial Report education
dimensions, and reducing
Emissions • Employment and skill development social inequalities.
• Health promotion and public health
Attachment • Emission management Material Topic Additional
Management Plan Information campaigns
such as VOCs, NOx, SOx, etc. • List the locations of operations that caused
PTT’s Sustainability 8, 22, 25 Material Topic Page 181
• Other pollution such as or contributed to involuntary resettlement
Management Master Plan Management Plan
brightness, vibration, for Social Reponsibility • Security personnel trained in human rights Additional
PTT’s Sustainability Information
magnetic interference, and Environment policies or procedures Management Master Plan
radiation, etc. • Rights of indigenous peoples for Social Reponsibility 8, 22, 25
and Environment
Remarks: Cause of Impact Stakeholders Remarks: Cause of Impact Stakeholders
Human Rights Article 8: Right to Remedy Article 22:Right to Social Security Additional information Public Human Rights Article 8: Right to Remedy Article 22:Right to Social Security Additional information Public
Cause Sector Customers Cause Sector Customers
Impact Article 12: Right to Privacy Article 23:Right to Work is available within this Impact Article 12: Right to Privacy Article 23:Right to Work is available within this
Article 3: Right to Life Article 17: Right to Own Property Article 24:Right to Rest and Leisure report Society and Suppliers and Article 3: Right to Life Article 17: Right to Own Property Article 24:Right to Rest and Leisure report Society and Suppliers and
Article 4: Freedom from Slavery Contributes to Communities Partners Article 4: Freedom from Slavery Contributes to Communities Partners
Article 18: Freedom of Religion Article 25:Right to Adequate Standard Article 18: Freedom of Religion Article 25:Right to Adequate Standard
Additional information Additional information
Article 5: Freedom from Torture or Belief of Living Directors and Article 5: Freedom from Torture or Belief of Living Directors and
is available on PTT Directly linked to Investors is available on PTT Directly linked to Investors
Article 7: Right to Equality Article 20: Freedom of Assembly Ref: Universal Declaration of Human Rights Employees Article 7: Right to Equality Article 20: Freedom of Assembly Ref: Universal Declaration of Human Rights Employees
Website Website
Before the Law and Association (UDHR), Amnesty International Before the Law and Association (UDHR), Amnesty International
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023 Governance Committee Governance
Positive Impact Negative Impact Positive Impact Negative Impact
PTT Public Company Limited + Human resources with skills, - Ineffective and fair human Board of Directors Level
+ Creating returns from business - Non-transparent taxation and
Committee
knowledge, abilities, experience, resource management may lead • Corporate Governance and Management
operations for stakeholders receiving financial assistance
and expertise in future energy and to satisfaction and consequently Sustainability Committee Level
emerging businesses beyond the impact work efficiency and + Sharing economic value, from the state in business
• PTT’s Board of Directors • PTT Management
energy sector organizational commitment Economic such as employee income, operations may lead to illegal
Employment Practices Management Level Committee
+ Equal remuneration elevates - Developing the potential of Contribution compensation, benefits, annual financial flows and corruption
underperforming employees may • Corporate Human Functional Level
employees’ quality of life and dividends, taxes paid to the - Non-transparent state policies
Contents • Labor management enhances organizational solid result in new employees needing Resources Committee
• Economic value distribution such government, and investments may contribute to corruption,
• Group Accounting
relations commitment help to fill the roles of those who • Human Resources and Tax policy
resign or retire adequately as employee wages and benefits, for social welfare cronyism, or undeserved
• Non-discrimination and + Maintaining and promoting diversity Management Committee • Organization
within the workforce (ethnicity, religion, - Risks arising from inefficient dividend payment, income taxes + Supporting state policies, social benefits for specific
Vision, Mission and PTT Values harassment incidents • Structure, Job Weight and Effectiveness
gender, age, etc.) to foster the procurement and operations of payment, and social investment, development, quality of life, and organizations
Manpower Committee and Corporate
• Freedom of association and exchange of learning in terms of partners and collaborators may etc. environmental sustainability
PTT Information impact business operations, • Employee Management Governance
collective bargaining perspectives, cultures, insights, • Financial investment performance
and experiences such as increased operational Committee for Potential • Corporate
Financial Highlights • Equal remuneration costs, interruptions in supply and contribution Material Topic Additional Reputation
+ Managing supply chains transparently Groups and Scholarships Information
• Employee engagement and ethically from the source to chain processes, and complaints • Public policy support and political Management Plan and Social
Achievement Highlights • Performance appraisal and from partners and collaborators • Human Resources Group Responsibility
the end, emphasizing economic contribution Related Business Plans 22
career management returns while considering social Alignment & Coordination
• Government subsidies
Awards and Recognition • Talent attraction and and environmental impacts, and Management Committee
creating value with partners and • Procurement Strategic
retention
Message from the Board of Directors collaborators Alignment Committee
154 • Child labor 155
• Supplier Selection Positive Impact Negative Impact Governance
• Forced or compulsory labor Additional
Economic, Petroleum Material Topic Information Committee + Developing environmentally - Products and services that do Committee
• Modern slavery Management Plan
and Petrochemical Review and Outlook 4, 5, 7, 8, 18, • Approved Vendor List friendly products and services not adhere to health and safety Management
• Supply chain management • Human Resources Management Level
and Development Plan 20, 23, 24 Committee that are high quality and meet standards or regulations may
and supplier risk assessment
• PTT Learning Organization Master Plan Functional Level the needs and expectations of harm the organization and • PTT Customer
Section 1 • PTT’s Sustainability Management
Master Plan
• Organization Effectiveness
and Corporate Governance
Product Responsibility customers
+ Providing knowledge and
customers, such as health
impacts, complaints, disputes,
Excellence
Committee
Business Operations and Performance • Product and Service Procurement • Fair and truthful marketing and
Related Business Plans information about products and or legal actions Functional Level
compliance of concerning product services that benefit consumer - Privacy violations and customer • Strategic Planning
and service information decision-making data loss may adversely affect for Gas Business
1. Structure and Business Operations • Emerging customer needs
PTT Public Company Limited
PTT Public Company Limited
+ Protecting consumer data the organization’s reputation Unit
Positive Impact Negative Impact Governance Committee • Consumer complaints and disputes
of PTT Group + Promoting innovation and - Rapidly changing innovations Board of Directors Level and privacy and credibility
56-1 One Report 2023
56-1 One Report 2023
service, support, and settlement
2. Risk Management technology utilization in business and technologies may impact • Enterprise Risk
Management Committee • Assessment and protection of Material Topic Additional
operations (production processes, various aspects of business Information
3. Driving Business towards Sustainability products, services, etc.) to advance operations, such as innovation Management Level the health and safety impacts of Management Plan
towards new business opportunities, capital, employee skills and • PTT Idea to products and services PTT’s Customers and Marketing 8, 12, 17
4. Management’s Discussion and Analysis catering to customers and partners, abilities, and unexpected profit Commercialization Gate • Consumer data and privacy Management Plan
Innovation and Committee: PTT I2C Gate
(MD&A) Technology fostering competitiveness, and outcomes. protection
generating returns for investors Committee
• Innovation development • PTT Innovation
5. General Information Management Committee
processes and extension to Positive Impact Negative Impact Governance
Material Topic Page 191 Additional • PTT Group + Conducting business with integrity, - Increased expenses due to
and Other Important Information business development and Management Plan Information Committee
Technology Committee ethics, transparency, and a stance fines result in financial strain, Board of
new business (New S-curve) PTT Innovation Management 22 • PTT Group Digital
• Promoting innovation and against corruption and collusion, while damage to the Directors Level
Master Plan Steering Committee
Section 2 technology application in • PTT Management
complying with laws, regulations, organization’s image and • Corporate
Corporate Governance Committee and rules, which positively influences reputation can hinder its ability Governance and
production, products and
Functional Level Governance and Ethics operational outcomes by reducing to conduct business effectively Sustainability
services
• Innovation Institute expenses from fines and enhancing Committee
Section 3 • Good and ethic corporate structure the organization’s image Management
Positive Impact Negative Impact Governance Committee and governance process + Promoting ethical practices Level
Financial Report +Effectively safeguarding - Leakage of sensitive organizational Board of Directors Level throughout the supply chain
• Anti-competitive behavior • Governance, Risk
information, protecting against and stakeholder data to external • Corporate Plan and Risk • Anti-corruption and transparency + Establishing fair compensation for and Compliance
cyber threats, and ensuring sources can lead to detrimental Management Committee board members, executives, and
Attachment • Risk management aligned with Management
privacy instills trustworthiness effects on business operations, Functional Level employees
among stakeholders such as increased expenses, • New Business and international standards Committee
• Tax strategy and policy + Fostering fair market competition
Digitalization +Implementing digital technologies inability to deliver products Infrastructure and free trade
Functional Level
to enhance business processes and services, loss of trust from • Compliance with law, regulation, • Organization
• Information technology, for greater efficiency stakeholders, and loss of sensitve and requirement Effectiveness
Material Topic Additional
cybersecurity, and privacy information • Business positioning in supporting Information and Corporate
protection new rules, regulations, and policies
Management Plan
Governance
• Digital technology adaptation Material Topic Additional PTT’s Sustainability Management 8
Information • Remunerations of board director
to transform the organization’s
Management Plan Master Plan for Social Reponsibility
and management
Technology and Digital Master Plan 8, 12 and Environment
business process and activities
Remarks: Cause of Impact Stakeholders Remarks: Cause of Impact Stakeholders
Human Rights Article 8: Right to Remedy Article 22:Right to Social Security Additional information Public Human Rights Article 8: Right to Remedy Article 22:Right to Social Security Additional information Public
Cause Sector Customers Cause Sector Customers
Impact Article 12: Right to Privacy Article 23:Right to Work is available within this Impact Article 12: Right to Privacy Article 23:Right to Work is available within this
Article 3: Right to Life Article 17: Right to Own Property Article 24:Right to Rest and Leisure report Society and Suppliers and Article 3: Right to Life Article 17: Right to Own Property Article 24:Right to Rest and Leisure report Society and Suppliers and
Article 4: Freedom from Slavery Contributes to Communities Partners Article 4: Freedom from Slavery Contributes to Communities Partners
Article 18: Freedom of Religion Article 25:Right to Adequate Standard Article 18: Freedom of Religion Article 25:Right to Adequate Standard
Additional information Additional information
Article 5: Freedom from Torture or Belief of Living Directors and Article 5: Freedom from Torture or Belief of Living Directors and
is available on PTT Directly linked to Investors is available on PTT Directly linked to Investors
Article 7: Right to Equality Article 20: Freedom of Assembly Ref: Universal Declaration of Human Rights Employees Article 7: Right to Equality Article 20: Freedom of Assembly Ref: Universal Declaration of Human Rights Employees
Website Website
Before the Law and Association (UDHR), Amnesty International Before the Law and Association (UDHR), Amnesty International
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
Value Creation towards Sustainability
PTT Public Company Limited
Social and
Financial Manufactured Intellectual Human Relationship Natural
Contents Capital Capital Capital Capital Capital Capital
Vision, Mission and PTT Values • 28,562,996,250 shares of issued and • Production and research facilities • Intellectual properties • 3,574 PTT employees • Relationship between • Renewable and non-renewable natural resources
additional paid-in capital • Infrastructure such as natural gas • Licensed technology, • Skills and experience of employees, PTT and stakeholders • Budget for environmental investment: THB 492 million
PTT Information • THB 3,367,203 million in revenue from pipelines and petroleum terminals innovations, and other suppliers, and business partners • Brand and reputation
products and services in 2022 • 6 Gas Separation Plants with a total initiatives • Average training hours for executives • Budget for
Financial Highlights
• THB 491,288 million from EBITDA production capacity of 2,870 million • Research fund of and employees: 46.11 hours social investment
Inputs
Achievement Highlights (Earnings before Interest, Tax, cubic feet per day (In 2022, the total THB 502 million • Average training cost for executives THB 1,018.79 million
Depreciation, and Amortization) capacity of the Gas Separation Plants, and employees: THB 30,513.87 • Collaboration with
Awards and Recognition in 2022 including 2,660 million cubic feet per person stakeholders
Message from the Board of Directors per day, based on the quality of • 38.39% of female executives and
156 natural gas from the Gulf of Thailand employees to total employees 157
Economic, Petroleum (carbon dioxide proportion))
and Petrochemical Review and Outlook • Natural gas pipeline network with
New Business
a total distance of approximately and
4,570 kilometers
1
Infrastructure
Section Business Group
Business Operations and Performance
Environmental:
Upstream
PTT Business
1. Structure and Business Operations
Sustainable Production Global Examples of Value for
and Consumption Petroleum
Operations
PTT Public Company Limited
PTT Public Company Limited
Trends Products and Stakeholders
and Natural Gas
of PTT Group and Services
Business Group
56-1 One Report 2023
56-1 One Report 2023
Directions
2. Risk Management Public Society and
Social: Natural Gas Sector Communities
3. Driving Business towards Sustainability People’s Well-being Driving
Factors for
4. Management’s Discussion and Analysis Success Petrochemical
Investors Customers
(MD&A)
Governance: Emerging LPG
5. General Information Corporate Governance Downstream Risks
and Performance
Petroleum Support Suppliers Directors
and Other Important Information Excellence and New
Business Group Functions Natural gas and and
Opportunities
pipelines Partners Employees
Section 2 • THB 3,144,551 million in revenue • Production and research facilities ALL • 16 new products • Human capital return on • 100% community • PTT’s greenhouse gas emissions: ALL
Corporate Governance from products and services and 32 patent investment 298 times engagement with - Direct emissions (Scope 1)
• Infrastructure such as natural gas ALL applications local communities 10.13 million tons of carbon dioxide equivalent
• THB 426,895 million from pipelines and petroleum terminals • Employee engagement - Indirect emissions (Scope 2) (market-based)
in the operational
Section 3 EBITDA (Earnings before • Revenue from score 82% 0.19 million tons of carbon dioxide equivalent
• Gas Separation Plants: areas
Financial Report Interest, Tax, Depreciation, ALL research and - Indirect emissions (Scope 2) (location-based)
6 units with a total production • Employee turnover rate
and Amortization) development by • Stakeholder 0.18 million tons of carbon dioxide equivalent
capacity of 2,870 million cubic feet Male employees 1.45 ALL
Value Creation
PTT Innovation engagement score
Attachment • Net debt/ EBITDA ratio per day (In 2023, the Gas Separation Female employees 1.18 • PTT Group’s greenhouse gas emissions:
Institute amounted 85 points - Direct emissions (Scope 1)
1.67 times Plants’ capacity to separate natural ALL
to THB 81,812,047 • Employee succession rate 40.73 million tons of carbon dioxide equivalent
gas totaled 2,660 million cubic feet • No community
• Net profit per share 100% - Indirect emissions (Scope 2) (market-based)
per day, based on the quality of conflicts
THB 3.92 per share 0.87 million tons of carbon dioxide equivalent
natural gas from the Gulf of Thailand
• Dividend payments (including carbon dioxide proportions)) • Percentage of water recycled and reused per total
from annual operations • Natural gas pipeline network with volume of water withdrawal (freshwater) 6.89%
THB 57,126 million a total distance of approximately ALL • Reforestation project of 1 million rai in honor of
4,570 kilometers His Majesty the late King Bhumibol Adulyadej
• Taxes and payments to
the Great to sequester an average of 2.14 million
government for public
tons of carbon dioxide equivalent annually, yielding
infrastructure and administration:
benefits valued at over THB 280 million annually
THB 41,865 million
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Material Topic Management
3.4 Overview of Sustainability Material Topic
Management and Performance Indicators
Performance Targets Performance
against
Short-term Targets Long-term
Contents 2023 Targets
2023 Targets
Under the policy of conducting business responsibly across various domains, which is implemented through the management SE-AM KPI and Corporate KPI* PTT: PTT: PTT:
Vision, Mission and PTT Values
process of key sustainability issues as detailed in sections 3.1 - 3.3 of PTT, presenting an overview of the goals, plans, operational Functional KPI Direct and indirect Achieve Carbon 10.13 million tons
PTT Information outcomes, and progress of significant projects in managing key sustainability issues for the first 3 quarters of the year 2023.
KPIs aligned with PTT’s Sustainability greenhouse gas emissions Neutrality by 2040 of carbon dioxide
Financial Highlights This includes problems that have changed in the past year and issues of interest to stakeholders, as documented in Management Master Plan for Social not exceeding 11.5 million and Net Zero equivalent
the 56-1 One Report. These issues encompass climate action, water management, occupational health and safety, Responsibility and Environment 2021 - 2025 tons of carbon dioxide Emissions by 2050
Achievement Highlights
corporate citizenship, and innovation and technology. Please refer to PTT Website under the Sustainability section for further Quality, Safety, Health, and Environment equivalent
Awards and Recognition details on other important issues. (QSHE) KPIs 2023 for PTT and
its subsidiaries PTT Group: PTT Group: PTT Group:
Message from the Board of Directors
158 * SE-AM and Corporate KPIs measure Direct and indirect 15% reduction by 41.59 million tons 159
Economic, Petroleum eco-efficiency performance from greenhouse gas emissions 2030 compared to of carbon dioxide
and Petrochemical Review and Outlook PTT’s emission intensity (domestically and 2020 emissions equivalent
internationally)
not exceeding 51.5 million
Section 1 tons of carbon dioxide
Business Operations and Performance Climate Action equivalent
1. Structure and Business Operations
Positive and Negative Impacts
PTT Public Company Limited
PTT Public Company Limited
of PTT Group Contribution to the United Nations Sustainable Development Goals (UN SDGs)
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56-1 One Report 2023
2. Risk Management PTT is aware that the activities, products, and services in the oil and natural 7.1 13.1 15.2
6.6 7.2 13.2 14.2 15.4 17
3. Driving Business towards Sustainability gas business, which are the organization’s main activities, inevitably release 7.3 13.3 15.5
4. Management’s Discussion and Analysis greenhouse gas directly and indirectly throughout the value chain. These
(MD&A) emissions lead to positive and negative impacts on various dimensions, ranging
Key Action Plans for 2023
5. General Information from environmental factors causing global warming to changes in climate
that have other complex and diverse consequences. These consequences Continuing the 3P Decarbonization Pathways from the previous year:
and Other Important Information
include impacts on biodiversity and changes in people’s lives and quality of • Pursuit of Lower Emissions • Portfolio Transformation • Partnership with Nature and Society
life, affecting societies in various parts of the world, including Thailand.
Section 2
Corporate Governance
All sectors globally and in Thailand prioritize and elevate addressing climate Overall Management Approach
change as an urgent global agenda. This inevitably affects PTT’s business
Section 3
operations directly. Since 2021, PTT has incorporated the risks and PTT manages the impacts of climate change at every stage by PTT and its wholly owned subsidiaries supported by
Financial Report of its business operations, incorporating it as a key input governmental measures. The 3P Decarbonization Pathways,
opportunities from climate change into its strategic direction and long-term goals
into the organization’s strategic direction in 2021. Long-term closely linked and aligned with the long-term goals for 2030,
until 2030, including corporate targets such as Business Growth, New Growth,
Attachment targets for 2030 reflect the commitment to earnestly transform guides these efforts. Furthermore, the establishment of the
and Clean Growth. These goals reflect the commitment to transforming the
business practices towards Business Growth, New Growth, PTT Group Net Zero Task Force (G-NET), comprising senior
business towards a low-carbon society, aiming for Net Zero Emissions by 2050
and Clean Growth, aligning with the corresponding strategic executives from PTT Group companies, supports and drives
to the activities conducted by PTT and its wholly owned subsidiaries, which directions embedded in the organizational vision and cascaded initiatives aligned with the 3P Decarbonization Pathways.
PTT holds 100% shares, not only positively impact the environment but also into operational plans at all levels, including business units,
drives the country’s economy. This contributes to positive social impacts departments, and subsidiaries within PTT Group. These goals PTT monitors and summarizes progress on business plans
by creating employment opportunities, improving the quality of life for citizens are further translated into organizational and departmental and targets for business unit level committees and presents
and society, enhancing the knowledge and skills of employees from performance indicators to drive consistent and aligned actions. overall reports to management and the board. These structures
new businesses, and may also receive tax incentives. are designed to review, provide guidance, and advocate for
Additionally, PTT sets ambitious mid-term targets for Carbon close-quartered action every quarter.
Neutrality by 2040 and Net Zero Emissions by 2050, surpassing
national targets. This endeavor encompasses direct actions
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited 3P Decarbonization Pathways Furthermore, the organization will review its strategic direction to
ensure clarity and alignment with the evolving long-term targets.
Recommendations of the Task Force on
Climate-related Financial Disclosures
linked to the organization’s long-term target for 2030, serve as a framework for This reflects readiness to adapt from conventional hydrocarbon- (TCFD)
collaborative action within PTT Group. Key action plans/ projects include the following: based businesses while accelerating the development and
expansion of new ventures, including Future Energy and Beyond, PTT integrates climate risk and opportunity analysis into
Contents to mitigate risks and impacts on stakeholders resulting from its strategic planning and organizational risk management
climate change. Moreover, it seeks opportunities arising from processes by incorporating Climate Scenario Analysis following
Vision, Mission and PTT Values the energy transition trend and the direction of Thailand’s new Recommendations of the Task Force on Climate-related
industrial development. Financial Disclosures (TCFD) . This enables the assessment
PTT Information
and understanding of both physical and transitional risks
Financial Highlights • PTT’s investment in existing businesses has the direction of associated with climate change and their impacts on business
Pursuit of Lower Emissions Portfolio Transformation Partnership with Nature and ‘Prolong Existing Business’ by increasing competitiveness and operations over different time horizons. The evaluation covers
Achievement Highlights Interconnected with the Clean Growth target Generating growth from Future Energy Society generating profits for as long as possible while new businesses various business groups within PTT, including upstream and
Awards and Recognition to maximize the reductions in greenhouse businesses by increasing the proportion Increasing the carbon sequestration
are being developed. The strategic directions are as follows: downstream petroleum businesses, infrastructure businesses,
gas emissions throughout the processes of the Green Portfolio and managing through Nature-based Solutions, such
- Operational Excellence: Implementing productivity and natural gas businesses. Furthermore, PTT applies
Message from the Board of Directors the Hydrocarbon Portfolio as planting and maintaining forests and
160 improvement programs across PTT Group to reduce costs the disclosure criteria outlined in IFRS S2 related to climate change 161
expanding green spaces
Economic, Petroleum and enhance competitiveness. risks and opportunities, which is aligned with TCFD.
and Petrochemical Review and Outlook Operational Activities Operational Activities Operational Activities
- Group Synergy: Creating synergy through various platforms
- Carbon Capture and Storage (CCS) - Promoting growth in the future energy - PTT conserves 1,600,000,000 square within PTT Group to prepare for situations such as oil For further details, please visit PTT Website.
- Carbon Capture and Utilization (CCU) sector meters (1 million rai) of the forest through
Section 1 - Utilization of renewable energy and - Increasing the proportion of renewable the reforestation project of 1 million rai
supply surplus and intensified competition in anticipated
challenging markets.
Business Operations and Performance hydrogen energy in the process energy production in honor of His Majesty the late King 3P Decarbonization Pathways
- Implementation of energy conservation - Decreasing investment in fossil fuel - Business Portfolio Transformation: Adjusting the business
Bhumibol Adulyadej since 1994
and efficiency projects - Supporting the adoption of electric portfolio to accommodate energy transition.
- PTT has planted 1,600,000,000 square
1. Structure and Business Operations - Offsetting greenhouse gas emissions vehicles in Thailand - Thailand-Cambodia Overlapping Claims Area (OCA):
PTT Public Company Limited
PTT Public Company Limited
meters (1 million rai) of new forests
of PTT Group through carbon credits covering terrestrial and mangrove Accelerating the development of OCA resources to ensure
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management forests and another 1,600,000,000 square gas supply stability from domestic sources.
meters (1 million rai) in collaboration with
3. Driving Business towards Sustainability
PTT Group • The ‘Ignite Future Energy and Beyond’ direction focuses
4. Management’s Discussion and Analysis on generating significant returns for PTT before the existing
(MD&A) business deteriorates from the energy transition trend by
5. General Information Progress of Key Plans/ Projects creating an Execution Roadmap and an Exit Strategy. Pursuit of Lower Emissions
Creating growth in Future Energy and
and Other Important Information
NEW Beyond business to add up the net profit
GROWTH contribution from these new ventures to Between 2023 and 2030, PTT Group prepared a 5-year Carbon Capture and Storage (CCS)
Review of more than 30% of PTT’s total net profit. investment plan totaling approximately THB 1.135 trillion.
Section 2 the Corporate Targets In 2023, THB 190,544 million was disbursed to enhance The project involves capturing and storing carbon dioxide
Corporate Governance and Strategic Direction energy security, maintain competitiveness, foster business emissions from production processes in the Gulf of Thailand
In 2023, PTT reviewed its long- growth within PTT Group, and collectively drive industry area. Additionally, it explores the feasibility of storing carbon
Section 3 objectives and the country’s S-Curve. Additionally, targets dioxide emissions in nearshore regions on the eastern coast.
term goals for 2030, adjusting
Financial Report the Business Growth target by and investment directions were set for 2030, emphasizing This initiative is conducted under internal collaboration within
increasing the electricity production investments in high-yield assets and expediting investments PTT Group to study the PTT Group CCS Hub Model jointly.
Attachment capacity target from renewable in future energy and new businesses to support sustainable Progress in this endeavor includes:
energy from 12 GW to 15 GW, business growth. Furthermore, PTT has divested its coal
aligning with the accelerated energy
BUSINESS business by selling all shares in Indonesia in February 2023. • Offshore: This project captures carbon dioxide emissions at
transition. Additionally, it decreased
GROWTH production sites and is operated by PTTEP. There are 2 leading
Adjusting the energy business Further details regarding the nature of operations, procurement, areas: the Arthit Field and the Lang Lebah Field. The Arthit
the target for electricity production
portfolio by focusing on low-carbon
capacity from conventional power and distribution of future energy and non-energy businesses gas field marks Thailand’s inaugural endeavor in this field.
ventures and increasing electricity
from 8 GW to 5 GW. production capacity from renewable can be found in section 1.2, pages 63 - 109. Significant It is estimated that this initiative could reduce greenhouse gas
energy to 15 GW and expanding changes and developments within PTT, including its transition emissions by approximately 1 million tons of carbon dioxide
PTT’s long-term targets 2030 for the liquefied natural gas (LNG) CLEAN towards future energy and non-energy businesses over the per year. It is undergoing the front-end engineering design
business, a transitional energy
Business Growth, New Growth,
source, to achieve a combined GROWTH past 3 years, are elaborated in section 1.1.2, pages 46 - 61. (FEED). The project is scheduled for implementation by 2027.
and Clean Growth are summarized annual production and trade volume Reducing greenhouse gas emissions by 15% Furthermore, key performance outcomes aligned with PTT’s
as follows: of 9 million tons. compared to the emissions level in 2020. vision and strategy in 2023 are outlined on pages 8 - 13.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited • Nearshore: The project in the nearshore areas of the Eastern Carbon Capture and Utilization (CCU) Furthermore, PTT has replaced the corporate vehicles,
Thailand region aims to capture and store approximately including executive fleet vehicles, with Battery Electric Vehicles
6 million tons of carbon dioxide per year. Plans are in place The Rayong Gas Separation Plant, PTT Innovation Institute, (BEV) and Plug-in Hybrid Electric Vehicles (PHEV). In 2023,
to commence project operations by the year 2030. In 2023, and OR have jointly conducted a study to explore the potential 60 vehicles were replaced, contributing to an estimated
a study report was prepared for the Carbon Capture and development of business and market opportunities for reduction of approximately 127 tons of carbon dioxide
Contents Storage (CCS) project in the Eastern Thailand region, known products derived from sodium bicarbonate separated at emission annually.
as the Eastern Thailand Carbon Capture and Storage Hub: the gas separation plant. These products, such as food,
Portfolio Transformation
Vision, Mission and PTT Values CCS Hub (White Paper), to reduce Thailand’s greenhouse gas pharmaceuticals, animal feed, and chemicals, can be utilized Process Improvement and Energy
domestically and internationally across various industries. This Efficiency Implementation
PTT Information emissions. This was presented to the government on behalf
initiative aims to enhance PTT Group’s business capabilities Realignment of Investment Direction
of PTT Group through the Climate Change Policy Committee.
Financial Highlights Additionally, an estimation of the cost for carbon capture at while reducing carbon dioxide emissions and promoting self- PTT is investing in constructing Gas Separation Plant Unit 7
each production process (CO2 Capture Cost Estimation & reliance by reducing imports of raw materials/ products from to replace Gas Separation Plant Unit 1, with a budget In February 2023, PTT terminated all investments in the coal
Achievement Highlights
Prioritize), feasibility studies for gathering and transportation, foreign sources. Currently, Sodium Bicarbonate (SODANA of approximately THB 18,000 million. The commercial business by selling PTT Mining Limited (PTTML) shares to
Awards and Recognition project) has received investment approval and is in the process
and the CCS Business Model were jointly studied to be utilized operation date (COD) is planned for 2024. The design of the companies under the Astrindo group in Indonesia. Investments
Message from the Board of Directors in future investment planning. of construction bidding. An MOU has been signed for Animal cooling system for the production process aims to enhance in Renewable Energy, electric vehicles, and ventures Beyond
162 Feed Protein, with the completion of product and market-proof.
163
efficiency and reduce operational risks by utilizing the cooling Energy will be conducted through companies within PTT Group,
Economic, Petroleum
Furthermore, PTT Group has collaborated to establish the capacity from liquefied natural gas, consequently reducing which have made significant progress.
and Petrochemical Review and Outlook
Thailand Carbon Capture, Utilization, and Storage Alliance Furthermore, PTT is continuously studying the feasibility of greenhouse gas emissions by 112,000 tons of carbon dioxide
(TCCA) with leading educational institutions, private companies, other products, such as methanol, which serves as a key equivalent per year compared to Gas Separation Plant Unit 1. Internal Carbon Price Mechanism for
Section 1 government agencies, and public organizations. The objective ingredient in adhesive resin production in the furniture industry
and as a primary feedstock for biodiesel production. However,
PTT’s Investment Consideration
Business Operations and Performance is to create a strong collaborative platform and drive CCUS In 2023, the Rayong Gas Separation Plant carried out
technology in all dimensions. This initiative aims to push carbon the current dependency on high imports necessitates further various projects to upgrade and enhance energy efficiency.
capture and storage (CCS) collectively projects sustainably study to domestically produce methanol, which would help These initiatives collectively led to an estimated reduction in
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
and support the country’s goals to reduce greenhouse gas reduce carbon dioxide emissions, substitute imports, and energy consumption of approximately 5,700 MMBTU per year,
of PTT Group
alleviate trade imbalances. Currently, this is in the preliminary consequently resulting in a reduction of roughly 690 tons of
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emissions.
2. Risk Management engineering study phase. carbon dioxide emission per year.
3. Driving Business towards Sustainability
4. Management’s Discussion and Analysis Renewable Energy in the Operational Areas Furthermore, PTT encouraged employee participation in
(MD&A) productivity improvement projects, focusing on process
PTT has installed solar panels to replace electricity usage from improvement to increase productivity, reduce expenses,
5. General Information the grid in several locations. In 2023, additional solar panels generate additional revenue, and minimize idle time. In 2023, PTT considers an internal carbon price as one of the tools used
and Other Important Information were installed in operational areas, including: employees proposed over 47 environmental projects, including to evaluate investment decisions in projects that contribute to
10 projects related to circular economy initiatives, 4 projects reducing greenhouse gas emissions and mitigating the impacts
Section 2 • PTT Innovation Institute installed floating and rooftop solar targeting electricity consumption reduction, 4 projects aimed at of climate change. This approach aligns with PTT’s commitment
Corporate Governance panels with a total capacity of 1.60 megawatts. The institute reducing fuel usage, 2 projects focusing on water conservation, to transitioning towards a low-carbon society. The internal
generates renewable energy from solar panels and wind 2 wastewater reduction projects, 3 waste management projects, carbon price mechanism, set at USD 20 per ton of carbon
Section 3 turbines, totaling 1.68 megawatts. and 22 projects involving equipment modifications in the dioxide equivalent, was expanded in 2022 to cover all projects
• For the Natural Gas Transmission System, solar panels have production process to reduce greenhouse gas emissions. or plans requiring approval from the Strategic Investment
Financial Report
been installed across all zones, including operational and Management Committee (SIMC) and PTT’s Management
maintenance areas of the shoreline stations and the Chonburi Committee beyond green investment projects. This mechanism
Attachment
Operation Center. The total capacity is 1.46 megawatts. is applied to assess the investment viability of projects that
• For the Natural Gas Vehicle unit, the maximum electricity reduce greenhouse gas emissions, such as utilizing renewable
production capacity is approximately 9 kilowatts. energy within operational areas or considering projects that
• At the Eastern Economic Corridor Innovation Project, also convert carbon dioxide emissions into useful resources.
known as Wang Chan Valley, the maximum electricity Furthermore, PTT promotes PTT Group to apply the internal
production capacity is around 50 kilowatts. Renewable energy carbon price mechanism, enabling subsidiaries to incorporate
is anticipated to generate approximately 4,670 megawatt-hours it into their project screening or selection processes. This
of electricity for operations annually, resulting in an estimated ensures that PTT’s subsidiaries can choose projects to reduce
avoidance of 1,878 tons of carbon dioxide emission per year greenhouse gas emissions in line with PTT’s emission reduction
under Scope 2. targets.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
In driving community engagement efforts, PTT has signed agreements for collaborative forest planting and maintenance with
PTT Public Company Limited Hydrogen Fuel Project
2 community enterprises: the Mae Song Community Enterprise in Taopun sub-district and the Forest Conservation and Promotion
Community Enterprise in Huaimai sub-district, both located in Song district, Phrae province. These community enterprises are
Using hydrogen gas as a fuel either within engines or in
pioneers in Thailand, providing forest planting and maintenance services.
conjunction with fuel cells and through electrochemical
processes to convert it into usable energy have several
Contents advantages. It is a clean energy source that does not produce
PTT has signed a collaboration agreement regarding community forest restoration with the Community Forest Management
Committee of Nong Thitson, Nachuek district, Mahasarakham province. This marks the first community forest in Thailand to
pollutants and has the potential for usage comparable to Partnership with Nature and Society participate in carbon credit-sharing initiatives. Furthermore, PTT has partnered with AI and Robotics Ventures (ARV) Company,
Vision, Mission and PTT Values traditional fuels. Consequently, PTT has established the
Collaboration with the Government to a subsidiary of PTTEP, to utilize satellite imagery and unmanned drones to survey and analyze data to select areas with potential
Hydrogen Thailand group to drive hydrogen and fuel cell
PTT Information for reforestation.
technologies as new alternative energies toward a low-carbon Expand Green Spaces
Financial Highlights society.
On the auspicious occasion of the 50th anniversary of His
Achievement Highlights PTT Innovation Institute has developed a strategic plan to Majesty the late King Bhumibol Adulyadej the Great’s accession
Awards and Recognition establish a hydrogen business portfolio, which has received to the throne, the Royal Forest Plantation Project has been
approval from PTT’s Board of Directors. A hydrogen implemented by PTT since 1994. The project has focused on
Message from the Board of Directors business development task force has been formed to push reforestation and rehabilitating degraded forest areas, spanning
164 165
Economic, Petroleum towards achieving these goals. Currently, they are exploring 1 million rai nationwide. Additionally, efforts have been made
investment opportunities in the green hydrogen alongside to develop conservation networks and sustainable forest
and Petrochemical Review and Outlook
domestic and international partners. Additionally, collaborations management practices, including mobilizing volunteer forest
have been established with PTT Oil and Retail Business Public rangers and collaborating with environmental organizations to
Section 1 Company Limited (OR) and Bangkok Industrial Gas Co., Ltd.
(BIG), Toyota Tsusho Corporation (TTTC), Toyota Daihatsu
conserve soil, water, and other related resources.
Business Operations and Performance
Engineering & Manufacturing Co., Ltd. (TDEM), and Toyota As of 2023, PTT remains committed to expanding green spaces
Motor Thailand Co., Ltd. (TMT) to study and develop future to enhance carbon sequestration through natural means.
1. Structure and Business Operations energy projects. As part of this effort, a pioneering hydrogen fuel Plans are underway to increase terrestrial and mangrove
PTT Public Company Limited
PTT Public Company Limited
Collaboration of Government Agencies and Various Networks
of PTT Group station has been opened for testing hydrogen fuel cell electric forest areas by an additional 1 million rai by 2030, along
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56-1 One Report 2023
2. Risk Management vehicles, with Thailand’s first Mirai (Toyota) hydrogen fuel cell with continuous monitoring and maintenance activities. This PTT collaborates with the Ministry of Natural Resources and As a member of TCNN, PTT holds the role of Climate Action
electric vehicle being tested for operation in Thailand. The includes conducting surveys and tracking the carbon dioxide Environment, the Office of Natural Resources and Environmental Leading Organization (CALO) and participates in the Climate
3. Driving Business towards Sustainability
testing is conducted through a shuttle service between U-Tapao absorption outcomes from forests in each country region. Policy and Planning (ONEP), the Department of Climate Change Neutral Now program under the United Nations Framework
4. Management’s Discussion and Analysis Airport in Chonburi province and nearby areas for tourists and and Environment (DCCE), and the Thailand Greenhouse Gas Convention on Climate Change (UNFCCC). In 2023, PTT was
(MD&A) passengers. Technical data from real-world usage is collected By signing this memorandum of understanding, the collaboration Management Organization (Public Organization) (TGO) to recognized as one of the 16 outstanding CALOs in Thailand
to foster awareness and support future expansion initiatives. between PTT Group, the Royal Forest Department, the organize the Thailand Climate Action Conference (TCAC) 2023. based on assessments of measurement, reporting, and
5. General Information
Department of National Parks, Wildlife, and Plant Conservation, TCAC aimed to drive practical actions to reduce greenhouse reduction performance. Furthermore, PTT collaborates with the
and Other Important Information In 2023, the Hydrogen Business Development Task Force and the Department of Marine and Coastal Resources is gas emissions and transition Thailand towards a sustainable, TCNN to develop policy proposals for government support in
conducted a study to prepare for developing hydrogen business formalized. This represents a partnership between the public low-carbon society. Additionally, PTT participated in the Climate greenhouse gas reduction efforts, presenting these proposals
Section 2 readiness in Thailand. Collaboratively, they produced a White and private sectors in theory and practice. Examples of Action Leader Forum under the Ministry of Natural Resources to relevant government agencies such as the Department of
Corporate Governance Paper covering the potential applications and challenges collaboration include supporting research activities and sharing and Environment, alongside TGO, ONEP, Mahidol University, Climate Change and Environment, the Ministry of Natural
of hydrogen in Thailand’s future. This paper outlined the academic data, expanding areas for carbon dioxide absorption and the United Nations Development Programme (UNDP). Resources and Environment, the Ministry of Energy, and the
necessary support from the government sector and proposed and carbon storage, and engaging local communities in forest These forums invited leaders from various sectors to exchange Ministry of Finance, to inform future climate change action
Section 3
operational plans to be presented to relevant governmental conservation and biodiversity preservation efforts. perspectives, experiences, and roles in contributing to global plans.
Financial Report entities for future action. warming mitigation efforts, aiming for sustainable development.
Furthermore, an event called “Life Power: Transforming One Furthermore, PTT collaborates with PTTEP and TGO to develop
Attachment Sapling into Two Million” was organized on August 8th, 2023, In addition to these initiatives, PTT serves as the Chair of methodologies for Carbon Capture and Storage (CCS) in
at the Forest Plantation Site managed by PTT, located in the the Thailand Climate Neutral Network (TCNN), which ONEP subsurface geological formations, marking the first such
protected national forest areas of Wang Phloeng, Muang established. TCNN comprises more than 500 organizations methodology in Thailand. This initiative aims to establish
Khom, and Lam Narai Forest, in Maha Phot district, Saraburi from all sectors, including government agencies, private sectors, guidelines for voluntary greenhouse gas reduction projects
province. The event saw the participation of 450 individuals who educational institutions, international organizations, and non- under the Premium Thailand Voluntary Emission Reduction
planted over 4,500 trees. This marked the initial step towards profit organizations. Through 4 working committees focusing program (Premium T-VER). Additionally, PTT participates
planting an additional one million rai of forest. PTT has received on policy, carbon markets, climate finance, and technology and in developing criteria and certification guidelines for net
support for and successfully grown over 86,173 rai (across 25 innovation, TCNN promotes collaboration to elevate greenhouse greenhouse gas emissions with TGO. These guidelines
provinces), surpassing the initial target of 75,000 rai. This effort gas reduction efforts, fostering sustainable growth within a serve as a framework for organizations in Thailand to work
is in conjunction with registering reforestation projects under the climate-friendly society. TCNN aims to drive policy-driven actions, towards achieving Net Zero Emissions goals by providing
Thailand Voluntary Emission Reduction program (T-VER), aiming elevate standards for greenhouse gas reduction globally, and feedback and suggestions aligned with international standards
to elevate forest restoration practices to meet scientific standards. serve as Thailand’s leading network towards achieving Carbon and tailored to Thailand’s context.
Neutrality and Net Zero Emissions goals.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
Improvement of Greenhouse Gas It was found that there was a slight increase in the volume of
PTT Group’s Direct and Indirect Greenhouse Gas Emissions1, 8
PTT Public Company Limited market-based Scope 2 greenhouse gas emissions compared
Accounting and Reporting Unit: Million tons of carbon dioxide equivalent
to the previous year. This increase was attributed to the
PTT has established accounting and reporting systems for increased electricity purchases to meet the growing demand 2020 2021 2022 2023
greenhouse gas emissions, absorption, and storage data, from the expanded operational scope. Meanwhile, the volume
covering direct emissions (Scope 1), emissions from energy of direct Scope 1 greenhouse gas emissions decreased from Direct greenhouse gas emissions (Scope 1)2, 3 43.47 47.27 45.39 40.73
Contents use (Scope 2), and other indirect emissions (Scope 3). the previous year due to primary factors such as reduced Biogenic CO2 emissions N/A N/A 0.004
7
0.007
Scope
These systems have been continuously improved to align production and distribution of electricity from the GPSC’s 1&2 Indirect greenhouse gas emissions (Scope 2) (location-based) 1.01 1.12 0.65 0.86
Vision, Mission and PTT Values with international standards by enhancing methodologies, oil-fired power generation processes, in line with the business
Indirect greenhouse gas emissions (Scope 2) (market-based) 2, 3
1.69 1.46 0.86 0.87
operational guidelines, and digital reporting systems. plan and agreements between GPSC and the Electricity
PTT Information Use of sold products 4, 5, 6
116.15 113.48 132.13 134.26
Generating Authority of Thailand.
Financial Highlights PTT’s greenhouse gas emissions (Scope 3) include additional Fuel- and energy-related activities 9
N/A N/A N/A 0.05
Scope
significant company activities; combustion of petroleum fuel Waste generated in operations N/A N/A 0.04 0.0110
Achievement Highlights Carbon Footprint for Organization 32, 3
products sold, waste disposal from production processes, and Business travel11 N/A N/A 0.004 0.0112
Awards and Recognition business travel, which have the potential and opportunities to (CFO) End-of-life treatment of sold products13 N/A N/A N/A 0.90
reduce greenhouse gas emissions. Additionally, the company
Message from the Board of Directors According to TGO criteria, PTT has compiled data on
166 has started outlining operational frameworks in 2024 for PTT 167
Remarks:
Economic, Petroleum Group to avoid Scope 3 emissions from waste disposal activities, greenhouse gas emission from various organization activities, 1 The data scope under the operational control format covers - Operational boundaries have expanded due to increased Scope 3 emissions. This is considered direct greenhouse
and Petrochemical Review and Outlook aiming to achieve a reduction of 0.67 tons of carbon dioxide covering direct and indirect greenhouse gas emission in companies where PTT directly holds more than 20% reporting on ORPC, HGP, office space utilization in EnCo gas emissions (Scope 1) from the combustion activity
of shares and is a major shareholder or indirect shares and Rayong, GC’s Lab, Innovation 2, and Workshop under the greenhouse gas accounting boundary of
equivalent per ton of total waste generated. 2022, totaling 10.87 million tons of carbon dioxide equivalent. of 100%, including joint venture companies with equal facilities, storage tanks and yards of IRPC, LPGB corporations and organizations, most of which are
Additionally, carbon dioxide uptake from forest planting major shareholdings. Greenhouse gas emissions under Blender Songkhla, and lubricant distribution centers in controlled through setting Carbon Neutrality and Net Zero
Section 1 In 2023, there was a review and enhancement of the accounting
and reporting practices, with an expanded reporting scope
and maintenance activities in 2022, under the auspices of
the Reforestation Project, which has been ongoing since 1994,
these companies cover those held directly by companies
where PTT has over 20% of shares and is a major
Bang Pakong by OR.
- Activities initiated by power generation units in the
Emissions targets for the corporations and organizations.
7 Reporting on biogenic CO2 emissions has commenced.
Business Operations and Performance shareholder or indirect shares of 100%, including joint PTTLNG area will be added in 2020. 8 The reporting of organizational greenhouse gas emissions
covering various projects and activities of the PTT Group. This amounted to 0.90 million tons of carbon dioxide equivalent. venture companies with equal major shareholdings. 4 Data on other indirect greenhouse gas emissions (Scope 3) is expanding to include operational activities. Once the
2 Based on operational data from 2020, reporting on includes the combustion of fuel products distributed by necessary enhancements are completed, data will be
encompassed the Wang Chan Valley Project of PTT, activities The PTT’s Carbon Footprint for Organization has been direct and indirect greenhouse gas emissions, including PTT and OR (natural gas, gasoline, diesel, aviation fuel, updated for reporting in subsequent disclosures.
1. Structure and Business Operations
of G1/61, G2/61 (South), and Yadana of PTTEP, HDPE1 plastic certified by Thailand Greenhouse Gas Management Organization
PTT Public Company Limited
PTT Public Company Limited
the operations of GC overseas, is estimated to release kerosene, liquefied petroleum gas, and fuel oil). As part of 9 Scope 3 greenhouse gas emissions data covers activities
of PTT Group approximately 0.31 million tons and 0.01 million tons of its State Enterprise Assessment Model (SE-AM) KPI, PTT related to energy losses from purchasing electricity from
pellet production units of NVK Co., Ltd. and GC EST Co., Ltd. (Public Organization) on March 11, 2024. For further details,
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carbon dioxide equivalent, respectively. manages the quantity of Scope 3 greenhouse gas external producers by PTT Group for internal use within
2. Risk Management (subsidiaries of GC), the 4th and 5th phases of GLOW Energy please visit the Sustainability section on PTT Website. 3 Data for 2019 - 2022 for the PTT Group underwent emissions by setting targets to reduce both direct and the PTT Group.
recalculations due to: indirect emissions (Scope 1 and 2) per unit of product sold 10 Scope 3 greenhouse gas emissions data covers waste
Power Plants, GSPC’s GLOW SPP2 and GLOW SPP3 power
3. Driving Business towards Sustainability - Expansion of the organizational boundary resulting by PTT. disposal from the PTT, PTTEP, GC, IRPC, GPSC, OR,
plants, as well as OR’s powder mixing plant, bakery plant, and from operations in the PTTEP’s Block 2 area in 2022, 5 The scope of the data on other indirect greenhouse gas and TTM production processes.
4. Management’s Discussion and Analysis Café Amazon distribution center. the expansion of reporting scope covering companies emissions (Scope 3) for 2019 to 2021 includes PTT and OR. 11 Scope 3 greenhouse gas emissions data for 2022
within the TOP (TLB, TOPSPP, TPX, LABIX) and GC 6 The data on other indirect greenhouse gas emissions includes business travel by air for PTT, PTTEP, and GPSC.
(MD&A) (BPE, EOEG, GCL, GCME, GCMP, GCO, GCP, BPA, (Scope 3) from 2022-2023 from PTT Group encompass 12 Scope 3 greenhouse gas emissions data for 2023
5. General Information Key Performance: Phenol, GCS, ME I&II, NPS S&E, TPRC, TTT) groups,
the consolidation of TOP and TP (Thai Oil Power)
the burning of fuel products distributed by PTT, GC, TOP,
IRPC, and OR. These emissions are calculated based on
includes business travel by air for PTT, PTTEP, IRPC,
GPSC, PTT LNG, PTT TANK, and TTM.
operations in 2021, and the acquisition of power and the fuel sales data provided by the Department of Energy 13 Scope 3 greenhouse gas emissions data for 2023 include
and Other Important Information PTT’s Direct and Indirect Greenhouse Gas Emissions steam generation operations of the GLOW Group by Business, with fuel used for customer manufacturing the disposal of petrochemical product residues by GC and
Unit: Million tons of carbon dioxide equivalent GPSC in 2019. processes accounting for approximately 42% of the total IRPC, which are part of PTT’s product distribution group.
Section 2
Scope 1, 2 & 3 2020 2021 2022 2023
Corporate Governance Unit: Kilograms of carbon dioxide equivalent per barrel of crude oil
Remarks:
Section 3
Direct greenhouse gas emissions (Scope 1) 11.13 11.44 9.71 9.93
Figure 1 1 The data scope under the operational control format covers
companies where PTT holds direct ownership exceeding
Indirect greenhouse gas emissions (Scope 2) (location-based) 0.21 0.23 0.22 0.18
20% and is either the majority shareholder or indirect
Financial Report Indirect greenhouse gas emissions (Scope 2) (market-based) 0.22 0.28 0.28 0.19 Greenhouse Gas Intensity 1, 5 ownership of 100%, including joint venture companies
with equal significant shareholding proportions.
Direct and indirect greenhouse gas emissions Direct and indirect greenhouse gas emissions
Other indirect greenhouse gas emissions (Scope 3) from PTT’s activities (Scope 1 and 2)2 from PTT’s activities, and the combustion of Greenhouse gas emissions under these companies cover
Attachment Direct and indirect greenhouse gas emissions fuel products supplied by PTT. (Scope 1, 2 and 3)4 those with direct ownership exceeding 20%, either majority
- Combustion of petroleum fuel products sold by PTT 75.12 74.02 70.73 73.66 from PTT Group’s activities (Scope 1 and 2)2 Direct and indirect greenhouse gas emissions or 100% indirect ownership, and joint venture companies
PTT Group’s Target from PTT Group’s activities, and the combustion of with equal significant shareholding proportions.
- Waste disposal from production processes N/A N/A N/A 0.0036 fuel products supplied by PTT. (Scope 1, 2 and 3)4 2 It is calculated from PTT Group’s greenhouse gas emissions
PTT Group’s Target and the sales volume of fuel products by PTT and OR.
- Business travel 0.0010 0.0002 0.0036 0.0032 3 It is calculated from the greenhouse gas emissions
36.81 304.53
84.35 336.81
disclosed in the Annual Report 2021.
Remarks: 2023 87.2 2023 381.0 4 It is calculated from PTT Group’s direct and indirect
• Direct and indirect greenhouse gas emissions by PTT encompass activities • Market-based Scope 2 emissions data comes from activities using electricity from 38.37 310.05 greenhouse gas emissions, as well as the sales volume
conducted solely by PTT. the transmission system and purchased electricity from private power plants like 2022 82.863
2022 398.38 of fuel products by PTT and OR, within the organization’s
87.2 381.0 scope between 2022 and 2024.
• From 2020 to 2022, Scope 3 greenhouse gas emissions only included emissions GPSC and GC.
from the combustion of fuels sold by PTT. Starting from 2023, PTT’s Scope 3 • The sources of emission factors and Global Warming Potential (GWP) references 43.37 317.31 5 Target setting and reporting on the greenhouse gas
2021 92.72 2021 398.97 intensity are under consideration for adjustment due
emissions cover fuel combustion from PTT’s sales, waste generated in operations, are based on IPCC AR6. 87.2 381.0
and business travel. • Standards, methodologies, assumptions, and/or calculation tools used are referred to the organization’s ongoing expansion of greenhouse
322.97
• PTT’s Scope 2 greenhouse gas emissions come from the purchase and use of electricity from GHG Protocal and API compendium. 2020 42.39
85.16
2020 352.40 gas data collection to encompass its operations. Upon
and power from solar cells installed and operated within the Innovation Institute, • PTT’s greenhouse gas emissions target covers direct emission (Scope 1) and indirect 87.2 381.0 completion of any adjustments, data will be updated for
emission (Scope 2) from market-based only. disclosure in subsequent reports.
the Nakhon Si Thammarat Gas Separation Plant, the Wang Chan Valley Project,
the natural gas pipeline operation system, and the operations of the natural gas unit
for vehicles.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited
Figure 2 Water Management
Energy Intensity Reduction Future Plans Positive and Negative Impacts
from Energy Management Project
Contents Unit: Gigajoules per ton of output
PTT places great importance on water management due to the increasing demand
Energy intensity
for water driven by economic expansion. The company and its subsidiaries rely
Vision, Mission and PTT Values
on water as a vital raw material. Wastewater generated from production processes
2023 3.022, 3
PTT Information may pose environmental risks, impacting communities, society, and agriculture.
2022 3.112
Financial Highlights Additionally, the escalating impact of climate change, evident in phenomena like
2021 3.242 El Niño and La Niña, exacerbates these effects rapidly and intensively.
Achievement Highlights
2020 3.231
Awards and Recognition Therefore, PTT is committed to comprehensive and continuous water management
Message from the Board of Directors to ensure its operations do not adversely affect community water rights. This
168 Remarks: 169
commitment aligns with legal requirements and operational guidelines outlined
Economic, Petroleum 1 Data coverage includes PTT’s Rayong Gas Separation Plant, PTTEP, GC,
TOP, and IRPC. in Thailand’s national water resource management strategy. Furthermore, PTT
and Petrochemical Review and Outlook The findings and data compiled from the
2 Data coverage includes PTT’s Rayong and Khanom Gas Separation Plants, recognizes the opportunities in water management business ventures poised for
PTTEP, GC, TOP, and IRPC. decarbonization activities, spanning from upstream
to downstream, will be utilized to establish targets for domestic and regional growth.
1
3 The energy intensity reduction results of 2023 are estimated based on
Section the performance from quarters 1 to 3.
reporting and managing Scope 3 emissions, which
Business Operations and Performance Further details can be found on PTT Website. hold significant implications for PTT and its affiliated
entities in the future.
1. Structure and Business Operations
Material Topic Management
PTT Public Company Limited
PTT Public Company Limited
Further details can be found on PTT Website.
of PTT Group Feedbacks from Stakeholders
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56-1 One Report 2023
2. Risk Management
Performance Targets Performance
3. Driving Business towards Sustainability
Indicators against
4. Management’s Discussion and Analysis Short-term 2023 Targets
Long-term Targets
Targets 2023
(MD&A) “PTT, in collaboration with the Department of
5. General Information Climate Change and Environment (DCCE), QSHE KPIs
organized the TCAC 2023 event as a demonstration
and Other Important Information of commitment towards achieving the Carbon
• Water withdrawal intensity of operations
Neutrality by 2040 and Net Zero Emissions by 2050, as specified • ≤ 0.291 cubic • Target for 2030: • 0.257 cubic meters
surpassing the country’s targets. This initiative • The water consumption of office building meters per ton ≤ 0.272 cubic meters per per ton of product
Section 2
includes investments in the energy sector for future
Corporate Governance growth and other areas to promote Green Growth. as specified of product ton of product
Furthermore, the DCCE’s future missions, such as
climate change adaptation, establishing climate
Section 3 • ≤ 144 liters per • Target for 2030: •124 liters per person
change and environmental transformation centers,
Financial Report promoting sustainable urban development, person per day Reduce by 10% compared per day
and drafting plans for “Nationally Determined to the baseline data in 2013
Contributions (NDC) Action Plan on Mitigation
Attachment 2021 - 2030” and the Climate Change Act..., relying on
cooperation from collaborative networks in
climate change and environment from all sectors,
including PTT.”
Contribution to the United Nations Sustainable Development Goals (UN SDGs)
6.3
Dr. Phirun Saiyasitpanich 6.4 12.2 17
Director General 6.5
of Climate Change and
Environment Department
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Progress of Key Plans/ Projects
Key Action Plans for 2023
Water Supply Management Water Demand Management
• Water Supply Management
- Developing the PTT Group Central Water Management Dashboard to serve as a tool for monitoring water conditions
and quality from primary reservoirs in the Eastern Region, including measures and progress in managing water Development of the PTT Group Central Water Management based
Contents diversion among various water sources. Water Management Dashboard on the Principles of the 3Rs
- Creating a PTT Group’s crisis management handbook and business continuity plan to support drought resilience.
Vision, Mission and PTT Values The development of the PTT Group Central Water Management PTT and PTT Group have adopted the principles of the 3Rs,
• Water Demand Management
PTT Information - Implementing water management based on the principles of the 3Rs. Dashboard is a tool designed to collect and display water namely Reduce, Reuse, and Recycle, to enhance water
- Water Footprint Assessment according to ISO 14046 standards. management data for stakeholders within PTT Group. It enables management efficiency at the source. This involves implementing
Financial Highlights - Implementing Greywater Recycle systems in PTT’s main office buildings. monitoring of water situations in the Eastern Region, which serves various technologies and projects to improve water management
- Studying, developing, and installing rainwater treatment systems in PTT’s headquarter buildings.
Achievement Highlights as a primary production base for the group. This dashboard is practices continually. Some significant examples include:
- Studying to enhance the efficiency of water utilities used in PTT Group’s plants.
- Sharing knowledge on water-related technology and process improvement measures, including the arrangement of capable of presenting key data, including: • The conversion of the cooling water system at the power plant
Awards and Recognition
Water Excellent Contest 2023 within PTT Group. • Climate forecasting from an open to a closed system has significantly reduced
Message from the Board of Directors - Installing Zero Liquid Discharge (ZLD) technology at Gas Separation Plant Unit 7. • Water situation in the Eastern Region water usage.
170 171
Economic, Petroleum • Measures and preparedness for water management to prevent • The project to utilize residual heat energy from the blow-down
and Petrochemical Review and Outlook water shortages tank helps reduce the amount of water used for cooling before
Remarks: • Water quality monitoring being discharged into the wastewater treatment system and
- Operations as specified is the Rayong Gas Separation Plant.
• Summary of tropical storm risk using blow-down water for watering plants.
Section 1 - Office building as specified is the PTT Headquarter building.
• Drought prevention and mitigation measures • The Reverse Osmosis Intermediated project aims to maximize
Business Operations and Performance water usage benefits by recycling water for cooling purposes.
Overall Management Approach PTT Group’s Emergency Water • The project to reuse condensate water in the steam production
1. Structure and Business Operations Management Plan and Crisis process contributes to water conservation.
PTT strategically manages water resources by integrating efforts across the entire PTT Group, emphasizing conservation, maximizing
PTT Public Company Limited
PTT Public Company Limited
water efficiency, reducing consumption, and harnessing reclaimed water to minimize wastewater generation. This approach Management Handbook and Business • At the Gas Separation Plant Unit 5, wastewater from
of PTT Group
Continuity Management Guidelines
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56-1 One Report 2023
aligns with the principles of the Circular Economy, fostering awareness of water value and seeking business opportunities. PTT the dehydration process is utilized as makeup water for the
2. Risk Management conducts water risk assessments, addressing physical water quantity and quality risks, utilizing international assessment tools for Drought Preparedness Acid Gas Removal Unit (AGRU), reducing makeup water usage
3. Driving Business towards Sustainability such as AQUEDUCT, WBCSD Global Water Tool, CERES Aqua Gauge, and Water Footprint Assessment. Legal and reputational
by 17,500 cubic meters annually.
risks are also analyzed, and comprehensive risk management plans are developed to mitigate water-related impacts systematically. To foster collective preparedness within PTT Group, plans
4. Management’s Discussion and Analysis • Desalination projects by GC and TOP can reduce water usage
For further details, please visit the Sustainability section on PTT Website. for emergency water management and a crisis management
(MD&A) by up to 10 - 20%.
handbook, along with business continuity management
PTT has established 2 levels of water management as follows: • Conduct feasibility study of managing water resources through
5. General Information guidelines to address drought risks, have been prepared. These
an Eco-Industrial approach aims to reclaim treated wastewater
and Other Important Information initiatives aim to enhance readiness to address unforeseen
1. Holistic Water Management and for reuse, enhancing water management within PTT Group.
2. Effective Water Management in events and provide operational guidance for stakeholders,
Establishing Water Resource Resilience Operation enabling efficient and cohesive responses. Additionally,
Section 2
for PTT Group they aim to instill confidence in the company’s stakeholders
Corporate Governance Expansion of Greywater Recycle
regarding their roles and responsibilities within PTT Group.
In terms of supply, PTT has established a comprehensive PTT places great importance on the efficient use of water Innovation Prototype Projects
Section 3 strategy to manage water resources with the government and resources in operational areas as part of Quality, Security,
external stakeholders to ensure an adequate water supply for Safety, Health, and Environment (QSHE) management. PTT Innovation Institute has researched and developed a
Financial Report
PTT Group and fairness for all parties involved. This includes This commitment is clearly articulated in the “PTT Group prototype Greywater Recycle innovation. This innovation
seeking alternative water sources to reduce reliance on public QSHE Policy”, with strategic QSHE goals and annual targets
involves treating water from hand washing and reusing it for
Attachment water sources, fostering internal collaboration within PTT communicated accordingly. Control measures are implemented
sanitary purposes. It utilizes Advanced Membrane Filtration and
Group to manage water during emergencies, improving water to manage water withdrawal in production facilities and office
usage in production processes, machinery, operations, and buildings, focusing on increasing reuse and recycling. Progress Ultraviolet (UV) Disinfection technologies, enabling water to be
maintenance to enhance water efficiency, and facilitating towards these objectives is monitored, measured, and reported recycled at up to 90 liters per hour. The treated water meets
mutual benefits among PTT Group’s plants/ companies through regularly to respective area and departmental managers, the standards outlined in the United States Environmental
water management. PTT also conducts analyses to compare supported by sustainable governance structures for continuous Protection Agency (U.S. EPA) Guidelines by effectively removing
water usage efficiency within the group and promotes adopting performance review and improvement every quarter.
impurities, color, odor, and pathogens.
best practices. Furthermore, PTT outlines strategies to enter
water-related businesses that are suitable and aligned to PTT is aware of the impact of its wastewater quality on
enhance water resource sustainability for PTT Group. This neighboring communities and the environment. Therefore, it In 2023, Greywater Recycle systems were installed for testing
includes establishing a PTT Group’s water management project rigorously controls wastewater quality before discharge to at Building 2 and 6 at the PTT Headquarter. The study findings
under the Downstream Petroleum Business Group to ensure ensure compliance with stringent legal standards. revealed that recycled water from hand washing amounted to
direct accountability. 33 cubic meters, averaging 3.8 liters per hour.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Rainwater Treatment Installation Key Performance:
Water Business
PTT Innovation Institute has conducted research and developed
a prototype of rainwater treatment system designed to collect and
The water management project of PTT Group outlines Figure 1
enhance the quality of rainwater for use in the cooling towers
strategies to enter the water business to enhance capabilities Unit: Cubic meter per ton of product Unit: Liter/ person/ day
Contents of the office building’s air conditioning system. This system
in water management for PTT group, both in terms of supply 0.257 124
incorporates multimedia filtering (MMF) technology and UV Water withdrawal intensity of specified 2023 2023
and demand. This will be achieved through collaborative efforts gas separation plants
≤0.291 ≤144
Disinfection, utilizing Internet of Things (IoT) technology to control 0.222 142
Vision, Mission and PTT Values with business partners to continuously fortify the group’s water Water consumption of the specified 2022 ≤0.294 2022 ≤144
and monitor operations through a mobile application dashboard. office building
resilience. Additionally, this initiative aims to generate revenue 0.244 174
PTT Information It can significantly reduce water usage in the office building by up Target 2021 2021
for PTT Group. ≤0.297 ≤144
to 1,000 cubic meters per year. The rainwater treatment system
2020 0.220
2020 144
Financial Highlights effectively removes impurities, color, odor, and various pathogens, ≤0.299 ≤156
ensuring water quality suitable for use in the cooling towers. In
Achievement Highlights Network and Collaboration Remark:
2023, the rainwater treatment system was installed and operational
• In 2021, the water withdrawal intensity of office buildings increased significantly due to COVID-19. PTT announced a Work@Home policy for employees, substantially
Awards and Recognition in the PTT Headquarter building. According to monitoring results, reducing the number of people entering the buildings. Consequently, calculating the water withdrawal intensity, represented by the ratio of water usage to the number
Message from the Board of Directors recycled water from the system amounted to a total of 136 cubic Eastern Region Water Management of building occupants, led to a higher value.
172 meters, averaging 15.5 liters per hour. Working Group 173
Economic, Petroleum In 2023, PTT incurred no actual expenses or opportunity costs arising from any violations related to water management.
and Petrochemical Review and Outlook Study of Water Demand Performance Collaborating with the Eastern Region Water Management
Improvement Committee, comprised of various government agencies such Feedbacks from Stakeholders
as the Department of Irrigation, Provincial Waterworks Authority,
Section 1 In collaboration with companies within the group, PTT has Industrial Estate Authority of Thailand, Electricity Generating
Business Operations and Performance undertaken a study to enhance water utility efficiency. This study Authority of Thailand, Department of Royal Rainmaking and
involves gathering data from leading factories participating in Agricultural Aviation, as well as representatives from the private “The industrial sector plays a crucial role “Circular Economy is a key strategy “Participation of PTT Group as a member
1. Structure and Business Operations the study to assess water usage efficiency and analyze potential sector. The collaboration aims to monitor and drive efforts to in water management in the Eastern for PTT Group. One of our missions of the board in Water and Environmental
PTT Public Company Limited
PTT Public Company Limited
improvements. The study examines the feasibility and cost- prevent water shortages and develop water sources sustainably. Region. The PTT Group is a primary is to manage water use efficiently Institutions for Sustainability, the
of PTT Group industrial water user, particularly in the and reuse it responsibly.” Federation of Thai Industires, is crucial.
effectiveness of projects, including technical suitability. Some This includes continuously assessing and monitoring the water
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56-1 One Report 2023
EEC area. The involvement of PTT Group It enables collaboration with other
2. Risk Management projects yield benefits beyond enhancing water usage efficiency, situation, including water availability and rainfall levels, to prepare in the Keyman Water War Room working industrial stakeholders to support and
3. Driving Business towards Sustainability such as reducing energy consumption and minimizing losses. for water management and risk mitigation and minimize impacts group of the Eastern Region is, therefore, promote government policies and propose
on the environment, agriculture, fisheries, communities, and essential for efficiently supporting and solutions to address issues that reflect
4. Management’s Discussion and Analysis promoting sufficient overall water the needs of the private sector to the
Water Excellent Contest 2023 businesses. Additionally, it involves continuously monitoring the management.” government effectively.”
(MD&A) water management policies of government, private, and local
5. General Information PTT organized the Water Excellent Contest 2023 for PTT Group agencies.
to promote water conservation, maximize water efficiency, and raise Mr. Kriangsak Mr. Prasong Mr. Jaturong
and Other Important Information Phumnak Intaranongpai Worawitsurawatthana
awareness of valuable water usage, particularly in the production.
Water and Environment Institute for Deputy Director Senior Executive Executive
Furthermore, it aimed to share knowledge on water management,
Section 2 Sustainability (WEIS) and the Federation Office of Irrigation Vice President, Vice President,
encompassing conservation practices aligned with the principles
of Thai Industries (FTI) Region 9, Department Downstream Downstream Business
Corporate Governance of a circular economy. In 2023, 5 projects from various units and of Irrigation Business Group Group Planning
companies within PTT Group participated in the contest, collectively Alignment
Section 3 reducing freshwater consumption by 2.85 million cubic meters PTT Group consistently plays an essential role and holds positions
Financial Report per year. Additionally, knowledge exchange activities were on the Board of Directors of the Water and Environment Institute
organized to share technology insights and improvement for Sustainability (WEIS), which is overseen by the Federation
measures to enhance water efficiency within PTT Group. For of Thai Industries. In 2023, there was monitoring of the issues Future Plans
Attachment further details, please visit the Sustainability section on PTT Website. regarding water management in the eastern region, which was
trending to potentially impact the operations of PTT Group. • Expanding the implementation outcomes of Greywater Recycling and Rainwater Treatment system, along with strategies
Installation of Zero Liquid Discharge (ZLD) This was due to phenomena like El Nino, resulting in below- for applying the 3Rs principles to manage and enhance water usage efficiency, support resource utilization, and
Technology at Gas Separation Plant Unit 7 average rainfall in certain areas and potential water shortages. continuously reduce the impacts of water pollution.
Besides, PTT Group closely discussed with the Federation of • Further expansion entails roles and fostering collaboration with government sectors and external stakeholders to drive
PTT is committed to controlling, preventing, and minimizing Thai Industries and related government agencies to formulate
the development of water sources. This involves establishing policies and managing water resources sustainably across
environmental adverse impacts from selecting technologies to practical proposals for sustainable water management, spanning
all sectors, promoting appropriate practices, and scaling up water usage efficiency within the production processes
engineering design. Therefore, Gas Separation Plant Unit 7 urgent, medium-term, and long-term strategies. These proposals
of PTT Group. This aims to reduce dependence on public water sources, continuously minimize community and
has planned to install ZLD technology, which involves recycling have been submitted to the government. Further details, please
stakeholder impacts from water usage, and seek and expand partnerships with business expertise to fortify water
treated wastewater for reuse without discharging water visit the Sustainability section on PTT Website.
resilience within PTT Group and generate revenue from new business ventures.
outside the system. This initiative has led to a reduction in water
usage compared to the gas separation plant unit 1. More details can be found on PTT Website.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Occupational Health and Safety
Contribution to the United Nations Sustainable Development Goals (UN SDGs)
Positive and Negative Impacts
3.4 8.5
3.6 8.7 17
Due to the awareness of the significant impact of PTT’s operations throughout the value chain, 3.9 8.8
both in activities conducted directly by PTT and those carried out by regular contractors
Contents and external subcontractors such as maintenance contractors, product transporters, and
others, there is an acknowledgment that negative consequences and occupational health
Vision, Mission and PTT Values
Key Action Plans for 2023
and safety risks can occur to employees, communities, and external stakeholders. This
includes potential disruptions to business costs in the event of accidents or emergencies • Promoting safety awareness and • Implementing Bow Tie Analysis techniques • Developing an Incident and
PTT Information
resulting in injuries, illnesses, fatalities, or property damage. Therefore, PTT places paramount build behavior-based safety culture. and Barrier Validation principles within Non-conformance Report Web
Financial Highlights importance on systematic safety and occupational health management, covering all aspects • Strengthening PTT Life Saving Rules PTT Group. Application.
of workplace safety and environmental conditions, production process safety, vehicle safety, Execution. • Elevating safety management for vehicle • Applying production process safety
Achievement Highlights
and emergency incidents and crises. • Health Surveillance and Fitness and transportation usage. management in PTT operational areas.
Awards and Recognition to Work Assessment. • Drilling integrated business continuity • Inspecting and assessing risks and
PTT has implemented standard management systems and engineering tools complied management plans. safety in PTT operational areas.
Message from the Board of Directors by laws, regulations, and international standards to identify potential risks and establish
174 175
Economic, Petroleum measures for control, prevention, and reduction of risks to an acceptable level in all activities
and operational areas systematically. This includes design stages, production processes,
and Petrochemical Review and Outlook
storage, usage, maintenance, inspection, testing, and transportation or movement of
products, including hazardous chemicals. Various appropriate management methods and Overall Management Approach Safety and Occupational Health
Section 1 formats have been designated to prevent adverse impacts and promote positive impacts in
protecting the labor rights of employees, ensuring a conducive and safe working environment
Management System
Business Operations and Performance PTT establishes PTT Group Quality, Security, Safety, Health,
internationally, and improving the health and quality of life of communities and societies.
and Environment (QSHE) policy, last reviewed and updated in PTT stipulates that the management of security, safety,
1. Structure and Business Operations 2023, to demonstrate commitment and provide a framework for occupational health, and environmental aspects is one of the
Material Topic Management
PTT Public Company Limited
PTT Public Company Limited
managing risks and impacts related to QSHE that may occur at fundamental components of PTT’s Integrated Management
of PTT Group
every stage of business operations. This includes compliance System (PIMS). The details of requirements are benchmarked
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56-1 One Report 2023
2. Risk Management Performance Targets Performance with laws, regulations, organizational standards, and relevant against international standards. Every operational area of PTT,
3. Driving Business towards Sustainability Indicators Short-term Targets Long-term against commitments. The policy is communicated to employees including gas separation plants, natural gas transmission
2023 Targets 2023 Targets and contractors throughout PTT’s supply chain to ensure systems, natural gas for vehicles mother stations, PTT
4. Management’s Discussion and Analysis
consistency and alignment in implementation. For further headquarter building, and PTT Innovation Institute, must apply
(MD&A) SE-AM KPI and Corporate KPI: Safety • LTA (person) for employees All indicators In 2023, all indicators met details, please visit the Sustainability section on PTT Website. this management system. Internal assessments are conducted
5. General Information Management Effectiveness: and contractors is zero for 2030 are at the targets except for the annually, and certification is sought against international
and Other Important Information • Lost Time Accident (LTA) for employees and • TRIR zero LTA and the number of In the deployment of policies into practice, annual and long-term standards such as ISO 9001 for quality management systems,
contractors per 200,000 hours worked major car accidents: goals for 2030 have been established, with clear action plans ISO 14001 for environmental management systems, ISO 45001
• Total Recordable Injuries Rate (TRIR) per (employees ≤ 0.046 • LTA Employees = 0 outlined in the Sustainability Management Master Plan for Social for occupational health and safety management systems, and
Section 2 200,000 hours worked for employees and contractors ≤ 0.056) • LTA Contractors = 3
Responsibility, and Environment 2021 - 2025. Furthermore, ISO 22301 for business continuity management systems. As
Corporate Governance contractors • PSE (case) • TRIR:
an organizational-level key performance indicator which are a result, PTT has consistently received awards for outstanding
• Process Safety Event (PSE): Tier 1 (tier 1 is zero and total of Employees = 0.033 and
Safety Management Effectiveness has been designated to workplace safety, occupational health, and environmental
Section 3 KPIs aligned with PTT’s Sustainability tier 1 and 2 ≤ 1) Contractors = 0.028
measure management effectiveness from top management practices at the national level.
Financial Report Management Master Plan for Social • TROIR • PSE: Tier 1 = 0
down to line managers. This includes indicators such as
Responsibility, and Environment 2021 - 2025 per 200,000 hours worked and total of PSE:
the Lost Time Accident (LTA), Total Recordable Injuries Rate
• LTA • TRIR • PSE (employees ≤ 0.084) Tier 1 and PSE Tier 2 = 1
Attachment (TRIR), and Process Safety Event (PSE). Progress reports
Indicators in QSHE targets • Major car accident is zero • TROIR Employees = 0
on goal achievements and organizational indicators are
• LTA • TRIR • PSE • Major truck accident rate • Major car accidents = 1
regularly reported to the Board of Directors through the
• Total Recordable Occupational Illness Rate (case per 1,000,000 • Major truck accident rate = 0
(TROIR) per 200,000 hours worked for kilometers) is zero (case per 1,000,000 governance structure at both management and board levels
employees • Major marine transportation kilometers) every quarter. Additionally, performance and effectiveness
• Major car accidents accident rate (case per 1,000 • Major marine transportation results are transparently communicated to stakeholders to
• Major truck accident rate vessels voyage number in accident rate = 0 foster understanding, awareness, and responsiveness. This
(case per 1,000,000 kilometers) port) is zero (case per 1,000 vessels includes listening to needs and expectations and providing
• Major marine transportation accident rate voyage number in port) opportunities for employees and contractors to participate,
(case per 1,000 vessels voyage number in port) provide suggestions, and contribute to continuous improvement
efforts.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Progress of Key Plans/ Projects - Health Surveillance and Fitness to Work Assessment In 2023, PTT organized Safety Risk Assessment and Assurance in its operational areas by experts from globally recognized
PTT hires occupational physicians to conduct workplace consulting firms specializing in process safety management. They assessed the readiness of equipment integrity and the
Safety, Occupational Health, assessments, interview employees and contractors, and management systems for Process Safety Management (PSM). This initiative aimed to elevate safety standards in the operational
and Workplace Conditions review Health Risk Assessment (HRA) guidelines to cover practices of natural gas separation, gas transmission pipeline systems, and natural gas for vehicles stations across all 24 areas.
all hazardous tasks. They also outline procedures for
Contents PTT emphasizes systematic and continuous management to environmental workplace assessments, health check-ups,
control security, safety, occupational health, and workplace Safety Management in the Use of Automobiles and Transportation of Petroleum Products
sampling methods, and sample submissions. Additionally,
Vision, Mission and PTT Values conditions risks. Plans and goals are set to prevent and manage they establish control measures to reduce health risks and PTT is committed to enhancing safety management in the use of automobiles and transportation to ensure efficiency and aims
incidents that may result in injuries or illnesses of employees
PTT Information impacts. Annual occupational health check-ups are provided to minimize severe accidents. To accomplish this, PTT has undertaken the following initiatives:
and contractors, property damage, and environmental impact. to employees, and analysis of health check-up data and
Financial Highlights In 2023, significant operations included: medical treatment visits showed that most office workers
Achievement Highlights have non-communicable diseases. In 2023, introductory PTT
- Promoting safety awareness and build behavior-based Product
occupational health courses were organized, covering basic Corporate Transportation
Awards and Recognition safety culture Vehicles
principles of ergonomics, computer-related tasks, and by Road
PTT has established and promoted a continuous safety
Message from the Board of Directors manual material handling for office and operational staff.
176 culture, initiating the Incident and Injury Free (IIF) project 177
Deepening knowledge and addressing ergonomic issues in
Economic, Petroleum at the Rayong and Khanom gas separation plants.
computer work, hearing loss prevention, medical emergency Relevant Stakeholders: Executive, Employees, and Relevant Stakeholders: Contracted Transportation Companies
and Petrochemical Review and Outlook This project integrates the IIF principles, consisting of five
management, and ongoing health promotion programs Contractors, Particularly the Drivers
steps: planning, assessment, engagement, skill-building, • Developing “Advanced Analytics for Road Safety” systems
such as Walk and Run Fun and Fit, and Fight Fat Fun were
Section 1 and sustainable execution. The safety culture principles are
also applied to the operation of the natural gas transmission
undertaken to promote employees’ overall health. Health • In 2023, PTT conducted the Safe Driving Challenge for
employees and contractors who drive vehicles, utilizing the
involves analyzing transportation data related to petroleum
product transportation, including driver behavior, vehicle
Business Operations and Performance knowledge was also disseminated through email newsletters
system. In 2023, efforts to enhance safety awareness and Advance Safety Vehicle (ASV) system to assess and monitor maintenance records, and transportation routes. The system
titled “Good Health”. Furthermore, procedures, criteria, and
behaviors included training sessions conducted for personnel driving behavior and renew driver’s licenses automatically for aims to track accident probabilities, monitor potential risks,
1. Structure and Business Operations operational guidelines related to occupational health were
across all operational areas and safety improvements those who demonstrate safe driving behaviors according to the and compile reports on transportation efficiency.
PTT Public Company Limited
PTT Public Company Limited
developed and improved to enhance PTT and its subsidiaries
of PTT Group implemented through Small Group Activity (SGA) initiatives. set criteria. A total of 229 individuals participated, and from • Conducting the “Risk in Road Safety” activity aims to promote
56-1 One Report 2023
56-1 One Report 2023
occupational health management in line with international
2. Risk Management As a result of these efforts, the safety culture score for the the driving behavior assessment results in 2023, it was found and instill safety awareness in petroleum product transportation
standards. among drivers. The process involves the following steps:
natural gas transmission system operation increased from that the average score increased to 97.7%.
3. Driving Business towards Sustainability
• PTT implemented the “100% Safety Helmet project” through - Drivers report any identified risk spots along transportation
4.16 to 4.36 out of 5, and there was a 10% reduction in the
4. Management’s Discussion and Analysis the 21-day Helmet Challenge activity to promote helmet usage routes, specifying potential hazardous risks in those areas.
number of accidents compared to the previous year. PTT plans Safety Management in Production
(MD&A) among employees, contractors, and personnel working in PTT’s - PTT reviews the data and assesses the severity of risks based
to improve the safety culture further and expand its impact Processes
headquarters, including the Board of Investment (BOI) office on reported incidents by drivers and accident statistics in
5. General Information throughout the organization.
staff who commute to work using motorcycles. A total of 221 those risky areas. PTT conducts thorough area inspections
and Other Important Information individuals participated in the project. Following the project’s and risk assessments if high risks are identified.
PTT and PTT Group apply the Bow Tie Analysis technique,
- Strengthening PTT Life Saving Rules Execution conclusion, data analysis revealed that the helmet usage - Results from the risk assessments are used to determine
Barrier Validation, and Major Accident Event (MAE) to analyze
Section 2 PTT has developed PTT Life Saving Rules visual media increased from 72% to 80%. corrective, preventative, or risk reduction measures for high-risk
and manage safety risks in the production process, aiming to
and leaflets to communicate knowledge and understanding • A knowledge-enhancing video series on safe driving was areas.
Corporate Governance continuously control severe accidents in operational areas.
to employees and contractors working on-site. These developed and uploaded to the YouTube channel “Good Drive - Information on identified risks is communicated to the
In 2023, the application of Bow Tie Analysis was expanded to
materials aid in promoting safe operations, reducing the Good Life”. This channel serves as a platform to promote contracted transportation companies through PTT Group
Section 3 2 additional operational regions, namely Onshore Compressor
Transportation Safety Management Task Force.
risk of accidents, injuries, and illnesses arising from work. awareness, understanding, and consciousness regarding safe
Financial Report Station No. 4 (OCS4) and Khao Hin Sorn Compressor Station (KCS). - Awards are presented to the contracted transportation
Additionally, PTT reviews work procedure documents, hazard driving practices among employees, contractors, and external
Additionally, Barrier Validation was extended to 2 more areas, stakeholders. https://www.youtube.com/@gooddrivegoodlife companies and drivers based on specified criteria. In 2023,
identification, risk assessments, and reporting of substandard
Attachment Gas Separation Unit 5 and 6. This was the critical processes there were 264 participants in the program, and 354 risk
conditions and actions. Clear protocols for exercising the
for examining equipment and personnel control measures. points were reported. These points were documented in
Stop Work Authority and the Right to Refuse Work have been
Furthermore, efforts have been made to develop and enhance the database and reported in PTT Group Transportation
established to empower employees and contractors to reject
safety operation standards in PTT’s and subsidiaries’ Safety Management Task Force meetings.
unsafe tasks without repercussions. This promotion and
operational areas to prevent and mitigate severe impacts from
advocacy have significantly decreased accidents involving
serious accidents such as fires, explosions, and hazardous
employees and contractors in 2023.
chemical leaks. In 2023, Bow Tie Analysis was applied to
operational areas with high risks, covering 90% of the total
target areas, with plans to extend its application to all areas.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited 6 key areas, which are Legal Compliance, Organizational Development of an Incident and Non-conformance Report Web Application
Management, Contractor Management, Management of Aging
Product Assets, Employee Capability Enhancement for those working PTT has developed an Incident and Non-conformance Reporting System to provide a channel for employees to report incidents or
Transportation in offices, ports, and aboard ships, and Cultivating a Safety deviations encountered. This system covers accidents, near-miss incidents, substandard acts and conditions, and non-compliance
by Rail
Culture among management, employees, and contracted with laws, regulations, or operational procedures. Data collected through this system is analyzed to identify systematic controls and risk
Contents transportation companies to achieve the goal of zero accidents reduction measures. In 2023, significant system enhancements were made, including adding functions for importing accident data
in maritime transportation. from car insurance companies received by PTT. This includes tracking driver records, improving data utilization for incident summary
Relevant Stakeholders: State Railway of Thailand
reporting, and meeting user needs more effectively. There were 6,087 reports generated, reflecting a high safety consciousness,
Vision, Mission and PTT Values
awareness, and positive employee attitudes toward safety.
• Developing standards and safety operation guidelines for rail Emergency, Crisis and Business
PTT Information
transportation in collaboration with the State Railway of Thailand Continuity Management
Financial Highlights aims to align rail transport standards with international regulations Key Performance against PTT’s Targets
such as the Regulation Concerning the International Carriage of
Achievement Highlights
Dangerous Goods by Rail (RID). PTT has revised its Emergency and Crisis management plan to
Awards and Recognition • Conducting emergency management and crisis response drills align with the National Disaster Prevention and Mitigation Plan Indicators 2020 2021 2022 2023
for rail transportation jointly with PTTEP, the State Railway for 2021-2027. This aims to integrate coordination and data Lost Time Accident: LTA (person)
Message from the Board of Directors linkage systematically and efficiently with relevant government
178 of Thailand (SRT), community leaders, and government Target 179
Employees 0 0 0 0
Economic, Petroleum agencies in Phitsanulok province. This scenario involves a agencies. In 2023, PTT reviewed its emergency and crisis
Contractors 0 0 0 0
and Petrochemical Review and Outlook train derailment incident while towing a crude oil tanker train at management guidelines, incorporating the Incident Command
the Bueng Phra Oil Depot in Bueng Phra sub-district, Mueang System (ICS) for emergency and crisis management drills at the Performance Employees 1 0 0 0
district, Phitsanulok province. The objective is to educate provincial level, collaborated with the Department of Disaster Contractors 2 0 0 3
Section 1 and instruct employees, contractors, community members, Prevention and Mitigation, provincial government agencies
in Rayong, and companies within PTT Group. The objective
Total Recordable Injury Rate (TRIR) time per 200,000 hours worked
Business Operations and Performance and government agencies on proper emergency procedures.
Target Employees ≤ 0.066 ≤ 0.066 ≤ 0.053 ≤ 0.046
Additionally, the exercise aims to enhance confidence among was to ensure that executives and all units understand their
roles and responsibilities, harmonize emergency and crisis Contractors ≤ 0.080 ≤ 0.080 ≤ 0.064 ≤ 0.056
the community and local organizations regarding emergency
1. Structure and Business Operations
management processes, and maintain business continuity Performance
PTT Public Company Limited
PTT Public Company Limited
management and response. Following the drills, assessments Employees 0.089 or equals to 0 or equals 0 per 0.063 or equals to 0.033 or equals to
of PTT Group will be conducted to evaluate effectiveness and efficiency. seamlessly. 0.445 per 1,000,000 1,000,000 hours 0.315 per 1,000,000 0.163 per 1,000,000
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management Additionally, feedbacks from stakeholders will be solicited to hours worked worked hours worked hours worked
inform future improvements and enhancements in emergency Additionally, disaster prevention and mitigation exercises were
3. Driving Business towards Sustainability
response management. conducted in Rayong province (Level 2 disaster readiness) in Contractors 0.109 or equals to 0.038 or equals to 0.038 or equals to 0.028 or equals to
4. Management’s Discussion and Analysis Map Ta Phut Industrial Estate, surrounding industrial areas,
0.545 per 1,000,000 0.210 per 1,000,000 0.190 per 1,000,000 0.138 per 1,000,000
(MD&A) and the port area of Map Ta Phut district, Rayong province.
hours worked hours worked hours worked hours worked
5. General Information These exercises covered geological disasters, floods, strong
Product winds, chemical hazards, radiation, and evacuation drills.
and Other Important Information Transportation During the drills, the provincial governor served as the incident Total Recordable Occupational Illness Rate (TROIR) time per 200,000 hours worked
by Water commander, and communication was established between the Target Employees ≤ 0.120 ≤ 0.108 ≤ 0.096 ≤ 0.084
Section 2 PTT Group Emergency Management Center (GEMC) and the Performance Employees 0 or equals to 0 0 or equals to 0 0 or equals to 0 0 or equals to 0
Corporate Governance emergency management centers of GC and PTTLNG through
per 1,000,000 per 1,000,000 per 1,000,000 per 1,000,000
Relevant Stakeholders: Shipping Contractors remote video conferencing systems.
hours worked hours worked hours worked hours worked
Section 3 PTT’s Process Safety Event (PSE) Tier 1* (time)
• Supporting and advocating the adoption of the Marine Terminal PTT has also reviewed, adjusted, and enhanced its business
Financial Report continuity management system. It also conducts drills for Target
Information System (MTIS) within PTT Group to enhance 0 0 0 0
the safety and environmental preservation standards of the business continuity plans in emergencies resulting from cyber- Performance 2 1 0 0
Attachment group’s marine terminals. This initiative includes facilitating attacks, rendering all systems unusable. In such cases, the
PTT’s Process Safety Event (PSE) Tier 1 and Tier 2* (time)
the sharing of best practices in maritime transportation President and Chief Executive Officer serve as the chairpersons,
safety among companies within PTT Group, such as the with executives from the Crisis Management Center (CMC) Target ≤ 1** ≤ 1** ≤1 ≤1
group’s practical management of water transportation and participating in the exercises. Coordination extends to the Performance 0 0 1 1
implementation of the Vessel Online Tracking System. business group’s emergency management centers, including
Major Truck Accident Rate*** (time per 1,000,000 kilometers)
• Collaborating with PTT Group, consisting of PTTEP, TOP, PTT DIGITAL, through remote video conferencing systems. In
IRPC, GC, OR, PTT Tank, and PTT LNG, to develop a strategic 2023, PTT maintained its certification for business continuity Target 0.027 0.014 0 0
plan and operational roadmap aimed at enhancing the management standards (ISO 22301) from the Management Performance 0 0 0 0
maritime transportation of products within PTT Group System Certification Institute (Thailand) (MASCI).
Remarks:
and its contracted transport companies to international safety * Reporting accidents in Tier 1 and Tier 2 production processes at PTT is ** 2020 - 2021 PTT used goal indicators and performance from Tier 2.
standards and best practices. This strategic plan encompasses referenced according to the standards set forth by the American Petroleum *** Severe accidents in shipping product transportation refer to an incident
Institute (API) API RP 754. Safety-related accidents in major and catastrophic arising from the operation of a product transport vehicle. As the liable party,
production processes occurring in the natural gas transmission pipelines outside PTT directly or indirectly causes losses impacting individuals, property, the
the operational areas are reported. environment, and local communities, as defined.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited PTT conducts systematic investigations to determine the causes • The road risk assessment and mitigation project utilized Feedbacks from Stakeholders
of accidents and has developed measures to prevent recurrence. data on road risk points from the Rayong Provincial Office of
This includes thoroughly reviewing operational procedures, Disaster Prevention and Mitigation (DPM) and accident data
training sessions to reinforce PTT Life Saving Rules, and from relevant government and private sector networks over “PTT is committed to managing security, safety, occupational Future Plans
health, and environment (SSHE) matters by international
extracting lesson learned from past incidents. the past 3 years for analysis. The analysis identified 4
standards. This commitment involves establishing and
high-risk points, for which risk reduction measures were
Contents developed to guide the addressing and prevention of
reviewing policies, objectives, plans, and operational
Cooperation with Various Partners and measures annually to ensure readiness to adapt to changes,
accidents. These measures were then presented to the support proactive business operations, and accommodate
Networks new business ventures aligned with the organization’s
Vision, Mission and PTT Values Rayong Provincial DPM as a framework for future problem- vision. Additionally, management systems are continuously
solving endeavors. improved to foster a conducive work environment, free from
PTT Information • The Godji Knowledge Series videos aim to promote safe accidents, ensuring efficient resource utilization, sustainable
Public and
Financial Highlights driving techniques on social media platforms. PTT has environmental stewardship, and enhancing confidence among
Private Sector created 3 episodes on the criteria for deducting points from
stakeholders in alignment with the organization’s mission.”
Achievement Highlights Cooperation driving licenses, 6 episodes on safe car driving techniques,
Projects on PTT aims to manage safety, occupational health, and
and 8 episodes on motorcycle driving techniques, totaling
Awards and Recognition Road Safety Mr. Worapong Nakchatree environmental aspects to become an organization with
17 episodes. These videos guide participants in safe driving
Executive Vice President zero accidents. This initiative seeks to instill confidence
Message from the Board of Directors techniques through Facebook Good Drive Good Life.
Sustainability Management in all stakeholders by promoting participation in safety
180 181
Economic, Petroleum PTT recognizes and prioritizes the importance of safe driving among employees and contractors. In 2024, several key
and Petrochemical Review and Outlook to reduce road accidents in Thailand. Therefore, relevant operational plans include expanding the safety culture
public and private sector agencies were invited to collaborate, in the natural gas vehicle sector, fully implementing
such as the Department of Disaster Prevention and Mitigation
Bow Tie Analysis techniques in all operational areas,
1
“From participating in this academic conference, I gained
(DDPM), the Department of Land Transport, highway districts,
Section knowledge, exchanged ideas, and contributed to building implementing process safety management in PTT’s
insurance companies, provincial public health offices, and PTT a strong network in the security and safety field. It was a
Business Operations and Performance Group. The “Good Drive Good Life campaign” was promoted in valuable experience for collaboration.” operational areas, developing Health Risk Assessment
Rayong province to enhance awareness and consciousness of on Web application, and developing Defensive Driving
1. Structure and Business Operations safe driving among individuals, road users, and communities. Police Captain Jaroenchai Saranpol Auto-assessment System.
PTT Public Company Limited
PTT Public Company Limited
In 2023, various activities for schools and communities are Director of Rescue and Right
of PTT Group More details can be found on PTT Website.
conducted as follows: of Way Maintenance Division 2,
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management Mass Rapid Transit Authority of
3. Driving Business towards Sustainability • The “Safe Schools, Secure Communities” campaign, in Thailand
collaboration with the Provincial Road Accident Prevention
4. Management’s Discussion and Analysis Plan Management Committee (SRAP) in the Eastern Region,
(MD&A) promotes safety in school driving by providing knowledge on
5. General Information
identifying dangers and risks associated with driving within Corporate Citizenship
school premises and surrounding areas. The initiative offers
Security Network
and Other Important Information consultation, guidance, and encouragement for participating Positive and Negative Impacts
schools to develop measures tailored to the needs of each
community to address risks related to driving safety within PTT is committed to developing a security management system PTT has a mission to uphold energy security as the national energy company,
Section 2
school premises and surrounding areas. Under the concept of and establishing a national security network in collaboration coupled with its commitment to being a good corporate citizenship. Its operations
Corporate Governance “Learn, Play, Plan, and Implement Road Accident Prevention with governmental and private sectors. This aims to strengthen focus on social responsibility in 3 dimensions: environmental, society, governance as
Measures,” the campaign also supports budget allocation PTT’s security management meets national and international well as human rights along with a collaboration with companies within PTT Group,
Section 3 to address identified school risk points. A total of 9 schools standards. government and private partner networks, and social networks nationwide. To
participated in the initiative. effectively carry out these social initiatives, PTT has established dedicated structures
Financial Report
• The “New Generation Drivers, Safe Riding” activity, in In 2023, PTT, the Office of the National Security Council, the responsible for social activities, including various supporting forms such as donations,
collaboration with the Department of Land Transport and National Intelligence Agency, the Central Investigation Bureau, social responsibility projects, and social enterprise operations. The ultimate goal is to
Attachment NPC Safety and Environmental Service Company Limited, the Special Branch Bureau, Chulalongkorn University, and
maximize positive social impacts, such as developing workforce skills to create job
provided training on safe motorcycle driving techniques to the Mass Rapid Transit Authority of Thailand jointly hosted the
opportunities, supporting community marketing, conserving and restoring natural
obtain motorcycle driving licenses. The training was conducted “CI-SEC 2023” on September 12 - 13, 2023, at the Energy
resources, disseminating knowledge, and generating income for communities.
for students from 4 schools, with 275 students trained and Complex (EnCo). The objective was to establish a network
These efforts contribute to stimulating the country’s economy, promoting youth
issued motorcycle driving licenses. for exchanging information, and experiences in security
education by enhancing teaching skills and upgrading the education system, uplifting
• The “Volunteer Spirit for Road Safety” activity aims to enhance governance among governmental entities, security agencies,
marginalized groups to improve their quality of life, and avoiding negative impacts on
knowledge and skills in accident prevention driving within the research and innovation institutions, and related educational
community. Training sessions on defensive driving techniques institutions. The conference was attended by 419 participants communities, such as lack of sustainable care for projects after PTT has completed
were organized for community leaders from 7 communities, from over 140 organizations, including PTT, state-owned the implementation or operations that may affect the surrounding communities,
totaling 46 individuals. They were then encouraged to disseminate enterprises, educational institutions, international organizations, resulting in the relationship between communities and PTT’s business operations.
or raise awareness about road safety within their families, and security agencies at strategic and operational levels. PTT ensures that these initiatives are inclusive and aligned with all stakeholders’
organizations, or those under their supervision, with a ratio of needs, expectations, and concerns through participatory processes aimed at fostering
1 trained individual reaching out to 10 others. relationships, mutual understanding, and balanced value creation between the
organization and society, leading to sustainable collaboration in the future.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Material Topic Management
Key Action Plans for 2023
Performance Targets Performance • Participation in supporting the long-term • PTT Group Innovation for for farmers through Sarn Palung
Indicators against development of science and technology Community Project. Social Enterprise Company Ltd.
Short-term Long-term
2023 Targets
Contents Targets 2023 Targets education by establishing Kamnoetvidya • Collaboration to support the (SPSE) initiatives.
Science Academy (KVIS) and Vidyasirimedhi improvement of livelihoods for • Conservation and restoration of
SE-AM KPI and Corporate KPI Institute of Science and Technology disadvantaged individuals and natural resources alongside
Vision, Mission and PTT Values • Number of graduates from KVIS and • KVIS: 422 persons • KVIS: 422 persons
(VISTEC). create economic opportunities knowledge dissemination efforts.
PTT Information VISTEC • VISTEC: 123 persons • VISTEC: 123 persons
• Number of research from VISTEC • There is an increase in • 1,458 pieces of research
Financial Highlights research output each
academic year
Overall Management Progress of Key Plans/ Projects
Achievement Highlights
Approach
Awards and Recognition Functional KPI
PTT aims to create shared value for society, In 2023, PTT allocated a budget for social investment totaling THB 1,018.79
• Number of areas that have undergone • 45 areas nationwide • 45 areas nationwide
Message from the Board of Directors
182 development as a result of PTT Group (from 485 farmers communities, and the nation through its Corporate million, equivalent to 1.08% of PTT only operating profit (as per the social 183
Economic, Petroleum Innovation for Community Project nationwide) Social Responsibility (CSR) strategies to elevate investment budget allocation policy, at least 1-3% of PTT only operating
and Petrochemical Review and Outlook • Net income of every household/ group • Community income has • Average income has the quality of life and foster inclusive development profit ). This allocation is divided as follows: 26.83% for charitable donations,
participating in PTT Group Innovation for increased by at least 10% increased by more than for sustainable living environments. 71.61% for social investment, and 1.56% for social enterprises. The outcomes
Community Project (those able to generate compared to the community’s 10% compared to the • These strategies include leveraging expertise of these social investment efforts in 2023 covered operations in all dimensions
Section 1 income) previous income community’s previous income and management capabilities within the PTT as outlined and met the set objectives. Despite the challenges posed by the
Business Operations and Performance • Net income (excluding purchases from PTT) • More than THB 2,000,000 • THB 2,084,548 Group to contribute to community development COVID-19 pandemic and its localized impacts, most planned operations
from supporting community product distribution in energy, technology, and innovation. proceeded as scheduled. Nevertheless, PTT remains committed to continuous
channels through the Smile Community Project • Emphasis is placed on collaborative processes efforts to contribute to society, including skill development initiatives for
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
• Number of disadvantaged individuals who • 494 persons • 750 - 800 • 494 persons and knowledge sharing to foster sustainable farmers and communities through the PTT Group Innovation for
of PTT Group development. Community Project. These efforts have contributed to PTT’s reputation score,
have benefited from the improvement of persons
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management quality of life through Sarn Palung Social by 2030 • Furthermore, efforts are made to strengthen which increased to 87 points in 2023 (higher than 86 points in 2022),
Enterprise Company Ltd. (SPSE) social and community enterprises, enabling according to a survey of stakeholders’ perceptions of PTT’s business
3. Driving Business towards Sustainability
them to operate independently and sustainably. operations.
4. Management’s Discussion and Analysis
KPIs aligned with PTT’s Sustainability
(MD&A) Management Master Plan for Social The social operations strategy encompasses
5. General Information Responsibility, and Environment two dimensions: human, community, and
2021 - 2025 societal development, and the dimension
and Other Important Information
• Social Investment Budget • At least 1 - 3% of PTT only operating profit • 1.08% of PTT only of promoting conservation and restoration
Section 2 • Proportion of the public donation budget • Not exceeding 30% of the total budget
operating profit
• 26.83% of the total budget
of natural resources and the environment,
coupled with fostering inclusivity and managing
Social
Investment Budget 1.08%
the business’s impact on the community PTT only
=
Corporate Governance compared to the total social operation budget. THB
1,018.79
• Social Impact Assessment (SIA) or • Social Return on • Every project has an SROI surrounding the enterprise. This aims to generate operating
Section 3 Social Return on Investment (SROI) Investment (SROI) is greater value greater than 1.3 holistic social outcomes, with management details profit
than or equal to 1.3 times times the financial cost as follows: million
Financial Report
the Weighted Average • The establishment of specialized units, such
Cost of Capital (WACC) as the Corporate Reputation and Social
Attachment for all projects (excluding Responsibility Executive Vice President is
projects conducted under initiated to oversee and guide the operations Charitable
donations:
the PTT SE Sandbox) of Sarn Palung Social Enterprise Company 26.83%
(SPSE) and the Sustainable Power Foundation Allocation Social
for Social Enterprises to conduct social enterprise of Social investment:
activities across multiple dimensions. This is coupled Investment 71.61%
Contribution to the United Nations Sustainable Development Goals (UN SDGs) with efforts to build a positive reputation and image Social Budget
enterprises:
for the organization. 1.56%
4.1 4.5 8.1 8.6 11.4
2.3 7.1 8.3 8.9 • Social initiatives are pursued through various processes,
1.5 4.3 4.7 6.6 11.5
2.4 7.2 8.4
4.4 11.7 including supporting donations, assuming societal
12.a 15.1 15.5 responsibility through project-based approaches,
12.b 14.2 15.2 15.6 17
15.4 and conducting operations in social enterprises.
The aim is to maximize positive impacts on society.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Performance Progress of Human Resource, Community, and Social Development Smart Farming Smart Marketing
Long-term Potential Development of Science and
Technology Education through Kamnoetvidya
Science Academy (KVIS) and the Vidyasirimedhi
Contents Institute of Science and Technology (VISTEC)
Vision, Mission and PTT Values Operational Activities
PTT Information
PTT Group has been supporting budget allocations for the long-term development
Financial Highlights of science and technology education through Kamnoetvidya Science Academy
Achievement Highlights (KVIS) and the Vidyasirimedhi Institute of Science and Technology (VISTEC) since
Operational Activities Operational Activities
the start of their academic operations in 2015, as documented in the mutual
Awards and Recognition agreement records until 2031. This initiative aims to establish a foundation for
Developing integrated areas with technology Smart Marketing comprises the following components:
driving the country forward in the future through research development and the
Message from the Board of Directors from PTT Group, such as agricultural drones, Community Product Development: The aim is to develop 45 products, divided into
184 cultivation of world-class scientific and technological personnel. 185
high-quality plastic for greenhouses, smart deep process development (Group A) with 17 products and brand image and
Economic, Petroleum
Benefits to Stakeholders Benefits to PTT greenhouses and IoT systems, nano zinc oxide, packaging-focused development (Group B) with 23 products. Additionally,
and Petrochemical Review and Outlook air quality monitoring devices, water systems, there are 5 products aimed at adding value to agricultural residues.
underground water banks, biofertilizers, and Community Tourism Development: 6 areas are targeted for community tourism
• In 2023, 69 students graduated from the Kamnoetvidya Science Academy • The total number of research works from
Section 1 (KVIS) at the high school level (including all 6 batches totaling 422 students). the Vidyasirimedhi Institute of Science and
floating solar cells, among others, is scheduled for
delivery in 2023. The plan is to deliver 45 areas,
development. Tourism routes have been established and tested through 4
complete test trips in all areas. Community guides are being trained, and
Business Operations and Performance Among the students from the 6th batch who graduated in 2023, 30% pursued Technology (VISTEC) are 1,458. ensuring each area increases its revenue by 10%. tourism management is provided for locals in these areas.
further studies abroad, while 70% continued their education domestically. • The total number of graduates from VISTEC Currently, revenue has increased according to the
Among those who continued their studies domestically, 71% sought Science, who have entered employment at companies target in 45 areas, 29 provinces. Benefits to Stakeholders
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
Technology, Engineering, and Mathematics (STEM) fields. within the PTT Group, accumulated since
of PTT Group • In 2023, there were 2 graduates with master’s degrees and 21 graduates with 2017, are 38 individuals (including 25 Benefits to Stakeholders Community Product
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management doctoral degrees from the Vidyasirimedhi Institute of Science and Technology individuals from VISTEC and Visut Up • Chum Chon Yim Dai project has developed and increased opportunities to
(VISTEC). This totals 123 graduates overall. Company Limited (VISUP)). access community market channels, both online and offline. The project aims
3. Driving Business towards Sustainability • 485 farmers, covering 29 provinces, have
to offer over 1,200 stock-keeping units (SKUs) on the platform, benefiting over
been supported to become Smart Farmers.
4. Management’s Discussion and Analysis 400 communities. Currently, 1,400 SKUs from all channels are participating
PTT Group’s Innovation for Community Project • Enhanced the learning centers in 4 regions
(MD&A) in the project in 2023, representing 450 communities nationwide.
to “Sustainable Innovation Learning Centers”,
Operational activities have been carried out from 2021 to 2023, focusing on developing 3 main areas: Smart Farming, Smart • Community products totaling 1,400 SKUs from 450 communities have been
5. General Information stored and connected knowledge and
Marketing, and Community Knowledge Management. These initiatives aim to address economic challenges within the community developed and upgraded, focusing on packaging and quality and promoting
innovations from PTT Group Innovation
and Other Important Information by promoting grassroots economic development through available networks, knowledge, innovation, technology, communication marketing and distribution channels.
for Community Project. Also developed 8
• Increased revenue and decrease expenses more than 10% in 45 areas in
channels, and expertise. The overarching goal is to increase income and reduce expenses for the community. pilot areas, totaling 12 learning spots, to
2022. Efforts were made to ensure that these operations were completed in
Section 2 serve as learning hubs and continue to expand
all 45 areas by the end of the year.
on larger scale.
Corporate Governance Smart Farming Smart Marketing Community • Sales channels connected more than 1,400 SKUs from 450 communities
• Agricultural drone • Community product • Community-based Tourism Knowledge achieved sales of THB 2,084,548 in 2023.
Benefits to PTT
Section 3 • High-quality plastic - Product development: - Mae Tha Subdistrict, Mae On District, Management Community-based Tourism (CBT)
for greenhouses developing community Chiang Mai Province • 8 pilot areas: • The target revenue for each area must increase by at least 10% before the development.
Financial Report • Creating a positive image for the organization • 6 Community-based Tourism (CBT) destinations in 6 areas have been prepared
• Nano zinc oxide products from - Phiman Subdistrict, Naga District, innovation learning
• Solar cells upstream - downstream Nakhon Phanom Province centers in 4 regions by contributing to the recovery of the for elevation to international standards and recognition, including:
Attachment • Floating solar cells - Branding & packaging: - Ban Luang Subdistrict, Chom Thong District, • Guidebooks: community economy, assisting them through - Mae Tha Subdistrict, Mae On District, Chiang Mai Province
• Smart greenhouses market development Chiang Mai Province knowledge sets for crises effectively. - Phiman Subdistrict, Naga District, Nakhon Phanom Province
and IoT systems for community products - Na Haeo Subdistrict, Na Haeo district, Loei Province learning centers, • Enhancing relationships with communities - Ban Luang Subdistrict, Chom Thong District, Chiang Mai Province
• Air quality - Sales channels: linking - Lam Sin Subdistrict, Sri Nakhon innovation kits across more than 45 areas nationwide. - Na Haeo Subdistrict, Na Haeo District, Loei Province
measuring devices sales channels for Khuean Khan District, Phatthalung Province • Supported the License to Operate in the - Lam Sin Subdistrict, Sri Nakhon Khuean Khan District, Phatthalung Province
• Water systems communities - Ko Mak Subdistrict, Pak Phayun District, operational areas of PTT. - Ko Mak Subdistrict, Pak Phayun District, Phatthalung Province
• Biofertilizers Phatthalung Benefits to PTT
• Parabola dome Province
• Underground
• Enhanced the organization’s image by actively participating in the economic
water banks Innovation for Society
recovery of community society to navigate through the crisis successfully.
case study: Huai Kayeng,
Thong Pha Phum, • Strengthened positive relationships with community networks spanning over
Kanchanaburi Province 45 areas nationwide.
• Supported the License to Operate initiative in the business units areas of
operation within PTT Group.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited Community Knowledge Management Providing Assistance to Victims of Natural Engaging in Supporting the Development of the Quality of Life for the Underprivileged
Disasters and Creating Economic Opportunities for Farmers through the Initiatives of the
Company, Sarn Palung Social Enterprise Company Ltd. (SPSE)
Operational Activities
PTT Group, consisting of PTT, PTTEP, GC, TOP, IRPC, GPSC, and OR, jointly established Sarn Palung Social Enterprise Co., Ltd.
Contents PTT Group assists affected individuals during various disasters, (SPSE) in 2017 to collectively manage and operate social enterprise businesses. SPSE aims to enhance the efficiency of social
both within the vicinity of its facilities and nationwide. This product/ service sales operations within PTT Group’s integrated centers. This initiative aims to continuously and sustainably
aid includes budgetary support, survival kits, fuel vouchers, support society, communities, and the environment. The achievements of SPSE in 2023 include:
Vision, Mission and PTT Values
and different essential supplies to alleviate the impact of
PTT Information these situations. Furthermore, support is extended to rescue
Operational Activities 1. Café Amazon for Chance 2. Community Coffee Bean Sourcing Project
teams, particularly PTT Group SEALs, comprised of trained
Financial Highlights personnel with experience in continuous relief efforts. Their
To create employment opportunities for special assistance
Achievement Highlights Community knowledge management, aimed at expanding expertise ensures that disaster victims swiftly recover and
resume normalcy. groups, such as the hearing-impaired and those with learning
future operations, is conducted by developing knowledge sets
Awards and Recognition disabilities, ensuring them stable income jobs. Additionally,
for each area. These include contextual and innovative
Benefits to Stakeholders it aims to empower these groups in the coffee business sector.
knowledge sets specific to the area, utilized for dissemination
Message from the Board of Directors
186 and extension purposes. At present, there are 12 locations Presently, there are 8 branches of Café Amazon for Chance. 187
Economic, Petroleum categorized into 8 pilot areas and 4 Sufficiency Economy • In 2023, more than 10,000 individuals affected by natural
and Petrochemical Review and Outlook Innovation Learning Centers. The objective is to develop disasters received assistance and support from PTT.
high-potential areas into innovation learning hubs.
Section 1 Benefits to Stakeholders Benefits to PTT
Business Operations and Performance
• Community knowledge for expansion, dissemination, and • Built a positive image for the organization through community
advancement. assistance initiatives focused on improving living conditions.
Establish a reliable channel for distributing coffee beans to
1. Structure and Business Operations • Fostered involvement of executives and employees in packing
• Pilot areas with potential for communities to serve as learning
PTT Public Company Limited
PTT Public Company Limited
farmers at fair prices, promote sustainable coffee cultivation and
of PTT Group livelihood bags through the operations of the Thai Heart
points for innovation that can be applied in various local contexts. production practices. Develop and enhance professional skills
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Volunteer Club, PTT Group, and field operations conducted
2. Risk Management in coffee farming as well as produce a standard coffee. This
Benefits to PTT by the trained team of PTT Group SEALs.
includes fostering strong community cohesion. Currently, there
3. Driving Business towards Sustainability • Demonstrated the sincere dedication of PTT and its group
are farmer groups from 14 communities in Huay Chompoo
companies to caring for and assisting the community.
4. Management’s Discussion and Analysis • Enhanced the organization’s image by actively aiding the Sub-district, Mueang District, Chiang Rai Province, and in Mae Salong
community’s socio-economic recovery during crisis situations. Sub-district, Mae Fa Luang district, Chiang Rai Province, as well
(MD&A)
• Supported the License to Operate for the business units within as in the Small House in the Big Forest project under the Royal
5. General Information the PTT area. Benefits to Stakeholders Initiative, Phayao Province. 255 farmers are involved, cultivating
and Other Important Information approximately 4,585 rai of coffee. In 2023, the company
Supporting the Development of Sports • Created 21 permanent positions for disadvantaged purchased 800 tons of coffee beans from these farmers.
Potential groups, resulting in 50% increase in income compared to
Section 2
previous earnings. Social initiatives yielded approximately
Corporate Governance Operational Activities THB 1,764,000. Benefits to Stakeholders
• Enhanced the capabilities of disadvantaged groups through
Section 3 PTT collaborates with associations and sports clubs nationwide to training courses at the Amazon Inspiring Campus (AICA) • 297 farmers’ households participated in the project, resulting
support sports programs to promote opportunities for youth and of Café Amazon (OR) business and provided internship in an increased annual household income of THB 7,000-
Financial Report
underprivileged individuals across various regions of Thailand opportunities at Café Amazon for Chance coffee shops. 12,000, totaling approximately THB 1.63 million.
to train and develop their athletic skills. This initiative includes • Fostered societal understanding and learning to coexist with • Provided training on coffee bean evaluation and quality
Attachment participation in standardized competitions, which serve as crucial disadvantaged groups through communication within Café selection for 14 farmer groups within the project area.
platforms for developing the potential of Thai athletes to compete Amazon for Chance establishments. • 2,000 shade trees have been added to the project area from
nationally and internationally. In 2023, significant achievements Benefits to Stakeholders • Achieved a Social Return on Investment (SROI) of 0.64. the project’s inception in 2018 until 2023.
were realized in this endeavor: • Social Return on Investment (SROI) resulted in a ratio of 3.47.
• Implement sports skill development programs for Thai youth, The development of sports potential and skills for youth
such as the “Swimming for Life” project (2019 - present), which has impacted more than 20,000 individuals, furthering the Benefits to PTT Benefits to PTT
focuses on teaching basic swimming skills systematically establishment of a national and international reputation through
to enhance survival skills and reduce drowning incidents. continuous project implementation. • Enhanced the organization’s reputation by promoting • Built a positive organizational image through community
Approximately 10,000 individuals have participated in this community social well-being for disadvantaged individuals. economic assistance initiatives.
project. Benefits to PTT
• Received recognition as an outstanding enterprise for hiring • Provided efficient raw materials to Café Amazon, totaling more
• Hosting the PTT Junior Tennis Championships (2005 - present) elderly individuals from the Ministry of Social Development and than 800 tons, enhancing the company’s operational efficiency
for over 19 years, with participation from more than 10,000 Created a positive image for the organization by promoting Human Security (MSDHS). in coffee bean procurement.
tennis players ranging from ages under 8 to under 18. youths’ potential.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited 3. PTT Day Care Three Nature Learning Centers
To establish sustainable livelihoods and income for the group of Thai Railway Housewives and serve as a model center for both Operational Activities Benefits to Stakeholders
the public and private sectors in responding to the state policy aimed at addressing the challenges of Thailand’s aging society.
The project has been operational since September 1st, 2019, until the end of December 2023. During this period, 37 children
Operated through the Reforestation Institute and Environmental System established • In 2023, the total number of visitors to
Contents have been enrolled, comprising 32 in the nursery and 5 in the after-school programs.
by PTT, aiming to extend the mission of reforestation projects on 1 million rai since all 3 centers was 63,176, generating
Benefits to Stakeholders Benefits to PTT 1994. The initiative focuses on forest conservation, restoration, and knowledge a community income of THB 688,526
Vision, Mission and PTT Values dissemination, sharing experiences from reforestation efforts with the public to foster annually.
awareness of natural resource conservation and environmental protection through
PTT Information • Created permanent jobs for three economically disadvantaged women with limited • Enhanced the organization’s image, Benefits to PTT
3 nature learning centers:
education, resulting in an average monthly income increase of THB 11,000 per person. we promote community well-being by
Financial Highlights One elderly nurse received a monthly income of THB 30,000, totaling THB 279,000. fostering a better quality of life for the 1. Metro Forest Learning Center, Bangkok
• Selected by the National Council for Child and Youth Development under the Royal underprivileged. 2. Sirinath Rajini Ecosystem Learning Center, Prachuap Khiri Khan Province • In 2023, the amount of greenhouse
Achievement Highlights 3. Wang Chan Forest Learning Center, Rayong Province
Patronage of HRH Princess Maha Chakri Sirindhorn (NCYD) as a prototype early gases sequestered was 6,554.87 tons
Awards and Recognition childhood center in the “Thousand Days Miracle” project. of carbon dioxide equivalent per year.
• Social Return on Investment (SROI) yielded a ratio of 0.2. In 2023, all 3 nature learning centers received prestigious recognition in the Thailand • Fostered positive relationships in
Message from the Board of Directors Tourism Awards (Kinnaree Awards) across categories such as Outstanding Tourism promoting environmental conservation
188 189
Economic, Petroleum Progress in Advancing Initiatives to Promote Conservation and Restoration of Natural Learning Experience and Low Carbon Sustainable Tourism. and restoration.
and Petrochemical Review and Outlook Resources and the Environment
Engagement in efforts to enhance and preserve the restoration of green spaces in the OUR
Section 1 Khung BangKachao
Business Operations and Performance
Operational Activities
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
PTT collaborates with the Chai Pattana Foundation, a network of private sector, government, civil society, and educational institutions,
of PTT Group
to continuously restore green areas in the Khung BangKachao. This collaboration is formalized through a memorandum of
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56-1 One Report 2023
2. Risk Management understanding for joint development and restoration of green spaces under the supervision of the Department of Forestry, OUR Khung
3. Driving Business towards Sustainability BangKachao project. The Chai Pattana Foundation and the Department of Forestry oversee the project’s green area restoration and
learning management at the Chalerm Phrakiat Park in Song Khanong subdistrict, Phra Pradaeng district, Samut Prakan Province.
4. Management’s Discussion and Analysis In 2023, PTT fulfilled its commitments by supporting the continuous development and management of learning areas at Chalerm
(MD&A) Phrakiat Park. PTT’s support contributed to the restoration of 1,276 rai of green areas and develop 51 rai of private area to model
agricultural model.
5. General Information
and Other Important Information Benefits to Stakeholders
Participation in the Administration of the Institute and the Green Globe Awards
Section 2 • The green areas restored since the inception of the project
Corporate Governance until 2023 cover an extensive area of over 6,000 rai*, Operational Activities Benefits to Stakeholders
benefiting numerous households in the surrounding
communities, approximately 305 households. Income
The “Green Globe” project was established in 1999 after participating in the • Inspired and motivate environmental
Section 3 distribution amounted to THB 2,823,955.
reforestation project on 1 million rai. From this experience, it was found that and natural resource stewards within
Financial Report
Benefits to PTT sustainable reforestation also requires planting trees in people’s hearts. Therefore, the the network.
Green Globe Award was established to recognize individuals, communities, and youth • Advanced knowledge in conservation,
Attachment • In 2023, the amount of greenhouse gas sequestered who have contributed to forest conservation and environmental protection, aiming to restoration, and management of
reached 14,523 tons of carbon dioxide equivalent per honor and inspire these groups. natural resources from community to
year.** community and connect operational
• Fostered positive relationships to promote conservation Subsequently, the project evolved into the “Green Globe Institute” to continue the networks nationwide.
and environmental restoration efforts in collaboration recognition of environmentalists and to further the important mission of developing a
with all 113 organizations from the government, private research and knowledge management network based on the achievements of the Green Benefits to PTT
sector, and the public for the sustainable development Globe Award. This serves as a model for successful conservation and environmental
of the OUR Khung BangKachao project. resource management, benefiting communities and facilitating adaptation to change • Enhanced the organization’s reputation
Remarks: more effectively. The 21st Green Globe Awards ceremony was held in 2023. by promoting nationwide environmental
* The working group collaborated with AI and Robotics Venture (ARV) to
analyze Sentinel-2 satellite image data, comparing green areas to scientific
conservation networks.
principles. Upon examination, it was found that in 2018, there were 4,705 • Supported the low-carbon society goals
rai of green areas, while in 2023, there were 6,045 rai.
** The assessment report of carbon sequestration in the Bang Kachao royal
of PTT Group.
land area amounted to 1,276 rai (according to the LESS letter of recognition
as of September 2023, under the OUR Khung BangKachao project by TGO).
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
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PTT Public Company Limited Network and Collaboration Innovation and Technology
Vetiver Network Positive and Negative Impacts
In 2023, PTT participated in The 7th International Conference Innovation and technology are crucial in enhancing efficiency and competitiveness
Contents on Vetiver (ICV-7) held from May 29 to June 1. in current business landscape. To address this, PTT established the PTT Innovation
The event, themed “Vetiver for Soil and Water Conservation Institute. This institute is dedicated to initiating, researching, and developing innovations.
in Commemorations of His Majesty the late King Bhumibol Technology evaluation and testing aims to improve and enhance production processes,
Vision, Mission and PTT Values
Adulyadej the Great”, was organized by the Royal Initiative reduce pollution and environmental impact, elevate product and service quality,
PTT Information and Special ProjectSub-Bureau in collaboration with and promote environmental sustainability. These result in direct positive impacts on
the Chai Pattana Foundation. There were 1,098 participants
business, customers, society and environment. However, it is essential to note that not
Financial Highlights from 32 organizations across 19 countries.
all innovations and technologies may meet business needs and customer and stakeholder
Achievement Highlights expectations. Some may even have negative impacts, such as ineffective use of budgets
Green Globe Awards and non value added investments or uncompetitiveness or even environmental
Awards and Recognition
and social repercussions. To mitigate these risks, PTT systematically manages various
The Green Globe Institute announced the 21st Green Globe
Message from the Board of Directors issues, designing processes, reviewing strategies, and developing master plans to align
190 Awards winners under the theme “Sufficiency Economy, Sharing, 191
with the organization’s new strategies and vision. The goal is to transition towards
Binding, Land, Water, Forest”, comprising 44 environmental
Economic, Petroleum a Future Energy business and new ventures, aiming for more far-reaching energy
conservation projects from across Thailand in 7 award
and Petrochemical Review and Outlook business and innovations. This involves directing research and innovation efforts
categories. These categories include 8 community projects,
3 individual projects, 8 youth projects, 13 Sippanondha Ketudat toward commercial products and creating alternative innovations to reduce import
Section 1 projects, 2 essay projects for aged under 15 years old, 6 essay
projects for aged 16 - 25 years old, 3 essay projects, and
dependency. PTT seeks to identify and select business partners, both internally and externally,
to enhance long-term competitiveness effectively.
Business Operations and Performance 1 media project.
1. Structure and Business Operations In 2023, PTT expanded knowledge from prototype areas to Material Topic Management
PTT Public Company Limited
PTT Public Company Limited
other communities by publicizing knowledge and organizing
of PTT Group knowledge-sharing platforms in 4 regions. This initiative also Performance Targets Performance
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2. Risk Management utilized the knowledge from award-winning projects to benefit Indicators against
Short-term Long-term
various environmental conservation projects. The Green Globe 2023 Targets
3. Driving Business towards Sustainability Targets 2023 Targets
Institute’s committee members served as speakers to support
4. Management’s Discussion and Analysis the implementation of new reforestation projects. SE-AM KPI and Corporate KPI • Income from the new business • The profit •The revenue from the
(MD&A) • The revenue from the new business ventures aligns with from internally new business ventures
the business plan generated exceeds the business
5. General Information
innovations plan by more than 10%
and Other Important Information Functional KPI accounts for
Feedbacks from Stakeholders • Results from research and • The outcomes from research at least 7% of • Results from research
Section 2 development on operational and development compared the net profit and development on
expenses to operational expenses ≥ 1.2 2030 operating
Corporate Governance • Innovation expenses per net profit • Expenditure on innovation expenses = 1.2
development is at least 10% • Expenses for innovation
“The various projects aim to promote livelihoods, of the net profit for 2022 development 11%
Section 3
Financial Report
knowledge and skills as well as expand Future Plans • Number of patent applications • The number of patents of 2022 net profit
community market access. They also facilitate and patents granted registered is at least 25 • 40 patents registered
modern education and promote organic
Attachment agriculture, emphasizing environmentally friendly, Maintaining environmental conservation networks
and community-safe consumption practices, through the Green Globe Institute to foster
contributing to the continuous improvement of sustainable development by collecting and Contribution to the United Nations Sustainable Development Goals (UN SDGs)
community well-being”
disseminating knowledge, elevating environmental
8.2 9.4 17
award standards, and expanding community 8.3 9.5
Miss Noi Chantarakarunsakul and urban network award criteria. Knowledge
Farmer Leader
dissemination to the public has been extended to
PTT Group’s Innovation for Community Key Action Plans for 2023
4 regions and will be implemented further in other
Project, Highland Development
Project Using Royal Project system, 2 regions, including integrating award-winning • Activities to promote creativity • Network creation and cooperation to expand innovation internally and externally,
Huay Kayeng, Thong Pha Phum knowledge into PTT’s internal operations. • Internal-developed innovation leading to opportunities to develop and expand new businesses
District, Kanchanaburi Province • Outside-in innovation
Further details can be found on PTT Website.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
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PTT Public Company Limited Overall Management Approach Progress of Key Plans/ Projects
New Growth
In systematically developing, managing, and promoting models in promoting continuous innovation management.
innovation, PTT demonstrates its commitment through To facilitate the implementation of the policy, PTT has established
Organizing activities to promote creativity
Innovation Management Policy. The policy prioritizes innovation the PTT Innovation Management System and developed the PTT and innovation
PTT EV Charger and Charging Platform
development in 2 primary forms: Innovation Management Master Plan 2023 - 2027. This plan includes
Contents • Internal innovation and technology: Generated from within the explicit objectives, innovation concepts, internal/external factor
One of the key innovation management strategies is “Nurturing
People”, which focuses on elevating employees’ knowledge and The EV Charger and Charging Platform product developed by
organization through PTT Innovation Institute, as well as through analysis, and measurable strategies and plans integrated with other
competitions, idea submissions, and creative thinking initiatives. organizational master plans. The PTT Innovation Management Process, capabilities in innovation. This involves preparing personnel with PTT Innovation Institute has been continuously researched
Vision, Mission and PTT Values
• Outside-in innovation: Obtained through collaborations and consisting of 4 main steps: Idea Collection, Idea Selection, Idea/ Project the knowledge, skills, and awareness to innovate and instill a culture and developed. It can be developed for commercial markets,
PTT Information investments with various partners, especially in technologies Execution, and Deliverables, has been outlined to streamline the of innovation within the organization. PTT has outlined continuous serving as one of the innovations driving PTT towards a
which PTT lacks expertise, particularly for venturing into new ideation, innovation process, research and development of various guidelines for instilling these values and conducts various activities comprehensive electric vehicle (EV) business. It includes systems
Financial Highlights
businesses. technologies, including consolidating and analyzing needs, to promote ideas, creativities, and innovations; including, for charging authorization and data collection to support charging
Achievement Highlights All executives and employees are tasked with supporting, expectations and stakeholders’ concerns in order to allow PTT services at various locations. The results are displayed through
advocating, and aligning with this policy, serving as exemplary Innovation Institute to further research and development.
• Innovation is designated as one of the SPIRIT values, which are an Administration Application on computers and a Mobile
Awards and Recognition
the organization’s core values. It is cultivated, transmitted, and Application, allowing for energy management and convenience
Message from the Board of Directors integrated into the organization’s core competency. This involves for businesses providing charging services and EV users.
192 Strategic Planning Process: Strategic Direction and Business Plan
193
Economic, Petroleum developing plans and activities to enhance competencies and Furthermore, Electric Vehicle (EV) Chargers are also designed
expertise related to innovation, along with monitoring outcomes. as Smart devices that operate in conjunction with a cloud server
and Petrochemical Review and Outlook
Examples include expertise in Digital Acumen, Digital Insight, system. This system controls, transmits, and manages the energy
Driving Innovation, Technology Savvy, and programs like the usage data of EV Chargers within the network. It can seamlessly
Section 1 PTT Innovation Boost Camp. connect with platforms for those interested in conducting electric
Business Operations and Performance • Since 2014, there has been a continuous competition for charging businesses, promoting the proliferation of charging
creativity and innovation known as the PTT Innovation Boost stations for swift and widespread electric charging services and
Idea Idea Idea/ Project Deliverables Camp 2023. In 2023, 135 employees participated, presenting strengthening the usage of electric vehicles within the country.
1. Structure and Business Operations Collection Selection Execution
PTT Public Company Limited
PTT Public Company Limited
27 innovative ideas. Furthermore, efforts were made to advance The EV Charger has also been patented and tested for safety
of PTT Group
award-winning innovation projects from 2022 into commercially compliance according to the EV Charger IEC 61851 standard.
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2. Risk Management Internal Sources: The creativity of employees from the PIC, Operational Excellence (OpEx)
viable ventures, resulting in developing 2 projects: Nerameat, The Normal version was registered as a Thai innovation
and knowledge management projects, including innovation promotion activities such as
3. Driving Business towards Sustainability PTT Innovation Boost Camp a plant-based alternative meat product, and an application for in 2019, while the Smart version was registered in 2022.
External Sources: Voice of Customer (VOC) and Voice of Stakeholder (VOS) electric vehicles. These achievements have earned PTT the SET Awards 2022
4. Management’s Discussion and Analysis
• The Productivity Improvement Circle Project (PIC Project) for Best Innovative Company for the second consecutive year.
(MD&A) initiated by PTT, sets forth policies and drives employees to
5. General Information Various initiatives are undertaken, such as employee idea • PTT Innovation Management Committee (PTT IMC): Responsible utilize productivity improvement tools in their work processes to PTT has developed EV Chargers ranging from 22 kW to 44 kW,
competitions, the Productivity Improvement Circle (PIC) project, for reviewing the Innovation Management Master Plan, driving enhance efficiency. This initiative has been in place since 1984 compatible with 3-phase alternating current electricity with
and Other Important Information
and the search for suitable external innovations/ technologies for innovation at all levels, and reporting progress to the ERMC quarterly.
as part of the annual QSHE targets, requiring department and higher capacityin foreign electric vehicle technology to meet
prompt application. All ideas and innovations are systematically
division units analyzing work processes, identifying issues, and the increasing demand for electric vehicles. The case material
Section 2 collected, evaluated, and stored in a centralized innovation • PTT Innovation Management Working Team: Responsible for
database. The PTT Idea to Commercialization Gate (PTT I2C implementing strategies and reporting progress to the PTT IMC prioritizing issues to select PIC Projects focused on enhancing work has been changed from metal to polymer (ABS or PP), from
Corporate Governance
Gate) process is established to systematically review and approve quarterly. efficiency, reducing costs, generating additional revenue, reducing PTT group to improve fire resistance and competitiveness.
projects based on criteria such as strategic fit, technology barrier, idle time, and creating other organizational benefits. In 2023, Furthermore, digital technology has been used to develop a Cloud
Section 3 financial return, business potential, and execution capability. In addition, some units play a supportive role in fostering innovation there were 1,561 PIC Projects, resulting in increased revenue of Platform for customer communication and a Mobile Application
Financial Report A comprehensive innovation portfolio is compiled and presented efforts, as outlined in the plan. One such unit is the Executive up to THB 6.16 billion, cost reduction of THB 8.186 billion, and for commercial convenience. In 2023, 66 EV Charger service
to the governing structure for review, refinement, and planning in Vice President for Planning and New Venture Development, whose saving of 179,216 idle hours. Among these, 5 PIC Projects met points were expanded.
innovation management. This ensures that PTT has a well-balanced responsibilities encompass managing investments, establishing
Attachment innovation development criteria, which will be presented to PTT IMC
portfolio of innovations that create value over time, fostering companies, and developing new business ventures. The ExpresSo
for evaluation and resource allocation to achieve future objectives.
investment flexibility and continuous business value creation. project is designed to acquire cutting-edge technologies through
venture capital investments and direct investment in the startup,
PTT has established a governance structure to oversee Alpha Com Company Limited. This investment aims to facilitate Internal-developed Innovation
innovation management, ranging from board-level oversight to prototype testing before scaling these technologies into
by PTT Innovation Institute
operational-level execution, which includes: full-fledged business operations. Furthermore, the organization
has established leading development and expansion companies,
• Enterprise Risk Management Committee (ERMC): Responsible such as Arun Plus Co., Ltd. (ARUN PLUS), which focuses on In 2023, PTT Innovation Institute initiated, researched,
for setting and reviewing Innovation Management Policy, comprehensive electric vehicle systems, and Innobic (Asia) Company and developed innovations that brought direct revenue of
providing recommendations, and supporting implementation Limited, which concentrates on the life science business sector. THB 81,812,047 and indirect revenue of THB 608,600,000.
according to the plan. They report quarterly to PTT’s Board The expenditure on innovation and technology development
of Directors. More details about PTT Innovation Management Policy and
amounted to over THB 502 million.
the master plan can be found on PTT Website.
Section 1 Business Operations and Performance 3. Driving Business towards Sustainability Section 1 Business Operations and Performance 3. Driving Business towards Sustainability
56-1 One Report 2023
PTT Public Company Limited EVme Digital Platform Innovation Network and Collaboration
Clean Growth
PTT is the first to provide a comprehensive electric vehicle (EV) Hydrogen Thailand Network
subscription service through the innovative digital platform.
ReAcc Platform
This initiative aims to promote and establish a business Hydrogen Thailand is a collaborative network comprising public sector agencies, private entities, and relevant partners, initiated
Contents ecosystem encouraging widespread electric vehicle adoption. The innovation digital platform serves as an intermediary for by PTT in 2020. Its primary objective is to prepare and drive hydrogen energy as a new alternative energy for the future through
Services include electric vehicle leasing, access to charging providing clean energy trade and Carbon Neutrality services to knowledge exchange and policy support from relevant government sectors. The vision is to propel hydrogen into a new energy
Vision, Mission and PTT Values station information, and electric vehicle maintenance facilities. companies aiming to source renewable energy. This includes platform to promote a low-carbon economy in the future. Its primary mission includes disseminating accurate and beneficial
In 2023, over 1,000 electric vehicles were available for service, facilitating the trading of Renewable Energy Certificates information to the government and public, fostering cooperation in hydrogen-related initiatives, charting a roadmap for hydrogen
PTT Information with more than 1,000 registered users. (RECs) and implementing systems for electricity procurement development, proposing hydrogen demonstration projects, and supporting the production and utilization of green hydrogen
through Corporate Power Purchase Agreements (CPPAs). domestically. This is to encourage the concrete adoption of hydrogen technology sustainably, promoting national development
Financial Highlights
Innaqua Wound Dressing Material It involves the utilization of renewable energy for electric and sustainable energy practices.
Achievement Highlights vehicles. As of November 2023, the cumulative REC sales
The PTT Innovation Institute has researched and developed reached 385,494 RECs, resulting in revenue of THB 16 million.
Awards and Recognition The Federation of Thai Industries
a bio-cellulose wound dressing material, following safety There are plans to introduce additional functionalities
Message from the Board of Directors testing according to the Food and Drug Administration (FDA) for trading carbon credits. As a member of the Electrical and Electronics Industry Group and the New S-Curve Working Group of the Federation of Thai
194 195
standards. This material has been commercialized under the Industries, PTT drives and elevates Thailand’s electronics industry. As a leading member in collaboration with fellow members,
Economic, Petroleum Outside-in Innovation
trade name “Innaqua.” Jack Chia Industries (Thailand) Public PTT is preparing a White Paper and proposes to the Federation of Thai Industries Committee present to the government for
and Petrochemical Review and Outlook Company Limited has been appointed as the official distributor supporting the development of intelligent electronics businesses in Thailand. This endeavor will bring economic and social
of Innaqua products. Innaqua wound dressings can be used benefits, generate employment, and foster the growth of skilled personnel in innovative electronics for the country’s future.
New Growth
Section 1 for various types of wounds, including sterilized and infected.
Innaqua is a global innovation in term of material development
Business Operations and Performance and medical application. This innovative wound dressing Anti-aging Innovation Feedback from Stakeholders
material is protected by intellectual property rights (Patent
PTT and Innobic (Asia) have signed a memorandum of
1. Structure and Business Operations No. 1601001745). It contributes to the New S-Curve initiative,
PTT Public Company Limited
PTT Public Company Limited
understanding and technology transfer agreement with
of PTT Group particularly in the comprehensive medical industry (Medical
Chulalongkorn University to develop the RED-GEMs molecule.
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56-1 One Report 2023
Hub), as part of the government’s strategic plan. Additionally, “The development of innovations in anti-aging,
2. Risk Management Pre-clinical trials conducted on animals have been completed,
it helps enhance access to quality medical treatment by a well-known branch of science aimed at
demonstrating safety and the absence of side effects.
3. Driving Business towards Sustainability offering locally produced equipment that matches international controlling and improving overall quality of
The project is now preparing for human trials (Clinical Trial life for comprehensive well-being and health
4. Management’s Discussion and Analysis standards at affordable prices, thereby improving the quality of
Phase I) in collaboration with a Contract Research Organization impact, is a source of great pride for Team
life for the people in the country.
(MD&A) (CRO) in Australia in 2024. SHALORA. We have successfully developed
biotechnology to produce highly effective
5. General Information
Dietary Supplements and Medical Foods bioactive extracts with antioxidant properties.
and Other Important Information This achievement stems greatly from our
Business Growth There has been the development and distribution of dietary participation in the PTT Innovation Boost Camp
supplements and medical foods through the channels of Innobic 2023, enabling us to leverage innovations for
Section 2 new business creation and sustainable growth,
Nutrition (INNT), including partnerships with entities such as
Corporate Governance aligning with PTT’s vision.”
PTT MicroHX Lab Pharmacy. These efforts involve public relations and finding
product champions to establish brand recognition. Essential
Section 3 The PTT Microchannel Heat Exchanger (PTT MicroHX) new products in 2023 include Innourish Gummy in Triphala Shalora Team (Winner of PTT Innovation Boost Camp 2023):
Anuruk Winitsorn Piyachat Saengwijit
Financial Report technology is an innovation that enhances industrial processes and Cola flavors, immune-boosting chewable supplements
Suttipong Tanyapisedsak Siwapon Krasaepon
to utilize energy more efficiently by recovering waste heat or cold developed in collaboration with Siriraj Hospital, as well as Daily Nasapatm Boonwittaya
and circulating it back into the process (Energy Recovery). Nutrigen U20+, M30+, and S50+, age-specific nutritional
Attachment
This helps reduce energy costs and significantly decreases supplements developed in partnership with Interpharma.
carbon emissions.
PTT MicroHX is an innovation conceived by PTT domestically
Business Growth and Future Plans
Clean Growth
to reduce imports and trade imbalances and enhance PTT is steadfastly implementing the strategies outlined in the innovation management master plan. In 2024, key
national competitiveness. It has been applied across various initiatives include readiness preparations for ISO 56001 certification in innovation management, which is expected
industries, both within and outsiide PTT group. For instance, Renewable Energy Investment to be announced by mid-2024. The nominations for innovation awards to enhance the organization’s innovation
PTT LNG has reduced carbon dioxide emissions from capabilities and reputation have been made, such as the National Innovation Awards from the National Innovation
PTT LNG Terminal 1 by more than 210,000 tons annually. PTT Group, by GPSC and GRP, has invested in renewable Agency (Public Organization). Furthermore, external evaluations of the organization’s innovation capabilities
PTT plans to increase sales to generate over THB 1.92 billion energy projects overseas, including in India and Taiwan. will be conducted to benchmark against external counterparts.
in revenue by 2033. Currently, the total production capacity is 2.7 GW, with a target
of reaching 15 GW by 2030. Further details can be found on PTT Website.
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited Moreover, Petrochemical business’s performance decreased from Phenol and Olefins’ lower product to feed. Performance
4. Management’s Chemicals business decreased following the economic slowdown. In addition, Exploration and Production business’s
performance decreased due to lower average selling price and sales volume. Others business’s performance also decreased from
Discussion and Analysis disposal of coal business in 1Q2023. Nevertheless, New Business and Infrastructure business’s performance increased
from GPSC with an increase in Ft, lower energy cost, and higher sales volume of power. Also, PTTGM’s pharmaceutical
Contents
(MD&A) business’s performance increased following consistently delivering “Lenalidomide” in 2023 after market expansion into
U.S. since September 2022 and an increase in sales volume from market expansion in U.S. and South Korea.
Vision, Mission and PTT Values
PTT Information In 2023, the depreciation and amortization expenses were THB 173,065 million, increased by THB 5,735 million or 3.4% mainly
from PTTEP’s G1/61 and G2/61 Projects, LNG Terminal 2 Project of PTTLNG, and Refining plants and Aromatics plants of GC.
Financial Highlights
In reading Management’s Discussion and Analysis (MD&A), investors are advised to study the supporting documents, including
Achievement Highlights
the consolidated financial statements, revised financial information, and overall past or revised performance, together with
Figure 1
Awards and Recognition
notes to financial statements and this document.
Message from the Board of Directors
196 197
Economic, Petroleum
4.1 Management’s Discussion and Analysis
Unit: THB million
8,000
and Petrochemical Review and Outlook Share of
(MD&A) and Operating Results for Profit from
Investments in
7,000 -48.5%
Section 1 the Year 2023 Joint Ventures 6,000
5,849
Business Operations and Performance and Associates 1,489
5,000
3,013
1. Structure and Business Operations Overall Performance of PTT and Its Subsidiaries 4,000
1,040
PTT Public Company Limited
PTT Public Company Limited
of PTT Group Unit: THB million 3,000 626
1,362
56-1 One Report 2023
56-1 One Report 2023
265
2. Risk Management New Business and Infrastructure
2022 2023 % Inc. (Dec.) Gas 2,000
825
3. Driving Business towards Sustainability Oil and Retail 696
Sales Revenue 3,367,203 3,144,551 (6.6) Exploration and Production 1,000
2,434
4. Management’s Discussion and Analysis
Petrochemical & Refining 1,069
(MD&A) EBITDA 491,288 426,895 (13.1) Others 0
(5)
(939)
5. General Information Net Income 91,175 112,024 22.9 -1,000
and Other Important Information 2022 2023
Earnings per share (THB/share) 3.20 3.92 22.5
Section 2
In 2023, sales revenue of PTT and its subsidiaries were reported at THB 3,144,551 million, decreased from 2022 by
Corporate Governance
THB 222,652 million or 6.6%. This was driven mainly by a decrease in sales revenue of International Trading business In 2023, the share of profit from investments in joint ventures and associates was THB 3,013 million, decreased by
and Petrochemical and Refining business from lower average selling price in line with global petroleum and petrochemical THB 2,836 million or 48.5%. This was primarily from lower performance of joint ventures and associates in Petrochemical and
Section 3
prices despite higher sales volume. Gas business’s sales revenue also decreased mainly from S&M business which had Refining business mainly from NatureWorks LLC, HMC, and AGC Vinythai Public Co., Ltd. (AVT) due to lower product to feed.
Financial Report
lower average selling price following pool gas price, as well as lower selling price to industrial customers following referenced
prices despite higher sales volume. Sales revenue of TM business decreased mainly from the adjustment of the pipeline In 2023, there was loss on derivatives amounting to THB 13,194 million, decreased by THB 61,720 million or 82.4% mainly
Attachment from commodity derivatives of GC, TOP, and IRPC.
tariff rates, as approved by the ERC since August 2022. Moreover, sales revenue of GSP business also decreased from lower
average selling price for all products in line with petrochemical referenced prices and lower sales volume. Others business’s
In 2023, the gain on foreign exchange was THB 22,285 million, increasing by THB 16,733 million or more than
sales revenue decreased from disposal of coal business in 1Q2023. Moreover, Exploration and Production business’s sales
100.0% from 2022 mainly from higher unrealized gain on U.S. currency loans as a result of THB appreciation this year.
revenue decreased due to both lower average selling price and average sales volume.
(THB appreciation in 2023 was THB 0.34 per USD, and THB depreciation in 2022 was THB 1.14 per USD.)
In 2023, EBITDA was THB 426,895 million, decreased by THB 64,393 million or 13.1%. This was mainly from Petrochemical
In 2023, finance costs were THB 45,383 million, increased by THB 8,292 million or 22.4% from 2022, mostly from GC,
and Refining business’s performance. Refining business had lower performance as Market GRM decreased from USD 10.7
PTTEP, PTT, and GPSC as a result of an increase in loans and bonds issuance as well as higher market interest rates.
per barrel in 2022 to USD 7.5 per barrel in 2023 due to lower spread of diesel, jet, and gasoline over crude oil in spite of
a decrease in crude premium and an increase in sales volume. Moreover, PTT Group’s stock loss increased as there was
In 2023, there were loss recognition of non-recurring items (PTT’s portion after tax) approximately THB 500 million,
stock loss approximately THB 2,000 million in 2023 compared with stock gain approximately THB 4,000 million in 2022.
while in 2022, there were loss recognition approximately THB 10,300 million (Details as per below table).
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited The Majority of Non-recurring Items after Tax (PTT’s Portion) Financial Performance of PTT Group by Business
Unit: THB million
% Inc.
Business Item 2022 2023 Unit: THB million 2022 2023
(Dec.)
Exploration Impairment loss on Mozambique Area One Project ~ (4,300) ~ (2,800)
Contents and
Sales revenue 3,367,203 3,144,551 (6.6)
Impairment loss on assets held for sales from PTTEP BL ~ (2,300) Exploration & Production 331,350 300,694 (9.3)
Production
Vision, Mission and PTT Values
business The provision for the Class Action settlement from ~ (3,000) Gas 708,852 655,759 (7.5)
PTT Information Montara incident
Oil & Retail 791,745 770,897 (2.6)
Financial Highlights Write-off Project AC/RL12 Australia (Oliver) ~ (1,200)
International Trading 2,172,566 2,032,063 (6.5)
Achievement Highlights Disposal of asset ~ (500)
Petrochemical & Refining 1,473,678 1,343,550 (8.8)
Awards and Recognition Loss after reclassifying net assets of Block 17/06 Project ~ (350)
New Business & Infrastructure 148,424 124,131 (16.4)
Message from the Board of Directors (Angola)
198 Others 37,662 6,107 (83.8) 199
Economic, Petroleum Income from adjustment of contingent liabilities of ~ 1,600
EBITDA 491,288 426,895 (13.1)
and Petrochemical Review and Outlook Oman Block 61 project
Exploration & Production 253,973 231,301 (8.9)
Gain on divestment of AC/RL7 (Cash-Maple) ~ 1,700
Section 1 Gas business Gas production shortfall penalty ~ 2,700 ~ 300
Gas 61,207 66,024 7.9
Business Operations and Performance Oil & Retail 20,962 21,403 2.1
Contribution to oil fund during energy crisis (3,000)
International Trading
1. Structure and Business Operations
Petrochemical TOP’s tax on divestment of GPSC ~ (2,100)
PTT Public Company Limited
PTT Public Company Limited
of PTT Group - Excluding effect of FX and derivatives 13,897 4,325 (68.9)
and Refining
56-1 One Report 2023
56-1 One Report 2023
Gain on change in status of investment of GC ~ 1,400
2. Risk Management business - Including effect of FX and derivatives 8,735 9,544 9.3
3. Driving Business towards Sustainability Gain on disposal of subsidiary of GC ~ 600
Petrochemical & Refining 109,719 80,640 (26.5)
4. Management’s Discussion and Analysis New Business Impairment of assets under PTTGM ~ (180) New Business & Infrastructure 16,392 26,251 60.1
(MD&A) and
Gain on Ichinoseki Solar Power 1 GK divestment of GPSC ~ 350 Others 15,084 (3,242) < (100.0)
5. General Information Infrastructure
Depreciation and amortization expenses 167,330 173,065 3.4
and Other Important Information Coal business PTTGM’s loss on impairment of coal mine project in Madagascar ~ (400)
Section 2 In 2023, the corporate income taxes in 2023 was THB 81,313 million, decreased by THB 9,149 million or 10.1% mainly
Corporate Governance from PTTEP’s Projects in Thailand and Oman in accordance with lower profit.
Section 3 This was resulted in PTT Group’s net income in 2023 amounting to THB 112,024 million, increased by THB 20,849 million
Financial Report or 22.9% from net profit amounting to THB 91,175 million in 2022.
Attachment
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited
Unit: THB million 2022 2023
% Inc. Segmentation Performance of PTT Group
(Dec.)
The details of revenue, Earnings before Interest, Tax, Depreciation and Amortization (EBITDA), and operating income by
Operating income (loss) 323,958 253,830 (21.6)
segmentation of 2023 are as follows:
Exploration & Production 171,031 146,572 (14.3)
Contents
Gas 42,905 45,880 6.9
Figure 2
Vision, Mission and PTT Values Oil & Retail 14,614 14,882 1.8
PTT Information International Trading
Financial Highlights - Excluding effect of FX and derivatives 12,943 3,043 (76.5)
Segmentation Unit: THB million
Achievement Highlights - Including effect of FX and derivatives 7,781 8,262 6.2
Performance of
Awards and Recognition PTT Group REVENUE EBITDA OPERATING INCOME
Petrochemical & Refining 66,181 35,463 (46.4)
Message from the Board of Directors New Business & Infrastructure 3,440 11,515 > 100.0
200 201
Economic, Petroleum Others 12,790 (3,718) < (100.0) 2% 0.1% 12% 6% (1%) 16%
4% (1%)
Gas* 18%
14%
and Petrochemical Review and Outlook International Trading* 26% 19% 1%
Share of net income from investments in joint ventures Oil and Retail* 1%
5%
6%
and associates 5,849 3,013 (48.5) PTTEP
Section 1 Loss on impairment of assets 12,609 4,942 (60.8)
Petrochemical & Refining
New Business and Infrastructure*
6%
3,144,551
39%
426,895 253,830
Business Operations and Performance Others**
Gain (loss) on derivatives (74,914) (13,194) 82.4 Remarks: 15%
54%
58%
1. Structure and Business Operations * Including PTT own operation
Gain (loss) on foreign exchange 5,552 22,285 > 100.0
PTT Public Company Limited
PTT Public Company Limited
and PTT’s affiliates
of PTT Group ** Including coal that was divested
56-1 One Report 2023
56-1 One Report 2023
EBIT 249,653 281,976 12.9 in 1Q2023 and Others.
2. Risk Management
3. Driving Business towards Sustainability Finance costs 37,091 45,383 22.4
4. Management’s Discussion and Analysis Income taxes 90,462 81,313 (10.1)
(MD&A) Net Income 91,175 112,024 22.9 Upstream Petroleum and Gas Business Group
5. General Information
Earnings per share (THB/share) 3.20 3.92 22.5
and Other Important Information Petroleum Exploration and Production Business: PTT Exploration
Remark: and Production Plc. (PTTEP)
Section 2 Other Businesses include coal business that was divested in 1Q2023. There are adjustments in EBITDA and Depreciation and Amortization of
3Q2023 from the previous period.
Corporate Governance % Inc.
2022 2023
(Dec.)
Section 3
Average selling price (USD/BOE1/) 53.4 48.2 (9.7)
Financial Report
Average sales volume (BOED2/) 468,130 462,007 (1.3)
Attachment
Remarks:
1/ BOE: Barrels of Oil Equivalent
2/ BOED: Barrels of Oil Equivalent per Day
In 2023, sales revenue of PTTEP was THB 300,694 million, decreased by THB 30,656 million or 9.3% from 2022
as the overall average selling price decreased by 9.7% from USD 53.4 per BOE in 2022 to USD 48.2 per BOE in 2023.
In addition, the overall average sales volume decreased by 1.3% from 468,130 BOED in 2022 to 462,007 BOED in 2023,
primarily from Oman Block 61 Project due to lower contractor entitlement and maintenance shutdown in 2023, along with
the end of concession of Bongkot Project in March 2023. However, it was offset with G1/61 and G2/61 Projects due to
full year recognition of sales volume, also G1/61 Project has successfully ramped up the natural gas production as plan since
the end of June 2023.
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited EBITDA in 2023 was THB 231,301 million, decreased by THB 22,672 million or 8.9% from 2022 and the operating income In 2023, Gas business reported sales revenue of THB 655,759 million, decreased by THB 53,093 million or 7.5%.
in 2023 was THB 146,572 million, decreased by THB 24,459 million or 14.3% from 2022 mainly due to a decrease This resulted mainly from a decrease in sales revenue of S&M business due to lower average selling price following pool
in sales revenue as aforementioned. In addition, operating expenses increased primarily from higher sales volume from G1/61 gas price, together with lower selling price of industrial customers following the referenced prices despite the higher average
and G2/61 Projects. However, royalty expense decreased primarily from higher portion of sales revenue from projects under sales volume (calculated at heating value of 1,000 BTU per cubic feet) which increased by 258 MMSCFD from 4,190 MMSCFD
Contents production sharing contracts in Thailand and lower sales revenue from projects in Malaysia. in 2022 to 4,448 MMSCFD in 2023 or 6.2% mainly due to IPP power plant customers and EGAT adjusted their fuel usage
plans to increase the use of natural gas following the trend of significant decrease in LNG prices. This includes an increased
Vision, Mission and PTT Values Despite the decrease in operating income, the overall performance of Exploration and Production business increased demand for electricity due to the warmer weather in 2023 and the recovery of economic activities.
primarily as there was loss recognition of non-recurring items after tax approximately THB 4,300 million in 2023. Meanwhile,
PTT Information
there were loss recognition approximately THB 13,000 million in 2022 (Details as per the majority of non-recurring items Sales revenue of TM business decreased mainly from the adjustment of the gas pipeline tariff which ERC has approved
Financial Highlights after tax (PTT’s portion) table as aforementioned). Moreover, income taxes decreased mainly from projects in Thailand the rate of Demand Charge (Td) in the 5-year period (2022 - 2026) of PTT’s natural gas price structure. The revised gas pipeline
Achievement Highlights and Oman due to lower profits. Also, there was lower loss from oil price hedging instruments due to less upward trend of tariff was effective from August 2022 onwards.
oil price compared with 2022, along with lower loss on foreign exchange rate.
Awards and Recognition
In addition, sales revenue of GSP business decreased due to lower average selling price in overall products following
Message from the Board of Directors
202 Gas Business Group the petrochemical referenced prices. Furthermore, sales volume (including NGL derived from Dew Point Control units) 203
Economic, Petroleum decreased from 6,746,347 tons in 2022 to 6,654,551 tons in 2023 or 1.4% mainly from Propane due to lower demand
and Petrochemical Review and Outlook The details of all product sales volume from GSPs are as follows: of petrochemical customers driven by higher maintenance shutdown period than previous year and the declining trend in
plastic pellet prices.
Section 1 Unit: Ton 2022 2023
% Inc.
(Dec.) In 2023, EBITDA of Gas business was reported at THB 66,024 million, increased by THB 4,817 million or 7.9%. The operating
Business Operations and Performance
income was reported at THB 45,880 million, increased by THB 2,975 million or 6.9%. This was mainly from S&M business,
LPG 3,301,907 3,288,262 (0.4)
due to improved operational performance from industrial customers, where the natural gas cost was adjusted downward following
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
Ethane 1,752,287 1,786,823 2.0 the pool gas price in the greater extent than the average selling price, despite higher sales volume. However, gas production
of PTT Group
shortfall penalty (after tax) in 2023 decreased by approximately THB 2,400 million compared with 2022 resulted mainly
56-1 One Report 2023
56-1 One Report 2023
2. Risk Management Propane 1,139,217 1,028,237 (9.7)
from Erawan gas field producer that fail to meet its contracted gas quantity. Additionally, NGV business had lower loss due to
3. Driving Business towards Sustainability NGL 504,133 500,264 (0.8) the decreased natural gas cost according to the pool gas price, coupled with an increase in selling price and lower sales volume.
4. Management’s Discussion and Analysis Moreover, PTTLNG had higher reserve volume of its LNG receiving terminal after LNG Terminal 2 started commercial operation.
Pentane 48,803 50,965 4.4
(MD&A)
Total 6,746,347 6,654,551 (1.4) While the GSP business experienced a decrease in gross profit due to lower selling price for all products in line with
5. General Information
Utilization rate (%) 75.6% 75.8% 0.2% the petrochemical referenced prices, along with a decrease in sales volume in response to petrochemical customers demand
and Other Important Information
from higher maintenance period. Additionally, the TM business’s operational performance decreased due to the adjustment
of the gas pipeline tariff as mentioned above.
Section 2 The details of reference product prices of GSPs are as follows:
Corporate Governance
% Inc. Downstream Petroleum Business Group
Unit: USD per ton 2022 2023
Section 3 (Dec.)
Financial Report LPG1/ 736 572 (22.3) Oil and Retail Business Group
Attachment LDPE2/ 1,427 1,041 (27.0)
2022 2023 % Inc. (Dec.)
LLDPE2/ 1,207 1,014 (16.0)
Average Sales Volume* (Unit: Million Liters) 26,846 27,642 3.0
2/
HDPE 1,202 1,044 (13.1)
Average selling prices (Unit: USD per barrel)
1/
Propane 737 575 (22.0)
Gasoline 115.2 98.8 (14.2)
Remarks: Jet 126.6 104.6 (17.4)
1/ Global Gas Price (Contract Price Saudi Aramco) as a reference for the selling price of petrochemical customers, LPG calculated from
the proportion of Propane and Butane by 50:50 Diesel 130.6 104.0 (20.4)
2/ Southeast Asia - Spot Price
Remark:
* The average sales volume of the domestic oil segment only
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
In 2023, sales revenue of Oil and Retail business group was THB 770,897 million, decreased by THB 20,848 million or
PTT Public Company Limited Petrochemical and Refining Business Group
2.6% from 2022 due to lower selling price following global oil price. While overall sales volume increased by 796 million liters
or 3.0% from 26,846 million liters or equivalent to 462,629 barrels per day in 2022 to 27,642 million liters or equivalent
% Inc.
to 476,347 barrels per day in 2023 mainly due to an increase in sales volume of jet fuel as a result of economic recovery Unit: USD per barrel 2022 2023
(Dec.)
and market expansion. However, Non-Oil business group’s revenue increased from the recovery of economic activities
Contents Market GRM 10.7 7.5 (29.9)
and store expansion of food and beverage business.
Inventory Gain (Loss) excl. NRV 0.0 (0.6) < (100.0)
Vision, Mission and PTT Values
EBITDA in 2023 was THB 21,403 million, increased by THB 441 million or 2.1% from 2022. The operating profit in 2023
PTT Information Hedging Gain (Loss) (5.8) (0.4) 93.1
was THB 14,882 million, increased by THB 268 million or 1.8% from 2022 mainly from Oil business due to an increase
Financial Highlights in gross margin from gasoline and jet while lower gross margin from diesel. Non-Oil business group’s EBITDA increased Accounting GRM 4.9 6.5 32.7
in line with the rise in gross margin from an increase in sales revenue of food and beverage business. However, there was Refinery Utilization Rate* (%) 94.1 102.4 8.3
Achievement Highlights
higher net operating expenses mainly from outsourced and utility expenses.
Awards and Recognition Remark:
* From 3 Refineries: TOP, GC, and IRPC
Message from the Board of Directors As a result, the overall performance of Oil and Retail business group increased as compared with 2022 following the higher
204 205
EBITDA.
Economic, Petroleum
% Inc.
and Petrochemical Review and Outlook Unit: USD per ton 2022 2023
(Dec.)
International Trading Business Group
Olefins
Section 1 % Inc. Naphtha (MOPJ) 785 649 (17.3)
Business Operations and Performance Unit: Million Liters 2022 2023
(Dec.)
HDPE 1,202 1,044 (13.1)
1. Structure and Business Operations Average sales volume 127,082 188,416 48.3
LDPE 1,427 1,041 (27.0)
PTT Public Company Limited
PTT Public Company Limited
of PTT Group
56-1 One Report 2023
56-1 One Report 2023
LLDPE 1,207 1,014 (16.0)
2. Risk Management Sales revenue of International Trading business in 2023 was THB 2,032,063 million, decreased by THB 140,503 million or
3. Driving Business towards Sustainability 6.5% compared with 2022. This decline is attributed to a lower product selling price following the fall in global petroleum PP 1,205 1,007 (16.4)
and petrochemical prices. Although, sales volume increased by 61,334 million liters or 48.3% from 127,082 million liters
4. Management’s Discussion and Analysis Aromatics
or equivalent to 2,189,968 barrels per day in 2022 to 188,416 million liters or equivalent to 3,246,919 barrels per day in
(MD&A) Condensate 830 679 (18.2)
2023. This was mainly from higher import volume of crude oil and LNG, in line with the increase in domestic demand and
5. General Information the significant decrease in LNG price. Moreover, the international trade of crude and refined products from out-out trading PX (TW) 1,103 1,038 (5.9)
and Other Important Information activities has increased along with the economic recovery in various regions worldwide. This trend is also driven by the pursuit
PX (TW) – Condensate 273 359 31.5
of opportunities for continuous expansion of trade activities.
Section 2 BZ 1,029 897 (12.8)
Corporate Governance EBITDA, adjusted by the impact from foreign exchange rate and derivatives, in 2023 was THB 9,544 million, increased by BZ – Condensate 199 218 9.5
THB 809 million or 9.3%. The operating income, adjusted by the impact from foreign exchange rate and derivatives in 2023
Section 3 was THB 8,262 million, increased by THB 481 million or 6.2%. This was mainly from a rise in sales volume, coupled with In 2023, sales revenue of Petrochemical and Refining business was THB 1,343,550 million, decreased by THB 130,128
Financial Report higher margin per unit from international trade as a result from engaging in cross-regional trade during opportune periods million or 8.8% primarily due to Petrochemical business, both from Olefins and Aromatics businesses, decreased due to
together with the effective management of trading freight costs and effective risk management. Even though the margin the lower average selling price. In addition, sales volume decreased due to planned turnaround of GC’s Aromatics plant 2
Attachment per unit of domestic trading of crude and condensate decreased according to the oil-priced linked formula. in 2023. While there is the increase in sales volume as a start of the commercial operation of Olefins 2 Modification Project
in July 2023.
Sales revenue of Refinery business also decrease due to the decrease in average selling price following the decrease in global
petroleum product prices. However, sales volume increased primarily from higher refineries’ utilization rates of PTT Group
from 94.1% in 2022 to 102.4% in 2023 because of planned refinery turnaround of GC, IRPC, and TOP in 2022.
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited EBITDA of Petrochemical and Refining business in 2023 was THB 80,640 million, decreased by THB 29,079 million The Analysis of PTT Group’s Consolidated Financial Position as of December 31, 2023,
or 26.5% from THB 109,719 million in 2022. There was operating income of THB 35,463 million in 2023 decreased by Compared with December 31, 2022
THB 30,718 million or 46.4% when compared with THB 66,181 million in 2022, details are as follows:
• Refinery performance decreased as Market GRM decreased from USD 10.7 per barrel in 2022 to USD 7.5 per barrel
in 2023 mainly from a decrease in product spreads of diesel, jet, and gasoline over crude oil, while crude premium
Contents
decreased. Moreover, stock loss increased (there was stock loss of USD 0.6 per barrel in 2023 versus stock gain of Figure 3
USD 0.01 per barrel in 2022). Conversely, there was an increase in sales volume as aforementioned.
Vision, Mission and PTT Values
• Petrochemical performance also decreased mainly from Phenol business and Olefins business due to a decrease in
PTT Information Analysis 4,000,000
Unit: THB million
product spreads while Aromatics business performance increased from PX and BZ spread despite a decrease in sales
Financial
Financial Highlights volume as aforementioned. 3,415,632 3,460,462 3,415,632 3,460,462
Status PTT 3,500,000
Achievement Highlights and Subsidiaries 352,654 449,526
+1.3%
However, the overall performance of Petrochemical and Refining business in 2023 increased when compared with 2022 3,000,000
688,345 674,044
Awards and Recognition
due to the significant decrease in loss from oil price hedging in 2023 compared with 2022 and an increase in gain on foreign
688,208 632,213
Message from the Board of Directors exchange rate following THB appreciation in 2023 while depreciated in 2022. Meanwhile, gain on non-recurring items after 2,500,000
206 207
tax were recognized approximately THB 4,200 million in 2023, while in 2022 there were loss recognition approximately
Economic, Petroleum 1,193,594 1,161,442
and Petrochemical Review and Outlook THB 3,200 million (Details as per the majority of non-recurring items after tax (PTT’s portion) table as aforementioned). Assets 2,000,000
Cash & Short-term investment 875,440 837,514
Accounts Receivable & Other
New Business and Infrastructure Business Group 1,500,000
1
Current Assets
Section Others Non-Current Assets
Property, Plant and Equipment 1,000,000
Business Operations and Performance Liabilities & Equity
% Inc. 1,499,330 1,541,209 1,533,693 1,624,976
2022 2023 Other Liabilities
(Dec.) Interest-Bearing Debt 500,000
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
(including current portion)
of PTT Group Power sales volume (GWh) 21,665 14,950 (31.0) Equity
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56-1 One Report 2023
0
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2. Risk Management Steam sales volume (Thousand tons) 14,510 13,161 (9.3) 2022 2023 2022 2023
3. Driving Business towards Sustainability Assets Liabilities & Equity
4. Management’s Discussion and Analysis
In 2023, sales revenue of New Business and Infrastructure business was THB 124,131 million, decreased by THB 24,293 million
(MD&A)
or 16.4% mainly from the decreased in revenue of GPSC due to lower Energy Payment (EP) revenue of IPP power plants following
5. General Information lower dispatch volume to EGAT and from reserve shutdown of GHECO-One power plant. Furthermore, revenue of SPP Assets
and Other Important Information power plants also decreased due to lower electricity and steam average selling prices as well as steam sales volume
to industrial customers also decreased. Meanwhile, revenue of PTTGM’s pharmaceutical business increased from As of December 31, 2023, total assets of PTT Group were THB 3,460,462 million, increased by THB 44,830 million or 1.3%
Section 2 consistently delivering “Lenalidomide” in 2023 after market expansion into U.S. since September 2022 and an increase compared with December 31, 2022 from the followings;
Corporate Governance in sales volume from market expansion in U.S. and South Korea. • Cash and cash equivalents and short-term investments increased by THB 96,872 million primarily from PTT Group’s
operating activities.
Section 3 EBITDA in 2023 was THB 26,251 million, increased by THB 9,859 million or 60.1%. The operating profit in 2023, • Trade account receivables and other current assets decreased by THB 55,995 million or 8.1% mainly from the followings;
Financial Report was THB 11,515 million, increased by THB 8,075 million or over 100.0% primarily from higher gross profit of GPSC’s • Other accounts receivable decreased by THB 64,841 million mainly due to a decrease in refund receivable from
SPP power plants as Ft better reflected energy prices together with lower energy cost and higher electricity sales volume. the Oil Fuel Fund.
Attachment In addition, gross profit of PTTGM’s pharmaceutical business also increased from higher revenue as aforementioned. • Assets held for sale decreased by THB 15,543 million from the disposal of coal business of PTTGM offset with assets
held for sale for the divestment of Alvogen Malta (Out-licensing) Holding Ltd. (AMOLH) and the business transfer
The overall performance of New Business and Infrastructure business in 2023 increased when compared with 2022 mainly agreement of NUOVO PLUS.
from strengthen performances of GPSC and PTTGM as aforementioned. • Inventories decreased by THB 11,349 million due to a decrease in inventory levels and lower selling prices, mainly
from GC, IRPC, and TOP.
• Current derivative assets decreased by THB 5,975 million mainly from commodity derivative assets of PTTT.
• Trade accounts receivable increased by THB 40,759 million from an increase in sales volume mainly from PTTT,
PTTT LDN, PTT, TOP, and GC.
• Other non-current assets decreased by THB 37,926 million or 4.3% mainly from;
• Exploration and evaluation assets decreased by THB 11,830 million from divestment of Cash-Maple Project
and write-off assets of Oliver project of PTTEP.
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited • Deferred tax assets decreased by THB 8,282 million primarily due to the end of concession of Bongkot Project of Net cash provided by operating activities of THB 382,045 million was derived from THB 236,593 million of profit before
PTTEP. income taxes, adjusted to net cash provided by (used in) operating activities. The increase in cash flow from operating activities
• Right-of-use assets decreased by THB 7,954 million mainly from depreciation of PTTEP, PTT, and TOP. resulted mainly from THB 173,065 million of depreciation and amortization expenses, THB 45,383 million of finance costs.
• Property, Plant, and Equipment (PPE) increased by THB 41,879 million or 2.8% mainly from PTTEP’s exploration and The decrease in cash flow from operating activities mainly resulted from THB 12,219 million of interest income, THB 7,015
evaluation assets of G1/61 and G2/61 Projects and TOP’s construction in progress of Clean Fuel Project (CFP). million of unrealized gain on fair value of commodity contracts, THB 5,479 million of gain on derivatives, THB 4,614 million
Contents
of gain on disposal of assets, and THB 3,013 million of share of profit from investments in joint ventures and associates and
Vision, Mission and PTT Values Liabilities the change in net operating assets resulted in the increase in cash flow of THB 46,247 million while there were income taxes
paid of THB 83,201 million.
PTT Information
As of December 31, 2023, PTT Group had total liabilities of THB 1,835,486 million, decreased by THB 46,453 million or
Financial Highlights 2.5% from December 31, 2022, mainly from the followings; Net cash used in investing activities was THB 161,245 million mainly resulted from the followings;
• Interest-bearing debt decreased by THB 32,152 million or 2.7% due to a decrease in long-term loans by THB 37,478 • The cash outflow of investments in property, plant and equipment, investment property, intangible assets, and exploration
Achievement Highlights
million from the loans repayment and debentures redemption mainly from TOP, OR, and GC as well as a decrease in lease and evaluation assets amounting to THB 165,645 million mainly from investment in exploration and production assets
Awards and Recognition in G1/61 Project, G2/61 Project, Zawtika Project, and S1 project of PTTEP, and investment in 7th Gas Separation Plant,
liabilities by THB 6,144 million from the lease repayment. However, short-term loans increased by THB 11,470 million
Message from the Board of Directors mainly from GC, PTT TCC, PTTT, and PTT. Bang Pakong - South Bangkok power plant transmission pipeline project, the 5th transmission pipeline project, Regenerative
208 209
• Other liabilities decreased by THB 14,301 million or 2.1% mainly from a decrease of commodity derivative liabilities Thermal Oxidation (RTO) Project, and GSP Logistics Management of PTT, GC’s Oleflex improvement and Olefins 2
Economic, Petroleum
and Petrochemical Review and Outlook of PTTT and a decrease in short-term provision for decommissioning costs due to the end of concession of Bongkot Modification project, CFP project of TOP, and IRPC’s Ultra Clean Fuel Project (UCF).
project of PTTEP as well as a decrease in other accounts payable due to a decrease in accrued interest of PTT. • The cash outflow from short-term investment in financial assets amounting to THB 14,555 million mainly from investing
in fixed deposit of PTTEP, TOP, and GC.
Section 1 Equity • Interests and dividends received amounting to THB 19,304 million mainly from PTTEP, GC, PTT, and PTT TCC.
Business Operations and Performance
As of December 31, 2023, PTT Group had total shareholders’ equity of THB 1,624,976 million increased by THB 91,283 Net cash used in financing activities was THB 142,159 million mainly from the followings;
1. Structure and Business Operations • Dividend payment amounting to THB 62,368 million mainly from PTT and PTTEP.
million or 6.0% from December 31, 2022 as a result of the 2023 net income of THB 112,024 million offset with dividend
PTT Public Company Limited
PTT Public Company Limited
of PTT Group payment from the operating results of the second half of 2022 amounting to THB 0.70 per share and interim dividend • Finance costs paid amounting to THB 48,494 million mainly from PTT, GC, TOP, GPSC, and PTTEP.
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56-1 One Report 2023
2. Risk Management from the operating results of the first half of 2023 amounting to THB 0.80 per share which the total amount of dividend is • The net cash outflow of short-term and long-term loans amounting to THB 36,631 million mainly from TOP, OR,
3. Driving Business towards Sustainability approximately THB 42,844 million. Non-controlling interests increased by THB 22,676 million from net income of subsidiaries. and PTTEP.
4. Management’s Discussion and Analysis
(MD&A) Liquidity
5. General Information 4.2 Factors That May Impact Future Operations
For the year-ended December 31, 2023, PTT Group had net increase in cash and cash equivalents amounting to
and Other Important Information
THB 77,080 million. There was cash and cash equivalents at the beginning of the period of THB 340,054 million. As a result,
cash, and cash equivalents at the end of the period was THB 417,134 million. Details of cash flow by activities are as follows: 4.2.1 Factors on Environmental and Social Trends and Impact
Section 2
Unit: THB million
Corporate Governance
PTT identifies impacts, including risks and opportunities arising from its operational activities, products and services
Consolidated Financial Statement
throughout its value chain that may have both positive and negative impacts on stakeholders in three dimensions:
Section 3 Net cash provided by operating activities 382,045 Environmental, Social, and Governance. It collects and analyzes from the value chain as well as internal and external factors,
Financial Report
Net cash used in investing activities (161,245) including trends, direction and standard adjustments, and relevant practices, and assesses to identify Sustainability Material
Topics. In 2023, climate change remains one of the key materiality issues, which is analyzed as the main input factor in
Attachment Net cash used in financing activities (142,159)
the strategic direction process and corporate risk management through various scenario simulations by setting Carbon
Effects of exchange rates on cash and cash equivalents (3,279) Neutrality targets, Net Zero Emissions, and corporate long-term goals in 2030 which reflect efforts to reduce and mitigate
Exchange differences on translation 2,019 risks, as well as increase business opportunities from the obvious effects of climate change.
Cash and cash equivalents classified as held for sale (301)
As for other Sustainability Material Topics such as water management, pollution management, occupational health and
Net increase in cash and cash equivalents during the period 77,080 safety, labor practice, innovation and technology, corporate governance and ethics, etc., PTT has clearly defined the units in
charge of management, monitoring, and reporting performance progress to the management-level committee and the Board
Cash and cash equivalents at the beginning of period 340,054
of Directors according to the governance structure to continuously review efficiency and effectiveness. Further details are
Cash and cash equivalents at the end of period 417,134 available under the heading “Driving Business towards Sustainability” and PTT Website in “Sustainability.”
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited 4.2.2 Financial Support to Affiliated Companies 4.2.3 Policy and Term of Trade Credit (Credit Term)
As of December 31, 2023, PTT provided the following financial support to affiliated companies. Credit management policy of PTT is stipulated with credit criteria and procedures of each business unit that are competitive
Unit: THB million and comparable to competitors with compatible collection and payment periods and no impact on financial liquidity.
Contents Outstanding Balance
Cost and financial risks from foreign exchange are also taken into account.
Available
Company Currency Amount Shareholder
Vision, Mission and PTT Values Others Balance Financial ratios related to trade credit period during the past 3 years are as follows:
Loan
Unit: Day
PTT Information
Wholly owned Company
Financial Highlights Financial Ratio 2021 2022 2023 3-year Average
1/
PTT Treasury Center Co., Ltd. (PTT TCC) THB 115,679 56,384 - 57,003
Achievement Highlights AR days 25.30 22.79 28.14 25.41
Remark:
Awards and Recognition AP days 31.23 27.90 31.25 30.13
1/ According to the Shareholder Loan Agreements between PTT and PTT TCC dated December 18, 2019, January 4, 2021, May 21, 2021,
Message from the Board of Directors June 22, 2021, November 23, 2021, February 28, 2022, May 27, 2022, August 15, 2022 and October 18, 2022, the total amount is
210 211
Economic, Petroleum
THB 115,679 million to support the investment of PTT Group companies. 4.2.4 Future Investment Plans
and Petrochemical Review and Outlook
PTT will consider providing financial support in the form of loan, capital and/or trade credit as necessary with conditions The 5-year (Year 2024 - 2028) investment plan of PTT and its wholly owned subsidiaries in an aggregate amount
comparable to the market, and for long-term benefits of PTT and PTT Group. Such a policy and practice are believed to of THB 89,203 million, are detailed as follows:
Section 1 strengthen PTT Group. Unit: THB million
Business Operations and Performance
Business 2024 2025 2026 2027 2028 Total
Inter-Company Borrowing and Lending (ICBL)
1. Structure and Business Operations Unit: THB million Gas 9,107 12,743 4,403 4,225 158 30,636
PTT Public Company Limited
PTT Public Company Limited
of PTT Group
Transmission 6,363 7,474 444 445 208 14,934
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56-1 One Report 2023
Credit lines Supported
2. Risk Management Credit lines
PTT can
PTT can lend Outstanding Outstanding International Trading 999 1,215 586 213 9 3,022
3. Driving Business towards Sustainability Company
to affiliated
borrow from
affiliated balance balance and Downstream
4. Management’s Discussion and Analysis companies from PTT to PTT
companies New Business and Infrastructure 1,976 5,529 2,028 1,639 1,617 12,789
(MD&A)
PTT Exploration and Production Plc. 5,000 5,000 - - and Head Office
5. General Information
and Other Important Information PTT Global Chemical Plc. 10,000 3,500 - - Investment in wholly owned 7,838 7,337 4,846 4,795 3,006 27,822
Subsidiaries
Thai Oil Plc. 2,100 2,100 - -
Section 2 Total 26,283 34,298 12,307 11,317 4,998 89,203
Corporate Governance IRPC Plc. 10,000 1,500 - -
PTT Oil and Retail Business Plc. 2,500 1,500 - - PTT has invested in the core business to promote sustainable growth and to ensure national energy security which are
Section 3
Global Power Synergy Plc. 1,500 500 - - accounted for 51% of PTT’s total five-year investment plan with the key projects include Gas Separation Plant (“GSP”) unit 7
Financial Report
to replace GSP unit 1, GSP unit 8, Bang Pakong - South Bangkok power plant transmission pipeline project, 5th onshore
Total 31,100 14,100 - -
pipeline. In order to align investments with PTT’s vision of “Powering Life with Future Energy and Beyond”, PTT has invested
Attachment
in the New business through its wholly owned subsidiaries such as Electric Vehicle value chain businesses including
As for affiliated companies which PTT has less than 100% stakeholding, PTT has managed short-term liquidity in form of EVme project (providing a digital platform for the comprehensive use of electric vehicle), construction of the HORIZON PLUS
Inter-Company Borrowing and Lending (ICBL) either in THB and/or USD currency under Uncommitted & Unsecured Short electric car factory, investment in the Cell-To-Pack (CTP) battery assembly plant, as well as Map Ta Phut Industrial Port
Term Loan. Development Phase 3, and Laem Chabang Port Phase 3 project, etc.
PTT and 6 affiliates, namely PTT Exploration and Production Plc., PTT Global Chemical Plc., Thai Oil Plc., IRPC Plc.,
and PTT Oil and Retail Business Plc., and Global Power Synergy Plc., extended ICBL contracts after the contracts expired
on December 19, 2023 for another period of 1 year starting from December 20, 2023 to December 19, 2024.
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited Additionally, PTT has prepared provisional capital expenditure for the next 5 years amounting to THB 106,932 million Gas Separation Plant Unit 7 (GSP#7)
mainly for the investment expansion during energy transition period such as the investment in the Gas business which is the
transition fuel with the focus on the expansion of pipeline network, the investment in LNG value chain both in Thailand and PTT is constructing the Gas Separation Plant Unit 7 (GSP#7) in Map Ta Phut Industrial Estate, Rayong Province to
overseas, the expanding investment in the Downstream business in storage tanks, etc. Moreover, PTT also focus on clean replace Gas Separation Plant Unit 1 (GSP#1) and to increase the efficiency of the The GSP’s production process.
energy business toward a low-carbon society e.g. investment in Life Science including Pharmaceutical, Nutrition, and Medical
Contents The GSP#7 is designed to have a maximum capacity of 460 MMSCFD.
device & Diagnostics, the AI &
Robotics business with the target to become a leader in AI & Robotics services in the future,
Vision, Mission and PTT Values
as well as Logistic and Infrastructure business by focusing on connecting all transportation networks throughout the country. Gas Separation Plant Unit 8 (GSP#8)
PTT Information Project Progress as of December 2023: PTT is in the process of preparing Front End Engineering Design and negotiating
4.2.5 PTT’s Future Major Projects
Financial Highlights agreement’s term and condition with customers.
Achievement Highlights EV Manufacturing Project through Horizon Plus Co., Ltd.
(HORIZON PLUS) LNG Receiving Facilities for LNG Procurement/ Impact
Awards and Recognition
Message from the Board of Directors Currently, PTT have long term LNG contracts with Qatargas, Shell, BP, and Petronas at 5.2 MTA and has a capability
212 Project Progress as of December 2023, HORIZON PLUS purchased 313 rai of land at Rojana Industrial Park, Nong Yai District, 213
to procure LNG in order to fulfill the country demand growth in the future.
Economic, Petroleum Chon Buri Province, which is in the Eastern Economic Corridor (EEC). The Overall construction progress was about 30%,
and Petrochemical Review and Outlook with the goal of completing the establishment of an EV manufacturing factory and starting to produce 4-wheel EVs
In addition, PTT procures additional 1 MTA of long-term LNG contract from PTTGL to further enhance national energy security.
(passenger cars) for the market by 2025. The initial production capacity is 50,000 units per year, with target expansion to
The first gas delivery will be in 2026.
Section 1 150,000 units per year by 2030 to meet the growing demand for EVs both domestically and in the ASEAN region.
Business Operations and Performance • Other LNG Receiving Terminal Project (LNG Receiving Terminal 3):
The investment project in electric motorcycle distribution • LNG Receiving Terminal Project (LNG Receiving Terminal 3) is a joint venture company between PTT TANK and GULF
1. Structure and Business Operations and production and electric motorcycle battery swapping with shareholding of 30%, and 70%, respectively. The project is to proceed land reclamation with the investment
PTT Public Company Limited
PTT Public Company Limited
cost of approximately THB 12,900 million which is expected to be completed by 2024, as well as having the right to
of PTT Group
station service provision through Aionex Co., Ltd. (Aionex),
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2. Risk Management construct LNG terminal 3 phase 1 with the capacity not less than 5 MTPA. The LNG terminal 3 phase 1 has
aiming to be the ASEAN market leader in the electric an investment cost approximately THB 28,000 million which is expected to be completed in 2028.
3. Driving Business towards Sustainability
motorcycle ecosystem
4. Management’s Discussion and Analysis Summary Planned Shutdown for Gas Separation Plants in 2023
(MD&A) Project Progress as of December 2023, Aionex imported electric motorcycles for performance test according to electric
5. General Information motorcycle standards in collaboration with PTT Innovation Institute and related agencies with plans to start commercial Plant 1Q2023 2Q2023 3Q2023 4Q2023
and Other Important Information operation in 2024.
GSP#1 SD
(Jul. 20 - 27: 8 Days)
Section 2 Cell-To-Pack Battery Business Investment Project
GSP#2 TD
Corporate Governance
(Oct. 1 - 4: 4 Days)
ARUN PLUS has completed the establishment of A C Energy Solution Company Limited (A C Energy Solution) by early Major SD
Section 3 2024, a collaboration with CATL to construct a Cell-To-Pack Battery factory in Thailand under the investment plan more than (Nov. 1 - 25: 25 Days)
Financial Report THB 3,600 million with targeted commercial operation by 2025. For the project progress as of December 2023, A C Energy
GSP#3 SD Major SD
Solution purchased 49 rai land at Rojana Industrial Park, Nong Yai District, Chon Buri Province. (Apr. 11 - May 8: 28 Days) (Sep. 1 - 18: 18 Days)
Attachment
Transmission Pipeline GSP#5 TD 50%
(Oct. 19 - 23: 5 Days)
• The 5th Transmission Pipeline (Rayong - Sai Noi - North/ South Bangkok Power Plants) GSP#6 TD 50%
• Total Project Progress as of December 2023: 98.00% (including 3 phases of construction) (Dec. 29 - 31: 3 Days)
• COD: Within 2024 ESP TD TD 50% TD 50%
• Natural Gas Pipeline System Project (Bang Pakong - South Bangkok Power Plants) (Apr. 11 - May 8: 28 Days) (Sep. 1 - 30: 30 Days) (Oct. 1 - 4: 4 Days)
• Total Project Progress as of December 2023: 31.47% TD 50%
(Nov. 1 - Dec. 4: 34 Days)
• COD: Within 2025
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
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PTT Public Company Limited Summary Planned Shutdown for Gas Separation Plants in 2024 4.3 Important Financial Information
Plant 1Q2024 2Q2024 3Q2024 4Q2024
Presented financial position and performance consist of financial performance for the year ended December 31, 2023 audited
GSP#1 SD
Contents by certified public accountant, EY Office Ltd., compared with financial position and performance from financial statements
(Jul. 20 - 31: 12 Days)
for the year ended December 31, 2022 and December 31, 2021.
GSP#5 TD 50% TD 50%
Vision, Mission and PTT Values
(Mar. 1 - 31: 31 Days) (Apr. 1 - 15: 15 Days)
PTT Information
4.3.1 Statement of Financial Position
GSP#6 TD 50% TD 50%
Unit: THB million
Financial Highlights (Jun. 10 - 30: 21 Days) (Jul. 1 - 15: 15 Days)
Achievement Highlights 2021 2022 2023
Remarks: Statement of Financial Position
* TD: Turndown (Audited) (Audited) (Audited)
Awards and Recognition ** SD: Shutdown
Assets
Message from the Board of Directors
214 Current assets 215
Economic, Petroleum Container Terminal
Cash and cash equivalents 312,730 340,054 417,134
and Petrochemical Review and Outlook
The Cabinet meeting on November 9, 2021 approved the private entity selection, result from negotiations, and the draft of Short-term investments in financial assets 48,907 12,600 32,392
Section 1 the contract between Public Private Partnership (PPP) with the Port Authority of Thailand (PAT) for a period of 35 years for
the development project of Laem Chabang Port, Phase 3 in the part of Terminal F as proposed by the Eastern Economic
Trade accounts receivable
Other accounts receivable
196,243
64,752
219,054
142,266
259,813
77,425
Business Operations and Performance Corridor Office (EEC) by letting GPC International Terminal Co., Ltd. (GPC), a joint venture company between PTT TANK,
Short-term lending 1,580 2,174 2,216
GULF and CHEC OVERSEA with 30%, 40% and 30% shareholding, respectively, to be the operator. The purpose of this
1. Structure and Business Operations Inventories 170,823 222,348 210,999
joint venture is to operate a port business, mooring, docking, loading, and unloading services for marine vessels, including
PTT Public Company Limited
PTT Public Company Limited
of PTT Group a warehouse for container transportation of at least 4,000,000 TEUs per year (TEU is equivalent to a 20-foot container). Supplies 41,416 49,507 52,500
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2. Risk Management The joint investment value in the development of the port structure amounts to THB 30,871 million. Construction of Current derivative assets 4,073 14,764 8,789
3. Driving Business towards Sustainability the F1 Terminal is expected to commence in 2025 and commercial operation in 2027. Construction of the F2 Terminal is
Other current financial assets 2,034 1,924 878
4. Management’s Discussion and Analysis expected to begin in 2029 and commercial operation in 2031.
Other current assets 9,985 13,592 12,556
(MD&A)
Assets held for sale 2,711 22,580 7,037
5. General Information
Total current assets 855,254 1,040,863 1,081,739
and Other Important Information
Section 2
Corporate Governance
Section 3
Financial Report
Attachment
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited Unit: THB million Unit: THB million
2021 2022 2023 2021 2022 2023
Statement of Financial Position (Continued) Statement of Financial Position (Continued)
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
Non-current assets Liabilities and shareholders’ equity
Contents
Other long-term investments in financial assets 46,464 54,093 45,731 Current liabilities
Vision, Mission and PTT Values Investments in joint ventures 52,280 60,357 62,258 Bank overdrafts and short-term loans from
financial institutions 11,632 90,757 96,511
PTT Information Investments in associates 76,499 104,658 110,065
Trade accounts payable 213,944 230,366 243,385
Long-term lending 8,624 8,046 6,943
Financial Highlights
Investment properties 10,459 10,736 11,234 Other accounts payable 103,851 88,322 80,097
Achievement Highlights
Property, plant and equipment 1,436,877 1,499,330 1,541,209 Current portion of long-term borrowings 87,649 73,237 97,399
Awards and Recognition
Right-of-use assets 80,389 124,053 116,099 Current portion of lease liabilities 10,742 16,191 16,077
Message from the Board of Directors Short-term borrowings 111 784 6,500
216 Goodwill 182,854 188,964 183,731 217
Economic, Petroleum Income tax payable 33,423 30,846 26,264
Other intangible assets 123,496 137,051 130,312
and Petrochemical Review and Outlook
Exploration and evaluation assets 104,595 106,161 94,331 Short-term provision for decommissioning costs 8,898 10,889 2,107
Current derivative liabilities 4,412 23,013 5,732
Section 1 Deferred tax assets
Non-current derivative assets
63,795
2,594
50,760
1,633
42,478
813 Other current financial liabilities 5,925 6,070 524
Business Operations and Performance
Other non-current financial assets 11,168 11,424 15,632 Other current liabilities 10,978 16,714 11,226
1. Structure and Business Operations Other non-current assets 16,036 17,503 17,887 Liabilities directly associated with assets held for sale 2,085 5,351 2,888
PTT Public Company Limited
PTT Public Company Limited
of PTT Group Total non-current assets 2,216,130 2,374,769 2,378,723 Total current liabilities 493,650 592,540 588,710
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2. Risk Management Non-current liabilities
Total assets 3,071,384 3,415,632 3,460,462
3. Driving Business towards Sustainability Long-term borrowings 786,224 924,943 863,303
4. Management’s Discussion and Analysis Lease liabilities 53,468 87,681 81,652
(MD&A)
Deferred tax liabilities 89,314 90,972 82,695
5. General Information
Provisions for employee benefits 36,895 32,356 33,815
and Other Important Information
Long-term provision for decommissioning costs 84,696 99,162 134,278
Section 2 Deposits on LPG cylinders 12,157 12,684 12,952
Corporate Governance Non-current derivative liabilities 3,715 7,643 4,229
Other non-current financial liabilities 12,223 4,662 4,992
Section 3
Other non-current liabilities 26,102 29,296 28,860
Financial Report
Total non-current liabilities 1,104,794 1,289,399 1,246,776
Attachment Total liabilities 1,598,444 1,881,939 1,835,486
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited Unit: THB million 4.3.2 Statement of Income
2021 2022 2023 Unit: THB million
Statement of Financial Position (Continued)
(Audited) (Audited) (Audited)
2021 2022 2023
Statement of Income
Shareholders’ equity
Contents (Audited) (Audited) (Audited)
Registered share capital 28,563 28,563 28,563 Sales and service income 2,258,818 3,367,203 3,144,551
Vision, Mission and PTT Values Issued and fully paid-up share capital 28,563 28,563 28,563 Cost of sales and services 1,882,251 2,906,726 2,767,102
PTT Information Share premium 29,211 29,211 29,211 Gross profit 376,567 460,477 377,449
Financial Highlights Surplus (deficit) from the change in the ownership Other income 28,940 24,420 40,705
interests in subsidiaries 3,096 10,068 39,461
Achievement Highlights Loss on derivatives (31,958) (74,914) (13,194)
Retained earnings
Gain (loss) on foreign exchange rates (6,469) 5,552 22,285
Awards and Recognition
Appropriated - legal reserve 2,857 2,857 2,857
Profit before expenses 367,080 415,535 427,245
Message from the Board of Directors
218 Appropriated - self-insurance fund reserve 1,273 1,294 1,330 219
Selling and distribution expenses 27,246 46,212 45,405
Economic, Petroleum Unappropriated 922,092 957,167 1,003,379
and Petrochemical Review and Outlook Administrative expenses 83,045 98,015 86,890
Other components of shareholders’ equity 19,605 23,431 16,397
Petroleum royalties 17,978 27,504 15,987
Section 1 Equity attributable to owners of the Company
Non-controlling interests of the subsidiaries
1,006,697
466,243
1,052,591
481,102
1,121,198
503,778
Operating profit 238,811 243,804 278,963
Business Operations and Performance Share of profit from investments in joint ventures
Total shareholders’ equity 1,472,940 1,533,693 1,624,976 and associates 9,010 5,849 3,013
1. Structure and Business Operations Total liabilities and shareholders’ equity 3,071,384 3,415,632 3,460,462 Profit before finance costs and income taxes 247,821 249,653 281,976
PTT Public Company Limited
PTT Public Company Limited
of PTT Group Finance costs 28,163 37,091 45,383
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56-1 One Report 2023
2. Risk Management Profit before income taxes 219,658 212,562 236,593
3. Driving Business towards Sustainability
Income tax expenses 67,590 90,462 81,313
4. Management’s Discussion and Analysis
Profit for the year 152,068 122,100 155,280
(MD&A)
Profit attributable to
5. General Information
Equity holders of the Company 108,363 91,175 112,024
and Other Important Information
Non-controlling interests of the subsidiaries 43,705 30,925 43,256
Section 2 152,068 122,100 155,280
Corporate Governance Basic earnings per share (THB/share) 3.79 3.20 3.92
Section 3
Financial Report
Attachment
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited 4.3.3 Statement of Comprehensive Income 4.3.4 Statement of Cash Flows
Unit: THB million Unit: THB million
2021 2022 2023 2021 2022 2023
Statement of Comprehensive Income Statement of Cash Flows
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
Contents
Profit for the year 152,068 122,100 155,280 Cash flows from operating activities
Vision, Mission and PTT Values Other comprehensive income (loss) Profit before income taxes 219,658 212,562 236,593
PTT Information Other comprehensive income to be reclassified Adjustment of profit before income taxes to net cash provided
to profit or loss in subsequent periods by (used in) operating activities:
Financial Highlights
Exchange differences on translation of financial Depreciation and amortization expenses 146,790 167,330 173,065
Achievement Highlights
statements in foreign currency 45,680 9,952 (6,393) (Gain) loss on disposal of assets 121 (1,085) (4,614)
Awards and Recognition Loss on debt investments measured at fair value
(Gain) loss on disposal of investments 1,153 (801) (1,496)
Message from the Board of Directors through other comprehensive income (2) (27) (1)
220 Gain on change in status of investments (504) (848) (2,443) 221
Economic, Petroleum Income taxes related to debt investments measured at
Gain on bargain purchase (10,694) - -
and Petrochemical Review and Outlook fair value through other comprehensive income - 5 (2)
Gain from early redemption of debentures - - (2,160)
Gain (loss) on cash flow hedges 951 (38) 137
Loss on impairment of assets 13,287 12,304 4,942
Section 1 Income taxes related to cash flow hedges (222) 62 43
Loss on impairment of investment - 305 -
Business Operations and Performance Share of other comprehensive income (loss) from
joint ventures and associates 494 (1,512) (471) Share of profit from investments in joint ventures
1. Structure and Business Operations and associates (9,010) (5,849) (3,013)
Other comprehensive income not to be reclassified
PTT Public Company Limited
PTT Public Company Limited
of PTT Group to profit or loss in subsequent periods Provision for employee benefits 3,398 2,931 3,172
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56-1 One Report 2023
2. Risk Management Gain (loss) on remeasurements of defined benefits (Gain) loss on exchange rates 18,978 11,649 (1,320)
3. Driving Business towards Sustainability plans 4,503 5,800 (492) (Gain) loss on derivatives (1,703) 10,243 (5,479)
4. Management’s Discussion and Analysis Income taxes related to remeasurements of defined Unrealized (gain) loss on fair value of commodity contracts 269 7,920 (7,015)
(MD&A) benefits plans (1,482) (1,332) 157 Gain on investments measured at fair value though profit
5. General Information Gain (loss) on equity investments designated at fair and loss (53) (277) (355)
and Other Important Information value through other comprehensive income 9,254 (4,393) (2,625) (Reversal of) expected credit loss of accounts receivable
Income taxes related to equity investments designated and other assets (1,604) 298 401
Section 2 at fair value through other comprehensive income (2,579) 1,038 3,375 Write-off exploration assets 6,764 1,178 2,070
Corporate Governance Share of other comprehensive income (loss) from (Reversal of) allowance for changes in value of inventories (163) 5,886 (2,381)
joint ventures and associates 76 503 (1,032)
Section 3 (Reversal of) allowance for obsolete supplies 1,438 (361) (2,076)
Other comprehensive income (loss) for the years,
Financial Report Dividend income (457) (467) (2,190)
net of income taxes 56,673 10,058 (7,304)
Interest income (2,522) (3,920) (12,219)
Total comprehensive income for the year 208,741 132,158 147,976
Attachment
Finance costs 28,163 37,091 45,383
Total comprehensive income attributable to
Others 31 63 134
Equity holders of the Company 147,818 97,178 103,986
Profit from operating activities before changes in operating
Non-controlling interests of the subsidiaries 60,923 34,980 43,990
assets and liabilities 413,340 456,152 418,999
208,741 132,158 147,976
Net operating assets (increase) decrease (40,267) (178,970) 46,247
Cash received from operating activities 373,073 277,182 465,246
Income taxes paid (50,648) (85,482) (83,201)
Net cash provided by operating activities 322,425 191,700 382,045
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited Unit: THB million Unit: THB million
2021 2022 2023 2021 2022 2023
Statement of Cash Flows (Continued) Statement of Cash Flows (Continued)
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
Cash flows from investing activities Cash flows from financing activities
Contents
Cash payment of property, plant and equipment Cash proceeds from issuance of ordinary shares of subsidiaries 53,800 9,034 246
Vision, Mission and PTT Values and investment properties (135,678) (161,874) (163,734) Cash proceeds from resale of treasury shares of subsidiaries 1,354 - -
Cash payment of intangible assets (2,466) (7,469) (7,881)
PTT Information Cash proceeds from long-term borrowings 207,296 289,780 99,624
Cash payment of exploration and evaluation assets (4,200) (3,336) (5,514) Cash proceeds from derivatives 58 85 177
Financial Highlights
Cash payment of right-of-use assets (281) (566) (429) Cash proceeds from change in ownership in subsidiaries - - 8,477
Achievement Highlights
Cash payment for other long-term investments in Cash payment for decrease in ordinary shares of subsidiaries - (258) (39)
Awards and Recognition financial assets (12,243) (15,013) (2,534)
Cash repayment of long-term borrowings (104,120) (181,105) (130,293)
Message from the Board of Directors Net cash payment for business acquisitions (207,569) (14,508) -
222 Cash payment for lease installments (9,416) (15,022) (18,220) 223
Economic, Petroleum Cash payment for contingent considerations from business
Cash payment for derivatives (180) (1,668) (96)
and Petrochemical Review and Outlook acquisition and participating interest in a joint venture (1,745) (33) (25)
Cash payment for redemption of subordinated capital
Decrease in cash from loss of control in a subsidiary - (537) (334)
Debentures - (4,988) -
Section 1 Cash payment of investments in joint ventures and associates (50,379) (35,299) (8,864)
Cash payment for change in ownership in subsidiaries (29) (554) (3,431)
Business Operations and Performance Cash payment of long-term lending (9,650) (2,126) (2,436)
Increase in short-term borrowings 109 718 6,273
Cash payment for derivatives (31) (190) (1,076)
1. Structure and Business Operations Increase in bank overdrafts and short-term loans from financial
PTT Public Company Limited
PTT Public Company Limited
Cash proceeds from disposals of property, plant and equipment, institutions 5,539 76,767 5,985
of PTT Group
intangible assets, investment properties and right-of-use assets 373 1,433 4,670
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2. Risk Management Finance costs paid (29,752) (36,198) (48,494)
Net cash proceeds from disposals of assets - - 7,244
3. Driving Business towards Sustainability Dividends paid (78,469) (85,923) (62,368)
Cash proceeds from disposals of other long-term investments in
4. Management’s Discussion and Analysis Net cash provided by (used in) financing activities 46,190 50,668 (142,159)
financial assets 4,467 3,269 3,916
(MD&A) Effects of exchange rates on cash and cash equivalents 2,737 697 (3,279)
Cash proceeds from business restructuring 1,560 - -
5. General Information Exchange differences on translation (5,015) (20,287) 2,019
Net cash proceeds from asset acquisition 382 - -
and Other Important Information Cash and cash equivalents classified as held for sale (331) (8,764) (301)
Cash proceeds from disposals of investments in subsidiaries - 1,407 10,301
Net increase (decrease) in cash and cash equivalents (19,302) 27,324 77,080
Section 2 Cash proceeds from disposals of investments in joint ventures
and associates 1,774 - - Cash and cash equivalents at the beginning of year 332,032 312,730 340,054
Corporate Governance
Cash proceeds from long-term lending 1,222 903 932 Cash and cash equivalents at the end of year 312,730 340,054 417,134
Section 3
Cash proceeds from derivatives 34 - -
Financial Report
Increase in short-term lending (12,384) (44) (229)
Attachment Decrease (increase) in short-term investments
in financial assets 34,304 37,031 (14,556)
Interests received 2,008 2,826 10,093
Dividends received 5,194 7,436 9,211
Net cash used in investing activities (385,308) (186,690) (161,245)
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited 4.3.5 Financial Result by Business Group: EBITDA and Operating Unit: THB million
Profit by Segment Earnings before Interest Expenses, Tax, Depreciation
2021 2022 2023
and Amortization Expenses,
Unit: THB million (Audited) (Audited) (Audited)
and Operating Profit (Loss) by Segment (Continued)
Contents Earnings before Interest Expenses, Tax, Depreciation
2021 2022 2023 Oil business group
and Amortization Expenses,
(Audited) (Audited) (Audited) Sales and service income 513,895 791,745 770,897
and Operating Profit (Loss) by Segment
Vision, Mission and PTT Values
Cost of sales and services 475,532 750,740 728,321
Gas business group
PTT Information
Gross profit 38,363 41,005 42,576
Natural gas procurement, gas transmission
Financial Highlights
and distribution, and gas separation businesses Selling and administrative expenses 19,863 22,748 24,935
Achievement Highlights Other operating income 2,307 2,705 3,762
Sales and service income 464,038 708,852 655,759
Awards and Recognition Cost of sales and services 367,917 639,484 579,963 Earnings before depreciation and amortization expenses,
Message from the Board of Directors finance costs and tax expenses (EBITDA) 20,807 20,962 21,403
Gross profit 96,121 69,368 75,796
224 225
Depreciation and amortization expenses 5,908 6,348 6,521
Economic, Petroleum Selling and administrative expenses 10,586 10,826 11,736
and Petrochemical Review and Outlook Total segment operating profit 14,899 14,614 14,882
Other operating income 962 2,665 1,964
International trading business group
Earnings before depreciation and amortization expenses,
Section 1 finance costs and tax expenses (EBITDA) 86,497 61,207 66,024 Sales and service income 1,146,564 2,172,566 2,032,063
Business Operations and Performance Depreciation and amortization expenses 18,729 18,302 20,144 Cost of sales and services 1,133,967 2,155,382 2,023,227
Total segment operating profit 67,768 42,905 45,880 Gross profit 12,597 17,184 8,836
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
Petroleum exploration and production business group Selling and administrative expenses 6,415 10,500 12,108
of PTT Group
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Sales and service income 219,068 331,350 300,694 Other operating income 4,558 7,213 7,597
2. Risk Management
3. Driving Business towards Sustainability Cost of sales and services 28,069 40,464 41,008 Earnings before depreciation and amortization expenses,
finance costs and tax expenses (EBITDA) 10,740 13,897 4,325
4. Management’s Discussion and Analysis Gross profit 190,999 290,886 259,686
Depreciation and amortization expenses 204 954 1,282
(MD&A) Selling and administrative expenses 13,963 17,152 17,771
Total segment operating profit 10,536 12,943 3,043
5. General Information Petroleum royalties 16,995 24,139 15,632
and Other Important Information Petrochemicals and refining business group
Other operating income 4,324 4,378 5,018
Sales and service income 1,037,276 1,473,678 1,343,550
Earnings before depreciation and amortization expenses,
Section 2 finance costs and tax expenses (EBITDA) 164,365 253,973 231,301 Cost of sales and services 888,953 1,324,979 1,230,801
Corporate Governance
Depreciation and amortization expenses 70,062 82,942 84,729 Gross profit 148,323 148,699 112,749
Total segment operating profit 94,303 171,031 146,572 Selling and administrative expenses 30,002 41,876 37,608
Section 3
Financial Report Total segment operating profit of upstream petroleum Other operating income 2,412 2,896 5,499
and gas business group 162,071 213,936 192,452 Earnings before depreciation and amortization expenses,
Attachment finance costs and tax expenses (EBITDA) 120,733 109,719 80,640
Depreciation and amortization expenses 38,945 43,538 45,177
Total segment operating profit 81,788 66,181 35,463
Total segment operating profit of downstream
petroleum business group 107,223 93,738 53,388
Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A) Section 1 Business Operations and Performance 4. Management’s Discussion and Analysis (MD&A)
56-1 One Report 2023
PTT Public Company Limited Unit: THB million 4.3.6 Financial Ratios
Earnings before Interest Expenses, Tax, Depreciation
2021 2022 2023
and Amortization Expenses, 2021 2022 2023
(Audited) (Audited) (Audited) Financial Ratios and Earnings per Share Unit
and Operating Profit (Loss) by Segment (Continued) (Audited) (Audited) (Audited)
Contents New business and infrastructure business group Liquidity Ratios
Sales and service income 81,262 148,424 124,131 Current ratio Times 1.73 1.76 1.84
Vision, Mission and PTT Values
Cost of sales and services 59,700 124,080 88,452 Quick ratio Times 1.13 0.96 1.20
PTT Information
Gross profit 21,562 24,344 35,679 Accounts receivable turnover Times 14.43 16.01 12.97
Financial Highlights
Selling and administrative expenses 3,716 9,655 11,321 Collection period Days 25.30 22.79 28.14
Achievement Highlights
Other operating income 3,072 1,703 1,893 Inventory turnover Times 14.24 14.79 12.77
Awards and Recognition Earnings before depreciation and amortization expenses, Average inventory period Days 25.63 24.69 28.58
Message from the Board of Directors finance costs and tax expenses (EBITDA) 20,918 16,392 26,251
226 Accounts payable turnover Times 11.69 13.08 11.68 227
Depreciation and amortization expenses 10,736 12,952 14,736
Economic, Petroleum Payment period Days 31.23 27.90 31.25
and Petrochemical Review and Outlook Total segment operating profit 10,182 3,440 11,515
Cash cycle Days 19.70 19.58 25.47
1/
Other businesses group
Profitability Ratios
Section 1 Sales and service income 20,541 37,662 6,107
Gross profit margin % 16.67 13.68 12.00
Business Operations and Performance Cost of sales and services 11,664 15,969 5,283
Net profit margin % 6.73 3.63 4.94
Gross profit 8,877 21,693 824
1. Structure and Business Operations Return on equity % 11.47 8.85 10.31
PTT Public Company Limited
PTT Public Company Limited
Selling and administrative expenses 5,510 5,484 5,732
of PTT Group Activity Ratios
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56-1 One Report 2023
Petroleum royalties 984 3,367 355
2. Risk Management Return on asset % 5.42 3.76 4.52
3. Driving Business towards Sustainability Other operating income 1,426 2,242 2,020
Return on fixed assets % 11.14 8.32 10.21
4. Management’s Discussion and Analysis Earnings (Loss) before depreciation and amortization
Total asset turnover Times 0.80 1.04 0.91
expenses, finance costs and tax expenses (EBITDA) 3,809 15,084 (3,243)
(MD&A) Solvency Ratios
5. General Information Depreciation and amortization expenses 2,206 2,294 475
Debt to equity1/ Times 0.64 0.78 0.71
and Other Important Information Total segment operating profit (loss) 1,603 12,790 (3,718)
Interest coverage Times 15.20 13.25 9.41
Total segment operating profit before unallocated income
Earnings per share
Section 2 (expenses) and intercompany elimination 281,079 323,904 253,637
Corporate Governance Earnings per share2/ THB/Share 3.79 3.20 3.92
Add intercompany elimination 87 54 193
Total operating profit by segment 281,166 323,958 253,830 Remarks:
Section 3 1/ Debt to equity = Interest bearing debt divided by Total shareholder’s equity
Financial Report Remark: 2/ Calculated by the weighted average number of ordinary shares as of December 31, 2021, December 31, 2022 and December 31, 2023
1/ Including the coal segment that was sold during 1Q2023 amounting to 28,563.00 million shares
Attachment
Section 1 Business Operations and Performance 5. General Information and Other Important Information Section 1 Business Operations and Performance 5. General Information and Other Important Information
56-1 One Report 2023
PTT Public Company Limited 5.2.1 NACAP Asia Pacific (Thailand) Co., Ltd. 5.2.2 Punj Lloyd Ltd. filed a lawsuit
5. General Information exercised its rights under the against PTT with the Civil Court
contract by submitting a statement on the grounds of termination of
and Other Important of claim in the arbitration process the Contract of the Fourth Gas
Contents in relation to the Sai Noi - North/ Transmission Pipeline Project
Information South Bangkok Power Plant Gas
Vision, Mission and PTT Values Transmission Pipeline Contract On February 25, 2014, Punj Lloyd Ltd., the construction
contractor of the Fourth Gas Transmission Pipeline Project,
PTT Information
NACAP Asia Pacific (Thailand) Co., Ltd. filed claims as a plaintiff, filed a lawsuit against PTT as a defendant with
Financial Highlights with the Thai Arbitration Center demanding damages from PTT the Civil Court, alleging that PTT had wrongfully terminated
Achievement Highlights
5.1 Other Important on the grounds of change orders, additional work, and others
under the Sai Noi - North/ South Bangkok Power Plant
the contract and was in breach of the contract,
and demanding that PTT pay outstanding wages and
Awards and Recognition
Information Gas Transmission Pipeline Contract. PTT viewed that such damages. PTT viewed that all of its actions had been in
Message from the Board of Directors claims were incompliant with the contract but also involved compliance with the contract and therefore forwarded
228 229
the assignment of the rights that had not been settled. the case to the Office of The Attorney General for consideration
Economic, Petroleum Juristic persons whose shares are held by the Company: Details
and Petrochemical Review and Outlook Then NACAP Asia Pacific (Thailand) Co., Ltd. was ordered to argue the case for PTT and the public prosecutor filed
as specified under 1.3 PTT Group’s Shareholding Structure.
by the Central Bankruptcy Court to be under absolute receivership an answer with the Civil Court. Subsequently, the Civil Court
and adjudged bankrupt. The official receiver then assumed issued an order to transfer the case to the Central Administrative
Section 1 the proceeding of the arbitral dispute on behalf of NACAP Court for consideration and judgment because the Civil
Business Operations and Performance 5.2 Legal Disputes Asia Pacific (Thailand) Co., Ltd. In such a bankruptcy case, Court and the Central Administrative Court jointly agreed
PTT as a creditor has applied for debt repayment. Regarding that this case was an administrative case. The Civil Court
1. Structure and Business Operations the arbitral dispute, PTT filed a statement of defense has already transferred the case to the Central Administrative
PTT Public Company Limited
PTT Public Company Limited
As of December 31, 2023, the legal disputes over issues
of PTT Group to completely deny all claims made by NACAP Asia Pacific Court. At present, the case is under the consideration of
in which PTT is involved (as illigant) are lawsuits that have not
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56-1 One Report 2023
2. Risk Management (Thailand) Co., Ltd. together with a counterclaim for damages the Central Administrative Court. Should the Central
been finalised and have significant impacts on PTT’s business
3. Driving Business towards Sustainability from NACAP Asia Pacific (Thailand) Co., Ltd. Subsequently, Administrative Court rule that PTT was not liable as
or do not arise from the ordinary course of business are in detail
Information
the arbitral tribunal rendered an award that PTT to make alleged in the complaint of Punj Lloyd Ltd., the Central
4. Management’s Discussion and Analysis as follows.
a partial payment of damages to NACAP Asia Pacific Administrative Court shall render a judgment to dismiss
(MD&A)
(Thailand) Co., Ltd. However, PTT viewed that such an arbitral the case. On the contrary, should PTT be found liable,
5. General Information
award was erroneous both on factual and legal grounds, the court shall render a judgment that PTT makes
and Other Important Information and accordingly PTT filed a motion to set aside the arbitral the payment for outstanding wages and/or wages for
award. NACAP Asia Pacific (Thailand) Co., Ltd. then filed additional works and/or damages, the amount of which are
Section 2 a motion to enforce the arbitral award with the Civil Court. within the discretion of the Central Administrative Court.
General
Corporate Governance On October 17, 2017, the Civil Court issued an order
to enforce the arbitral award with a reduction of the amount
Section 3 to be paid. Nevertheless, PTT filed an appeal with the Supreme
Financial Report Court to appeal the order of the Civil Court. On December 18,
2019, the Supreme Court issued an order not to accept
Attachment the appeal of PTT. As a consequence, the case became final,
and PTT, therefore, was required to pay for damages under
the order of the Civil Court. On January 8, 2020, PTT deposited
THB 4,543.5 million with the Civil Court for debt payment
under the court’s judgment. However, NACAP Asia Pacific
(Thailand) Co., Ltd. had an objection that PTT’s deduction
of the withholding tax from the payment was incorrect.
On September 6, 2023, the Supreme Court ordered to dismiss
the Contractor’s motion for grant of appeal with the Supreme
Court. As a result, the case was final that the Company
has made full payment in accordance with the judgment.
Section 1 Business Operations and Performance 5. General Information and Other Important Information Section 1 Business Operations and Performance 5. General Information and Other Important Information
56-1 One Report 2023
PTT Public Company Limited
5.3 Secondary Market
-None-
Contents
Vision, Mission and PTT Values 5.4 Regularly Contacted Financial Institutions
PTT Information
Bangkok Bank Plc.
Financial Highlights
333 Silom Road, Silom, Bang Rak, Bangkok 10500
Achievement Highlights Krungthai Bank Plc.
Awards and Recognition 35 Sukhumvit Road, Klong Toei Nuea, Watthana, Bangkok 10110
Bank of Ayudhya Plc.
Message from the Board of Directors
230 1222 Rama III Road, Bang Phongphang, Yan Nawa, Bangkok 10120 231
Economic, Petroleum Kasikornthai Bank Plc.
and Petrochemical Review and Outlook 400/22 Phahon Yothin Road, Sam Sen Nai, Phaya Thai, Bangkok 10400
Siam Commercial Bank Plc.
Section 1 9 Ratchadaphisek Road, Chatuchak, Chatuchak, Bangkok 10900
Business Operations and Performance Government Savings Bank
470 Phaholyothin Road, Sam Sen Nai, Phayathai, Bangkok 10400
1. Structure and Business Operations
PTT Public Company Limited
PTT Public Company Limited
of PTT Group
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56-1 One Report 2023
2. Risk Management
5.2.3 PTT filed a lawsuit against On September 25, 2019, Punj Lloyd Ltd. filed a statement of
3. Driving Business towards Sustainability Punj Lloyd Ltd. with the Central fact with the Central Administrative Court that on March 8,
4. Management’s Discussion and Analysis Administrative Court to claim 2019, the National Company Law Tribunal of India
(MD&A) damages under Contract of had ordered that Punj Lloyd Ltd. be under the Corporate Insolvency
5. General Information the Fourth Gas Transmission Resolution Process. Subsequently, Punj Lloyd Ltd. has been
and Other Important Information Pipeline Project brought into the liquidation process under the Law of India
and the PTT also filed a petition to request the payment of debt
After PTT had terminated the contract with Punj Lloyd Ltd., in accordance with the Law of India. At present, the matter
Section 2
PTT continued the construction of the Fourth Gas is under the proceedings. Regarding the Central Administrative
Corporate Governance
Transmission Pipeline Project until its completion. On June 20, Court’s case, the Court is in consideration of the proceeding
2018, PTT, represented by the public prosecutor, filed of the case.
Section 3
Financial Report a lawsuit with the Central Administrative Court to demand
that Punj Lloyd Ltd. pay damages for breach of contract On December 27, 2023, the Central Administrative Count
and abandonment of work under the Contract of the Fourth Gas rendered a judgment that in the case where Punj Lloyd Ltd.
Attachment
Transmission Pipeline Project. Then on October 15, 2020, filled a lawsuit, dismissing the plaintiff’s claim and in the case
the Central Administrative Court issued an order of where PTT was the plaintiff, Punj Lloyd Ltd. has to pay
joinder that this case be tried together with the case filed for damages in the amount of approximately THB 6,400
by Punj Lloyd Ltd. (specified in 5.2.2). At present, the case million with interest in accordance with the law. The Central
is under the consideration of the Central Administrative Court. Administrative Count ordered that the damages must be
fully paid within 60 days from the judgment date. This case
has reached to the final judgment due to the parties not
appeal to the supreme court. PTT will execute the court
order to receive the payment accordingly.
Section 2 Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited
2
Section 6. Corporate
Contents
Governance
Vision, Mission and PTT Values
Corporate Governance
PTT Information
Financial Highlights 6. Corporate Governance
Achievement Highlights
7. Governance Structure and Key Data 6.1 Overview of CG Policy
Awards and Recognition
on the Board of Directors, Specific Committees,
Management, Employees and Others
and Guidelines
Message from the Board of Directors
233
Economic, Petroleum 8. Corporate Governance Milestones
As the national energy company with a state-owned enterprise status and a listed company on The Stock Exchange of Thailand
and Petrochemical Review and Outlook 9. Internal Control and Connected Transactions
(SET), PTT recognizes its vital mission of good and transparent management, establishing equitability among all stakeholders
while striving to develop itself into a Corporate Governance (CG) role model. PTT believes that CG under good management
Section 1
will lead to fairness and investors’ confidence, create long-term value for shareholders, boost stakeholders’ confidence,
Business Operations and Performance
and give the corporation the most suitable, efficient, and effective management system while enhancing its competitiveness
for sustainable growth.
Section 2
PTT Public Company Limited
Corporate Governance Since its privatization into PTT Plc., and distribution of its share on SET in late 2001, the Board of Directors has always
56-1 One Report 2023
prioritized CG policy and guidelines by formulating the CG policy and handbook, ethical standards, including ethics
6. Corporate Governance in business operations distributed to directors, executives and employees for acknowledgement and compliance.
7. Governance Structure and Key Data The handbook has been regularly revised to improve operational standards in accordance with SEC’s and SET’s CG
on the Board of Directors, Policies for listed companies (CG Code) as well as recommendations in Corporate Governance Report from Thai Institute
Specific Committees, Management, Directors Association (IOD), including the principles of the Organization for Economic Co-operation and Development
(OECD), the ASEAN Corporate Governance Scorecard (ASEAN CG Scorecard), and the Dow Jones Sustainability Indices (DJSI),
Employees and Others
together with best practices of leading international companies. With the revisions, these turn to be The “Corporate
8. Corporate Governance Milestones
Governance, Ethical Standards and Code of Business Ethics Handbook” or CG Handbook (5th revision).
9. Internal Control and Connected
Transactions PTT has defined that corporate governance is part of the organization’s vision, mission, and values. The goal is to be
a company that drives every life through its business operations for sustainable growth and strengthen the national
Section 3 economy following the vision “Powering Life with Future Energy and Beyond.” PTT is well-prepared to embrace the future
Financial Report lifestyle and support the advancement of innovation and technology (Technology for All), along with fostering
business relationships (partnerships and platform) based on the principles of Corporate governance (CG), transparency
Attachment and sustainability.
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited Corporate Governance Policy 4. The Board and management shall be the role models for
ethics and perform duties under PTT’s good corporate
PTT has duly reviewed its CG Policy and handbook to suit governance guidelines as well as oversee and resolve
prevailing laws and good practices, economic and changing conflicts of interest and connected transactions.
Contents social circumstances as well as requiring all directors, 5. The Board may appoint specific committees as deemed
management, and employees to acknowledge it in writing appropriate, to assist in prudently reviewing critical
Vision, Mission and PTT Values and observing all policies in the course of their works matters.
for the commitment and the policy implementation. 6. The Board shall perform an annual self-assessment
PTT Information
The Board’s CG policy is as follows: to be used as a framework for reviewing the Board’s
Financial Highlights 1. The Board of Directors (“The Board”), management, performance.
Achievement Highlights and all employees shall commit to PTT’s six Good 7. The Board shall establish the PTT’s Corporate Governance,
Corporate Governance Principles, namely Accountability, Ethical Standards and Code of Business Ethics
Awards and Recognition
Responsibility, Equitable Treatment, Transparency, Handbook which the Board, management and all
Message from the Board of Directors Vision to Create Long-term Value, and Ethics, with employees must adhere to in parallel with PTT’s Article
234 235
Economic, Petroleum an organizational structure that fairly balances the roles of Association, regulations and rules.
and Petrochemical Review and Outlook of the Board, management, and shareholders. 8. The Board, management, and employees shall
2. The Board shall perform their duties with dedication, arrange for disclosure of PTT’s information, both
Section 1 responsibility, and independence, and there shall be financial and non-financial, to be carried out adequately,
Business Operations and Performance clear segregation between the roles and responsibilities credibly, and timely so that shareholders and all
of the Chairman and the President & CEO. The Board stakeholders may receive such information in a fair
Section 2 shall also define the Board’s structure, composition, and equitable manner. Corporate Communication
PTT Public Company Limited
PTT Public Company Limited
and qualifications for efficient and effective and Investor Relations shall be responsible for
Corporate Governance
performance. providing information to investors and the public.
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56-1 One Report 2023
6. Corporate Governance 3. The Board and management shall play a vital role in 9. PTT’s shareholders shall receive equitable treatment
formulating PTT’s vision, strategies, policies, and key and have equal rights to access PTT information
7. Governance Structure and Key Data
plans while taking into consideration risk factors and appropriate communication channels with PTT.
on the Board of Directors,
Specific Committees, Management,
and impacts, and shall oversee, monitor, define, The Board, management, and employees shall also 11. The Board shall establish an efficient Anti-Fraud and Policy and Guidelines for
and establish appropriate risk management with advocate shareholders’ engagement with PTT.
Employees and Others
Corruption principle to ensure that the management the Board
proper resource allocation, as well as ensure 10. The Board shall ensure an appropriate system for recognizes and takes Anti-Fraudand Corruption actions,
8. Corporate Governance Milestones the reliability of accounting systems, financial reports, the selection and appointment of all key management as well as conforming to such measures. PTT’s Board of Directors comprises of experts who
9. Internal Control and Connected and accounting audits. PTT shall be engaged in positions under a fair and transparent nomination
considered beneficial to the company. They shall be
Transactions ethical businesses with good corporate citizenship process. PTT has published the latest version of “Corporate dedicated their time to their duties and endeavor to perform
while encouraging innovation to adjust itself amid Governance, Ethical Standards, and Code of Business them well. The Board is appointed by shareholders to
Section 3 changes and strengthening sustainable long-term Ethics Handbook” on its intranet and website in both Thai oversee the company’s operations. The Board, in turn,
Financial Report competitiveness. and English so that PTT employees, Thai and foreign appoints a management team responsible for business
investors, interested parties and stakeholders could apply operations, the specific committees to oversee the
Attachment this for their benefits or reference. delegated specific matters, and the company’s auditor, and
shall assign the Company Secretary to manage meetings
and comply with laws and regulations. The policy and
guidelines for the Board are as follows:
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited 1. Composition, Qualifications and Appointment of the • The Chairman shall determine together with the President “7.4.2 Management’s Remuneration Policy” and 12. The Criteria for Serving in Various Positions of PTT
Board & CEO, regarding the Board’s meeting agenda. “8.1.2 (2) Remuneration of Directors”.) Group’s Executives
The Board of Directors, led by the Chairman of the Board, • The Chairman shall serve as an efficient chairman of Principles for holding a position of director, advisor, qualified
must have leadership and be able to continuously control the Board’s meetings and the shareholders’ meetings. 10. Succession Plan person, or any position in a company, agency, or other juristic
the management to ensure the effectiveness and efficiency • The Chairman shall allocate sufficient time for the The Board must ensure that PTT has an appropriate persons of PTT Group’s executives are detailed in line with
Contents
of operations, achievement of the company’s targets by management to propose information and for directors to nomination process for key management positions at the policies and guidelines of PTT’s Board of Directors,
creating and increasing investment value for shareholders, express their opinions on significant matters prudently. all levels. The President & CEO will be selected through which are in PTT’s Corporate Governance, Ethical Standards,
Vision, Mission and PTT Values
the government, the public, and other stakeholders. The Chairman shall also promote constructive relations a nomination process that will consider both internal and Code of Business Ethics Handbook, in Thai and English,
PTT Information among directors as well as the relations between and external candidates, which follows the Standard on PTT Intranet and PTT Website.
Financial Highlights 2. Independence of the Board the Board and the management. Qualifications of Directors and State Enterprise Officer Act.
The Board shall consider, express opinions on, and vote To be prepared for succession planning, especially
Achievement Highlights Governance of Subsidiaries
for activities under their authority. If a decision is made 5. Establishment of Specific Committees executive positions, PTT has defined a policy and
Awards and Recognition under pressure from work, family, or any conflict of interest, To ensure a thorough and efficient examination of the key guideline to lay down a succession plan for personnel
and Associated Companies
Message from the Board of Directors it may be made in bias to benefit the directors, their families, operation, the Board has established the following 5 specific when the time comes for assuming higher positions
236
or self-interest. Therefore, the independence of the Board committees, namely Audit Committee, Nominating Committee, that become vacant, namely: the President & CEO, Governance Mechanisms 237
Economic, Petroleum
mut be emphasized in order to protect the shareholders Remuneration Committee, Corporate Governance and Senior Executive Vice President or equivalent, Executive
and Petrochemical Review and Outlook
and the company’s interest. Any directors who is not wholly Sustainability Committee, and Enterprise Risk Management Vice President or equivalent, and Vice President or equivalent. PTT defined a governance policy for PTT Group by preparing
independent shall not make decisions. Committee. the “PTT Group Way of Conduct”, which compiles work
Section 1
11. Directors’ Development procedures in various aspects of PTT Group and afficiates for
Business Operations and Performance
3. Role, Responsibilities, and Authority of the Board 6. Board Meetings and Receiving of Relevant Documents PTT desires that the directors shall develop their knowledge, conformity and unity as a governance tool. All are required
The Board shall act professionally on behalf of and Information competencies, and skills in terms of business operation, to practice and drive towards the same standard across
Section 2 shareholders with high responsibility and accountability Every board member should regularly attend board good corporate governance, and other curriculum that are PTT Group through PTT’s representatives assigned as
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance to steer the company in the right direction, make decisions meetings. Office of President is responsible for preparing beneficial to their roles. With these development, PTT shall directors, management, and officers. This way, directs
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56-1 One Report 2023
on important matters with care and loyalty and protect documents, arranging the renue and coordinating support and encourage their training with the Thai Institute PTT Group to have unity in action, synergy, enhanced
6. Corporate Governance the benefits of all stakeholders as well as company. the meeting. Each director shall be informed in advance of Directors Association (IOD) and other institutions capability and strength in international competition for
7. Governance Structure and Key Data Therefore, the board must perform its duties independently of the date and agenda of each meeting and receive which contain applicable courses throughout the year. PTT Group based on a transparent and sustainable way.
on the Board of Directors, from the management. Responsibilities of the Board also supporting information. PTT, furthermore, supports and organizes in-house briefings
Specific Committees, Management, include, but are not limited to, overseeing the management’s by inviting experts and consultants to present helpful Five governance principles according to PTT Group Way of
operations and results, managing risks and determining 7. Company Secretary data for advancing business and directors’ performance. Conduct are as follows:
Employees and Others
remuneration. The Board appoints a Company Secretary, responsible for For new directors, PTT arranges an orientation program 1. Definition of Key Strategic Positions for PTT’s executives
8. Corporate Governance Milestones
arranging board meetings and shareholders’ meetings to and provides each with a Director’s Handbook, documents, and employees, based on the joint agreement of PTT
9. Internal Control and Connected
4. Role and Responsibilities of the Chairman ensure that they are transparently organized in compliance useful information, lecturing on introduction regarding Group or other business terms.
Transactions • The Chairman is independent of the management and with applicable laws and regulations. 2. Rules and Regulations, including directives that form
PTT’s business and site visits as well as policies and practices
has not been involved in routine management with of Good Corporate Governance. These preperations will be part of the governance designed to drive linkages
Section 3 clear segregation of roles between the Chairman and 8. Assessment of the Board Performance provided within three months of their appointment. between PTT Group’s policy governance and its
Financial Report the management. The Board shall assess its performance annually to be used successful implementation. Such rules, regulations,
• The Chairman shall regulate the Board to ensure highly as a framework for evaluating the Board’s performance, policies, and directives are to be put into practice and
Attachment efficient operations. Also, the Chairman shall support and considering, reviewing, and analyzing its performance driven towards a uniform standard throughout the PTT’s
and provide assistance to the management’s operations for further improvement. subsidiaries and PTT Group by PTT’s representatives
under the authority delegated by the Board for achieving assigned to serve in these companies as directors,
the company’s objectives and targets. 9. Remuneration of Directors and the President & CEO top executives, management, and officers.
• The Chairman shall encourage directors to perform The Board and the President & CEO shall not remunerate
their duties within the scope of duties and authority themselves due to a conflict of interest. The directors’
towards shareholders and stakeholders while adhering remuneration must be allocated by the Remuneration
to PTT’s Corporate Governance, Ethical Standards, Committee and proposed to shareholders for approval
and Code of Business Ethics. The Chairman shall also based on their performance. (Details on remuneration for
advocate directors’ efforts for promoting a corporate directors and management are reported under Section 2:
culture of ethics, and good corporate governance.
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited 3. Reporting Line and Performance Management: PTT monitors, and reports the performance of PTT Group PTT ensures its consideration of executives or outsiders from In 2023, the AGM was scheduled on April 12, 2023,
Group must report implementation updates under companies throughout the Group annually. PTT Group the Ministry of Finance’s Director’s Pool for appointment in an e-Meeting only. PTT chose the electronic meeting
assorted policies to PTT management and/or the Board. Management Committee (PTTGMC) and Minor within PTT Group regarded as a state enterprise is based control system of PTT Digital Solution Co., Ltd., a service
4. Multi-level Governance: This is to proceed through PTT PTT Group Management Committee (Minor PTTGMC) on the Act on Standard Qualifications of State Enterprise provider assessed for compliance with the meeting control
Group Way of Conduct from PTT direct to subsidiaries. are responsible for pushing, driving, and promoting, Directors and Employees. Chosen directors from the pool system by the Electronic Transactions Development Agency
Contents
PTT authorizes this governance through its executives while good corporate governance, policy owner, and must make up no less than one-third of the other directors (ETDA) and meeting the standards of the Decree on Electronic
serving as the top executives there. To this end, such subsidiary management functions jointly supervise of a given state enterprise. As of December 31, 2023, PTT Meetings B.E. 2563 (2020) and the Announcement of
Vision, Mission and PTT Values
companies must develop their group governance to and monitor the performance to achieve and align with had 20 members who belonged to the Director’s Pool. It also the Ministry of Digital Economy and Society on Security
PTT Information convey PTT Group Way of Conduct concept to its the goals. ensures that PTT executives and such outsiders who serve Standards of Electronic Meeting, and other related laws and
Financial Highlights affiliates so that a single standard may govern the entire as directors of PTT affiliates, serve on no more than 3 PTT regulations. PTT arranged for the recording of the 2023
PTT Group. affiliates or other state enterprise affiliates. This is designed Annual General Meeting of Shareholders in video format
Achievement Highlights Policy on Serving as Directors in
5. Management Committees such as the PTT Group to lower risks of conflicts of interest and ensure conformance for dissemination to attendees for later viewing via PTT
Awards and Recognition Other Companies of Directors
Management Committee (PTTGMC) and other policy to applicable laws, as well as to the Cabinet resolution of Website. PTT complied with the guidelines of the AGM
Message from the Board of Directors committees play a key role in driving the efficiency of
and Management January 24, 2011, on fraud preventive measures at state Checklist prepared by the Thai Investors Association (TIA),
238 239
PTT Group governance since they represent a forum enterprises, entitled “The appointment of senior government Thai Listed Companies Association (TLCA), and the Securities
Economic, Petroleum
for consultation and joint formulation of business In 2023, PTT had 38 affiliated companies, six of which officials or persons as directors on multiple state enterprises”, and Exchange Commission (SEC). In 2023, PTT received
and Petrochemical Review and Outlook
directions. By imposing a regular performance reporting are SET-listed flagships. PTT, therefore, adopted the PTT as proposed by the National Anti-Corruption Commission a full score of 100 points for the 11th consecutive year, and
under PTT Group Way of Conduct by PTT Group Group management structure for synergy and alignment of (NACC). no Extraordinary General Meeting of Shareholders (EGM)
Section 1
to PTTGMC for tracking business efficiency and policies. To achieve these, the Board of Directors appointed was called.
Business Operations and Performance
effectiveness. PTT also defines the key roles and duties management team members as directors in these companies In addition, the Board defined guidelines and criteria
under PTT Group Way of Conduct as follows: to supervise policies and business management which aligned for serving in various positions of PTT Group’s executives. Advance Meeting Notice
Section 2 with PTT’s policies for the benefit and value added of all since 2015, the Board decided to adopt them as part of
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Policies are pushed to achieve concrete compliance stakeholders. The objectives of such appointments are: the CG Handbook. For the 2023 AGM, the Board meeting No. 2/2566 (2023)
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in line with PTT’s operations by dividing into 2 following 1) To ensure that the management of affiliated companies on February 16, 2023, resolved to call a meeting via
6. Corporate Governance aligns with the policies of PTT Group and monitor its
7. Governance Structure and Key Data
groups: Policy and Guidelines Related to electronic meeting (e-Meeting) on April 12, 2023.
1. Strategic Alignment Important policies for PTT Group overall business performance in order to accord with Its decision, meeting date, and meeting agenda were
Shareholders and Stakeholders
on the Board of Directors, companies are applied in the same direction, covering PTT’s policy and institute comparable standards. disclosed in detail ahead of time by announcing on SET’s
Specific Committees, Management, accounting, tax and finance, plan and investment, 2) To establish synergy for the business of PTT Group and website to notify shareholders before sending meeting
Governance, Risk Management, and Internal Control add value to all related parties, including Thailand.
1) Shareholders’ Rights notices. PTT assigned Thailand Securities Depository
Employees and Others
and Compliance (GRC). This is to ensure that PTT 3) To apply specific expertise in support of business, Co., Ltd. (TSD), its securities register, to mail the
8. Corporate Governance Milestones
such as financial expertise can improve accounting As the owners, shareholders are entitled to determine PTT’s
Group companies have precise, transparent, and notices along with agenda details and accompanying
9. Internal Control and Connected business direction or decide on matters of significant impact.
auditable operations and disclosure, with appropriate and financial processes so that the company can grow documents, supplementary and supporting information for
Transactions Shareholders’ meetings, therefore, serve as their key forums
and accurate good corporate governance standards, robustly. This includes assistance to companies outside decision-making, opinions of the Board, complete minutes
PTT Group. The resulting application of the knowledge for the expression of views, questioning, and voting apart
risk management, internal control, and compliance of the last meeting, 56-1 One Report, meeting documents,
Section 3 from the election of directors to supervise PTT’s operations on
throughout PTT Group. and expertise gained from serving in such leading and proxy forms with complete instruction for shareholders,
Financial Report their behalf. Shareholders are entitled to attend shareholders’
2. Performance Excellence for enhancing competitiveness companies will enhance the benefit to PTT and foster more than 14 days before the meeting date. The meeting
cordial relations as well as creating business partner. meetings, take adequate deliberation time, and acknowledge
and leading PTT Group to achieve business objectives notices were sent on March 21, 2023. The invitation was also
Attachment meeting minutes.
with sustainability. The implementation may vary by risks 4) These objectives are part and parcel of the responsibility announced through Thai and English newspapers,
and business context of each company. PTT supervises, of the directors and management of PTT. for 3 consecutive days (April 5 - 7, 2023, which was 3 days
Schedule of Shareholders’ Meeting before the meeting), to allow shareholders enough time to
prepare themselves for the meeting.
PTT schedules an Annual General Meeting (AGM) within
4 months of the annual closing date of its accounting books.
For urgent matters that affect or involve shareholders’ interests
or conditions, regulations, or laws that require shareholders’
approval, it can call an Extraordinary General Meeting of
Shareholders (EGM).
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited The AGM meeting notice and supporting documents were total shares were attended by shareholders, exceeding At each shareholders’ meeting, any director with vested held uninterrupted for at least one year could propose
made available on PTT Website 28 days before the meeting one-third of all PTT’s subscribed shares of 28,562,996,250. interests or involvement in any agenda item must inform agenda items or nominate directors before the AGM from
date (starting on March 15, 2023). Below is a description of meeting attendants and those the meeting to excuse themselves and abstain from September to November 2022, in case the nomination
responsible for issue clarification: voting on each applicable agenda item. of directors needed the approval of the State Enterprise
Contents Proceeding of the Shareholders’ Meeting Policy Committee (SEPC), under the guidelines for the
• All 14 PTT directors attended the meeting (M.L. Chayotid Disclosure of Shareholders’ Meeting appointment of state enterprise directors and the cabinet
Vision, Mission and PTT Values
Before the beginning of the meeting, PTT presented a video Kridakon, an independent director, resigned on March 22, Results resolution on August 6, 2019.
introducing how to participate in the meeting through 2023., representing 100% of the Board attending
PTT Information electronic media as well as instructions on how to vote the meeting). The Chairman presided over the meeting For the 2023 AGM, PTT submitted a summary of AGM PTT posted such criteria on its website and
Financial Highlights through the e-Voting system and the inquiry process. At the with all specific committee chairmen, the President resolutions to SET and SEC on the next business morning an announcement on SET’s website from September 1
start of the meeting, the Chairman of the meeting introduced & CEO, Chief Operating Officer, Upstream Petroleum (April 17, 2023). PTT also submitted the minutes of the AGM to November 30, 2022. However, this attracted
Achievement Highlights
directors, management, external auditor, and legal advisors and Gas Business Group, Chief Operating Officer, (by seperating each agenda, demonstrating the number no recommendation of such agenda items or nomination
Awards and Recognition who served as neutral parties and witnesses. The Chairman Downstream Petroleum Business Group, Chief New of directors in both attendance and absence, questions of directors, and the Company Secretary duly informed
Message from the Board of Directors then elaborated on the voting and ballot counting for Business and Infrastructure Officer and Chief Financial raised by shareholders, and answers from directors, together the Board meeting on the matter. In addition, PTT
240 241
individual agenda items under PTT’s Articles of Association Officer, provided supporting information on stage and with the tallies of each agenda item) to SET and SEC within informed shareholders to submit questions in advance
Economic, Petroleum
as well as voting procedures for each item. Once the through electronic channel. The Senior Executive Vice 14 days of the meeting. Furthermore PTT had to publish for the 2023 AGM via 3 channels, namely acknowledgment
and Petrochemical Review and Outlook
information had been provided on each item, the Chairman Presidents and Executive Vice Presidents attended minutes of the AGM through PTT Website. mail sent together with the invitation letter, electronic mail
Section 1 gave a chance for all attendees to comment, recommend at the front rows to provide information for relevant at [email protected], and facsimile number
Business Operations and Performance and ask questions, allowing adequate time for debate. questions. Independent directors served as proxies for 2) Equitable Treatment of 0-2537-3887. In the 2023 AGM, some shareholders sent
Inquiries can be made via electronic media through minor shareholders. Shareholders questions in advance through the aforementioned channels
2 channels: channel 1 via text message and channel 2 • Auditors from EY Office Limited are Mr. Kittiphun and PTT clarified the details to them and disclosed them
Section 2 via video and audio or video conference. The Chairman Kiatsomphob, Miss Waraporn Prapasirikul, and Miss PTT treats all shareholders fairly despite their different in the minutes of the meeting.
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance and the management answered all questions clearly Kessirin Pinpuvadol. shareholding proportions, corresponding voting power.
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and precisely, treating all questions with due respect. • Legal advisors from TTT & PARTNERS COMPANY LIMITED Shareholders’ fundamental rights are conserved regardless Facilitating Shareholders at the Meeting
6. Corporate Governance
For the election of directors, individual votes were required. (witnesses in charge of the examination of voting of their gender, age, race, nationality, religion, belief, social
7. Governance Structure and Key Data and election disputes throughout the meeting): In organizing the 2023 AGM via e-Meeting, PTT facilitated
status, physical impairment, or political inclination.
on the Board of Directors, The Chairman ensured that the meeting proceeded by Mrs. Veeranuch Thammavaranucupt and Mr. Sappawit Information on the shareholders’ meeting was announced all shareholders by submitting documents showing the
Specific Committees, Management, the order of the agenda and did not add any items without Jansuparerg. ahead of the meeting in Thai and English. Directors with registration procedures for e-Meeting and proxy along
Employees and Others notifying shareholders in advance. If the meeting decide to vested interests in any agenda item must excuse with the meeting notice. PTT also provided a call center to
8. Corporate Governance Milestones change the order of the agenda, it will need, under PTT’s Shareholder Count (as the AGM adjourned themselves from the meeting on that item. All shareholders respond to problems using the system since March 29, 2023,
Articles of Association, at least two-thirds of the votes of at 4:05 p.m.) have equal rights to take part in PTT’s activities. the opening date for pre-registration, until the 2023 AGM,
9. Internal Control and Connected
the shareholders in attendance. Alternatively, the shareholders was fully completed on April 12, 2023. On the meeting date,
Transactions
with at least one-third of all subscribed shares may ask A total of 2,069 shareholders; 205 in person and Proposing Additional Meeting Agenda e-Voting and inquiry processes via e-Meeting were
the meeting to consider other matters that are not mentioned 1,864 proxies attended the AGM, representing a total Items and Nominating Directors available for logging in from 11:30 a.m. Video instruction
Section 3
in the meeting notice. At the 2023 AGM, the order of of 22,675,852,447 shares or 79.3889% of the total regarding voting through e-Voting and inquiry procedures
Financial Report
the agenda was not changed, and there was no request to subscribed shares. To enable minor shareholders taking part in business was shown for shareholders’ acknowledgment.
consider any other matter. oversight, for the 2023 AGM, PTT defined the criteria
Attachment
Practical Guidelines for Reporting and consideration process for entitling them to propose Since most shareholders at the AGM were Thais, it was
At every meeting, the minutes must be completely and Conflicts of Interest meeting agenda items and/or nominate directors in conducted in Thai. However, for the benefit of foreign
accurately recorded with the tally on each applicable advance, so that the Board will deliberate agenda items shareholders, PTT commissioned the translation of
agenda item. As a rule, a shareholders’ meeting lasts As specified in PTT CG Handbook, all directors, management, that could prove useful to PTT, including the selection of meeting’s handouts, supplementary documents, and
3 - 4 hours. The 2023 AGM started at 1:30 p.m. Registration and employees must prepare reports on conflicts of qualified directors to perform their duties efficiently for PTT, relevant documents into English. Its website is also bilingual.
was open at least 7 days in advance, i.e., from March 29, interest annually and in case of changes. At a meeting, shareholders, and stakeholders. In practice, shareholders During the meeting, PTT provided officers with a good
2023, until the meeting was completed, and shareholders those with vested interests or conflicts of interest with with a single shareholder or multiple shareholder of at command of English to facilitate foreign shareholders.
were allowed to enter the meeting room at least 1 hour PTT must inform the meeting to excuse themselves least 5% of the total eligible votes or at least 1 million shares
before the meeting time. When the meeting started and abstain from voting on such matters.
a total of 22,671,052,957 shares, or 79.3721% of the
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited Appointing Proxies Customers THB 93,598 million. Most of them are changes in investment (1) “Pursuit of Lower Emissions”: To maximize the reduction
in its wholly owned companies, such as joint investment of greenhouse gas emissions in the process e.g.
To maintain the rights of those who could not attend the Ensuring customer satisfaction and loyalty by delivering of PTT LNG Co., Ltd. in the 2 LNG Receiving Terminal
nd
adjust the production process in the gas separation
2023 AGM in person, they could appoint proxies or delegate world-class quality products and services at fair prices. and the EV ecosystem business i.e. EV manufacturing plant, making the zero-carbon dioxide power by
their votes to any independent director in attendance. To this plant of Horizon Plus Co., Ltd., battery production generating process of reusing or capturing it instead;
Contents
end, PTT specified these independent directors’ names on Suppliers and Partners factory in Thailand of Arun Plus Co., Ltd. while the additional investment in refineries to install a carbon
proxy forms defined by the Ministry of Commerce for voting investment in core businesses remained in line with dioxide detector; replace long-used equipment,
Vision, Mission and PTT Values
on behalf of shareholders without conditions. PTT treated Conducting fair business practices with all partners while the original investment plan. switch to a new refinery to minimize energy
PTT Information proxies as if they were shareholders. As a rule, 28 days before promoting trust, good relationship, and cooperation to expand onsumption.
Financial Highlights each meeting, PTT discloses the proxy form, attached with business capability and increase efficiency in long-term 2) Focus on new business in line with future world (2) “Portfolio Transformation”: To increase the proportion
details and procedures on its website. Shareholders may business partnerships. trends both in energy and other areas, with provisional of investment by focusing on clean energy business
Achievement Highlights
make further inquiries about this by phone or through other capital expenditure over the next 5 years in the and growth in new businesses beyond energy. PTT has
Awards and Recognition channels such as PTT Website and e-mail. Directors and Employees amount of THB 302,168 million according to the vision set up new businesses that are environmentally
Message from the Board of Directors framework of “Powering Life with Future Energy and friendly and reduce greenhouse gas emissions,
242 243
Economic, Petroleum 3) Roles towards Stakeholders Continuously promoting professional capability building and Beyond”, PTT focuses on the clean energy business such as those related to EVs, pharmaceuticals,
and Petrochemical Review and Outlook ensuring employees’ well-being on par with other leading towards low-carbon society. The goal is to produce and health.
As the national energy company, PTT prioritizes for companies to strengthen employee engagement. electricity from renewable energy to 15,000 megawatts (3) “Partnership with Nature and Society”: To increase
Section 1 all stakeholders’ rights and interests by establishing within 2030 and invest in the integrated EV ecosystem green space for carbon absorption by 2030, PTT
Business Operations and Performance guidelines for addressing the needs of each group in and Treatment of Six Main Stakeholder business, as well as expanding investment in the natural and PTT Group aim to increase the planting of
outside the corporation, as well as its own responsibility for Groups gas business which is a transition fuel with a focus on terrestrial and mangrove forests to 2 million rai,
expanding the natural gas pipeline network and as well as taking care of over 1 million rai of existing
Section 2 society and the environment. Stakeholders are classified
into six groups with a different mission targeted for each group 1. Public Sector expanding investment in the LNG value chain both green areas. PTT has planted since 1994, which helps
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance domestically and internationally. In addition to investing absorb more than 2 million tons of carbon dioxide
in response to their different needs:
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56-1 One Report 2023
1) Building energy security: PTT and its wholly owned in existing businesses to maintain energy security, per year.
6. Corporate Governance
Public Sector PTT had a 5-year investment plan (2023 - 2027) (worth PTT also expands investments in other businesses to
7. Governance Structure and Key Data cope with technology disruption and support modern In addition, PTT has been given a mission to chair
THB 100,227 million on core businesses as follows:
on the Board of Directors, Ensuring long-term energy security by providing sufficient (1) 36% in Gas Business Unit, i.e. Gas Separation Plant behaviors or lifestyles such as Driving life science the Thailand Carbon Neutral Network (TCNN),
Specific Committees, Management, high-quality energy supply at fair prices to support economic (GSP) Unit 7 to replace GSP Unit 1 and GSP Unit 8 business in Thailand and the ASEAN, including logistics with a network of more than 500 leading organizations
Employees and Others growth. to convert liquefied natural gas (LNG) into ethane and and infrastructure business, focusing on connecting from the public and private sectors, including small,
8. Corporate Governance Milestones LPG, including ethane product storage tanks and the entire transportation network of the country. medium and large ones, SMEs, leading universities
Society and Communities receiving terminal to increase ethane import capacity, and local communities to form “Thailand’s Leading
9. Internal Control and Connected
(2) 19% in Natural Gas Transmission Pipeline 3) Being a “low-carbon and sustainable organization” Network towards Carbon Neutrality and Net Zero Goals”.
Transactions
Maintaining an excellent corporate standing in Thai society Business Unit, including Bang Pakong - South Bangkok ready to drive Thailand towards Net Zero: PTT Group has This is for driving the participation of various sectors in
by exercising environmental stewardship of internationally Power Plant and the 5th onshore natural gas pipeline announced the following short-term and long-term reducing greenhouse gas emissions, as well as speeding
Section 3
accepted standards and improving the quality of life for projects, (3) 3% in International Trading Business Unit goals: (1) aiming to reduce greenhouse gas emissions up the preparation of policy proposals for submission
Financial Report
communities and the wider societies. and Downstream Petroleum Business Group, (4) 9% in by 15% within 2030, (2) achieving Carbon Neutrality by to the public sector, aiming to elevate the country’s
New Business and Infrastructure, and Head Office, and 2040 and Net Zero Emissions by 2050 (sooner than greenhouse gas reduction standards to be equivalent
Attachment
Investors (5) 33% in PTT’s wholly owned companies, namely EV the 2065 country’s target.) PTT Group has set up the to international standards. In 2023, PTT is one of
ecosystem, Map Ta Phut Industrial Port Development PTT Group Net Zero Task Force (G-NET) to mutually the five organizations that developed innovations in
Operating profitable businesses that lead to sustainable growth Project Phase 3, Laem Chabang Port Development drive 3P Decarbonization Pathway (Pursuit of Lower greenhouse gas management of the TCNN network
while generating optimum returns. Project Phase 3. Emissions, Portfolio Transformation, and Partnership and among the 16 leading organizations in greenhouse
with Nature and Society), to achieve greenhouse gas gas management that have received the assessment
PTT’s Board of Directors Meeting No. 6/2023 on June 21, emission reduction goals that are consistent with and certification rating from the Thailand Greenhouse
2023 reviewed and approved the adjustment of the context of business operations. Gas Management Organization (TGO).
the investment plan of PTT and its wholly owned
companies for 2023 from THB 33,344 million to
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited 4) Public policy support for economic growth and the products to promote distribution channels through the learning or 4E, namely Ethics and Growth Mindset, Investors’ Activities (Common Shareholders)
grassroots economy closely with the public sector. Smile Community Platform with over 1,400 products Entrepreneurship, Energy Literacy, and Environment Since 2006, PTT has arranged ongoing trips for minor
The key projects are as follows: from 450 communities, as well as helping to develop Awareness through the STEEM+4E program in investors to visit its operations, update information, and
• State welfare card - LPG for low-income earners: Community Based Tourism (CBT) in 6 areas: 109 schools, 24 model teachers were developed, meet the management as well as participating in PTT’s CSR
Support of partial LPG subsidy, a project under • Mae Tha Subdistrict, Mae On District, Chiang Mai including 10 STEM model teachers and 14 English activities in Rayong Province.
Contents
the Ministry of Energy and the Ministry of Finance, Province teachers, also 11 4E model schools through the
was extended to low-income earners, hawkers, • Ban Luang Subdistrict, Chom Thong District, implementation of sub-projects such as PTT Group’s In 2020 - 2022, due to the continuous outbreak of the
Vision, Mission and PTT Values
and food stalls with state welfare cards by reducing Chiang Mai Province School English Teacher Development Project, STEEM 4E COVID-19 pandemic in Thailand, PTT decided to halt the
PTT Information the cooking gas (LPG) price in the amount of • Piman Subdistrict, Na Kae District, Nakhon Phanom training course, playing as a teacher to learn to connect company site visit to prevent the spread of COVID-19 for
Financial Highlights THB 100 per person per month from October 2019 Province with the real world, including the development of the safety of participants.
to March 31, 2023, for reducing their cost of living • Saeng Pha Subdistrict, Na Haeo District, Loei Province learning points, promoting active learning by integrated
Achievement Highlights
and promoting low-income earner business. • Lamsin Subdistrict, Srinagarindra District, Phatthalung with lesson plans. In 2023, PTT scheduled the event on November 21 - 23,
Awards and Recognition The assistance amounted to more than Province • Green Globe Institute: Raise awareness about 2023 by sending invitation letters and acceptance
Message from the Board of Directors THB 22 million. • Koh Mak Subdistrict, Pak Phayun District, Phatthalung environmental conservation through judging entries documents to shareholders listed as of the Record Date to
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• NGV Price Discount: Support the government policy Province. and awarding to communities and individuals who determine their right to attend the 2023 AGM (March 3,
Economic, Petroleum
as follows: (1) Maintain the NGV retail price for conserve soil, water, and forest resources. It encompasses 2023) for shareholders to submit their intention to visit
and Petrochemical Review and Outlook
general vehicles below the price structure set by the In addition, 12 Smiling Innovation Learning Points the dimensions of coexistence with nature and sustainable PTT’s business. In addition, since there were 6,209 people
government from November 16, 2021 to December 15, were completed, 8 prototype areas, and 4 sufficiency ecosystem persistence, uses local knowledge interested in visiting PTT’s business via postcard and QR code,
Section 1
2023, (2) Establish the NGV for the Giving Breath innovation learning centers to be a source of learning appropriately, emphasizes the participation of people PTT required a lucky draw to select eligible visitors, which
Business Operations and Performance
Project by providing NGV price assistance for taxi and study sample areas for communities to further their in the community in line with the self-sufficiency was witnessed by executives and working groups. The lucky
drivers in Bangkok and its vicinity with a limit of careers by collecting knowledge from PTT’s collaboration lifestyle, and extracts the knowledge of the award draw was scheduled on October 9, 2023 and the list of
Section 2 THB 10,000 per month per vehicle to purchase NGV with communities over the past 3 years as a set of works to prepare for further utilization. The 21 Greenst
eligible visitors to PTT’s business was announced on PTT
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance from November 1, 2021 to August 15, 2023, (3) Extend knowledge of each community and collecting important Globe Award Ceremony was held on July 20, 2023. Website. PTT officials notified those who had the right to visit
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assistance measures to public bus fleets nationwide information for research and information that is useful • Vetiver Development and Campaign Project based on PTT’s business by telephone to confirm their acceptances.
6. Corporate Governance through the Benefit Card Scheme by providing to the community. the royal initiative: PTT, in collaboration with the The visit included the Flora Exhibition Hall of PTT LNG
7. Governance Structure and Key Data NGV discounts on light vehicles (taxi, pick-up • PTT Art Contest: PTT, in collaboration with Silpakorn Chaipattana Foundation, the Office of the Royal Co., Ltd. (PTTLNG), Princess Maha Chakri Sirindhorn Herb
on the Board of Directors, truck taxi and van) and large vehicles (minibus University, organized the 38th PTT Art Contest 2023 Development Projects Board (ORDPB), and the Garden, and Harumiki Farm & Café, Rayong. 300 eligible
Specific Committees, Management, and bus) with the NGV purchase limit of THB 10,000 under the theme “Inspire Hope, Ignite Life Potential” with Department of Land Development, implemented visitors were divided into 3 groups of 100 people each.
Employees and Others per month per vehicle and THB 40,000 per month 2 levels of contestants: general public and youth with a project to expand the use of vetiver for soil and After the activities, PTT provided satisfaction survey to
per vehicle, respectively, from July 5, 2023 to this contest, there are 831 pieces of artwork submitted: water conservation. In 2023, Thailand hosted the 7th attendants and utilized the feedback from shareholders to
8. Corporate Governance Milestones
December 31, 2023. The total aid value was 696 of youths and 135 of the general public. In addition, International Conference on Vetiver “Vetiver for Soil improve its work in the following year.
9. Internal Control and Connected
THB 16,533 million. 4 regional art contests were held with over 4,200 and Water Conservation: In Commemoration of King
Transactions participants as follows: Bhumibol Adulyadej The Great” Shangri-La Hotel Shareholders who are interested in participating in the next
2. Society and Communities • Northeastern Contest in collaboration with Khon Kaen Chiang Mai Province in hybrid meeting attended by business visit (2024) can follow the progress and details
Section 3 University 1,098 delegates from 19 countries around the world. of the project on PTT Website. PTT reserves the right for
Financial Report • Innovation for Community Project: Continuously • Southern Contest in collaboration with Thaksin shareholders who have not participated in this activity only,
operating from 2021 to the present, in 2023, PTT University 3. Investors if it is the same visit site.
Attachment Group focused on bringing its knowledge, technology, • Eastern Contest in collaboration with Burapha
innovation, and experience to support the grassroots University PTT remains committed to being an organization that Activities for Institutional Investors and General Investors
economy in 45 areas in 29 provinces. This sets • Northern Contest with Chiang Mai University. contributes to economic growth, enhances national In 2023, as the situation in the country returned to
a significant outcome for the community to increase • PTT Group Model School: Mobilizing PTT Group’s competitiveness, develops society and improves the quality normal after the COVID-19 pandemic, PTT began to organize
net income by more than or equal to 10% and more than strengths and knowledge to develop education under of life while creating innovation and implementing technology activities to meet institutional investors and general investors
THB 5,000 per household per month through (1) Smart the concept of “STEEM 4E” by collaborating with in all sectors as well as being a driving force in people’s way in the physical form along with communication through
Farming such as greenhouses and plastic covers, IoT Kamnoetvidya Science Academy and Vidyasirimedhi of life, society, communities, environment to move through various online networks using modern technology systems
systems to control cultivation factors by using drones Institute of Science and Technology to develop change under the new vision through the implementation of to organize the event. Diversified communication channels
for agriculture, solar cells and LED for planting, Nano academic skills (science, technology, engineering, 4R strategies (Resilience, Reenergize, Reimagination, and are considered another form of investor relations
ZnO for soil improvement, (2) Smart Marketing such mathematics (STEM) and English (E) = STEEM) and Reform). This would ensure investors of PTT’s optimum management, which can increase investors’ satisfaction
as developing and upgrading more than 45 community encourage schools to apply them in teaching and returns and sustainable growth. and engagement with PTT.
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited Investors’ Activities (Debenture/ Bondholders) PTT has continuously developed products and services PTT has maintained a high level of customer satisfaction of trees, for PTT to plant as well as inviting customers to join
PTT has issued and offered debentures to shareholders as well as supporting systems to increase speed, accuracy, despite the impact of the volatile and competitive gas market tree planting activities in national parks for creating green
since 2003. In 2023, PTT’s Baht-denominated debenture and correctness for customers’ transactions with PTT by planning for customers after-sales service activities such areas and helping absorb carbon dioxide for the country.
holders numbered 21,929. Since 2010, PTT has staged such as the application of Robotic Process Automation (RPA) as seminars to meet with customers and clarify the gas
ongoing debenture holders’ activities to serve as a channel in the billing process, the development of One Platform situation, providing technical services, listening to problems PTT classifies complaints by the impact of severity and
Contents
for maintaining cordial relations with them and repay system to be data sharing tools with flagship companies, and complaints for developing plans, and regularly sending by defining Service Level Agreements for each type of
them for their confidence in PTT bonds over the long term. for using in product import and export planning to create information to customers. PTT also initiates the online complaints. Related units must resolve problems within
Vision, Mission and PTT Values
Activities for debenture holders in 2023 were a mix of additional trade value from logistics optimization such as classroom platform (GASTALKTH.COM) which collects news a given period. All complaints must be initially addressed
PTT Information activities to reach debenture holders of all age groups. Co-load and Co-purchase and the development of about various types of fuels, maintenance techniques for within 24 hours, and after problem resolution, an inquiry
Financial Highlights Advanced technology was used to organize various Intelligence Trading Signal (ITS) to detect the best time gas pipeline systems and other industrial equipment, energy into customer satisfaction with PTT’s problem-solving will
seminars through online channels by live streaming. to buy and sell derivatives contracts for an effective efficiency laws and techniques for industrial plants transferred be made. At the same time, customers will learn of PTT’s
Achievement Highlights
Happiness Activity was created in the form of a brochure to price risk management model that responds more to by PTT experts. Those interested can enroll in an unlimited long-term problem-solving plans for their confidence
Awards and Recognition reduce the use of paper and support the country’s direction customers’ risk management needs in conditions of high number of classes. PTT also creates social activities for the and satisfaction to ensure customers’ continued buying of
Message from the Board of Directors towards a low-carbon society. Debenture holders can product price fluctuations. PTT has developed more customers such as organizing a Virtual 30-Day Challenge PTT’s products and services.
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also access all event details via online channels. contact channels via LINE official to facilitate customers exercise and accumulating calories to convert into the number
Economic, Petroleum
in contacting and awaring of the energy price situation,
and Petrochemical Review and Outlook
PTT continues to strive to increase efficiency and enhance news and information, useful knowledge, and a link to Customer Satisfaction Survey (%)
Section 1 the debenture holders’ satisfaction along with promoting the CSC website and Application Voice. Comprehensive
Business Operations and Performance the learning to use technology by developing the service consulting services for liquefied natural gas and liquefied Natural Gas
through the PTT Debenture Line official account and natural gas distribution systems are provided to increase
Petroleum International
mobile application. At year-end, over 12,470 bondholders the channel of use of liquefied natural gas fuel for industrial
Section 2 joined the membership of various systems. customers outside the pipeline. In addition, PTT has
Natural
Power Plants
and Industry
and
NGV Trading
PTT Public Company Limited
PTT Public Company Limited
Gas Petrochemi-
Corporate Governance introduced IoT technology to help with energy management Wholesale
cal Products
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4. Customers and increase efficiency in product delivery and energy
6. Corporate Governance 2023 93.2 90.1 94.0 92.9 87.0 94.0
consumption management to customers. As mentioned
7. Governance Structure and Key Data PTT divides its market into domestic and overseas with two above, PTT’s implementations have created good 2022 92.2 90.0 92.9 89.9 90.6 90.8
on the Board of Directors, major groups of customers: Business to Business (B2B), relationships with customers, fostering confidence in being
2021 92.2 90.8 92.6 91.3 90.2 99.3
Specific Committees, Management, which consists of customers in gas, international trading, long-time business customers and resulting in engagement
Employees and Others and infrastructure businesses, and Business to Customer with PTT.
5. Suppliers and Partners
8. Corporate Governance Milestones (B2C), with NGV customers, where the core products are
natural gas, crude oil, petroleum products, petrochemicals, PTT also developed a service standard manual and
9. Internal Control and Connected Since suppliers and partners are keys to business success through mutual support, PTT values and treats them with equality
and chemicals. procedure manual that are comprehensive, including
Transactions through fair competition, mutual respect, and good relationship and cooperation. PTT strictly complies with contracts and
manuals on service station standards, gas customers,
procurement procedures since they are vital to the determination of expenses and the quality of PTT products and services.
PTT listens to customer needs and expectations to analyze pipeline emergency response plans, gas pipelines for
Section 3 A clear procurement procedure is in place to ensure transparency, auditability, and maximum benefit.
them through diversified channels, including customer industrial plants, and procedures for gas metering. PTT
Financial Report
visits, both onsite and online seminars, opinion surveys, provided its services in compliance with the standard
To achieve its resolution, PTT is committed to doing business for sustainable growth in parallel with good governance for
and customer information via online channels, for instance, controlled by the Energy Regulatory Commission (ERC)
Attachment communities, society, and the environment. It, therefore, values supply chain management such that it is clearly in place
the official website of the International Trading Business and regularly reported its operations to the commission
by developing risk management processes and mitigation of impacts arising from business partners’ conduct to support
Unit which connects 5 PTT affiliates and representative as required or, in the case of violation of the standard,
the success of supply chain management in sustainable way. The 3 key factors for the drive are as follows:
offices globally; power plants and wholesale’s Customer within the specified period.
Service Center (CSC) website and industry’s PTT NGR
1. Clear Business policy and directions
website provide information necessary for business PTT has satisfaction, dissatisfaction, and customer
PTT’s policies and strategies are key factors for forging awareness among employees and society of PTT’s commitment and
operations such as economic situation and trends, energy, engagement assessment versus competitors through the
business direction. PTT thus issued PTT Group policy on sustainable procurement and supplier management.
government policies, regulation, technology innovation, research of the annual satisfaction survey. Customers’
natural gas properties and consumption, financial and satisfaction and dissatisfaction have been regularly
economic data for designing products and services collected and analyzed for proposing and improving
that meet the current and future needs and expectations. products and services or problem-solving in a timely manner.
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited To provide PTT’s business partners with guidelines for for development planning in line with PTT’s policy. Since August 24, 2017, PTT has complied with the Public management (KM), to achieve the sustainability objectives
conducting business in line with the corporate sustainable In addition, PTT has a Green Procurement policy conforming Procurement and Supplies Administration Act, B.E. 2560 of business partner management of PTT and PTT affiliates
management concept, PTT issued the PTT Supplier to the public sector. A system was developed in support (2017) by disclosing its annual procurement plan for interested companies. Annual reviews and plans are conducted for
Sustainable Code of Conduct (SSCoC) on April 1, 2012, with of green procurement through the PTT Vendor Management parties to join price bidding with PTT and manage their bidding the development of employees in the procurement
the latest revision on November 1, 2022, by setting the content System, which compiles green product and green spending readiness. PTT has disclosed its annual procurement plan profession to empower employees to effectively
Contents
and scope to be under the requirements, regulations and data. In 2023, there were 23 tasks related to green spending via 3 channels: www.pttplc.com, e-Government Procurement accommodate organizational changes. The focus is on
relevant laws. This helps to drive PTT’s suppliers to operate and green products, which valued at some THB 494 million. (e-GP) of the Comptroller General’s Department, and bulletin providing employees with expertise in laws, rules,
Vision, Mission and PTT Values
ethically, and respect human rights, occupational health care, boards at PTT offices. and regulations related to procurement. Employees are
PTT Information and employee safety, including the importance of sustainable PTT and PTT Group seriously take the reduction of risks encouraged to attend procurement courses certified
Financial Highlights environmental management, including the issues that in product/ service supply, boosting confidence in supplier PTT has appointed PTT Procurement Oversight Committee by government agencies. Their knowledge is enhanced
PTT pays attention to, consisting of 4 main topics as follows: services, and sustainable procurement of international (KorTorJor) to ensure transparency of procurement, both by inviting qualified and experienced instructors from
Achievement Highlights
1. Business Integrity standards. In 2023, PTT applied the standard criteria of those requiring compliance with Public Procurement and government agencies such as the Office of the Ombudsman,
Awards and Recognition 2. Corporate Social Responsibility ISO 20400:2017 Sustainable Procurement with the joint Supplies Administration laws and those direct commercial and the Office of the Attorney General to give lectures,
Message from the Board of Directors 3. Safety procurement of 3 groups in PTT Group. It planned to extend procurements requiring compliance with PTT regulations educate, give advice, and observations on additional
248 249
4. Environmental Management. this practice to cover all business groups within 5 years. already approved by the Public Procurement and Supplies operations to ensure that employees have knowledge
Economic, Petroleum
Administration Policy Committee. The committee consists of and understanding, expertise in procurement, able to
and Petrochemical Review and Outlook
2. Sustainable supplier selection and management process In addition, to illustrate PTT’s transparency and confidence executives from procurement and legal units and the Office perform work correctly and professionally. Knowledge is
Section 1 development in business operations, PTT joined public agencies in of Corporate Audit, charged with roles and responsibility for extended and applied using information technology to
Business Operations and Performance For supply chain management to be in line with the preventing and suppressing corrupt practices by signing governing and auditing procurement processes to ensure design and develop Digital Procurement with a focus on
organization’s direction, PTT has established guidelines for a memorandum of cooperation on driving such actions compliance with laws, regulations, criteria, and relevant preventive and control system development for raising
supplier management that take into account Environmental, with the Office of the National Anti-Corruption Commission processes. Annually, the committee inspects procurement the standard of PTT’s procurement process to be efficient,
Section 2 Social, and Governance (ESG) impacts. Assessing risks (NACC), State Enterprise Integrity and Transparency processes randomly to detect deficiencies, causes, and accurate, fast and responsive to the needs of suppliers.
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance and impacts from the perspectives of the environment, Assessment (ITA), State Enterprise Policy Office (SEPO), preventive measures for non-recurrence.
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society and oversight of goods and services groups, PTT and other state enterprises to ensure that the national PTT organizes additional training courses such as
6. Corporate Governance
divides business partner management into 3 levels which strategy on prevention and suppression of corrupt practices, In addition, PTT has developed the PTT Bid Submission a sustainable procurement guideline workshop in line with
7. Governance Structure and Key Data are (1) Critical/ Strategic, (2) Key and (3) Manage/ Routine relevant measures, relevant government policies, and action system to support the request purchase of procurement ISO 20400:2017 Sustainable Procurement to provide
on the Board of Directors, (in order of potential severity of impacts) levels. For those plans are successfully driven to implementation in state documents and submitting proposals and prices through employees with knowledge and understanding of
Specific Committees, Management, in the Critical/ Strategic group, management actions enterprises under CG. To this end, for the provision and online channels, including the improvement of the Supplier sustainable procurement principles, the development of
Employees and Others are more intensified than in the other groups. Besides disclosure of information on procurement, PTT has disclosed Handbook launched on September 1, 2023. This is to PTT Group ESG Auditors to equip employees with
8. Corporate Governance Milestones formally acknowledging the PTT Supplier Sustainable related data in compliance with the announcement of the create knowledge and understanding about procurement knowledge and understanding of assessment criteria,
Code of Conduct, they must respond to the Sustainability Official Information Commission on the requirement that transactions with PTT, also a guideline for contact and basic auditing principles, guidelines and processes of
9. Internal Control and Connected
Performance Assessment Form. After self-assessment, information on the outcomes of procurement deliberation cooperation with related units more conveniently. Criteria of a good auditor, which can be adapted or integrated into
Transactions
if they are under the criteria, they will need to formulate of public agencies must be opened to the public under the PTT Approved Vendor List (PTT AVL) have also been the sustainability vendor audit process, as a guideline for
the ESG Corrective Action Plan. PTT reserves the right Section 9 (8) of the Public Information Act of B.E. 2540 improved by adding blacklist criteria and qualification developing each business partner to sustainably conduct
Section 3
to audit business partners’ self-assessment outcomes. (1997). Disclosure is to be done monthly through inspection of those wanting transactions with PTT as business in the environment, society, economy together
Financial Report
In 2023, PTT team in conjunction with a third-party www.pttplc.com for public examination. Note that PTT’s a part of supplier selection. This complies with Corporate with PTT Group.
agency conducted sustainability assessments of 11 “Critical” procurement information disclosure is subject to annual Governance Policy and PTT’s commitment to conducting
Attachment
business partners. Overall, their scores passed the criteria assessment through a project on State Enterprise Integrity business based on transparency, fairness, and auditability. To create an exchange of information and knowledge
set by PTT. A project designed to develop suppliers’ and Transparency Assessment (ITA), sponsored by NACC. among PTT and business partners and develop their
sustainable operation which PTT selected major business In 2023, the score for PTT was 100% on procurement 3. Capability development of relevant parties potential to be ready to support PTT in terms of operating
partners whose operations involved ESG for training on information disclosure, based on the assessment of visual Since the mastery and caliber of relevant parties represent results, business continuity as well as social responsibility, PTT
sustainability capability development and practices and evidence inspection. another key factor driving the success of this matter, PTT organizes a supplier seminar every year. In 2023, Supplier
taking self-assessment regarding sustainability capability values capability development on procurement and Seminars were held 4 times at the PTT Head Office,
management of business partners by PTT’s executives Rayong Gas Separation Plants, Natural Gas Transmission,
and employees in a systematic and suitable way. This is and Natural Gas for Vehicles. PTT communicated the
achieved through training, communication, and knowledge direction of its business operations, aiming at a Net Zero
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited goal in 2050, and introducing Life Science, PTT’s new 1. Business partners must never have abandoned the 6. Directors and Employees Policies and Guidelines for Stakeholders’
business. Business partners, important stakeholders of work of PTT, the public sector, state enterprises Personal Data Protection
PTT, were given opportunities to exchange procurement and government agencies. Employee data are reported under Section 7: Corporate
information for mutual and systematic improvement. 2. Business partners must not have the following Governance Structure, Topic “7.5 Employees.” PTT attaches great importance to the protection of the
New technology was introduced to every step of PTT Blacklist criteria:
Contents personal data of all groups of stakeholders to ensure relevant
procurement, accommodating quick changes under • Be a person the NACC resolves as having grounds Respect for Universal Human Rights stakeholders that PTT would protect and treat personal
the Digital Procurement Project to prepare for and be for fault. Such a person shall be released from Principles (Code) data under PTT’s control under the Personal Data Protection
Vision, Mission and PTT Values
aware of the world’s movements that may affect business the prohibited characteristics under this when it later Act B.E. 2562 (PDPA), which came into effect on June 1,
PTT Information operations by focusing on educating suppliers to develop appears that the case is final, and the person is not
With the rollout of the human rights management system 2022. PTT has established personal data protection policies
Financial Highlights their operational potential in sustainability. In addition, guilty. in 2016, PTT has clearly demonstrated its commitment to and guidelines within the organization to ensure PTT’s
PTT also focuses on responding to the needs and treating • Be a party to PTT in any dispute or case for which conducting business with respect for human rights principles operations related to the personal data of various groups
Achievement Highlights
all groups of stakeholders with equality, transparency, and criminal penalties are imposed, but not including in PTT’s Human Rights Statement, PTT’s Sustainability of stakeholders, including the personal data of customers,
Awards and Recognition fairness, especially those business partners throughout petty offenses.
Management Policy and PTT’s Compliance Policy. PTT has business partners, and business associates have regulatory
Message from the Board of Directors the supply chain that PTT attaches great importance to • A person who has been terminated by PTT for any reviewed risk aspects on human rights covering PTT Group’s procedures and appropriate, concise, consistent operational
250 251
by developing, supporting, promoting growth, and moving contract due to fraudulent actions against PTT. business operations under PTT Group Way of Conduct guidelines as required by laws. In addition, PTT personnel
Economic, Petroleum
and Petrochemical Review and Outlook forward sustainably together. • Be a person who is in the process of being ordered of 17 companies in 31 countries, or a total of 81 areas. are to know how to treat personal data and be able to
bankrupt by the court. What the Group found were the aspects that represented correctly perform their work under the laws, including
Section 1 PTT requires bidders to strictly conform to the rules of work • Be a person designated and declared by the Anti-Money core operational risks: security and occupational health of the collection, use, disclosure, and security of personal
Business Operations and Performance safety and handling of tools, as well as other regulations, Laundering Office under the Anti-Money Laundering employees and contractors, labor rights, suppliers’ workplace data. “Privacy Center” has been set up on PTT Website
particularly the types of work affecting health, safety, and and Combating theFinancing of Terrorism laws. conditions, community living standards, and the rights of https://pttpdpa.pttplc.com/ to provide a channel for various
the environment. PTT visits business partners’ sites to 3. If business partners were removed from the Vendor List,
Section 2 assess their capabilities, particularly those on the Safety, they would have no right to apply for registration in that
natives. Control measures have been developed and applied
along with human rights management plans to keep risks
groups of stakeholders who own personal data to know
the details of personal data execution such as a Privacy
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Security, Health, and Environment side. In addition, particular business group for 3 years from the day manageable along with raising the management level to Notice, which is a notification to the personal data owner
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business partners’ employees must undergo the do’s of revocation. An exception applies if the removal be better and quarterly follow-up on plan implementation to know the objectives, collection, use and disclosure of
6. Corporate Governance
and don’ts on PTT’s sites in addition to conforming to was the result of abandoning the work of PTT, state and report to the relevant committees, for acknowledgment information, retention period, the rights of personal data
7. Governance Structure and Key Data the requirements for entering sites to work, as described enterprises, and public sector agencies, in which case and comments as an assurance of maximum effectiveness owner. There are also channels for exercising privacy rights
on the Board of Directors, for each. PTT will not accept them to PTT AVL until PTT receives in order to be efficient and achieve the required effectiveness. and channels for contacting PTT. Stakeholders can also
Specific Committees, Management, a letter proving the cancelation of such removal. In 2012, PTT became a member of the United Nations contact PTT regarding the processing of personal data at
Employees and Others PTT Approved Vendor List (PTT AVL) is prepared for the 4. Business partners must understand and acknowledge Global Compact (UNGC) and disclosed operating the Data Protection Officer at [email protected]
8. Corporate Governance Milestones benefit of procurement through bidding to ensure that, under PTT Suppliers’ Sustainable Code of Conduct (SSCoC). information under the 10 Principles of the UNGC.
the process of determining business groups and procedures
9. Internal Control and Connected In addition, PTT enrolled in the effectiveness assessment Disclosure and Transparency
or methods of selecting business partners to register for Apart from these initial criteria, PTT assesses business of operating outcomes on human rights organized by
Transactions
PTT AVL, business partners are efficient and deliver partners’ operations and sustainable implementation in Corporate Human Rights Benchmark (CHRB) and was Disclosure of information is a key transparency index of
products/ services that meet PTT’s requirements and parallel. ranked in the 2nd quartile level of the Extractive industry
Section 3 operation, a crucial factor for confidence among investors
foster sustainable partnership with PTT. In 2023, PTT AVL group despite the more intense assessment methodology.
Financial Report and stakeholders. PTT values accurate and precise
consisted of 327 companies from 28 business groups. After business partners deliver products/ services in each PTT was also awarded the Outstanding Role Model information disclosure and creates numerous channels
allotment, PTT will assess and notify them of the strengths/ Organization Human Rights Award 2023 in the State of disclosure so that all stakeholders can gain easy access
Attachment
To ensure efficient preparation of PTT AVL, PTT considers improvements to make in operation for future supplier Enterprise sector by the Rights and Liberties Protection towards information. It promotes awareness among
the criteria, conditions, and qualifications of business development. Department, Ministry of Justice for the 3rd consecutive year. directors, management and employees of the importance
partners who apply to PTT AVL in each business group. Initial
of information disclosure and transparent operations,
qualifications of business partners must meet the following In addition, PTT supports Thai suppliers of goods and Significant Disputes with Stakeholders and creates appropriate avenues for complaints while
requirements: services and gives them top priority. Past procurement providing fair treatment to whistleblowers and those
information reveals that PTT has procured about 79% of This appears under Section 1: Business Operations and complained against as follows:
local products, generating cash flow in the Thai economic Performance, “5.2 Legal Disputes.”
system, promoting procurement of products from
the areas where PTT sites are located, also promoting jobs
as well as generating income for people in the communities.
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited Financial and Non-financial and log on to the PTT Website at www.pttplc.com, information to analysts and institutional investors to access operating results, prices of oil, petroleum and petrochemical products,
Reports which is regularly updated, for information in both Thai schedules of AGMand Analyst Meeting of PTT Group; dividend payment schedules of PTT Group; via response with
and English, which includes: autonomous text conversation; press meetings to discuss performance outcomes and investment projects; knowledge
PTT discloses its sustainability reports and performance, • Company information sharing on upstream and downstream businesses, cooperation of PTT Group via PTT Group ESG Day and PTT Group;
• 56-1 One Report Investor Day for Thai fund managers; participation in SET’s Opportunity Day via Virtual Conferences (Microsoft Teams);
Contents taking into consideration all stakeholders’ interests,
covering Environmental, Social, and Governance (ESG) • Information for common shareholders global institutional investors quarterly meeting Digital Platform (SET Digital Roadshow) to inform investors
aspects, through the annual information disclosure form/ • Information and activities for debenture holders and analysts of directions and opportunities of PTT business operations according to the new vision. In 2021 - 2023,
Vision, Mission and PTT Values
Annual Report (56-1 One Report) under “Driving Business • Presentations and Webcasts the following key activities took place:
PTT Information • Roadshow/ Conference
towards Sustainability” and included information on
Financial Highlights the outcomes of sustainability implementation in Risk • Analyst Research 2021 2022 2023
Activity
Management, Management’s Discussion and Analysis • Activity Calendar (Times) (Times) (Times)
Achievement Highlights
(MD&A), and CG, as well as publicizing via PTT Website • Code of Conduct for Investor Relations
Analyst Meetings via Facebook Live/ Webex/ MS Teams 4 4 4
Awards and Recognition • Major investment project information
under Sustainability topic. The sustainability performance
Message from the Board of Directors • Policy and business direction statements by management Conference Calls (presentations of quarterly 4 4 4
reporting was based on the Global Reporting Initiative
252 performances, capital investment, and other key events 253
(GRI) Standards, GRI 11: Oil and Gas Sector 2021, • Compliance with public policies
Economic, Petroleum
• Key plans (if any))
and Petrochemical Review and Outlook International Financial Reporting Standards (IFRS)
Sustainability Disclosure Standards (S1 and S2) of • Corporate Governance Policy Domestic roadshows/ conferences 14 12 9
Section 1 the International Sustainability Standards Board (ISSB), • Financial performance (including provision of basic PTT business knowledge,
Business Operations and Performance The United Nations Global Compact (UNGC), Measuring • Non-financial performance and via Physical and Virtual Meeting)
Stakeholder Capitalism: Towards Common Metrics • Highlights of CSR activities
International roadshows/ conferences 11 12 5
• Procurement
Section 2 and Consistent Reporting of Sustainable Value Creation
of the World Economic Forum (WEF), and illustrating • Name and contact number of Investor Relations.
(Including Virtual Meeting)
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Company Visits (via Physical and Virtual Meeting) 69 65 70
PTT’s commitment to supporting the UN Sustainable
56-1 One Report 2023
56-1 One Report 2023
Development Goals (SDGs). Furthermore, PTT applied the Through the years, PTT has valued disclosure of information
6. Corporate Governance Credit Rating Review 3 3 3
Recommendations of the Task Force on Climate-related that is accurate, complete, transparent, and comprehensive,
7. Governance Structure and Key Data as well as continual direct and indirect presentation of Press Meeting 3 2 2
Financial Disclosures (TCFD) to report performance on climate
on the Board of Directors, change via IFRS S2. There was also an annual review of performance while keeping investors, shareholders, and
Company visits by analysts and institutional investors - 1 1
Specific Committees, Management, relevant parties informed of its data. Highlights appear below:
the report to validate the information by an independent
• Direct: PTT regularly reports performance, capital E-mails/ phone calls 10 - 12 times a day 10 - 12 times a day 10 - 12 times a day
Employees and Others external party continuously.
budgets, and industry outlooks to analysts, institutional Quarterly SET Opportunity Days and SET in the City 4 4 4
8. Corporate Governance Milestones
investors and employees at Quarterly Analysts’ Meetings.
9. Internal Control and Connected Investor Relations In 2023, they were organized through physical meetings
Participation in SET Digital Roadshows 4 4 4
Transactions (organized by SET)
in parallel with virtual conferences (Microsoft Teams
Ever since PTT’s privatization in October 2001 and share and Facebook live), in Thai and English, conference call; Minor investors’ meetings with management No common Two debenture Two debenture
Section 3 trading on SET in December 2001, the Investor Relations local and international roadshows/ conferences and company visits shareholder holder visits holder visits
Financial Report Department has centralized essential information to organized by securities companies and/or those visit in 2021, (2 groups) (2 groups)
investors and shareholders, with financial data such as the directly contacted with IR; virtual conferences with due to (August 23 - 25, (May 23 - 25,
Attachment quarterly performance and financial statements, quarterly analysts, institutional investors and/or related COVID-19 October 4 - 6) October 3 - 5)
Management’s Discussion and Analysis (MD&A), corporate parties such as credit rating agencies. To increase No common One common
strategies, and outlooks of PTT, which are regularly, fairly, and communication channels and ease of access to shareholder visit shareholder visit
thoroughly disclosed. Investors may directly contact Investor information, continuous application of digital in 2022, due to (3 groups)
Relations at 0-2537-3518-9, e-mail: [email protected], technology e.g. via PTTIR Line Chatbot to provide COVID-19 (November 21 - 23)
Relations activities with debenture holders 12 (via online 14 (3 via online 16 (4 via online
channel) channel) channel)
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited • Indirect: PTT disclosed information regarding, performance, financial statements, and reports filed with SET. 5) Conflict of Interest In addition, newly appointed directors must report their vested
The PTT’s SET reports can be found at www.set.or.th, www.pttplc.com and the “Happiness” magazine for interests with directors, executives, and related persons
debenture holders (via PTT Debenture Application). PTT requires information disclosure to prevent conflicts of and notify the Company Secretary for further collection and
• Investors and interested parties can also submit inquiries to Investor Relations at Tel. 0-2537-3518-9, e-mail at interest and illegal, improper activities. Under the Board’s submission to the Chairman of the Board and the Chairman
[email protected], or through www.pttplc.com. In addition, PTT has constantly publicized news, business activities, policy, business decisions made by management and of the Audit Committee within 7 days.
Contents
operations, and project updates as well as addressing questions and facilitating contacts for the media employees must be solely in PTT’s best interests. All staff must
and the public. In 2021 - 2023, the activities appear below: not only avoid engaging in financial and other relationships Reporting Changes in Share Portfolios
Vision, Mission and PTT Values
with external parties that would lead to financial losses
PTT Information for PTT or a conflict of loyalty or interest but also not As part of the oversight of inside-information measures, all
2021 2022 2023
Activity
Financial Highlights (Times) (Times) (Times) compromise the efficiency of business operations. PTT directors and management, including their spouses
Those staff with interests or related businesses that may and children under the legal age, must report any changes
Achievement Highlights E-mails 292 747 684
require PTT’s reviews and decisions must report their in their PTT share ownership to the SEC under Article 59
Awards and Recognition News/ photo releases 292 261 183 relationships and connection with potential conflicts of of the Securities and Exchange Act B.E. 2535 (1992)
Message from the Board of Directors Press conferences 4 2 1 interest. PTT disallows such connected persons from and its amendments within 3 days of the date of sale,
254 255
exercising their authority for and involvement in such purchase, disposal, or receipt of such shares. PTT defines
Economic, Petroleum Media visits to operations (domestic and international) 1 3 3
and Petrochemical Review and Outlook transactions. a policy of disclosing or reporting the sale/ purchase/ disposal/
Welcoming and providing information to visiting - 5 groups 18 groups receipt of such shares/ and changes in share ownership
Section 1 agencies for assorted purposes (168 persons) (594 persons) Reporting Transactions of Potential of the directors and management to the monthly Board
Business Operations and Performance Conflicts of Interest with PTT meeting, contained in advance as a regular agenda item.
4) The Use of Inside Information
Furthermore, a week before the closing of the quarterly
Section 2 PTT has required the directors, management, and all
employees to disclose annually regarding potential conflicts and yearly financial statements, Office of President
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance PTT has defined guidelines in its CG handbook for all employees on best practices, for the use of inside information and
of interest and suspected conflicts through a specific issues a letter regarding Insider Trading to the directors,
56-1 One Report 2023
56-1 One Report 2023
guarding of confidential information. They must guard PTT’s inside information or confidential information not yet publicly
disclosure form of interest with PTT. In addition, any approval management, or units and issues a letter regarding,
6. Corporate Governance available, and must not share inside information learned during the course of their duties with other parties or use it to
of such items must not contain special conditions or forbidding to disclose such insider information to external
7. Governance Structure and Key Data fraudulently seek profit or to cause damage to PTT’s interests.
specifications that are out of the ordinary, which are under parties or unrelated parties, and forbidding to buy or
on the Board of Directors, PTT’s internal controls. PTT’s Office of Corporate Audit sell PTT shares within 45 days (for quarterly financial
In addition, PTT has a policy for the Board, management, and personnel with the privilege of inside information to
Specific Committees, Management, and the Audit Committee have been entrusted with the statements) and 60 days (for the annual financial
refrain from insider trading of PTT stocks as well as those of PTT Group. If necessary, they must report such trading to
Employees and Others monitoring and resolution of issues related to conflicts of statements) of the last effective date of the financial
the Company Secretary at least 2 days in advance. All PTT personnel will be reminded to refrain from using inside
8. Corporate Governance Milestones interest. statements to SET, in other words before the financial
information through PTT’s contact channels, in particular, upon important events such as capital increases, debenture
statements are publicized to prevent insider trading.
9. Internal Control and Connected issuance and etc.
Reporting Vested Interests of Directors, Directors, management, and personnel with the privilege
Transactions
Management, and Related Parties to inside information must not trade securities or derivatives
related to securities until after the period of 24 hours (1 day)
Section 3
In the first quarter of 2023, the Board reported a form from the time the information is disclosed to the public.
Financial Report
for reporting the vested interests of directors as basic
information to manage the vested interests of directors and
Attachment
senior management. The directors and management are
to report such matters every year and with every change
in circumstances. The Company Secretary is to compile
and submit the copy to the Chairman of the Board and the
Chairman of the Audit Committee to check and manage
conflicts of interest. During 2023, however, no such cases
have arisen.
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited Filing of Assets and Debts to the National 6) Right of Shareholders • In 2012, PTT joined the United Nations Global • PTT’s Anti-Fraud and Corruption Policy was defined
Anti-Corruption Commission (NACC) Compact (UNGC) to show its desire to apply to its as part of the Corporate Governance, Ethical Standards,
PTT has defined guidelines on the rights of shareholders business the principles of human rights, labor rights, and Code of Business Ethics Handbook, and PTT Group’s
Under the Organic Act on Anti-Corruption B.E. 2561 (2018), and equitable and fair treatment and has a written policy environmental preservation, and Anti-Corruption at Anti-Fraud and Corruption Policy as a part of PTT
and guidelines for the rights and equitable treatment of the international level. Group Way of Conduct so that PTT affiliates can act
Contents PTT’s directors and top executives, including directors
and top executives in the companies where PTT holds shareholders for directors, management, and employees the same way and these will drive to companies achieve
more than 50% shares, are required to file a list of their to comply with PTT’s “Corporate Governance, Ethical synergy under the investment objectives.
Vision, Mission and PTT Values
own assets and debts, including those of their spouses Standards, and Code of Business Ethics Handbook”. PTT has presented an update of its compliance
PTT Information
both registered and unregistered, living together as with the 10 universal principles of UNGC on PTT
Financial Highlights husband and wife, and children under the legal age, to 7) Anti-Fraud and Corruption Website www.pttplc.com under Section Sustainability, Details of PTT’s and PTT Group’s Anti-Fraud
Achievement Highlights the NACC to verify the transparency of assets and liabilities. Subheading: Sustainability Governance, Topic: and corruption policies are as shown in
PTT has reported in the Online Declaration Registration PTT is committed to running its businesses with integrity, Sustainability Network. https://www.pttplc.com/uploads/CG/PTTGroupAnti-
Awards and Recognition
System: ODRS of the NACC when there is a change in transparency, fairness, and adherence to the CG Code, and FraudandCorruptionPolicy2022_EN.pdf
Message from the Board of Directors appointment or transfer of those responsible for filing resisting all forms of Fraud and Corruption, direct or indirect.
READ
256 MORE
257
Economic, Petroleum assets and liabilities. PTT issues a reminder to each of Anti-Fraud and Corruption Operations were initiated with READ
MORE
and Petrochemical Review and Outlook the directors and senior management as required through continuous improvement as follows:
a letter, direct notification, and a notification system. • PTT prepared its annual work plan in line with the
Section 1 National Strategy (2018 - 2037), which aims to balance
Business Operations and Performance Declaring Vested Interests at Meetings and develop the public administration system to be • PTT enlisted in the declaration of intention to join
transparent and free from corruption and misconduct. the Thai Private Sector Collective Action Against • PTT’s Anti-Fraud and Corruption Policy forbids PTT’s
Section 2 The Board of Directors has established a policy on Vested
Interests in every Board meeting and any other meetings.
PTT joined forces through PTT’s Corporate Governance Corruption (CAC), an endeavor of IOD with the support
of the government and NACC. As one of the first
employees to conduct or not participate in corrupt
PTT Public Company Limited
PTT Public Company Limited
and Anti-Fraud and Corruption strategies aiming to practices as well as all forms of bribery offers or
Corporate Governance
The Chairman reminds directors to conform to the policy on elevate PTT Group Sustainability with Business Integrity, 27 companies to do so, PTT underwent the certification
56-1 One Report 2023
56-1 One Report 2023
acceptance (direct and indirect). They must seriously
conflicts of interest on all agenda items, which requires those adhering to transparent business management under process and became a certified member in 2014. observe the Anti-Fraud and Corruption Policy, which
6. Corporate Governance
with vested interests to declare themselves to the meeting to Corporate Governance, Risk Management, Anti-Fraud PTT also won approval for CAC recertification for a third covers various processes, including donations to charities,
7. Governance Structure and Key Data
abstain from voting or giving any views so that other meeting and Corruption, Adequate Control and compliance with term on March 31, 2021. HR administration, procurement, internal control, and etc.
on the Board of Directors, attendees have the opportunity to consider, analyze and • Since 2014, PTT has begun enforcing PTT’s and PTT
laws, rules, and regulations.
Specific Committees, Management, criticize without the influence of stakeholders. In 2023, Group’s Anti-Corruption Policies. The policies were revised
• PTT realizes that fraud and corruption are critical problem
Employees and Others there were 14 agendas to inform the Chairman of the Board that causes damage to the country. It is thus important in 2019 to be PTT’s and PTT Group’s Anti-Fraud and
(a total of 23 meetings). Details of PTT’s Anti-Fraud and Corruption Policy
8. Corporate Governance Milestones to integrate work and develop Anti-Corruption networks Corruption Policy, containing the essence and practice
are as shown in https://www.pttplc.com/uploads/CG/
9. Internal Control and Connected with government and private agencies to push forward in line with the laws, practices, and standards of leading
Review of Connected Transactions PTTAntiFraudandCorruptionPolicy2023_EN.pdf
the fight against fraud and corruption in a concrete companies. In 2023, improvement was made to cover
Transactions
manner through various cooperation such as signing related policies on hiring state officers for implementation
READ
The Audit Committee reviews related transactions and those of Memorandum of Understanding (MOU) on Driving clarity and raise awareness among employees not to
MORE
Section 3
with potential conflicts of interest that could undermine Good Corporate Governance among the Office of the use such channels in return for any benefit or create
Financial Report
PTT’s businesses to ensure conformance to the law and National Anti-Corruption Commission (NACC), the a conflict of interest.
SET’s criteria, all of which must be reported to the Board for Securities and Exchange Commission (SEC), Thai
Attachment
approval. Institute of Directors Association (IOD) and 51 state
enterprises, the establishment of PTT’s Anti-Corruption
Operations Center in State Enterprises, joining National
Anti-Corruption Day and International Anti-Corruption
Day, participating in discussions to exchange ideas in
various forums organized by public and private sectors,
etc.
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited • PTT declared its “No Gift Policy” for any festive period • PTT communicates with its employees and provides The committee annually provides recommendations 8) Disciplinary Measures for
since 2015 to present and enforced practical guidelines training to ensure their understanding of Anti-Fraud and guidelines, monitors, and assesses performance, Non-Compliance with Policies,
under PTT Group’s policy on gifts, entertainment, or other and Anti-Corruption measures, PTT’s expectations and and steers and advocates risk management Regulations and Guidelines
benefits to establish a higher standard for business disciplinary actions for non-compliance. The training practices concerning Anti-Fraud and Corruption and
practices in the hope of having all employees do their includes an orientation session, morality courses, process-level corruption by assessing fraud and
Contents • Measures, scope, and tools for whistleblower protection:
best without expecting benefits. To this end, a letter and e-Learning, including supports its executives’ corruption risk and reviewing Anti-Fraud and • PTT’s HR administration process echoes its
was sent to business partners and external agencies, and employees’ participation in public courses on Corruption measures for adequacy and suitability. commitment to Anti-Fraud and Corruption measures.
Vision, Mission and PTT Values
and signboards were put up on the premises of PTT Anti-Fraud and Anti-Corruption. • Executives establish risk assessment for business Although refusal to take part in fraud and corruption
PTT Information along with assorted PR channels. PTT was the prototype • PTT applies information technology as a means for processes that may lead to corrupt practices,
may deprive PTT of business opportunities, its policy
Financial Highlights company of Thailand to truly enforce this policy. its personnel to express their transparency such as review the efficiency and effectiveness of internal is not to demote, punish, or harm those who do so.
• PTT has developed a Fraud and Corruption Risk conflict of interest report system, e-Trading, which control processes and measures, and personify • PTT’s employees should not ignore actions in potential
Achievement Highlights
Assessment Manual for all units to use as a guideline shows pre-order trading of PTT and PTT Group for proper behavior as well as communicating it to all conflicts with Anti-Fraud and Corruption measures.
Awards and Recognition for fraud and corruption risk assessment in their work preventing insider trading, and a reporting system on employees and related parties.
PTT has established channels for whistleblowing
Message from the Board of Directors processes (Process Level) in order to have an adequate receiving/ offering customary gifts, assets, and others • PTT establishes procedures for maintaining auditable and the protection of whistleblowers or those who
258 259
and appropriate internal control process and set to be benefit under the No Gift Policy; PTT personnel who documents and records to confirm the accuracy and need advice about conformance to Anti-Fraud and
Economic, Petroleum
and Petrochemical Review and Outlook reviewed regularly. have to receive and cannot return a gift must report and suitability of financial reports. The internal control Corruption measures.
• PTT places great importance on conducting business give it to the Good Governance and Corporate Ethics of accounting processes and information storage is • PTT has established rules on “complaint-filing and
Section 1 based on transparency, fairness, accountability, and Department to collect and donate for public use. audited to verify the effectiveness of Anti-Fraud and whistleblowing on corruption and non-compliance
Business Operations and Performance compliance with the law, an effective risk management • Oversight and monitoring of performance: Corruption processes and ensure that the entry of with laws and corporate regulations” to define
and internal control system. The third-party screening • The Board is to supervise PTT to command an efficient financial items is well-evidenced for audit. applicable criteria and guidelines that are explicit,
program has thus been set up for auditing and system for Anti-Fraud and Corruption to ensure that • The Office of Corporate Audit reviews items of
Section 2 supervising the transparency of transactions with third management recognizes and values Anti-Fraud and potential conflicts of interest, the possibility of
transparent, fair and uniform throughout the
PTT Public Company Limited
PTT Public Company Limited
corporation. Protective measures and fair treatment
Corporate Governance parties, to create a standard for examining the Corruption and abides by Anti-Fraud and Corruption occuring corruption, and corporate efficiency for are in place for whistleblowers or those who provide
56-1 One Report 2023
56-1 One Report 2023
qualifications of those who enter into transactions with measures. managing risks arising from corporate corruption information.
6. Corporate Governance
PTT to be rigorous and appropriate. In 2023, PTT • The Audit Committee reviews the efficiency and those at the operating level. The office also • Punishment
7. Governance Structure and Key Data promulgated the criteria and manual for auditing and and effectiveness of corporate governance, risk reviews business ethics principles and the code of • PTT has established a suitable and fair process for
on the Board of Directors, supervising transparency in transactions with third management and internal control processes; financial conduct for executives and employees. It reviews punishing violators of Anti-Fraud and Corruption
Specific Committees, Management, parties under the blacklist criteria to create a rigorous and reporting, and other procedures concerning Anti-Fraud actions and reports to the Audit Committee and top measures. Any violation of this policy, direct or indirect,
Employees and Others appropriate standard for examining the qualifications and Corruption measures to ensure such measures are executives immediately when encountering items or will be called for disciplinary review under PTT’s
8. Corporate Governance Milestones of those who enter into transactions with PTT. adequate and effective. The committee also regularly actions that could undermine PTT’s performance regulations, consisting of fact-finding, investigation,
• PTT communicates its Anti-Fraud and Corruption reports internal audit outcomes regarding Anti-Fraud outcomes, including fraud. punishment, and appeal. They could also lead to
9. Internal Control and Connected
Policy and guidelines to its subsidiaries, associates, and and Corruption measures to the Board and provides punishment by law. Employees must therefore master
Transactions
other PTT-controlled companies, business partners, and best practices to the Board and the executives. and strictly conform to the Anti-Fraud and Corruption
stakeholders as well as the public through assorted • The Corporate Governance and Sustainability Policy in every step of their works.
Section 3
channels including letters, e-mails, website, PTT intranet, Committee endorses objectives, goals, strategies,
Financial Report
seminars, activies and exhibitions so that all stakeholders and management framework and grants Anti-Fraud
may acknowledge and conform to PTT’s guidelines. and Corruption Policy and implementation directions.
Attachment
Section 2 Corporate Governance 6. Corporate Governance Section 2 Corporate Governance 6. Corporate Governance
56-1 One Report 2023
PTT Public Company Limited 6.2 Code of Conduct Other Implementation In 2023, PTT complied with CG principles but may not
Corporate Governance, Ethical Standards, under CG Code cover the criteria under the Corporate Governance Report
of Thai Listed Companies regarding the composition of
and Code of Business Ethics can be found at
Code of Conduct https://www.pttplc.com/uploads/CG/Publication/ The survey conducted by the Thai Institute of Directors
the Board, which should have at least 2 female directors.
Contents and Code of Business Ethics CGHandbookforOneReport/PTTCGHandbook_ Association (IOD) under the Corporate Governance Report
PTT has placed importance on the diversity of its board.
Directors must possess such qualifications as experienced
Revision5.2_EN.pdf of Thai Listed Companies for 2023 ranked PTT performance
PTT has its written policy and a code of conduct included and expert from diversified occupations essential for PTT’s
Vision, Mission and PTT Values on corporate governance as “Excellent”, with an overall score
in the “Corporate Governance, Ethical Standards, and Code business operations in a balanced manner such as those
and by category higher than the average score of 782 other
READ
PTT Information MORE
of Business Ethics Handbook” (CG Handbook), based who have knowledge in energy/ petroleum business, laws,
companies surveyed and higher than the average score
Financial Highlights on international standards. The handbook compiles accounting/ finance. PTT also pays attention to differences
of listed companies with a market value of not less than
the format, scope of standard behaviors, and actions that in society, nationality, gender, religion, belief, and culture.
Achievement Highlights THB 10,000 million. The survey was based on publicized
the directors, management, and employees must comply The Nominating Committee has set a target for recruiting
Awards and Recognition information in 2023.
with during the course of business and in their duties with at least 2 female directors, in addition to Mrs. Phongsaward
Message from the Board of Directors ethics, integrity, fairness, and equality. The code maintains Neelayodhin, PTT’s female director in 2023.
Economic, Petroleum
260
PTT’s image as an organization of sustainable growth. 6.3
Milestone PTT’s other guidelines which might be useful to other listed
companies are
261
and Petrochemical Review and Outlook Supervisors are responsible for the monitoring and Development on • PTT requires that independent directors must consist of
(Meeting attendance of the specific committees is detailed
under Section 2: “8.1.2 (1) Board Meetings”).
promotion of CG compliance among their subordinates.
Section 1 Violators of the code are subject to disciplinary action. the CG Policy, •
at least half of the directors in office.
PTT limits the number of listed companies in which
Business Operations and Performance Guidelines, each director can hold positions in no more than
The essential aspects of the code are included below: 3 companies.
Section 2 1. Respect and compliance with laws and regulations and and System • The Corporate Governance and Sustainability Committee
during the Year
PTT Public Company Limited
PTT Public Company Limited
human rights principles Meeting No. 4/2023 on December 19, 2023, and
Corporate Governance
2. Anti-money Laundering
56-1 One Report 2023
56-1 One Report 2023
the PTT Board Meeting No. 12/2023 on December 21,
6. Corporate Governance 3. Political neutrality 2023, considered PTT’s current Corporate Governance
4. No vested interests or conflicts of interest In 2023, the Board approved the review and revision of
7. Governance Structure and Key Data Policy and operations, and they were of the opinion that
5. Maintaining information confidentiality and refraining from the essence of the CG Policy, guidelines, monitoring system,
on the Board of Directors, PTT’s policy, measures, and operational processes are
using inside information for personal gain and the CG Handbook as follows:
comparable with the “Corporate Governance Principles
Specific Committees, Management, 6. Responsibility to customers and their needs • Updating the CG Handbook, Revision 5th, with significant
for Listed Companies 2017” (CG Code) prepared by
Employees and Others 7. Free and fair business competition improvements as follows:
SEC, and the “Corporate Governance Principles and
8. Corporate Governance Milestones 8. Transparent procurement and fair treatment of business • Revision of PTT’s Anti-Fraud and Corruption Policy
Guidelines for State Enterprises 2019” prepared by
9. Internal Control and Connected partners (suppliers) to cover policies related to hiring government
the State Enterprise Policy Office (SEPO), Ministry of
9. Community, Social and Environmental responsibility officials and add practices on hiring or appointing
Transactions Finance. PTT also commanded short-term and
10. Support of employees’ rights and promotion of their government officials for implementation clarity and
long-term plans to develop PTT’s CG system to suit
Section 3 engagement raise awareness among employees not to use such
the business growth directions and trends of other
Financial Report 11. Stringent, transparent, and equitable observance of channels in return for any benefit or cause conflicts
international leading companies.
contracts/ agreements with creditors of interest, which is a channel of fraud and corruption.
Attachment 12. Internal control system and efficient internal audit • Updating operational governance policies to comply with
13. Guidelines for receiving and offering customary gifts, laws, regulations, and related international practices, e.g.
assets, and other benefits ISO 37301:2021 Compliance Management Systems,
14. Safety, Health, and the Environment and to support PTT’s new business operations.
15. Respect for intellectual properties and proper application
of information and communication technology
16. Responsible communication
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited
7. Governance Structure Auditors Shareholders
Contents and Key Data on the Board Board of Directors
Vision, Mission and PTT Values
of Directors, Specific
Committees, Management,
Audit Committee Nominating Committee
PTT Information
Enterprise Risk Management
Financial Highlights
Achievement Highlights
Employees and Others Corporate Governance
Committee
Remuneration Committee
and Sustainability Committee
Awards and Recognition
Message from the Board of Directors President & Chief Executive Officer
262 263
Economic, Petroleum Office of Corporate Audit (EVP) SEVP, Office of General Counsel
and Petrochemical Review and Outlook 7.1 Governance EVP, Company Secretary and Corporate Relation
Structure
EVP, Corporate Reputation and Social Responsibility
Section 1 SEVP, Corporate Strategy
and Sustainability
Business Operations and Performance
PTT’s management structure as of December 31, 2023,
Section 2 comprises the Board of Directors and five specific committees
EVP,
Strategy and Porfolio
EVP,
Policy and
EVP,
International Strategy
EVP,
Sustainability
PTT Public Company Limited
PTT Public Company Limited
Management Stakeholder and Development Management
Corporate Governance to consider significant matters: Audit Committee, Nominating Management
56-1 One Report 2023
56-1 One Report 2023
Committee, Remuneration Committee, Corporate Governance SEVP, Organization Effectiveness
Chief Financial Officer
and Corporate Governance
6. Corporate Governance and Sustainability Committee, and Enterprise Risk Management
7. Governance Structure and Key Data Committee. The President & CEO (President) is the top executive
on the Board of Directors, who manages PTT’s business groups through 3 groups of EVP, Corporate EVP, Organization EVP, Corporate EVP, Group Corporate EVP, Group Accounting EVP, Global Business
Human Resources Effectiveness Governance Finance and Strategy and Tax Policy Services
55 management committees.
Specific Committees, Management,
Employees and Others
Structure
8. Corporate Governance Milestones
Chief New Business Chief Operating Officer, Chief Operating Officer,
9. Internal Control and Connected and Infrastructure Upstream Petroleum Downstream Petroleum
Officer and Gas Business Group Business Group
Transactions
EVP, Innovation Institute
Section 3 EVP, Natural Gas EVP, Upstream and Gas
Financial Report Transmission Business Group Planning
SEVP, SEVP, SEVP, SEVP,
Attachment Innovation Engineering
SEVP,
Downstream Business International Trading
Gas Business Unit
and New Ventures and Infrastructure Group Alignment Business Unit
1. EVP, New Venture 1. EVP, Engineering 1. EVP, Strategic Planning 1. EVP, Downstream Business 1. EVP, International Trading
Development and Project Management 2. EVP, Natural Gas Processing Group Planning 2. EVP, Planning
2. EVP, Logistics 3. EVP, Natural Gas Supply 2. EVP, Downstream Business and Risk Control
and Infrastructure & Trading Group Collaboration 3. EVP, Overseas Optimization
Business Development 4. EVP, Natural Gas Distribution and Business Development
5. EVP, Natural Gas for Vehicles
6. EVP, Commercial
and Marketing Management
Remark: EVP = Executive Vice President
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited 7.2 Board of Directors No. Name Position Date of Appointment
7. Professor Dr. Thosaporn Independent Director November 6, 2020 (First term)
7.2.1 Composition of the Board Sirisumphand (Appointed as Chairman effective from April 8, 2022 (Second term)
November 18, 2020 - November 15, 2023)
Contents
Under PTT’s Articles of Association, the Board consists of: 8. Associate Professor Independent Director/ October 8, 2021 (First term)
Vision, Mission and PTT Values • 5 - 15 persons Dr. Narongdech Srukhosit Member of the Audit Committee April 12, 2023 (Second term)
• A minimum of 3 independent directors (PTT’s CG requires that independent directors account for no less than half of
PTT Information 9. Air Chief Marshal Chanon Independent Director/ April 12, 2023 (First term)
the Board.)
Mungthanya Member of the Audit Committee
Financial Highlights • At least 1 director must be knowledgeable in accounting and finance.
10. Mr. Chansin Treenuchagron Independent Director/ May 14, 2022 (First term)
Achievement Highlights
According to the certification of the Ministry of Commerce dated January 3, 2024, the PTT Board consisted of 15 directors Member of the Nominating Committee/
Awards and Recognition Member of the Enterprise Risk Management
as follows:
Message from the Board of Directors • 14 non-executive directors (93.33% of the entire Board) Committee
264 265
Economic, Petroleum • 12 independent directors, which exceeds half of the Board (80% of the entire Board) 11. Mr. Lavaron Sangsnit Director/ April 12, 2023 (First term)
and Petrochemical Review and Outlook • 1 executive director Member of the Nominating Committee/
• 1 female director Member of the Remuneration Committee
Section 1
12. Mr. Phongsthorn Thavisin Independent Director/ May 9, 2023 (First term)
Business Operations and Performance 7.2.2 Information of the Board and Authorized Directors Member of the Remuneration Committee
Section 2 The Board of Directors as of December 31, 2023, consisted of:
13. Assoc. Prof. Dr. Chayodom
Sabhasri
Independent Director/
Member of the Corporate Governance
April 9, 2021 (First term)
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance and Sustainability Committee/
56-1 One Report 2023
56-1 One Report 2023
No. Name Position Date of Appointment
Member of the Enterprise
6. Corporate Governance Risk Management Committee
1. Mr. Chatchai Phromlert Independent Director/ December 1, 2023 (First term)
7. Governance Structure and Key Data Chairman of the Board (Expertise and experience to review
on the Board of Directors, (Appointed as Chairman effective from and ensure the accuracy
Specific Committees, Management, December 23, 2023) and credibility of financial statements)
Employees and Others 2. Mr. Krishna Boonyachai Independent Director/ July 3, 2020 (First term) 14. Mrs. Phongsaward Neelayodhin Independent Director/ December 1, 2023 (First term)
8. Corporate Governance Milestones Chairman of the Audit Committee April 12, 2023 (Second term) Member of the Corporate Governance
9. Internal Control and Connected (Expertise and experience to review and Sustainability Committee
Transactions and ensure the accuracy
15. Mr. Auttapol Rerkpiboon Director and Secretary to the Board May 13, 2020 (First term)
and credibility of financial statements)
(President & CEO) April 9, 2021 (Second term)
Section 3 3. Mr. Payong Srivanich Independent Director/ April 9, 2021 (First term)
Remarks:
Financial Report Chairman of the Nominating Committee
In 2023, the Board/ the Annual General Meeting (AGM) appointed new directors to replace those who had either completed their terms
4. GEN. Teerawat Boonyawat Independent Director/ April 11, 2019 (First term) and/or resigned as follows:
Attachment • No. 1: Mr. Chatchai Phromlert was appointed an independent director with effect from December 1, 2023, replacing Mr. Danucha Pichayanan,
Chairman of the Remuneration Committee April 8, 2022 (Second term)
who resigned with effect from October 9, 2023, and was appointed Chairman of the Board effective from December 23, 2023.
• No. 9: Air Chief Marshal Chanon Mungthanya was appointed an independent director with effect from April 12, 2023, replacing POL. GEN.
5. Mr. Jatuporn Buruspat Independent Director/ April 9, 2021 (First term) Rungroj Sangkram, who retired by rotation at the 2023 Annual General Meeting (AGM).
Chairman of the Corporate Governance • No. 11: Mr. Lavaron Sangsnit was appointed a director with effect from April 12, 2023, replacing Mr. Phongsthorn Thavisin, who retired by
and Sustainability Committee rotation at the 2023 Annual General Meeting (AGM).
• No 12: Mr. Phongsthorn Thavisin retired by rotation at the 2023 Annual General Meeting (AGM) on April 12, 2023, and was appointed
6. Dr. Prasert Sinsukprasert Director December 26, 2022 (First term) a director with effect from May 9, 2023, replacing M.L. Chayotid Kridakon who resigned effective from March 22, 2023. His status has been
(Appointed as Chairman effective from April 12, 2023 (Second term) changed to an independent director effective October 19, 2023.
November 16, 2023 - December 22, 2023) • No. 14: Mrs. Phongsaward Neelayodhin was appointed an independent director with effect from December 1, 2023, replacing Mr. Krisada
Chinavicharana who resigned effective from August 31, 2023.
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited 7.2.3 Authorities, Duties, • The Board shall regularly provide oversight, control, • The Board shall assign authority and responsibility to • Consent to employ, appoint, transfer, or promote
monitor, and review of management performance the President & CEO for daily management of PTT’s employees serving as senior executive vice presidents
and Responsibilities
to ensure that they are performing according to operations, ensuring that the operations are alignment or equivalent upward, and consent to appoint,
of the Board the approved business plans in line with the company’s with strategic plans, business directions, objectives, transfer, or promote employees serving as executive
direction and strategy at least annually. To this end, policies, and budget approved by the Board. In addition, vice presidents or equivalent upward.
Contents Authorities of the Board the Board shall advocate corporate culture the President & CEO’s performance shall be appraised • Appoint the Company Secretary.
to achieve the mission, objectives, targets, strategic on a regular basis.
Vision, Mission and PTT Values
• The Board is authorized to supervise and oversee
plans, and business policies. • The Board shall review and approve the remuneration of Authorized Director to Sign
PTT Information PTT’s management’s compliance with applicable laws, • The Board shall review and approve significant the President & CEO in keeping with PTT’s short-term
objectives, articles of association, and resolutions of
and Bind for PTT
Financial Highlights transactions that create obligations for PTT Group in line and long-term performance outcomes.
shareholders’ meetings. with laws, articles of association, policies, regulations, • The Board shall provide appropriate communication
Achievement Highlights According to PTT’s Articles of Association, as of January 3,
• The Board is authorized to select one director to serve or operational authority, including connected channels for shareholders and the disclosure of
2024, the directors whose signatures are authorized
Awards and Recognition as Chairman and may select a Vice Chairman if appropriate. transactions and key transactions. To this end, information shall be monitored to ensure high standards to sign and bind PTT are either (1) Mr. Auttapol Rerkpiboon,
• The Board is authorized to appoint the President & CEO
Message from the Board of Directors transaction approval processes shall comply with of accuracy, clarity, transparency, and reliability. President & CEO, to sign and affix PTT’s seal, or
266 who has been nominated under the nomination process legal requirements with an emphasis on the optimal • The Board shall be leaders and role models for excellent 267
(2) Mr. Jatuporn Buruspat and Mr. Phongsthorn Thavisin,
Economic, Petroleum and procedures under relevant laws and regulations. interests of shareholders and stakeholders as a whole. performance, compliance with laws, and in line with PTT’s jointly sign and affix PTT’s seal.
and Petrochemical Review and Outlook The President & CEO shall be a director and secretary The Board shall oversee and resolve potential principles of good corporate governance and encourage
to the Board of Directors. conflicts of interest and connected transactions. PTT’s culture underlined by the commitment to business
Section 1
• The Board shall ensure that the company’s accounting ethics.
Appointment and Dismissal
Business Operations and Performance
Duties and Responsibilities of systems, financial reporting, and account auditing • When the company gains sufficient profits and does of Directors
are reliable and that the assessment processes for internal not retain cumulative loss, the Board shall propose
the Board
Section 2 control and internal audit are effective and efficient. the distribution of dividends for shareholders’
1. The Board consists of 5 - 15 persons who are appointed
PTT Public Company Limited
PTT Public Company Limited
at shareholders’ meetings. In addition, the Board consists
Corporate Governance • The Board shall establish clear and written policies approval at the Shareholders’ Meeting.
• The Board is authorized to supervise and manage of a minimum of 3 independent directors and at least
56-1 One Report 2023
56-1 One Report 2023
on principles and business approaches for the Board, • The Board shall set up an appropriate regulatory
PTT under PTT’s Articles of Association to ensure that half of the directors must reside in the Kingdom. At least
6. Corporate Governance management, and employees, including the Corporate framework for digital technology development in line with
PTT abides by laws, objectives, articles of association, 1 of them must be knowledgeable in accounting
7. Governance Structure and Key Data Governance Policy, Ethical Standards, Code of Business changing internal and external factors, including the
and resolutions of shareholders’ meetings in addition and finance. The Nominating Committee also seeks
Ethics, and Internal Control Policy. The Board shall use of information technology to increase opportunities
on the Board of Directors, to policies or policy guidelines. to maintain an appropriate balance and consider board
ensure communication among the Board, management, and develop operations to achieve PTT’s key goals
Specific Committees, Management, • The Board shall emphasize and devote time to diversity including expertise, skills, and qualifications
and employees so that they all may be kept thoroughly and objectives.
Employees and Others the formulation of the corporate vision, mission, without discrimination of gender, race, or religion in
informed and apply with true understanding; as well as • The Board shall consider and approve the master plan
strategies, policies, and business plans. In addition, the appointment. All directors must have qualifications
8. Corporate Governance Milestones monitor and assess the implementation while regularly and annual action plan on digital technology development.
they shall pursue helpful information for such as specified by law and the Articles of Association.
9. Internal Control and Connected reviewing policies and implementation effectiveness.
formulation; review potential risks; and ensure Since 2004, the Board has decided that independent
Transactions management’s ability to transform such vision, mission,
• The Board shall ensure that potential risk factors are The Board’s Additional directors must consist of at least half of the Board,
considered and the risk management policies for
strategies, policies, and key work plans into efficient Authorities Include: a requirement that remains effective until the present.
Section 3 the whole of PTT are established with regular review.
and effective fruition, complete with competitiveness As of December 31, 2023, the Board had 12 independent
Financial Report The management is obliged to implement the policies • Approve long-term investments, such as common stocks,
and proper performance results with due regard for directors, all of whom resided in Thailand. 4 directors are
and report the results thereof regularly to the Board. preferred stocks, bonds, debentures, warrants, or other
long-term impacts. PTT must conduct business with experts in accounting and finance, namely: Mr. Krishna
Attachment The Board shall review and evaluate the risk management financial instruments.
ethics, respect shareholders’ and stakeholders’ rights Boonyachai, Assoc. Prof. Dr. Chayodom Sabhasri,
processes and effectiveness of risk management • Approve financial support, including funds, common
with responsibility, steer good corporate citizenship Mr. Payong Srivanich, and Mr. Chansin Treenuchagron.
by emphasizing the potential signs or irregularity stocks, preferred stocks, loans, or others as appropriate
with corporate resilience, and encourage innovation 2. The shareholders’ meetings are to appoint qualified
while seeking potential business opportunities arising for PTT-invested companies.
w i t h i n t h e c o m p a n y. T h e B o a r d s h a l l r e v i e w directors whom the Nominating Committee has elected
from such risks. • Approve debt financing and issuance of debt instruments
the corporate vision, direction, and strategies annually. and proposed to the Board under the following criteria:
• The Board shall establish an appropriate remuneration such as debentures.
• The Board shall review and endorse the company’s (1) Each shareholder has one vote per share held.
system or mechanism for management to motivate both • Approve the annual budget.
strategies, policies, and business plans in addition (2) Each shareholder exercises all votes applicable under
short-term and long-term performance. • Approve procurement and other related matters if
to objectives, financial targets, and budgets as well as (1) in electing one or everal persons as directors, but may
• The Board shall conduct a self-assessment the limits exceed the President’s approval authority.
key resource allocation to enable objective and goal not allot the votes to any person at any number.
and the assessment of the performance of each specific
achievement.
committee annually to examine its own performance
and disclose the results in the 56-1 One Report.
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited (3) Candidates with the highest number of votes are • Independent directors must command independence
to be appointed directors up to the number required as required by SET’s Notification on the Qualifications Composition of the Board Ratio of the Board of Directors
at the meeting. If candidates get equal votes, and Scope of Work of the Audit Committee.
which makes the number of successful candidates • Must not be sentenced to imprisonment, except 12 : 15
Independent Director : The Entire Board
exceed that of directors to be elected, the Chairman for violations of the law by negligence or a petty offense.
Contents of that meeting will cast the decisive vote. • Must not be a political official, except for holding a director
Male
14 : 15
3. At the AGM, one-third of the directors or if the number position under a provision of law. 14 Non-Executive Director : The Entire Board
Vision, Mission and PTT Values is not a multiple of three, then the number nearest • Must not hold any position in a political party or persons
PTT Information to one-third - will retire from directorship. The directors be an official of a political party. Female Tenure for the Board of Directors
retiring in the first and second year after PTT was listed • Must not be expelled, dismissed, or removed from in 2023
Financial Highlights are to be drawn by lots. For subsequent years, those with a position because of malfeasance. 1
Achievement Highlights
the longest terms are to retire.
4. If a director’s seat is vacated for reasons other than term
• Must not be a shareholder of such state enterprise
or a shareholder of a juristic person in which such
person
average 2 years
Awards and Recognition
completion, the Board may elect a qualified person without state enterprise holds shares. Exceptions apply to Accounting Finance Law Information Engineering Marketing
Message from the Board of Directors the prohibitions stipulated by PTT’s Articles of Association directors of state enterprises who are not government Technology
268 269
to fill the vacancy at the next Board meeting unless officials, government employees, or wage earners
Economic, Petroleum
the remaining term of the vacated director is less than with positions or position salaries of centralized,
and Petrochemical Review and Outlook
two months. The acting director must secure at least provincial, or local government, or other government 5 6 5 7 11 6
three-quarters of the votes of the remaining directors. agencies. Also, such state-enterprise directors can hold persons persons persons persons persons persons
Section 1
He or she can also stay in office only for the remaining no more than 0.5% of the paid-up capital of the state
Business Operations and Performance Management and Business International Economics Science and Technology Political Science Civil Society Community
term of the predecessor. enterprise in which they serve as directors or juristic Administration/ Manage or
Supervise state enterprises
Business
Energy Innovation,
Petrochemical, Biolndustry
Enterprise Natural
Environment and
5. Any director who wishes to resign from directorship persons where the state enterprise in question holds shares.
listed in the Stock Exchange Sustainable Development
2
of Thailand
must tender his or her resignation to PTT. Such resignation • Must not hold any position in a juristic person in which
Section
14 5 7 6 12 8
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance will take effect from the date the resignation letter reaches PTT. such state enterprise holds shares, except where entrusted
persons persons persons persons persons persons
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56-1 One Report 2023
6. For voting to remove any director from the directorship by the Board of Directors of such state enterprise to hold
6. Corporate Governance before the completion of his or her term, a three-quarter a directorial position or other position in the juristic person
vote of eligible shareholders present at the meeting in which such state enterprise holds shares.
7. Governance Structure and Key Data
is required as well as at least half of the total number of • Must not be a director or an executive or person
on the Board of Directors, shares represented by the eligible shareholders present with authority over the management or an interest in a juristic 7.3 Specific Committees
Specific Committees, Management, at the meeting. person who is a concessionaire or joint-venture party,
Employees and Others or having an interest in the undertakings of such state
8. Corporate Governance Milestones Qualifications of Directors enterprise, except for being a chairperson of the Board PTT’s Specific Committees consist of:
of Directors, director or executive by entrustment of
9. Internal Control and Connected
Directors must be duly qualified, without the prohibitions stated such state enterprise. (1) The Audit Committee
Transactions in the Public Company Limited Act B.E. 2535 (1992)
and the Standard Qualifications of State Enterprise Directors In addition, the Corporate Governance, Ethical Standards,
Each quarter, the Audit Committee, together with the Chief Financial and Accounting functions and the external auditor
Section 3 and Officials Act B.E. 2518 (1975) and its amendments, and Code of Business Ethics Handbook (Revision 5th), defines
(EY Office Limited), reviews PTT’s financial reports. The Board is accountable for PTT Group’s consolidated financial statements
Financial Report as well as relevant Cabinet resolutions, including: the term holding of a director with the following limits:
1. A maximum of three directorships in the state enterprises/ as well as other financial information presented in the annual report. The financial reports are prepared under generally
• Must not be over 65 years of age.
juristic persons of which the state enterprise accepted accounting principles and are audited and certified by Mr.Kittiphun Kiatsomphob, C.P.A. No. 8050, of EY Office
Attachment • Must not hold more than three directorships in state
is a shareholder. Limited. Material information, financial and non-financial, is accurately, completely, and consistently disclosed.
enterprises or juristic persons in which state enterprises
hold shares, including appointments due to their positions 2. A maximum of three directorships in SET-listed companies
and those due to acting assignments. provided that the directorships under 2. do not contradict The Board approved the appointment of the Audit Committee on October 1, 2001, which consisted of directors with
1. Such directorships in 1. and 2. must not exceed five. the qualifications specified by SEC and SET laws. The committee must consist of at least three directors.
As of December 31, 2023, it consisted of three independent directors as follows:
Besides, independent directors and members of specific
committees shall serve no more than nine consecutive years.
In compliance with the law, PTT ensures that at least one-third
of the Board is listed in the Director’s Pool of the Ministry of
Finance. As of December 31, 2023, 14 out of 15 PTT directors’
names were listed in the Director’s Pool.
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited 15. Either the Chairman or a member of the Audit Committee must attend PTT annual general shareholders’ meeting.
Name Position in the Audit Committee Position in the Board
16. If competent advice or assistance is needed to perform internal audit activity or other Audit Committee tasks, the Audit
1. Mr. Krishna Boonyachai Chairman Independent Director Committee can propose PTT’s Board of Directors to appoint any independent consultant or expert. The costs and expenses
2. Associate Professor Dr. Narongdech Srukhosit Member Independent Director of such services or invitations shall be on PTT’s account.
17. Inform the CEO, any breach of the Securities Law, the Stock Exchange’s regulations, policies, rules, ordinances,
Contents 3. Air Chief Marshal Chanon Mungthanya Member Independent Director
the Articles, the Cabinet Resolutions, and the relevant laws to resolve the issue.
18. Meet at least one time quarterly and must hold a private meeting with the external auditor at least one time annually.
Vision, Mission and PTT Values The Executive Vice President, Office of Corporate Audit served as secretary.
19. Officially meet with the management at least one time annually.
PTT Information 20. Perform any designated tasks by the laws or PTT’s Board of Directors under the Audit Committee duties and
Remarks:
Financial Highlights 1. Mr. Krishna Boonyachai was appointed member with effect from July 3, 2020 and appointed Chairman with effect from April 12, 2023 responsibilities.
(replacing POL. GEN. Rungroj Sangkram who was Chairman from June 17, 2021 to April 12, 2023.) He commands sufficient expertise
Achievement Highlights
and experience to review and ensure the accuracy and credibility of financial report.
As found in PTT Public Company Limited’s ordinance on the Audit Committee and the Internal Audit Unit, B.E. 2564 (2021).
Awards and Recognition 2. Associate Professor Dr. Narongdech Srukhosit was appointed member with effect from December 1, 2023 (replacing Associate Professor
Dr. Chayodom Sabhasri who was a member from May 20, 2021 to November 30, 2023).
Message from the Board of Directors In 2023, the Committee held 20 meetings and duly reported its findings to the Board. In addition, it participated in quarterly
270 3. Air Chief Marshal Chanon Mungthanya was appointed member with effect from April 12, 2023. 271
audits along with the external auditor and the Chief Financial Officer functions.
Economic, Petroleum
and Petrochemical Review and Outlook Duties and Responsibilities
The Audit Committee disclosed its annual performance in the Report of the Audit Committee.
Section 1 1. Review and reassess the adequacy of the Audit Committee Charter at least one time annually in accordance with
Business Operations and Performance the PTT strategic objectives. Final approval of the Charter resides with PTT’s Board of Directors. (2) The Nominating Committee
2. Review the effectiveness and efficiency of governance, risk management, and control processes.
Section 2 3. Review and ensure that PTT financial statement is appropriate and in accordance with the accounting standard. The Board approved the appointment of the Nominating Committee on October 1, 2001, by appointing three directors.
PTT Public Company Limited
PTT Public Company Limited
4. Review and ensure that PTT business processes are in line with the Securities Law, the Stock Exchange’s regulations,
Corporate Governance
policy, rules, ordinances, the Articles, the Cabinet Resolutions, and the relevant laws. As of December 31, 2023, it consisted of 3 members.
56-1 One Report 2023
56-1 One Report 2023
6. Corporate Governance 5. Review and ensure that PTT internal audit system is appropriate including the sufficiency of internal control budget,
resources, and organizational independence of the internal audit activity. Name Position in the Nominating Committee Position in the Board
7. Governance Structure and Key Data
6. Consider any connected or Conflict of Interest transactions or fraud occurrence that may affect PTT business accordance
on the Board of Directors, 1. Mr. Payong Srivanich Chairman Independent Director
with the Stock Exchange’s regulations and rules.
Specific Committees, Management, 2. Mr. Chansin Treenuchagron Member Independent Director
7. Review and ensure that the business processes are in accordance with the State Enterprise Assessment Model (SE-AM),
Employees and Others including monitoring the implementation of the relevant observations/ recommendations. 3. Mr. Lavaron Sangsnit Member Director
8. Corporate Governance Milestones 8. Recommend to PTT’s Board of Directors, the Chief Audit Executive appointment, removal, and performance.
9. Internal Control and Connected 9. Recommend to PTT’s Board of Directors, the external auditor nomination, appointment, or termination including its fee.
The Company Secretary served as secretary.
Transactions 10. Coordinate with the external auditor and may propose to review or assess any significant accounting and reporting issues.
11. Receive complaints through the channels and methods identified in PTT’s Rule on Complaints and Whistleblowing against Remarks:
Section 3 Fraud, Malpractice, Misconduct, and Non-Compliance with Laws or Organizational Regulations. 1. Mr. Payong Srivanich was appointed the Chairman with effect from October 19, 2023 (replacing Mr. Danucha Pichayanan who served as
Financial Report 12. Report to PTT’s Board of Directors the Audit Committee performance at least one time quarterly. For the fourth quarter, Chairman from April 8, 2022 to October 9, 2023).
the Audit Committee’s Annual Report must be prepared and submitted to responsible of Ministry of Government agencies 2. Mr. Chansin Treenuchagron was appointed a member with effect from October 19, 2023.
3. Mr. Lavaron Sangsnit was appointed a member with effect from April 12, 2023.
Attachment and the Ministry of Finance.
13. Report to PTT’s Board of Directors, the Audit Committee performance on internal audit activity assessment at least one
time annually.
14. Disclose the Audit Committee Annual Report and the external auditor annual fee in the PTT Annual Report.
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited Duties and Responsibilities The procedures and criteria for the nomination of directors (3) The Remuneration Committee
are as follows:
1. Determine procedures and criteria for nomination of 1. The Committee defines the qualifications needed The Board approved the appointment of the Remuneration Committee on October 1, 2001, by appointing three directors.
PTT’s directors to ensure transparency. for replacements to ensure that new directors meet As of December 31, 2023, it consisted of:
Contents 2. S e l e c t d i r e c t o r n o m i n e e s t o f i l l v a c a n c i e s the criteria and qualifications required by applicable
(due to resignation or term completion) for the Board’s laws and regulations and align with PTT’s strategy Name Position in the Remuneration Committee Position in the Board
Vision, Mission and PTT Values or t he s har ehol der s ’ m eet i ng’s cons i derat ion and operations.
1. GEN. Teerawat Boonyawat Chairman Independent Director
and appointment with due regard for the composition of According to the Corporate Governance, Ethical Standards,
PTT Information
the Board, expertise, competencies, and experience and the Code of Business Ethics Handbook, the Board 2. Mr. Lavaron Sangsnit Member Independent Director
Financial Highlights that would be useful to PTT in compliance with PTT’s Board should consist of experts from a variety of disciplines
3. Mr. Phongsthorn Thavisin Member Independent Director
Achievement Highlights Skill Matrix and the Director Pool of the Ministry of Finance needed for the administration of PTT businesses.
and Thai Institute of Directors Association (IOD). Specifically, its composition should consist of at least
Awards and Recognition The Company Secretary served as secretary.
Equally important, nominees must have no conflict three experts in the petroleum business, one expert
Message from the Board of Directors of interest with PTT, and the qualifications of desirable in the law, and one expert in finance and accounting. Remarks:
272 273
directors must prove compatible with PTT’s business Currently, PTT’s Board Skill Matrix consists of Accounting/ 1. GEN. Teerawat Boonyawat was appointed Chairman with effect from April 11, 2019.
Economic, Petroleum
2. Mr. Lavaron Sangsnit was appointed member with effect from December 1, 2023.
and Petrochemical Review and Outlook strategies. Finance/ Laws/ Information Technology/ Engineering/
3. Mr. Phongsthorn Thavisin was appointed member with effect from December 1, 2023.
3. Propose suitably qualified directors to perform duty Marketing/ Business Administration and Management/
Section 1 as Specific Committee, considering the compositions of Listed State Enterprise Management and Supervision/
Business Operations and Performance committees in question, suitability, qualifications, International Business/ Economics/ Science and
Duties and Responsibilities
knowledge, and competencies. Then, propose the list Technology/ Energy Innovation/ Petrochemical/
1. Define the criteria for remuneration and propose fair, sensible remuneration of directors and specific committees
Section 2 to the Board for approval, except for the Nominating Biological Industry/ Digital/ Automation/ Artificial
to the Board and the shareholders’ meeting for approval.
PTT Public Company Limited
PTT Public Company Limited
Committee which is being appointed directly Intelligence or Robotics/ Political Science/ Security/
Corporate Governance 2. Propose guidelines for assessing performance outcomes and remuneration for the President & CEO to the Board
by the Board. Crisis Risk Management/ Social, Community, Natural
56-1 One Report 2023
56-1 One Report 2023
for approval.
4. Be directly accountable to the Board, while the Board Resources and Environmental Activities, Sustainable
6. Corporate Governance 3. Acknowledge and recommend organization restructuring and job levels, including performance assessment
is accountable for PTT’s businesses to all stakeholders. Development, and Life Science.
7. Governance Structure and Key Data and remuneration for Senior Executive Vice Presidents.
5. Assess the performance of the Nominating Committee 2. The Committee summarizes the result of the nomination
on the Board of Directors, 4. Be directly accountable to the Board, while the Board is accountable for PTT’s businesses to all stakeholders.
and report to the Board of Directors for further disclosure process and presents a shortlist of qualified candidates
Specific Committees, Management, 5. Assess its performance outcomes and report to the Board for acknowledgment and disclose them in the annual report.
in the PTT Annual Report. for the directorship along with supporting rationale to
Employees and Others 6. Disclose its performance in the annual report.
6. Disclose its performance in the PTT Annual Report. the Board.
7. Hold at least two meetings a year.
8. Corporate Governance Milestones 7. Hold at least two meetings a year. 3. The Board considers and selects qualified candidates
8. Perform other Board-assigned tasks.
9. Internal Control and Connected 8. Consider and approve the recruitment, appointment, from the list prepared by the Committee and submits
Transactions transfer or promotion of employees (EVP or equivalent) their names to the shareholders’ meeting for approval.
In 2023, the Committee held 8 meetings, with most committee members at the time in attendance. The Company Secretary
to propose for approval from the Board. Exceptionally, The list must also be endorsed by the State Enterprise
served as secretary.
Section 3 in case that the Chief of Corporate Audit require to follow Policy Office (SEPO) in conformance with the guidelines
Financial Report the PTT regulations for the Internal Audit Committee. on the appointment of state enterprise directors under
The Remuneration Committee disclosed its annual performance in the Report of the Remuneration Committee.
9. Perform other Board-assigned tasks. the Cabinet resolution of August 6, 2019.
Attachment
In 2023, the Committee held 11 meetings, with all committee
members at the time in attendance. The Company Secretary
served as secretary.
The Nominating Committee disclosed its annual performance
in the Report of the Nominating Committee.
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
2. Sustainability Management (SM)
PTT Public Company Limited (4) The Corporate Governance and Sustainability Committee
• Formulate objectives, targets, policies, master plans, strategies, guidelines, and sustainability management plans
based on Environmental, Social, and Governance (ESG) to be in line with PTT’s strategies and targets, including
The Board approved the appointment of the Corporate Governance Committee on June 24, 2004, and approved the restructuring
standards, national and international practices, and require annual reviews.
to be the Corporate Governance and Sustainability Committee on October 27, 2022, by appointing three independent
• Formulate objectives, targets, strategies, and management framework on Corporate Social Responsibility (CSR)
Contents directors. As of December 31, 2023, it consisted of:
and assign policy and operational guidelines in line with PTT’s strategies and targets as well as international practices,
with an annual review required.
Vision, Mission and PTT Values Position in the Corporate Governance
Name Position in the Board • Be a role model, advise, and support PTT’s operation to comply with PTT’s Sustainability Management Policy for
and Sustainability Committee
PTT Information target achievement and compatibility with leading companies, as well as support the Board, management,
Financial Highlights 1. Mr. Jatuporn Buruspat Chairman Independent Director and employees to comply with PTT’s Sustainability Management Manual.
2. Associate Professor Member Independent Director • Supervise and monitor the implementation of PTT’s Sustainability Management and Corporate Social Responsibility
Achievement Highlights
Dr. Chayodom Sabhasri (CSR), and report the outcome to the Board.
Awards and Recognition 3. Establish the policy of allowing minority shareholders to nominate directors and propose the Annual General Meeting’s
3. Mrs. Phongsaward Neelayodhin Member Independent Director
Message from the Board of Directors agenda items.
274 275
4. Advise and provide consultation to the Governance, Risk and Compliance Management Committee (GRCMC).
Economic, Petroleum Senior Executive Vice President, Organization Effectiveness and Corporate Governance served as secretary, and Executive
5. Perform other Board-assigned tasks.
and Petrochemical Review and Outlook Vice President, Corporate Governance, Executive Vice President, Company Secretary and Corporate Relation, and Executive
6. Hold at least one meeting each quarter.
Vice President, Sustainability Management served as assistant secretaries.
Section 1
Business Operations and Performance Remarks: In 2023, the Committee held 4 meetings with all committee members at the time in attendance. The Senior Executive Vice
1. Mr. Jatuporn Buruspat was appointed a member of the Corporate Governance Committee with effect from April 9, 2021, and appointed President, Organization Effectiveness and Corporate Governance served as secretary.
Chairman of the Corporate Governance and Sustainability Committee with effect from April 8, 2022.
Section 2 2. Associate Professor Dr. Chayodom Sabhasri was appointed a member with effect from December 1, 2023 (replacing Associate Professor
The Corporate Governance and Sustainability Committee disclosed its annual performance in the Report of the Corporate
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Dr. Narongdech Srukhosit who was appointed a member of the Audit Committee effective from December 1, 2023).
Governance and Sustainability Committee.
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56-1 One Report 2023
3. Mrs. Phongsaward Neelayodhin was appointed a member with effect from December 1, 2023 (replacing Mr. Payong Srivanich who
was appointed the Chairman of the Nominating Committee effective from October 19, 2023).
6. Corporate Governance
7. Governance Structure and Key Data (5) The Enterprise Risk Management Committee
on the Board of Directors,
Duties and Responsibilities
The Board approved the appointment of the Enterprise Risk Management Committee (ERMC) on October 25, 2013,
Specific Committees, Management,
1. Corporate Governance, operational risk and internal control, and compliance (GRC), and anti-fraud and corruption by appointing at least three directors, and at least one of whom must be an independent director. As of December 31, 2023,
Employees and Others • Formulate objectives, targets, strategies, and management framework, and assign policy and operational guidelines it consisted of:
8. Corporate Governance Milestones in line with PTT’s strategies and targets as well as laws, regulations, and national and international practices,
9. Internal Control and Connected with annual review required. Position in the Enterprise
Name Position in the Board
Transactions • Provide advice and recommendations to the Board and management on matters dealing with PTT’s corporate Risk Management Committee
governance, operational risk management and internal control, and compliance (GRC), and anti-fraud
1. Mr. Chansin Treenuchagron Member Independent Director
Section 3 and corruption according to the good corporate governance principles, for the formulation of the organization’s policies
Financial Report and guidelines in compliance with relevant laws, regulations, criteria, standard, national and international practices. 2. Associate Professor Member Independent Director
• Establish the policy and define the scope of guidelines for the supervision, support, and monitoring of PTT’s Dr. Chayodom Sabhasri
Attachment whistleblowing mechanism dealing with fraud and corruption, and non-compliance with laws and corporate
Senior Executive Vice President, Corporate Strategy and Sustainability tasked as Chief Risk Officer (CRO) and Chief
regulations.
Stakeholder Officer (CSO) served as secretary.
• Supervise and monitor the implementation of PTT’s corporate governance, operational risk management
and internal control, and compliance (GRC), and anti-fraud and corruption, as well as whistleblowing and non-compliance Remarks:
cases, and report the outcome to the Board. 1. Mr. Chansin Treenuchagron was appointed member with effect from December 1, 2023.
2. Associate Professor Dr. Chayodom Sabhasri was appointed member with effect from December 15, 2023.
3. Mr. Chatchai Phromlert was resigned from Chairman of the Enterprise Risk Management Committee with effect from December 23, 2023.
Mrs. Phongsaward Neelayodhin was appointed Chairman of the Enterprise Risk Management Committee effective from February 9, 2024.
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
Duties and Responsibilities
PTT Public Company Limited • PTT’s investment projects in companies where
it holds less than 100% shares and those not SET-listed,
7.4 Management
1. Define and review PTT’s corporate risk management with investment values exceeding THB 5 billion,
and stakeholder management policies and scopes. presented to the Board for approval before PTT’s 7.4.1 Management Team Members as of December 31, 2023
Contents 2. Supervise and support corporate risk management representative votes in the shareholders’ meetings
and stakeholder management practices in line with strategies or company’s board meetings. (PTT Management Structure as in the organization chart “7.1 Governance Structure”)
Vision, Mission and PTT Values and business goals as well as prevailing circumstances. • Investment with risks potentially significantly
3. Provide recommendations, monitor, and evaluate impacting PTT or its stakeholders, as endorsed
PTT Information Name Position
risk management and stakeholder management by PTT Management Committee.
Financial Highlights for further implementation of the Corporate Plan 10. Define and review the corporate innovation policy. 1. Mr. Auttapol Rerkpiboon President & CEO
Achievement Highlights and Risk Management Committee (CPRC) (management 11. Provide recommendations and guidelines for 2. Mr. Wuttikorn Stithit Chief Operating Officer, Upstream Petroleum and Gas Business Group
level). the monitoring and assessment of the long-term
Awards and Recognition 3. Mr. Noppadol Pinsupa Chief Operating Officer, Downstream Petroleum Business Group
4. Review risk management outcome reports and provide and annual innovation management master plan
Message from the Board of Directors recommendations on risks, including specifications of for further implementation. 4. Dr. Buranin Rattanasombat Chief New Business and Infrastructure Officer
276 277
Economic, Petroleum control measures or mitigation plans and development 12. Supervise and promote implementation under
5. Miss Pannalin Mahawongtikul Chief Financial Officer
and Petrochemical Review and Outlook of the risk management system to CPRC for continued the innovation policy and master plan to ensure that
efficiency. the annual operation plan can achieve its goals. 6. Mr. Terdkiat Prommool Senior Executive Vice President, Corporate Strategy and Sustainability
Section 1 5. Review reports of corporate stakeholder management 13. Report the results of the implementation outcomes
7. Mr. Chadil Chavanalikikorn Senior Executive Vice President, Organization Effectiveness and Corporate
Business Operations and Performance outcomes and provide recommendations on relevant of creative thinking and innovation to the Board for
Governance
plans to extend positive outcomes or minimize/ offset acknowledgment at least every quarter.
8. Miss Peangpanor Boonklum Senior Executive Vice President, Office of General Counsel1/
Section 2 pot ent i al i m pact s on s t akehol der s , i ncl ud in g
the development of a stakeholder management
14. Define and review the customer and market management
framework.
PTT Public Company Limited
PTT Public Company Limited
9. M.L. Peekthong Thongyai Senior Executive Vice President, Gas Business Unit
Corporate Governance
system for CPRC to ensure continued efficiency. 15. Supervise, promote, and support operations under
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10. Mr. Prasong Intaranongpai Senior Executive Vice President, Downstream Business Group Alignment
6. Support the Chief Risk Officer (CRO) and Chief the customer and market management framework
6. Corporate Governance
Stakeholder Officer (CSO) in achieving PTT’s corporate to achieve the set goals according to the business 11. Mr. Pongpun Amornvivat2/ Senior Executive Vice President, International Trading Business Unit
7. Governance Structure and Key Data
risk management and stakeholder management goals. direction.
on the Board of Directors, 12. Mr. Cherdchai Boonchoochauy Senior Executive Vice President, Innovation and New Ventures
7. Report risk management and stakeholder management 16. Report the performance of customer and market
Specific Committees, Management, outcomes to the Board at least every quarter. For factors management to the Board for acknowledgment at least 13. Mr. Chansak Chuenchom Senior Executive Vice President, Engineering and Infrastructure
Employees and Others or events with potentially significant impacts on PTT, every quarter.
14. Mr. Montri Rawanchaikul Senior Executive Vice President, seconded to CEO,
8. Corporate Governance Milestones the Board must be notified immediately. 17. Hold at least one meeting each quarter. PTT Exploration and Production Plc.
9. Internal Control and Connected 8. Screen and comment before submitting for the Board’s 18. Perform other Board-assigned duties.
approval contractual items that are complicated 15. Dr. Kongkrapan Intarajang Senior Executive Vice President, seconded to President & CEO,
Transactions PTT Global Chemical Plc.
businesswise and contain risks potentially affecting The review of the risk management system remains the duty
PTT or potentially and significantly affecting PTT’s of the Audit Committee and the Office of Corporate Audit. 16. Mr. Bandhit Thamprajamchit3/ Senior Executive Vice President, seconded to President & CEO,
Section 3
stakeholders, as endorsed by PTT Management Thai Oil Plc.
Financial Report
Committee. In 2023, the Committee held 13 meetings with all committee
17. Mr. Kris Imsang Chief Operating Officer, seconded to President & CEO, IRPC Plc.
9. Screen and comment on investment agendas: members at the time in attendance. The Senior Executive
Attachment
• PTT’s investment projects and wholly owned Vice President, Corporate Strategy and Sustainability served 18. Mr. Worawat Pitayasiri Senior Executive Vice President, seconded to President & CEO,
companies with investment values exceeding as secretary. Global Power Synergy Plc.
THB 5 billion presented to the Board for approval.
The Enterprise Risk Management Committee disclosed its
annual performance in the Report of the Enterprise Risk
Management Committee.
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited • Command all employees, including hiring, appointing, removing, promoting, demoting, deducting the salary or wages of,
Name Position
taking disciplinary action against, or dismissing any employee under the rules, regulations, and directives of the Board.
19. Mr. Suchat Ramarch Senior Executive Vice President, seconded to President, For employees serving as advisers, senior executive vice presidents, or equivalent upward, prior approval of the Board
PTT Oil and Retail Business Plc. is required. The President is also authorized to specify employment conditions for employees and issue rules for PTT’s
operations provided that they do not contradict the rules, regulations, and directives of the Board.
Contents 20. Mrs. Nivadee Jaroensitipun Executive Vice President, Acting Senior Executive Vice President,
Government Relations • Assign the power of attorney or delegate specific tasks to other persons, or both, provided that the action complies with
the document on the power of attorney or rules, regulations, or directives of the Board or PTT, or both.
Vision, Mission and PTT Values 21. Mrs. Wanida Boonpiraks4/ Executive Vice President, Group Corporate Finance and Strategy
PTT Information 22. Miss Numpetch Supharatanasit5/ Executive Vice President, Global Business Services The authority and duties of the President stated above are invalid for any conflict of interest with PTT in any form resulting
Financial Highlights from the President’s exercise of the authority. In 2023, no such cases have arisen.
23. Miss Jaroonsri Wankertphon6/ Executive Vice President, Group Accounting and Tax Policy
Achievement Highlights
Awards and Recognition
Remarks: The Management Committee
Nos. 1 - 5 are “Management” under SEC’s notification.
Message from the Board of Directors 1/ The position name was changed to Senior Executive Vice President, Office of General Counsel, effective from January 1, 2023.
278 The PTT Management Committee (PTTMC) was appointed on October 1, 2001, with the mandate of operating PTT’s business. 279
2/ Appointed on January 1, 2023, replacing Mr. Disathat Panyarachun, who retired early on December 1, 2022.
Economic, Petroleum 3/ Appointed on January 1, 2023, replacing Mr. Noppadol Pinsupa assigned as Acting President & CEO, Thai Oil Plc. from October 1,
As of December 31, 2023, the Committee consisted of 15 members as follows:
and Petrochemical Review and Outlook 2022 to December 31, 2022.
4/ Appointed on December 1, 2023, replacing Mrs. Chanamas Sasnanand appointed Executive Vice President seconded to Executive Name Position
Section 1 Vice President - Finance and Accounting, Thai Oil Plc.
5/ Appointed on December 1, 2023, replacing Miss Jaroonsri Wankertphon appointed Executive Vice President, Group Accounting and 1. President & CEO Chairman
Business Operations and Performance
Tax Policy
2. Chief Operating Officer, Upstream Petroleum and Gas Business Group Member
6/ Appointed on December 1, 2023 as Executive Vice President, Global Business Services, Acting Executive Vice President, Group Accounting
Section 2 and Tax Policy from October 1, 2022 to November 30, 2023. 3. Chief Operating Officer, Downstream Petroleum Business Group Member
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance 4. Chief New Business and Infrastructure Officer Member
Duties and Responsibilities of the President & Chief Executive
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56-1 One Report 2023
5. Chief Financial Officer Member
6. Corporate Governance Officer (President)
7. Governance Structure and Key Data 6. Senior Executive Vice President, Gas Business Unit Member
on the Board of Directors, Under the Articles of Association, the President is authorized and responsible for managing the Board-assigned and PTT’s
7. Senior Executive Vice President, International Trading Business Unit Member
Specific Committees, Management, overall business, which must be strictly and prudently managed with integrity under the Board-approved plans or budget
in the best interests of PTT and its shareholders. The President’s authority and responsibilities include: 8. Senior Executive Vice President, Downstream Business Group Alignment Member
Employees and Others
• Operate or manage day-to-day business or both. 9. Senior Executive Vice President, Innovation and New Ventures Member
8. Corporate Governance Milestones
• Hire, appoint, remove, transfer, promote, demote, deduct the salaries or wages of, punish and dismiss any employee
9. Internal Control and Connected 10. Senior Executive Vice President, Engineering and Infrastructure Member
under the Board’s regulations.
Transactions • Ensure the preparation and submission of business policies, including operational plan and budget estimation, 11. Senior Executive Vice President, Organization Effectiveness Member
for the Board’s approval, and report the performance outcomes to the Board every three months. and Corporate Governance
Section 3 • Ensure implementation of the Board-approved policies, plans, and budgets.
Financial Report 12. Senior Executive Vice President, Office of General Counsel* Member
The Board authorizes the President to manage PTT’s business under the following scope: 13. Senior Executive Vice President, Government Relations Member
Attachment • Manage the overall business under the objectives, Articles of Association, policies, rules and regulations, directives,
14. Senior Executive Vice President, Corporate Strategy and Sustainability Member and Secretary
and resolutions of the Board and/or shareholders’ meetings.
• Order, contact, command, implement, and sign juristic acts, agreements, orders, announcements, or correspondence 15. Executive Vice President, Company Secretary and Corporate Relation Assistant Secretary
with government agencies, state enterprises, or other parties and engage in any essential and suitable action
Remark:
to facilitate this duty. * The position name was changed to Senior Executive Vice President, Office of General Counsel, effective from January 1, 2023.
The Management Committee meets at least twice a month or as appropriate. In 2023, there were altogether 48 meetings
(43 regular and 5 special meetings).
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited Duties and Responsibilities of PTT • Follow up on progress and assess the performance of 2. PTT Group Alignment Committees 2.15 International Business Development Committee
Management Committee (PTTMC) the Group against KPIs (PAs & KPIs). (IBDC)
• Scrutinize risk management in the business operations of Provide advice/ suggestions, drive/ decide when cooperation 2.16 PTT Group Corporate Governance Committee
Provide advice and recommendations to the President the Group. between business units or PTT Group is required to enhance 2.17 PTT Group ONE Project Committee
• Screen meeting agendas before presenting to the Board. synergy and good collaboration, consisting of: 2.18 PTT Group Sustainability Management Committee
Contents on significant issues regarding corporate strategy
and business directions, long-term planning, business • Prioritize Board decision outcomes to ensure effective 2.1 Upstream & Gas Business Group Alignment & (GSMC)
performance, investment plans, budgets, and allocation of implementation. Coordination Management Committee (UAC) 2.19 PTT Group Corporate Reputation and Social
Vision, Mission and PTT Values
resources to PTT and its affiliates, and ensure the uniformity • Appoint sub-committees or working groups, or both, 2.2 Downstream Business Group Alignment & Coordination Responsibility Committee (PTT Group CRSR)
PTT Information to assist PTTMC’s tasks. 2.20 Petrochemical and Refining Integrated Synergy
of PTT’s operations. PTTMC also provides consultation Committee (DAC)
Financial Highlights and recommendations to the President & CEO and promotes • Perform other work as assigned by the President & CEO. 2.3 New Business and Infrastructure Group Alignment & Management (PRISM Committee)
operation on the following matters: Coordination Management Committee (NBIAC) 2.21 Business Association Strategic Collaboration (BASC)
Achievement Highlights
• Set the vision and key missions for PTT Group. To efficiently manage PTT Group to drive the strategies 2.4 Finance & Accounting Group Alignment & Coordination
Awards and Recognition and operations to achieve their goals, PTT has divided its 3. Corporate Management Committees
• Establish directions, strategies, and business targets Management Committee (FAAC)
Message from the Board of Directors for PTT Group along with the performance targets of committees into three categories, as of December 31, 2023, 2.5 Human Resources Group Alignment & Coordination
280 281
business units and the group as a whole. as follows: Management Committee (RAC) Responsible for overseeing, follow-up on the progress of
Economic, Petroleum
and Petrochemical Review and Outlook • Define a direction for corporate governance monitoring 2.6 PTT Group Core Values & KM Alignment Committee operations, approval/ screening/ giving opinions/ advice/
and integration of Governance, Risk, and Compliance of 1. Strategy Committees 2.7 PTT Group Operational Excellence Steering Committee suggestions in various aspects of organization management,
Section 1 PTT Group. (OpEx SteerCo.) comprising:
Business Operations and Performance • Consider the capital allocation structure (budgets and Consider, screen, define strategies/ policy, business 2.8 PTT Group Internal Audit Management Committee 3.1 Governance, Risk, and Compliance Management
resources) to support future investment and operations directions, and operational plans of PTT/ PTT Group in various 2.9 PTT Group Corporate Social Responsibility Steering Committee (GRCMC)
3.2 PTT Procurement Oversight Committee (KorTorJor)
Section 2 of PTT and PTT Group (PTT Group’s Capital Allocation
Structure).
management aspects, comprising:
1.1 PTT Group Management Committee (PTTGMC)
Committee, Rayong province
2.10 LNG Business Cooperation Committee (LBCC) 3.3 PTT Credit Committee
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance 2.11 PTT Group Digital Steering Committee 3.4 Upstream Petroleum and Gas Credit Committee
• Consider the investment management of PTT and PTT 1.2 PTT Management Committee (PTTMC) (mentioned
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Group (PTT Group’s Portfolio Management). above) 2.12 PTT Group Technology Committee (PTTGTC) 3.5 Trading Credit Committee (TCC)
6. Corporate Governance
• Consider and monitor PTT Group’s international 1.3 Minor PTT Group Management Committee (Minor 2.13 Procurement Strategic Alignment Committee (PSAC) 3.6 Strategic Investment Management Committee (SIMC)
7. Governance Structure and Key Data 2.14 Properties Acquisition and Utilization Committee 3.7 Upstream Petroleum and Natural Gas Business Group
investment expansion. PTTGMC)
on the Board of Directors, • Establish a policy on human resource management, 1.4 Corporate Plan and Risk Management Committee (PAC) (USIM)
Specific Committees, Management, prepare and develop the Group’s management of level (CPRC) 3.8 Support Function Budgeting Committee (SFBC)
Employees and Others 14 up in a systematic, professional way for its future 1.5 Gas Business Strategic Alignment Committee (GBSC) 3.9 Non-Life Insurance Fund Management Committee
8. Corporate Governance Milestones missions in line with the Leadership Affiliation and 1.6 Downstream Petroleum Business Group Strategic 3.10 PTT Innovation Management Committee (PTT IMC)
9. Internal Control and Connected Alignment Program. Alignment Committee (DBSC)
• Screen and provide opinions on standards/ organization 1.7 Trading Business Strategic Alignment Committee
Transactions
management mechanisms/ human resource system, (TBSC)
as well as business processes and organizational 1.8 Upstream Management Committee (UMC)
Section 3
structures of PTT and PTT Group to be a corporation of
Financial Report
sustainability excellence.
• Consider, screen, and define policies and principles
Attachment
for PTT Group Way of Conduct, and ensure desirable
direction.
• Prioritize significant matters about the allocation of
human and financial resources of PTT and its affiliates.
• Jointly resolve significant conflicts between PTT’s
upstream and downstream petroleum and new business
and infrastructure businesses.
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited 3.11 Information Security Management System Committee Succession Plan Management mechanisms are as follows: 7.4.2 Management’s
(ISMSC) • PTT Group Management Committee (PTTGMC) Remuneration Policy
3.12 PTT Idea to Commercialization Gate Committee As PTT is a state enterprise, the President must be • Minor PTT Group Management Committee (Minor
(PTT I2C Gate Committee) nominated and appointed according to the Standard PTTGMC) Management’s Remuneration
Contents 3.13 Thailand Energy Academy Management Committee Qualifications of Directors and State Enterprise Officer • Human Resources Group Alignment & Coordination
Act. Candidates must meet the qualifications outlined Management Committee: HRAC) Management’s remuneration is set under the policy
3.14 Thailand Energy Academy Board
in Section 8 Ter and then go through the recruitment process / • Human Resources Management Committee (HRMC) and regulations specified by the Board, aligning with
Vision, Mission and PTT Values 3.15 PTT Customer Excellence Committee (PTT CEC)
outlined in Section 8 Quarter, in which the PTT Board the Company’s Performance Agreement (PA) stipulated
3.16 Social Enterprise Committee
PTT Information by the Ministry of Finance. The President & CEO
3.17 Structure, Job Weight, and Manpower Committee appoints a nominating committee of five people Performance in 2023
Financial Highlights who meet the qualifications and do not have any prohibited and all executives together define Key Performance Indicators
(SJMC)
characteristics under the law. Applicants must be (KPIs) on annual performance targets.
Achievement Highlights 3.18 Human Resources Management Committee (HRMC) • Selection of SEVP pool members from potential EVPs
knowledgeable, have competent and relevant experience
3.19 Corporate Human Resources Committee (HRC) (PTT Group)
Awards and Recognition The Remuneration Committee is responsible for considering
3.20 Screening Committee for the Request for the Royal for PTT executives, have no prohibited characteristics • 51 pool members (as of December 31, 2023)
Message from the Board of Directors under the law, are not positioned as a PTT director, the remuneration of the President & CEO to reflect
282 Bestowment of the Most Exalted Order of the White • 48 pool members already promoted (2008 - 2023) 283
his performance management, which is also in line with
Economic, Petroleum Elephant and the Most Noble Order of the Crown of except for executives who are directors by position,
and are under the age of 58 on the date of application submission. the principles and standards of other industrial peers,
and Petrochemical Review and Outlook Thailand • Selection of EVP pool members from potential VPs
When the Nominating Committee selects a suitable with clear criteria, transparency, and fairness. As a result,
3.21 Potential Pool and Scholarship Management (PTT Group)
Section 1 candidate, he/she will be recommended for appointment. the increasing of annual salary and bonus payment
Committee • 108 pool members (as of December 31, 2023)
Business Operations and Performance This must be completed within one year of the former would align with the results of KPIs, the short-term
3.22 Employee Welfare Fund Committee • 115 pool members already promoted (2009 - 2023)
executive’s departure from office. The employment contract and long-term performance of PTT. Overall, it should reflect
3.23 PTT Group Committee on International Sanctions
Section 2 against Myanmar has a term of no more than four years. If the Board of
Directors decides to hire the former executive after
• Selection of VP pool members from PTT potential division
his vision and long-term value-added and capacity
e n h a n c e m e n t f o r t h e C o m p a n y. T h e p r i n c i p l e s
PTT Public Company Limited
PTT Public Company Limited
3.24 Vendor Selection Committee managers (PTT)
Corporate Governance and the appropriate remuneration must be presented to
3.25 Trading Risk Management Committee (TRMC) the contract period has expired, no new recruitment process • 160 pool members (as of December 31, 2023)
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is required; however, the former executive may not be hired the Board for approval. To this end, key factors to evaluate
6. Corporate Governance 3.26 Gas Business Unit Hedging Committee (Gas HC) • 303 pool members already promoted (2009 - 2023)
for more than two consecutive terms. the performance of the President & CEO were (1) PTT’s
3.27 Powering Digital Organization With ERP Project
7. Governance Structure and Key Data performance under the State Enterprise Assessment
on the Board of Directors,
(POWER) Labor Disputes
PTT has been grooming top management to become Model (SE-AM), (2) the performance based on the vision
Specific Committees, Management, qualified candidates to replace the top management presented to the Board, (3) management capability
No reports of labor disputes have been received
Employees and Others due to retire in the next 3 - 5 years. In 2007, PTT set up and leadership, and (4) 360° assessment.
over the past three years.
8. Corporate Governance Milestones a Group Leader Development Program (GLDP) to develop
a succession plan for potential leaders to assume higher According to the definition of “Management” defined by
9. Internal Control and Connected
positions in PTT Group that become vacant, namely: the Securities and Exchange Commission (SEC), 5 members
Transactions
• President & CEO included the President & CEO, Chief Operating Officer,
• Senior Executive Vice President (SEVP) or equivalent Upstream Petroleum and Gas Business Group; Chief
Section 3
• Executive Vice President (EVP) or equivalent Operating Officer, Downstream Petroleum Business Group;
Financial Report
• Vice President (VP) or equivalent. Chief New Business and Infrastructure Officer; and Chief
Financial Officer. The remuneration paid to management
Attachment
(excluding those seconded to PTT affiliates and those from
PTT affiliates seconded to PTT) is detailed below:
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited Total Remuneration Paid to President & CEO in 2022 - 2023 Remuneration Paid to Top 5 Management according to SEC’s Definition as Chairman and
Unit: THB Directors of PTT Group and Subsidiaries, 2022 - 2023
Unit: THB
2022 2023
Remuneration
2022 2023
Amount Amount
Contents Remuneration
Person Amount Person Amount
Total Remuneration 32,910,960 34,734,240
Vision, Mission and PTT Values Meeting Allowance 5 15,373,229.17 5 19,436,358.13
Bonus 10,532,951 10,897,049
and Monthly Allowance
PTT Information Total 43,443,911 45,631,289
Bonus 5 25,769,554.92 5 20,152,517.70
Financial Highlights
Remark:
Total 41,142,784.09 39,588,875.83
Achievement Highlights The remuneration of the President & CEO included an allowance for additionally assigned tasks, namely the positions of Chairman or Director
(or both) of PTT’s subsidiaries. The President & CEO has duly complied with the terms of the employment contract as president. Remark:
Awards and Recognition
The remuneration paid to top 5 Management according to SEC’s Definition as Chairman and Directors of PTT Group and Subsidiaries.
Message from the Board of Directors Total Remuneration Paid to 4 Top Management according to SEC’s Definition (2022 - 2023) In addition, the remuneration of the President & CEO has complied with the employment term contract as president.
284 285
Economic, Petroleum Unit: THB
and Petrochemical Review and Outlook Provident Fund Contribution to Management from 2020 - 2023
2022 2023
Unit: THB
Remuneration Management (under SEC’s Definition) Management (under SEC’s Definition)
Section 1 2020 2021 2022 2023
Business Operations and Performance Person Amount Person Amount Remuneration
Person Amount Person Amount Person Amount Person Amount
Salary 4 35,395,740 4 34,618,560
Section 2 Bonus 4 17,685,657 4 17,378,021
Provident Fund 4 5,460,684.00 4 4,584,004.80 4 4,872,019.50 4 5,136,311.20
PTT Public Company Limited
PTT Public Company Limited
Contributions
Corporate Governance
Total 53,081,397 51,996,581
56-1 One Report 2023
56-1 One Report 2023
6. Corporate Governance Additional information on the management:
7. Governance Structure and Key Data Remuneration Paid to Management (5 persons) from 2020 - 2023
Unit: THB Records have shown no violation of the law within the past 10 years regarding:
on the Board of Directors,
1. Being sentenced for criminal charges except for violations of traffic laws, petty charges, or similar charges,
Specific Committees, Management, 2020 2021 2022 2023
Remuneration 2. Being sentenced to bankruptcy or having assets controlled,
Employees and Others Person Amount Person Amount Person Amount Person Amount 3. Serving as an executive or an authority in a company or partnership sentenced to bankruptcy or whose assets
8. Corporate Governance Milestones Salary 5 62,396,185 5 64,611,840 5 68,306,700 5 69,352,800 are controlled.
9. Internal Control and Connected
Bonus 5 22,296,874 5 26,487,086 5 28,218,608 5 28,275,070
Transactions
Total 84,693,059 91,098,926 96,525,308 97,627,870
Section 3
Financial Report
Attachment
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited
7.5 Employees Remuneration for Personnel (excluding the President and management) from 2020 - 2023
Unit: THB
Remuneration 2020 2021 2022 2023
Employees are essential to corporate operations, and their quality is a key to its business success. PTT, therefore, set policies
Salary 3,966,160,901.90 4,122,373,594.88 4,329,636,122.70 4,549,904,844.95
Contents to underline the development of HR management systems compatible with technological advancement and international
standards. This is not only to promote both conscientious merit and business competence among its employees Bonus 1,628,293,859.46 2,078,579,310.45 2,163,016,469.28 2,255,856,193.86
Vision, Mission and PTT Values but also to encourage our employees to actively take part in public service. It is indeed through employees that PTT focuses
Provident Fund 477,524,458.33 490,980,568.77 517,863,032.09 548,488,317.14
on its development into a sustainable organization to elevate competitiveness and respond to internal changes of
PTT Information Contributions
a corporation in pursuit of national energy security.
Financial Highlights Others (if any) 2,077,146,865.96 2,593,728,683.64 2,982,723,913.24 3,084,264,816.02
Achievement Highlights Headcount and Remuneration Total 8,149,126,085.65 9,285,662,157.74 9,993,239,537.31 10,438,514,171.97
Awards and Recognition
The employee headcount (including those seconded to PTT’s affiliates) as of December 31, 2023, stood at 3,574
Message from the Board of Directors PTT sets the remuneration of employees based on the Company’s short-term and long-term performance through
286 (Male 2,202 and Female 1,372). PTT has continued to set its manpower plans in line with its operations under economic 287
Performance Management, a continuous and systematic process to drive the Company’s performance to its achievement
Economic, Petroleum uncertainty. The focus is on allocating resources where significant value supplementation is likely or where continuing
and in line with the Performance Agreement (PA) which is also linked to the corporate targets, business unit targets,
and Petrochemical Review and Outlook investment is needed.
and individual targets in the same direction, as well as PTT’s strategic direction, to drive the operating results
according to business plan targets.
Section 1 The business-group headcounts from 2020 to 2023 were as follows:
Business Operations and Performance Unit: person
PTT employees’ annual salary increase is considered according to their performance. To this end, KPIs were applied to manage
2020 2021 2022 2023 employee performance evaluation, which would be accordingly reflected in their salary increases and benefits. Employee
Section 2 Business Unit KPIs could be divided into 2 key types: corporate KPIs and business/ operational/ personal (or functional KPIs). Individual
PTT Public Company Limited
PTT Public Company Limited
PTT PTT PTT PTT
Corporate Governance PTT PTT PTT PTT
Group Group Group Group KPIs must align with the four aspects of the balanced scorecard, namely finance, customers, internal process, and learning
56-1 One Report 2023
56-1 One Report 2023
and development. To achieve company’s targets sustainably, PTT has added two more important aspects: products
6. Corporate Governance 1. Gas 1,440 - 1,480 - 1,471 - 1,487 -
and personnel, to align with current performance results (short-term) and long-term business plans. Besides, PTT set a variable
7. Governance Structure and Key Data 2. Petrochemical 141 - 112 - 121 - 130 - bonus aligned with the KPIs of PTT executives and employees of the management group to create motivation in achieving
on the Board of Directors, and Refining the annual targets.
Specific Committees, Management, 3. New Business 429 - 462 - 478 - 476 -
Employees and Others and Infrastructure
Provident Fund
8. Corporate Governance Milestones 4. Support staff/ 1,117 1/
379 2/
1,104 1/
393 2/
1,083 1/
387 2/
1,100 1/
381 2/
secondees to PTT has established and registered a provident fund called the “Provident Fund of PTT Public Company Limited
9. Internal Control and Connected
PTT affiliates
and Affiliates” (the Fund). Employees of PTT and its joint ventures are eligible to participate in the scheme, and currently,
Transactions
5. Subsidiaries and - 29,042 - 29,372 - 30,241 - 30,391 3,476 employees out of the total 3,513 employees of PTT, or 98.95%, have joined the Fund, managed by Krungthai
joint ventures Asset Management Plc. and TISCO Asset Management Co., Ltd. The two companies disclosed related information
Section 3
Total 3,127 29,421 3,158 29,765 3,153 30,628 3,193 30,772 in compliance with the Investment Governance Code (I Code).
Financial Report
Remarks:
Attachment 1/ Excluding PTT secondment
2/ PTT secondment
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited The Fund engaged in investment with due regard for HR System Development • Executives (equivalent to Vice Presidents upwards) • To ensure that the policy defined and HR management
Environmental, Social, and Governance (ESG) factors and Improvement undergoes PTT Group Leadership Development, which align with and support the business directions of
and jointly with the companies set a policy and assigned sustains the needs of senior executives in both quantity PTT Group, the Human Resources Management
them to invest in entities with committed responsibility To become a sustainable organization, PTT continuously and quality. Management of this group is supervised Committee HRMC), appointed to define and propose
for all stakeholders: shareholders, employees, customers, by a panel of CEOs in PTT Group called the “PTT Group policies and make decisions on HR management,
Contents improves its HR management processes and mechanisms
business partners, society, and the world. PTT has defined to ensure higher efficiency and realize the full potential Management Committee (PTTGMC)”, responsible provide recommendations on the preparedness
CG criteria and applied its decision-making process of its employees, which will lead PTT towards its goals. for defining directions and policies for development and development of PTT’s current as well as
Vision, Mission and PTT Values
to ensure that the Fund makes the right investment PTT employees can fully demonstrate their competence, plans for senior management. Another team, called future executives and employees, screen
PTT Information in transparent businesses. Moreover, the Investment “Human Resources Group Alignment & Coordination and give recommendations on the corporate structure
advance in their careers, and keep growing together
Financial Highlights Committee required the fund managers to report PTT’s with PTT. Management Committee (HRAC)”, provides counseling and manpower, and approve or screen matters on
current assets that are currently invested and compare and recommendations to the Senior Executive Vice HR management under the authority assigned.
Achievement Highlights
them with the lists of SETTHSI index (Thailand PTT has focused on participation across the board President, Organization Effectiveness & Corporate
Awards and Recognition Sustainability Investment) of the Securities Exchange of Governance, to enhance decision-making on key PTT continues to focus on career and competency
in designing business plans to suit its direction and targets
Message from the Board of Directors Thailand to learn of the ratio of its assets and the change since this will efficiently align all its components. coordination issues regarding human resource management by preparing and reviewing the success
288 289
whenever they submit investment performance. To this end, it has instituted a process in which senior PTT Group development strategies and directions of the PTT Group profile and career path of each position and pushing
Economic, Petroleum
and Petrochemical Review and Outlook management along with support staff jointly define a vision to align with those of PTT. for the evaluation of the success profile in line with
Other Remunerations and directions before propagating the agreed items • Employees (division manager or equivalent and below): the performance cycle, where supervisors must discuss
Section 1 for other units to apply in turning business strategies This internal management is specific to PTT or a PTT with employees (two-way) their responsibilities
Business Operations and Performance PTT has instituted employee welfare and other into business plans and budget plans in broad alignment. affiliate in developing employees to suit future at the beginning of the year and follow up and evaluate
remuneration programs apart from salary, bonus, All PTT employees define individual objectives and KPIs, operational needs. For PTT, Corporate Human Resources the results in the half and end of the year to follow up
Committee (HRC) was established to promote and/or prepare an Individual Development Plan (IDP)
Section 2 and provident fund contributions for management cascaded through the ranks from the corporate, department,
and monitor career development planning to ensure goal for employees.
PTT Public Company Limited
PTT Public Company Limited
and all employees. This is to keep balance with economic to an individual level. Such objectives and indicators
Corporate Governance achievement. Career Counseling Teams (CCT) for
conditions, the cost of living, and other standards of peer defined by employees then serve as a scope for performance
56-1 One Report 2023
56-1 One Report 2023
companies as well as PTT’s current and future performance, and performance assessment standards to reflect 16 professional groups take charge of defining PTT Group encourages and supports employees’ learning
6. Corporate Governance
achieved through constant revision and improvement. individual performance. and developing individuals, providing counseling through the PTT Leadership and Learning Institute
7. Governance Structure and Key Data and guidance, and monitoring and following up on (PLLI) with goals of establishing standards and developing
In addition, PTT has adopted a Flexible Benefits scheme,
on the Board of Directors, implementation. An individual development plan employee capability through the management
in response to the needs of individual employees. PTT has applied Career Management guidelines to prepare
Specific Committees, Management, Each employee can choose to apply for flexible benefits and promote management and all employees with skills is a tool for employees to set their goals and develop their and implementation of compulsory courses for all
Employees and Others by declaring his or her intention once a year under the period, and knowledge to fit the PTT-designed model in coping career paths, thus adding value to their work in line with PTT employees in the same direction.
8. Corporate Governance Milestones conditions, and details prescribed by PTT, provided with its missions and creating value for the organization. PTT’s directions and goals. Such employee development
that such customized flexible benefits are not against PTT has applied this model to the management can be undertaken through proper training via success PLLI has continuously developed management
9. Internal Control and Connected
the law, tradition, and good morals. However, mandatory and development of all its employees and, taking into account profiles or job rotation in line with their career paths. and employees of PTT and PTT Group to be both “good
Transactions
employee benefits vital to the well-being of employees business direction to enhance corporate competitiveness, This would enable all employees to develop skills and talented” to support organization growth and develop
and in performing his or her duties will not be included has divided them into two professional groups (senior in their new positions, as would suitable appointments personnel capabilities. Hybrid learning is introduced
Section 3
as a choice. management and employees), with clear, efficient and promotions in line with their responsibilities and designed to suit target groups by mixing formats
Financial Report
interconnected systems for recruitment, assessment, and potential. With this development framework, and learning techniques including classroom, virtual classroom,
and individual development planning (IDP) in place. employees will be qualified to assume top management online learning, field trips, etc. for the highest efficiency in
Attachment
positions in PTT Group and enable PTT to achieve learning, which can be adjusted in line with changing
its goals. circumstances. Experiential Learning is developed
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited for employee learning through role play, simulation, The curriculum structure of PLLI covers employee development In addition, PTT also pays attention to environmental training courses for employees working in related jobs and interested
board games, etc. for enjoyable and interesting learning, at all levels from new employees to senior executives. parties. In 2023, environmental training courses were organized as follows:
with opportunities for actual practices, leading to more The courses are divided into 3 main groups:
knowledge and understanding of business operations. 1. Leadership Development Program is designed Course Batch Participants Training Format
It also develops digital learning materials in many different to prepare and accelerate the development of high-potential
Contents Corporate Sustainability Assessment and Disclosure 1 29 Classroom
formats on the Learning Management System (LMS) to meet management team members for skills, knowledge,
employees’ learning and needs in various generations, thereby and ability in people and business management through Advanced Water Treatment 1 27 Classroom
Vision, Mission and PTT Values
responding to learning Anywhere, Anytime, and Lifelong learning, knowledge-sharing, and experience-sharing
Carbon Management : Pathways to Net Zero Emissions 1 124 Classroom
PTT Information learning, such as e-Learning about organizational knowledge, with world-class instructors, including learning
Financial Highlights rules, regulations, and corporate policies. Online learning and experience-sharing with top management both internal Biodiversity 1 34 Classroom
and learning resources selected by PTT from outside cover and external. Participants of this program are potential Social & Environmental Benefits Valuation 1 10 Classroom
Achievement Highlights
business, technology, soft skills, lifestyle, and more than 300 management team members selected under
Awards and Recognition Biofuel Technology for Net Zero 1 42 Classroom
courses. PTT E-Library (E-Book, E-Magazine, Magazine, the given criteria.
Message from the Board of Directors Book) is for employees to search, reserve, borrow, and return 2. Core/ Functional Program (a group of compulsory Circular Economy : ISCC 1 27 Classroom
290 291
books, and magazines, as well as read books online anywhere, courses for employees at all levels) is the core curriculum
Economic, Petroleum Environmental, Social and Governance (ESG) 1 37 MS Teams
and Petrochemical Review and Outlook anytime. There are also podcasts, and online audio programs, to develop the potential of all employees according
as another option for employee self-development with a variety to the work level group or career, divided into Integrated Management System Internal Auditor 1 33 Classroom +
of content both within and outside the organization. Casual Compulsory, Direction/ Assignment, Essential Program, (ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018) Workshop
Section 1
Learning, a new learning style, is additionally adopted and Functional Program. (School of NGV)
Business Operations and Performance
as a short-time learning, fun and easy to understand for 3. Elective Program (additional elective course as
Premium T-VER 1 142 MS Teams
employees as well. needed) is a curriculum to develop employees’ potential
Section 2 according to individual needs by mutual consideration
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance In addition, PTT continues to organize the Young People to Global (YP2G) program, the latest of which is the 9th batch
In addition, a Feature Playlist has been developed in the LMS of supervisors and employees in choosing development
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56-1 One Report 2023
(Batch 9), to develop employees to be ready for difficult and challenging tasks, as well as new important projects according
system where courses are grouped into categories, courses as per employees’ needs.
6. Corporate Governance to PTT’s strategy. These YP2G employees will be assigned challenging responsibilities through the following 3 core functions:
easier to find. This allows supervisors or employees
7. Governance Structure and Key Data Strategy & Planning, Business Development, and Commercial & Marketing. These tasks will enable them to learn and increase
to select the group of courses of interest based on
on the Board of Directors, experience in business acumen through on-the-job training (OJT).
the New Core Competencies and various interesting skill
Specific Committees, Management, topics, as well as having a customized playlist according
to the needs of each department to help promote the IDP
Summary of Human Resource Development
Employees and Others
Unit: Hours per person per year
8. Corporate Governance Milestones of supervisors and subordinates.
Training hours/person/year 2019 2020 2021 2022 2023
9. Internal Control and Connected
Transactions Employee 78.88 30.26 37.40 42.78 45.87
Management 89.15 45.93 34.25 64.93 49.57
Section 3
Financial Report Unit: THB per person per year
LEADERSHIP DEVELOPMENT PROGRAM
Attachment • In-House Expense/person/year 2019 2020 2021 2022 2023
• Public
Employee & Management 53,143.21 13,471.73 13,485.45 29,502.06 30,513.87
CORE PROGRAM FUNCTIONAL PROGRAM
• Compulsory • In-House Functional
(Business & People) Academy
• Direction / Assignment • Public
• Essential Program
ELECTIVE PROGRAM
• Common Functional
• Soft Skills
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited Fostering Relationship Besides the monthly Labor Relations Committee meetings,
between Management PTT holds meetings of a working group on the study
and development of employees’ welfare and other benefits,
and Staff in Search of appointed with the resolution of the Labor Relations
Contents Common Goal Committee. Members comprised representatives from
the employer and employees to jointly search
Communication between management and staff comes
Vision, Mission and PTT Values and analyze information on employees’ welfare and benefits
in various forms. The President & CEO constantly holds
of PTT Group in comparison with those of other leading
PTT Information regular meetings with employees, allowing them to learn
businesses for use in the improvement of PTT’s regular
Synchronize Agile for Invent future Reach Embed Tune-up
the Company’s operation directions, obstacles, or emerging
Financial Highlights and probationary employees. through excellence growth through sustainability with integrity & trust through
impacts during the development and efficiency enhancement partnership innovation green economy ethics to empowerment
Achievement Highlights and social care enhance good and respect
each year. The focus is primarily on employees’ participation
PTT also holds Joint Consultation Committee (JCC) meetings corporate
citizenship
Awards and Recognition and views.
between its management team and staff of regional offices
Message from the Board of Directors nationwide, e.g., Rayong Gas Separation Plant, Khanom
292 Annual employee satisfaction and engagement survey
293
Economic, Petroleum Gas Separation Plant in Nakhon Si Thammarat, and Chon Buri
is implemented for solution and improvement of
and Petrochemical Review and Outlook Operations Center. The JCC comprising the top management
satisfaction and engagement. PTT believes that proper
of certain establishments as chairman and employee • Synergy: Synchronize through partnership by focusing on 7.6 Other Key
communication and information exchange among employee knowledge sharing and instigating collaborative
Section 1
staff and management will foster smooth relations
representatives would jointly consider every issue of proposals
and complaints of both management and employees for power both inside and outside the company.
Information
Business Operations and Performance
and cooperation, thus driving the organization • Performance Excellence: Agile for excellence by focusing
employees’ good standard of living in line with laws and PTT’s
towards goal achievement. In addition, PTT surveys on employees’ readiness to quickly adapt to changes,
Section 2 the basic human resource needs of management
regulations.
and work hard to accomplish beyond-expectation results
Company Secretary
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance and staff through various committees such as the Human to create and deliver the best value to stakeholders.
PTT Group Core Values To comply with the corporate governance principles of
56-1 One Report 2023
56-1 One Report 2023
Resource Management Committee, PTT Labor Relations • Innovation: Invent future growth through innovation
6. Corporate Governance listed companies under the category of directors’
Committee, and Career Path Management Committee. by focusing on employees to have a positive attitude.
P T T G r o u p d e f i n e d i t s c o r e v a l u e s a s S P I R I T, responsibilities and the terms of the Securities and
7. Governance Structure and Key Data An annual survey of staff opinions is undertaken Seek opportunities for new ideas and think creatively.
which is significant in molding PTT management and Exchange Act, the Board appointed a Company Secretary
on the Board of Directors, by an external human resource management expert advisor. Able to apply new digital technologies to increase
employees to command uniform work behavior. The SPIRIT to provide the Board with legal advice and remind them
Specific Committees, Management, There was also cooperation with PTT Group to jointly develop work efficiency along with continuous learning
(S: Synergy, P: Performance Excellence, I: Innovation, of assorted regulations that they need to know and comply
a database of management as well as development plans and self-development.
Employees and Others R: Responsibility for Society, I: Integrity & Ethics, with; hold meetings; supervise Board activities to enable
for senior management. • Responsibility for Society: Reach sustainability with
8. Corporate Governance Milestones and T: Trust & Respect) is the fundamental principle that them to perform efficiently and effectively in the best
mold the executives and employees of PTT Group to have green economy and social care by focusing on interests of PTT; prepare and maintain key documents,
9. Internal Control and Connected
The PTT Labor Relations Committee was established under employees working with awareness by taking into
Transactions indentity of smart, conscientious, and responsible for including directors’ registration, notice Board meeting
the State Enterprise Labor Relations Act B.E. 2543 (2000). account the impact on stakeholders for sustainable
the company and the outside society alike. and minutes, annual reports; issue shareholders’ meeting
The committee consists of 19 members with the President development, develop an environmentally conscious
Section 3 notices and minutes; and keep reports on vested interests
(as PTT director) as Chairman, nine members representing business, and have a volunteer spirit to do for the public,
Financial Report Core values align with the corporate vision and future reported by directors or management.
employer, and nine members representing employees. community, society, and the nation.
challenges by focusing on PTT Group employees as the driving
The committee considers issues about employment • Integrity & Ethics: Embed integrity & ethics to enhance
Attachment force for Thailand to move through the transformation into The Board has appointed Company Secretary since 2008.
conditions, employees’ rights, and benefits, as well as good corporate citizenship by focusing on employees’
a new future through SPIRIT values, namely: Since October 1, 2020, Mr. Nisit Phongvutiprapant has
employee complaints. The committee meets monthly ability to perform properly, transparently, and as excellent served as the Company Secretary. He is knowledgeable,
to monitor the progress of related issues with prudence. employees of the company, with honesty and ethics at capable, and experienced in company secretary work.
the forefront. He attended training courses that are important to his
• Trust & Respect: Tune-up trust through empowerment duties and is also a lecturer on matters related to his duties.
and respect by focusing on employees working
together with trust and confidence, open to opportunities
and trust in others’ potential capabilities, and open to
and respect others’ diversity.
Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors, Section 2 Corporate Governance 7. Governance Structure and Key Data on the Board of Directors,
Specific Committees, Management, Employees and Others Specific Committees, Management, Employees and Others
56-1 One Report 2023
PTT Public Company Limited The Person Supervising Head of Investor Relations
Company Secretary Accounting and Contact Information
The Executive Vice President, Global Business Services, Mr. Tanapon Prapapan, Investor Relations, was appointed
Contents PTT, is assigned by position to be directly responsible Vice President, Investor Relations Department with effect from
for PTT’s accounting. Miss Numpetch Supharatanasit has April 16, 2021, and can be contacted at Investor Relations,
• Leadership Development Program 1 (2013),
Vision, Mission and PTT Values been holding the position since December 1, 2023, and PTT, Tel.: 0-2537-3518-9, E-mail: [email protected], or PTT
PTT Group Leadership and Learning Institute (PLLI)
PTT Information • Bain Academy Asia Pacific 2019 Program, is directly in charge of accounting management. She Website (www.pttplc.com).
is qualified as an accountant under the criteria set by
Bain & Company SE Asia, Inc., Singapore
Financial Highlights
Achievement Highlights
• Advanced Management Program (AMP) 3 - Business the Department of Business Development. More profile Audit Fee
& People Management, PTT Group Leadership details appear in the Executive Profile in Attachment 1.
Awards and Recognition and Learning Institute (PLLI) PTT and its affiliates paid a total of THB 337,686,464
Message from the Board of Directors Head of the Office of (Three Hundred Thirty Seven Million and Six Hundred
294 Professional Experience (past five years): 295
Economic, Petroleum • October 1, 2020 - Present
Corporate Audit Eighty Six Thousand and Four Hundred Sixty Four)
in audit fees to the office of the external auditors for
and Petrochemical Review and Outlook Senior Executive Vice President,
The Executive Vice President, Office of Corporate Audit, the previous fiscal year. They also paid THB 76,360,507
PTT Oil and Retail Business Plc. (OR),
seconded to Executive Vice President, PTT, is by position assigned as Head of the Corporate Audit. (Seventy Six Million and Three Hundred Sixty Thousand
Section 1
Company Secretary and Corporate Relation, PTT Plc. Mr. Chayagorn Leangruenrom is the present Head of and Five Hundred Seven) for other services (non-audit
Business Operations and Performance
• June 1 - September 30, 2020 the Office of Corporate Audit. More profile details appear fees) such as consulting services for M&A in the areas of
Senior Executive Vice President, Corporate Strategy, in section 2 “9. Internal Control and Connected Transactions” Financial Due Diligence, tax and accounting, tax service fees
Section 2 Innovation and Sustainability, and details of the Head of the Office of Corporate Audit and other certification fees in the previous fiscal year.
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance PTT Oil and Retail Business Plc. (OR) also appear in Attachment 3.
56-1 One Report 2023
56-1 One Report 2023
• February 1 - May 31, 2020
6. Corporate Governance Vice President, Strategy and Portfolio Management,
PTT Oil and Retail Business Plc. (OR)
Head of Compliance
7. Governance Structure and Key Data
• May 1, 2019 - January 31, 2020
on the Board of Directors, Mr. Nisit Phongvutiprapant The Senior Executive Vice President, Organization
Vice President, OR, seconded to
Specific Committees, Management, Effectiveness and Corporate Governance, PTT, is by position
Company Secretary PTT Oil Myanmar Co., Ltd.
Employees and Others • July 1, 2018 - April 30, 2019 assigned as Head of Compliance. Mr. Chadil Chavanalikikorn
(October 1, 2020 - present)
8. Corporate Governance Milestones Vice President, International Business Development was appointed to the position and is currently responsible
9. Internal Control and Connected Age: 53 and Planning, PTT Oil and Retail Business Plc. (OR) for PTT’s compliance. More details about the Compliance
• January 1, 2017 - June 30, 2018 Unit are presented in Part 2 “9. Internal Control and
Transactions
Vice President, International Business Development Connected Transactions” and profile details of the Head of
and Planning, PTT Public Company Limited Compliance also appear in Attachment 1.
Section 3
Financial Report Shareholding:
Related Key Positions Held:
• 0.000003%
• -None-
Attachment
Education: Family Relationship among Directors and Executives:
• Bachelor of Economics (Development Economics), • -None-
Bangkok University
Important Special Activities:
Company Secretary Training Record: • Director, Executive Committee,
• Director Certification Program (DCP195/2014), Company Vidyasirimedhi Institute of Science and Technology
Secretary Program (CSP 113/2020), Thai Institute of • Vice Chairman and Treasurer,
Directors Association (IOD) Power of Innovation Foundation
• Advanced Management Program II (Class 1/2018), • Director, Thai Company Secretary Club
PTT Group Leadership and Learning Institute
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited Qualifications of Independent other amounting to 3% or more of PTT’s net tangible
Directors assets or THB 20 million (whichever is smaller).
8. Corporate Governance (1) Must not hold more than 0.5% of the total voting
Calculation of such debts is to follow the method
for connected transactions under the announcement
Contents Milestones shares of PTT, its subsidiaries, associated and
related companies of which PTT’s major shareholders
of the Capital Market Supervisory Board on connected
transaction criteria mutatis mutandis; such debts
Vision, Mission and PTT Values or PTT’s controlling person, including the shares held must, however, include all debts incurred during
by persons related to such an independent director. the entire year before the business relationship with
PTT Information
(2) Must not be or have not been involved as the management, the same party begins.
Financial Highlights
employee, staff member, or advisor who earns a regular (5) Must never have been or not be an auditor for PTT, its
Achievement Highlights 8.1 Performance salary, or authorized controlling person of PTT, its parent company, subsidiaries, associated or related
Awards and Recognition
of the Board of subsidiaries, associated companies, related companies,
or a juristic person of which PTT’s major shareholders
companies, major shareholders, or controlling person,
and must not be a significant shareholder, controlling
Message from the Board of Directors
296 Directors in 2023 or PTT’s controlling person during the period of person, or partner of an audit office in which 297
Economic, Petroleum two preceding years before the appointment. This an auditor of PTT, its parent company, subsidiaries,
and Petrochemical Review and Outlook forbidden characteristic excludes former government associate or related companies, major shareholders,
8.1.1 Nomination, officials or consultants of the government agency, or controlling person serves, except where such
Section 1 Development, which is PTT’s majority shareholder or has a association has ended at least two years before his
Business Operations and Performance
and Performance controlling interest in PTT. or her appointment as an independent director.
(3) Must not have blood relationship or relationship (6) Must never have been or not be a professional
Assessment of the Board
Section 2 through legal registration as parents, spouses, service provider, including legal or financial advisor
PTT Public Company Limited
PTT Public Company Limited
siblings, and children, including the spouse of with a fee of more than THB 2 million a year paid
Corporate Governance
(1) Independent Directors the children, of any other directors, management, major by PTT, its parent company, subsidiaries, associated
56-1 One Report 2023
56-1 One Report 2023
shareholders, authorized controlling person, or any or related companies, major shareholders, or controlling
6. Corporate Governance
7. Governance Structure and Key Data
on the Board of Directors,
Governance The Board of Directors, at Meeting No. 1/2013 on January 17,
2013, approved the revised definition of independence
of directors, proposed by the Corporate Governance
person to be nominated as a director, management,
or authorized controlling person of PTT or its
subsidiaries.
person, and must not be a significant shareholder,
controlling person, or partner of the professional
service provider in question, except where such
Corporate
Specific Committees, Management, Committee which was more stringent than the criteria set (4) Must never have engaged or not engage in a business association has ended at least two years before his
Employees and Others by the Securities and Exchange Commission (SEC) and relationship with PTT, its parent company, subsidiaries, or her appointment as an independent director.
8. Corporate Governance Milestones The Stock Exchange of Thailand (SET), and defined their associated or related companies, major shareholders, (7) Must not be a director appointed to represent PTT,
9. Internal Control and Connected roles, duties, and responsibilities. PTT published a handbook or controlling person in a way that could obstruct his a major shareholder, or a shareholder connected
on their execution of duties and responsibilities, signed or her exercise of independent discretion; including to PTT’s major shareholder.
Transactions
by the Chairman, on January 21, 2013. Board meeting must never have been or be a significant shareholder (8) Must not engage in similar businesses that compete
No. 3/2021 dated March 18, 2021, approved the revision of roles or controlling person of parties with a business significantly with PTT or its subsidiaries and must not
Section 3
and responsibilities of PTT’s independent directors to be more relationship with PTT, its parent company, subsidiaries, be a significant partner in partnerships or director
Financial Report
updated and in line with regulation criteria of various agencies, associated or related companies, major shareholders, participating in business management, staff, employee,
Good
which was signed by the Chairman of the Board on April 1, 2021. or controlling person except where such an association advisor on payroll, or hold more than 1% shares of
Attachment
Essential elements of the revised handbook are: has ended at least two years before his or her the total voting shares of other companies that are
appointment as an independent director. in similar businesses and compete significantly with
PTT or its subsidiaries.
The business relationship in the preceding paragraph (9) Must not have any other qualification that may
includes engagement in normal business compromise the expression of independent views
transactions for operation, property rent, asset or on PTT’s businesses.
service transactions, financial assistance involving
borrowing, guaranteeing, provision of assets as Independent directors with qualifications under (1) - (9)
collateral, and similar behavior that incurs debts on above may be assigned by the Board to decide on
the part of PTT or its contract counterpart to each the business operations of PTT, its subsidiaries,
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited associated companies, sister companies, juristic persons, Roles, Duties, and Responsibilities Independence of the Chairman Nomination procedures are reported under Section 2,
major shareholders, or controlling persons that could of PTT’s Independent Directors Corporate Governance, the topic of Proposing Additional
pose conflicts of interest; such decisions will be collective Board Meeting No. 12/2023 on December 21, 2023, Meeting Agenda Items and Nominating Directors, and
decisions. (1) Recommend essential and beneficial matters to PTT, appointed Mr. Chatchai Phromlert, an independent Item 7.3 (2) The Nominating Committee.
director, as Chairman of the Board with effect from
Contents shareholders, and minor shareholders to the Board
If a person appointed by PTT as an independent and/or the President and Chief Executive Officer. December 23, 2023. The appointment complied with Nomination of the President & CEO/
director has or used to have a business relationship (2) Advocate roles and responsibilities of the Board and the 2017 CG Code for Listed Companies. It would allow Succession Planning
Vision, Mission and PTT Values
or professional service provision with PTT exceeding provide views commonly expected of independent the work of the Chairman to be independent and boost
PTT Information the value given under (4) or (6) of the previous confidence in the transparency of operations and fair
directors for the benefit of PTT, its shareholders, and Nomination of the President & CEO and succession
Financial Highlights paragraphs, PTT is allowed to relax such prohibitions on minor shareholders. treatment of all stakeholders. plan are reported under Section 2 Corporate Governance,
a business relationship or professional service provision (3) Review matters to ensure PTT’s compliance with laws Item 7.4 Information about executives.
Achievement Highlights
Awards and Recognition
with excessive value if it could secure the Board of dealing with independent directors and duly revise (2) Nomination of Directors
Directors’ views regarding the criterion of Section 89/7 the definition of independent directors for suitability
and the President & CEO (3) Director Development
Message from the Board of Directors of the Securities and Exchange Act has illustrated that and legal completeness.
298 299
the appointment of such person will not affect his or (4) Perform other Board-assigned duties provided that
Economic, Petroleum
her performance and independent expression of views.
Nomination of Directors Training Courses/ Seminars/
and Petrochemical Review and Outlook these actions do not compromise their independence.
To this end, PTT must disclose the following information in (5) An independent director’s term begins once he or she
Engagement in PTT Activities
In 2023, The Nominating Committee nominated to
Section 1 the meeting notice to shareholders under the agenda item fulfills all the requirements under the definition of
the shareholder’s meeting to consider and appoint 5 new The Board and management value regular participation
Business Operations and Performance on consideration of independent director appointment: PTT’s corporate governance; it ends when he or she
directors to replace directors who resigned and/or in training and seminars concerning their competencies
(1) Business relationship or professional service lacks qualifications or completes the PTT term.
completed their terms at the 2023 Annual General Meeting for their jobs. (Training details appear in directors’
provision depriving the qualifications of that person.
Section 2 (2) Justification and necessity for appointing that person
(6) The independent directors must hold their own
meeting at least once a year.
(AGM): profiles in Attachment 1.) Most PTT directors (more
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance • Air Chief Marshal Chanon Mungthanya, than 90%) underwent training with the Thai Institute of
as an independent director.
56-1 One Report 2023
56-1 One Report 2023
Independent Director Directors Association (IOD) and other leading entities and
(3) PTT’s Board of Directors views on the appointment Segregation of the Chairman
6. Corporate Governance • Mr. Lavaron Sangsnit, institutes as well as seminars on related topics.
of that person as an independent director.
7. Governance Structure and Key Data and the President & CEO Director
on the Board of Directors, • Mr. Phongsthorn Thavisin, At present, the Board was trained in courses related
Under Nos. (5) and (6) of the previous paragraph,
To segregate policy-making duties from those of Director (Changed to Independent Director with effect
Specific Committees, Management, “partner” means a person assigned by the audit office to director duties, namely 14 in the Director Certification
day-to-day management and to enable directors to from October 19, 2023)
or professional service provider to serve as a signatory Program (DCP) and 3 in the Director Accreditation
Employees and Others look after and assess performance effectively, PTT has • Mr. Chatchai Phromlert, Program (DAP), a total of 14 out of 15 directors, equivalent
8. Corporate Governance Milestones of the audit report or professional service report (as
required that the Chairman and the President & CEO Independent Director
applicable) on behalf of the company. to 93.33%.
9. Internal Control and Connected are always two persons. This is because the Chairman • Mrs. Phongsaward Neelayodhin,
Transactions needs to oversee management’s performance, guide, and Independent Director
In addition, these qualifications must not contradict PTT supports and sponsors IOD membership for all
assist it, but not to take part in or interfere with day-to-day
the applicable laws. directors to provide them with communication and
Section 3 management, which is the duty of the President & CEO under The Committee also nominated to the shareholder’s more information channels which is useful for their
Financial Report the authority delegated by the Board. meeting to consider and reappoint the directors who
Incidentally, if independent directors serve in this directorships. PTT also delivers seminar information
completed their terms at the 2023 AGM for another term, for directors to consider enrollment in curricula of their
position in PTT, its subsidiaries, associated companies,
Attachment The current Chairman is an independent director. He as follows:
or sister companies, PTT must also disclose information interest; this also applies to other continual seminars
exercises high-level leadership and ensures that directors • Dr. Prasert Sinsukprasert,
about such service and the total compensation of such or curricula throughout the year. It regularly organizes
do not fall under the influence of management by Director
directors in the 56-1 One Report. in-house briefings by leading consultants and experts from
encouraging them to exercise their voting rights and • Mr. Krishna Boonyachai,
• Business relationship or professional service provision PTT Group on useful business data. Finally, it organizes
strictly comply with CG principles. Independent Director
of independent directors in the past fiscal year -None- company site visits for directors to other units or entities as
• Associate Professor Dr. Narongdech Srukhosit, seen fit to provide helpful insights for application to PTT’s
Independent Director businesses for sustainable growth.
In 2023, training and seminars to foster their work
knowledge and PTT’s activities include the items below.
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
Directors Training/ Seminar/ Activity Directors Training/ Seminar/ Activity
PTT Public Company Limited
Mr. Chatchai Phromlert • Director Orientation Professor • In attendance at a visit by HRH Princess Maha Chakri Sirindhorn to
Mr. Krishna Boonyachai • The Executive Program in Energy Literacy for a Sustainable Future, Class 17, Dr. Thosaporn Sirisumphand VISTEC’s School of Information Science and Technology,
Thailand Energy Agency (TEA) PTT’s Intelligent Operation Center (IOC), Wangchan Valley, Rayong province,
November 6 - 8, 2023.
Contents • Special in-house briefing on PTT Group’s business operations e.g. EV, AI, Logistics,
Life Science and Hydrogen • “Geopolitics, Energy Transition & Energy Crisis: How do Oil & Gas markets fit into
• In-house briefing on PTT Group Way of Conduct this complicated triangle?”, Petroleum Institute of Thailand (PTIT)
Vision, Mission and PTT Values
• In-house briefing on PEs and CVs • Special in-house briefing on PTT Group’s business operations e.g. EV, AI, Logistics,
PTT Information • IIA International Conference 2023 organized by the Institute of Internal Auditors, Life Science and Hydrogen
• In-house briefing on PTT Group Way of Conduct
Financial Highlights July 10 - 12, 2023
• CAE Forum 2023 on “ESG Derisking: A New Challenge for IA” and • In-house briefing on PEs and CVs
Achievement Highlights “Perspectives from Experience and Expectations for CAE” organized by
Associate Professor • Special in-house briefing on PTT Group’s business operations e.g. AI, Logistics,
Awards and Recognition the Institute of Internal Auditors of Thailand and the Stock Exchange of Thailand, Dr. Narongdech Srukhosit Life Science and Hydrogen
August 25, 2023 • In-house briefing on PTT Group Way of Conduct
Message from the Board of Directors
300 • “PTT Group AC Forum 2023: Wind of Changes” on • In-house briefing on PEs and CVs 301
Economic, Petroleum “2023 Audit Committee Priorities: How Audit Committee Can Plan for Success” and • Digital Transformation Development Program for the Board,
and Petrochemical Review and Outlook “Financial Business Threat Management Measures and Emergency Decree on “The Cullinan: The Making of the Digital Board”, (Class 2),
Measures for the Prevention and Suppression of Technological Crimes, Digital Economy Promotion Agency and Thailand Management Association
Section 1 B.E. 2566 (2023)”, organized by PTT’s Office of Corporate Audit, August 29, 2023
Air Chief Marshal Chanon • Director Orientation
Business Operations and Performance • Seminar for Audit Committee on “Manipulating Financial Statements to
Mungthanya • Director Certification Program (DCP 338/2023),
Commit Corruption in the Thai Capital Market” and “Sustainability under
Thai Institute of Directors Association (IOD)
Recession Economy and Global Warming Reduction Measures”
Section 2 organized by EY Office Ltd., October 26, 2023
• Special in-house briefing on PTT Group’s business operations e.g. EV, AI, Logistics,
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Life Science and Hydrogen
Mr. Payong Srivanich • Special in-house briefing on PTT Group’s business operations e.g. EV, AI, Logistics,
56-1 One Report 2023
56-1 One Report 2023
• In-house briefing on PTT Group Way of Conduct
Life Science and Hydrogen • In-house briefing on PEs and CVs
6. Corporate Governance
• In-house briefing on PTT Group Way of Conduct
• CAE Forum 2023 on “ESG Derisking: A New Challenge for IA” and
7. Governance Structure and Key Data • In-house briefing on PEs and CVs
“Perspectives from Experience and Expectations for CAE” organized by
on the Board of Directors,
GEN. Teerawat Boonyawat • The Executive Program in Energy Literacy for a Sustainable Future, Class 17, The Institute of Internal Auditors of Thailand and The Stock Exchange of Thailand,
Specific Committees, Management, Thailand Energy Agency (TEA) August 25, 2023
Employees and Others • Special in-house briefing on PTT Group’s business operations e.g. EV, AI, Logistics, • “PTT Group AC Forum 2023: Wind of Changes” on “2023 Audit Committee
8. Corporate Governance Milestones Life Science and Hydrogen Priorities: How Audit Committee Can Plan for Success” and
• In-house briefing on PTT Group Way of Conduct “Financial Business Threat Management Measures and Emergency Decree on
9. Internal Control and Connected
• In-house briefing on PEs and CVs Measures for the Prevention and Suppression of Technological Crimes,
Transactions
Mr. Jatuporn Buruspat • Special in-house briefing on PTT Group’s business operations e.g. AI, Logistics, and B.E. 2566 (2023)”, organized by PTT’s Office of Corporate Audit, August 29, 2023
Life Science • Seminar for Audit Committee on “Manipulating Financial Statements to
Section 3
• In-house briefing on PTT Group Way of Conduct Commit Corruption in the Thai Capital Market” and “Sustainability under
Financial Report
• In-house briefing on PEs and CVs Recession Economy and Global Warming Reduction Measures”
Dr. Prasert Sinsukprasert • Director Orientation organized by EY Office Ltd., October 26, 2023
Attachment
• Special in-house briefing on PTT Group’s business operations e.g. EV, AI, Logistics, Mr. Chansin Treenuchagron • Strategic Board Master Class (SBM 12/2023),
Life Science and Hydrogen Successful Formulation & Execution of Strategy (SFE 41/2023),
Thai Institute of Directors Association (IOD)
• Special in-house briefing on PTT Group’s business operations e.g. EV, AI, Logistics,
Life Science and Hydrogen
• In-house briefing on PTT Group Way of Conduct
• In-house briefing on PEs and CVs
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited Directors Training/ Seminar/ Activity
(4) Board Self-assessment 3. Individual Assessment of Other Directors (Cross
assessment): consisted of four topics same as self-
Mr. Lavaron Sangsnit • Director Orientation
In compliance with the CG policy, PTT requires the Board to assessment of individual directors for direct comparison.
• Special in-house briefing on PTT Group’s business operations e.g. AI, Logistics,
conduct a self-assessment to scope its regular review of its
Life Science and Hydrogen
performance. In 2022, PTT worked with PricewaterhouseCoopers The overall results in these four topics indicated
Contents Mr. Phongsthorn Thavisin • Board Nomination and Compensation Program (BNCP 16/2023), ABAS Co., Ltd. (PwC) in reviewing and preparing excellent performance, with an average score of 97.74%.
Thai Institute of Directors Association (IOD) the 2022 PTT Board Performance Assessment Form to
Vision, Mission and PTT Values • Special in-house briefing on PTT Group’s business operations e.g. AI, Logistics,
ensure effective and up-to-date assessment of the Board’s 4. Self-assessment of Specific Committees (Entire
PTT Information Life Science and Hydrogen
performance in line with the corporate governance principles Committees) consisted of four topics: Specific Committee
• In-house briefing on PTT Group Way of Conduct
Financial Highlights of SEC, SET, SEPO, including other related criteria and composition and qualifications, Specific Committee
• In-house briefing on PEs and CVs
guidelines in Thailand and international. The Board Meeting roles and responsibilities, Meeting preparation and
Achievement Highlights Associate Professor • Special in-house briefing on PTT Group’s business operations e.g. EV, AI, Logistics,
No. 9/2023 on September 21, 2023, approved all five 2023 conducting, training, and self-development.
Awards and Recognition Dr. Chayodom Sabhasri Life Science and Hydrogen
self-assessment forms: Assessment of the Board (Entire
• In-house briefing on PTT Group Way of Conduct
Message from the Board of Directors Board), Assessment of Individual Directors (Self-assessment), The results indicated excellent overall performance as
302 • In-house briefing on PEs and CVs 303
Individual Assessment of Other Directors (Cross-assessment), follows:
Economic, Petroleum • IIA International Conference 2023 organized by the Institute of Internal Auditors,
Assessment of Specific Committees (Self-assessment), 4.1 The Nominating Committee indicated excellent
and Petrochemical Review and Outlook July 10 - 12, 2023
• CAE Forum 2023 on “ESG Derisking: A New Challenge for IA” and and Assessment of Chairman’s roles and performance, along performance, with an average score of 96.67%.
Section 1 “Perspectives from Experience and Expectations for CAE” organized by with satisfaction with specific committees and chairman of each 4.2 The Remuneration Committee indicated excellent
Business Operations and Performance The Institute of Internal Auditors of Thailand and The Stock Exchange of Thailand, committee. The five assessment forms stipulated the percentages performance, with an average score of 90.00%.
August 25, 2023 corresponding to the levels of performance achieved in each topic 4.3 The Corporate Governance and Sustainability
with reference scoring criteria: 90 - 100 = excellent, 80 - 89 = Committee indicated excellent performance,
Section 2 • “PTT Group AC Forum 2023: Wind of Changes” on
“2023 Audit Committee Priorities: How Audit Committee Can Plan for Success” and very good, 70 - 79 = good, 60 - 69 = satisfactory, 50 - 59 = pass, with an average score of 96.27%.
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance “Financial Business Threat Management Measures and Emergency Decree on and below 50 = not pass. The self-assessment findings were 4.4 The Enterprise Risk Management Committee
56-1 One Report 2023
56-1 One Report 2023
Measures for the Prevention and Suppression of Technological Crimes, as follows: indicated excellent performance, with an average
6. Corporate Governance B.E. 2566 (2023)”, organized by PTT’s Office of Corporate Audit, August 29, 2023 score of 97.33%.
7. Governance Structure and Key Data • Seminar for Audit Committee on “Manipulating Financial Statements to
1. Assessment of the Board (Entire Board): consisted of
on the Board of Directors, Commit Corruption in the Thai Capital Market” and “Sustainability under
four topics: Board composition and qualifications, Board 5. Chairman’s Roles & Duties and Performance
Recession Economy and Global Warming Reduction Measures”
Specific Committees, Management, roles and responsibilities, Meeting preparation and Assessment, Satisfaction of the Committees, and the
organized by EY Office Ltd., October 26, 2023
Employees and Others conducting, Board training and self-development. Chairman of each. The assessment of the Chairman
Mrs. Phongsaward Neelayodhin • Director Orientation consisted of eight topics, and ten topics on work
8. Corporate Governance Milestones
Mr. Auttapol Rerkpiboon • In attendance at a visit by HRH Princess Maha Chakri Sirindhorn to The overall results indicated excellent performance, with satisfaction assessment indicated excellent performance,
9. Internal Control and Connected
VISTEC’s School of Information Science and Technology, an average score of 93.81%. with an average score of 92.88%.
Transactions PTT’s Intelligent Operation Center (IOC), Wangchan Valley, Rayong province,
November 6 - 8, 2023. 2. Assessment of Individual Directors (Self-assessment): Audit Committee’s Performance Assessment:
Section 3 • Special in-house briefing on PTT Group’s business operations e.g. EV, AI, Logistics, To comply with the best practices of The Stock Exchange
consisted of four topics: Board roles and responsibilities,
Financial Report Life Science and Hydrogen of Thailand (SET), the Audit Committee assesses its
Board meetings, Relationship with the Management, and
Board self-development. audit performance by undertaking a self-assessment at
Attachment The PTT Board also engaged in other corporate activities, such as business visits to PTT and PTT Group companies, least one time annually. Also, the Audit Committee’s
and attended Committee attained PTT Inauguration Day, etc. The overall results indicated excellent performance, with Performance Assessment, problems, and improvement plan
an average score of 96.56%. are presented annually to the Board. In 2023, the Audit
Committee’s Meeting No. 9/2023 on September 7, 2023,
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited approved its assessment forms, namely Assessment of the Committee (entire committee), Assessment of Individual This year, in the briefing to the new directors, the President For each agenda item, the minutes contain written
Directors (self-assessment), and Individual Assessment of Other Directors (cross-assessment). The scoring criteria are & CEO along with senior management presented information comments and observations. The Board-certified minutes
1 = disagree, no action was taken in that regard, or little action was taken in that regard, 2 = agree, or have taken reasonable about PTT, its management structure, strategies and policies are filed for perusal by the directors and related parties.
action on the matter, 3 = quite agree or have taken good action on that matter, 4 = strongly agree, or have excellent action on business operations and performance, and relevant Each meeting normally takes 3 - 4 hours. In addition,
on that matter. The Audit Committee Meeting No. 11/2023 on November 13, 2023, approved the assessment of its 2023 information for their overview of the business operations. the meeting schedule for the whole year has been set in
Contents
performance and reported the results together with the performance improvement plan of 2024 to Board Meeting The above-mentioned documents and handbook for new advance, and directors have been informed of the meeting
No. 12/2023 on December 21, 2023. The results indicated good performance, with an average score of 99.48%. directors were handed over. In 2023, five director orientations schedule at the end of the previous year or the beginning of
Vision, Mission and PTT Values
were organized. the year.
PTT Information PTT also analyzes the assessment topics to develop/ improve performance efficiency and formulates an annual plan
for directorship efficiency enhancement to the Board for approval. In addition to developing the annual performance
Financial Highlights 8.1.2 Meeting Attendance In 2023, PTT held a total of 23 Board meetings, 12 regular
assessment forms for the Board, the Board has since 2017 begun gauging directors’ efficiency and effectiveness by defining meetings, and 11 special meetings. Out of 23 meetings,
Achievement Highlights
KPIs for their performance early in the year for measuring the Board’s performance and determining their remuneration.
and Individual Directors’ 21 were physical meetings and 2 were electronic meetings
Awards and Recognition Compensation (e-Meeting). A special meeting is held annually to determine,
Message from the Board of Directors Director Orientation review, and approve PTT Group’s vision, mission, directions,
304 305
Economic, Petroleum
(1) Board Meetings and strategies (five-year rolling). This year, the Board
For new directors, PTT arranges an orientation program on its business policies, capital structure, shareholding structure, and management took part in reviewing such matters
and Petrochemical Review and Outlook
business performance, and information systems, as well as applicable laws and regulations. In addition, each director receives PTT schedules its board meetings in advance for each month and approved the direction and strategy to scope and
Section 1 a Director’s Handbook, with useful information for performing duties as PTT directors. The Director’s Handbook/ Information of the year. In 2023, the monthly meetings took place on guide the work by business units, subsidiaries, and
Business Operations and Performance for Directors consists of the following: the third Thursday of each month, with occasional special associates in developing enterprise and budgeting plans
meetings on special agendas as seen fit. The Office of for 2024 - 2028. In addition, one non-executive meeting
Director’s Handbook: President sends each director meeting notices, agendas with was held in June 2023 on the topic of PTT’s businesses
Section 2 complete details and rationale, and supplementary documents on various issues and recommendations to management
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance 1. Public Company Act 8. Articles of Association
with enough essential details for decision-making about seven for further business improvement. This is in line with the
56-1 One Report 2023
56-1 One Report 2023
2. Securities and Exchange Act 9. Company Regulations (15 regulations)
days ahead of each meeting to give them time to study these. Principles and Guidelines on Corporate Governance for
6. Corporate Governance 3. Standard Qualifications of State Enterprise Directors 10. PTT Corporate Governance, Ethical Standards
Directors consider the agenda through application software to State-owned Enterprises B.E. 2562 (2019) as well as
7. Governance Structure and Key Data and Employees Act and Code of Business Ethics Handbook
streamline the process of agenda delivery and the paperwork the guidelines given by the State Enterprise Policy Office.
4. Emergency Decree on Electronic Meetings, B.E. 2563 11. Manual for Directors of Listed Companies
on the Board of Directors, involved, thus speeding up directors’ work while efficiently Management process after the meeting included
(2020) 12. Principles and Guidelines on Corporate
Specific Committees, Management, providing them with adequate details for decision-making. disclosing the issues discussed and notifying the results
5. Company Registration Certificate Governance for Stated-Owned Enterprises
Employees and Others of the meeting to the Board or the President and CEO for
6. Company Certificate B.E. 2562 (2019) (SEPO)
8. Corporate Governance Milestones Since 2015, for each meeting, the Board has required acknowledgment.
7. Company Objectives
a regular follow-up agenda on the updates of implementation
9. Internal Control and Connected
of Board observations and comments to ensure the execution Three independent director meetings were held:
Transactions Information Kit for Directors:
of PTT’s strategies. (1) June 2023: “PTT Group Way of Conduct”, (2) October
1. Business overview presentation of PTT 9. Annual Registration Statement/ Annual Report 2023: “PEs and CVs” and (3) December 2023: PTT’s
Section 3
2. List of directors, specific committees, and management (Form 56-1 One Report) Financial Report The Board’s policy is that, for a given agenda item, businesses on various issues and recommendations to
Financial Report
structure 10. Corporate Governance if any director has potential conflicts of interest with PTT, management for further business improvement. At every
3. Director Fiduciary Duty Check List 11. Debenture Magazine (“Happiness”) the secretariat will not deliver such agenda item to that meeting, the Chairman allowed all directors to express their
Attachment
4. CG Principles for Listed Companies (CG Code) 12. Article: “Truth about Privatization” director, who will not attend the meeting and abstain from opinions freely and independently. The Board meetings are
5. Connected Transactions of Listed Companies 13. PTT GROUP WAY OF CONDUCT voting on such an agenda item. In voting, the minimum detailed below.
6. Guidance on Providing Information for Listed Company 14. PTT Technology and Innovation Management quorum of directors is two-thirds of all attending directors.
Management Operating System If the quorum does not comply with this guideline,
7. PTT Plc. Company Profile (short version) 15. PLLI Course Catalog the discretion of the Chairman will be sought, a policy that is
8. Annual Registration Statement/ Annual Report stated in the Corporate Governance Handbook.
(Form 56-1 One Report)
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited Attendance of the Board and Five Specific Committee Meetings for 2023 Board and Specific Committee Meetings in 2023
Corporate
Enterprise Appointment
Special 10/2023
Special 8/2023*
Special 2/2023*
Special 3/2023
Special 11/2023
Special 6/2023
Special 9/2023
Special 4/2023
Special 5/2023
Special 7/2023
Special 1/2023
Governance
Total (times)
Directors Board of Audit Nominating Remuneration Risk during the Year
10/2023
and
12/2023
11/2023
6/2023
8/2023
9/2023
4/2023
5/2023
3/2023
2/2023
7/2023
1/2023
No. Name Directors Committee Committee Committee Management
%
Sustainability
Contents Total 23 Total 20
Committee
Total 11 Total 8 Committee
Total 13
Total 4
Vision, Mission and PTT Values 1 Professor Dr. Thosaporn / / / / / / / / / / / / / / / / / / / / X / / 22 95.65
1. Mr. Chatchai Phromlert 2/2 - - - - 1/1 December 1, 2023
Sirisumphand
PTT Information (Replacing
2 POL. GEN. Rungroj Sangkram / / / / / Retired by rotation at the 2023 AGM 5 100 Mr. Danucha
Financial Highlights
Air Chief Marshal Chanon Appointed with effect / / / / / / / / / / / / / / / / / / 18 100 Pichayanan)
Achievement Highlights Mungthanya from April 12, 2023
2. Mr. Krishna Boonyachai 23/23 20/20 - - - - -
Awards and Recognition 3 Mr. Danucha Pichayanan / / / / / / / / / / / / / / / Resigned with effect from October 9, 2023 15 100
3. Mr. Payong Srivanich 23/23 - 3/3 11/11 - - -
Mr. Chatchai Phromlert Appointed with effect from December 1, 2023 / / 2 100
Message from the Board of Directors
306 4. GEN. Teerawat Boonyawat 23/23 - - - 8/8 - - 307
4 GEN. Teerawat Boonyawat / / / / / / / / / / / / / / / / / / / / / / / 23 100
Economic, Petroleum
5 Mr. Jatuporn Buruspat X / / / / / / / X / / / / / X / / / / / / X / 19 82.61 5. Mr. Jatuporn Buruspat 19/23 - 4/4 - - - -
and Petrochemical Review and Outlook
6 M.L. Chayotid Kridakon / / / / Resigned with effect from March 22, 2023 4 100
6. Dr. Prasert Sinsukprasert 23/23 - - - - 11/11 -
Section 1 Mr. Phongsthorn Thavisin Appointed with effect from / / / / / / / / / / / / / / / / 16 100
Business Operations and Performance May 9, 2023 7. Professor Dr. Thosaporn 22/23 - - - - - -
Sirisumphand
7 Mr. Krishna Boonyachai / / / / / / / / / / / / / / / / / / / / / / / 23 100
Section 2 8 Associate Professor / / / / / / / / / / / / / / / / / / / / / / / 23 100 8. Associate Professor 23/23 5/5 3/3 - - 12/12 -
PTT Public Company Limited
PTT Public Company Limited
Dr. Chayodom Sabhasri Dr. Narongdech Srukhosit
Corporate Governance
56-1 One Report 2023
56-1 One Report 2023
9 Mr. Payong Srivanich / / / / / / / / / / / / / / / / / / / / / / / 23 100 9. Air Chief Marshal Chanon 18/18 16/16 - - - - April 12, 2023
6. Corporate Governance 10 Mr. Phongsthorn Thavisin / / / / / Retired by rotation at the 2023 AGM 5 100 Mungthanya (Replacing
7. Governance Structure and Key Data Mr. Lavaron Sangsnit Appointed with effect from / / / / / / / / / / X / / / / / X X 15 83.33 POL. GEN. Rungroj
on the Board of Directors, April 12, 2023
Sangkram)
Specific Committees, Management, 11 Mr. Krisada Chinavicharana X / / / / / / / / / / X / Resigned with effect from August 31, 2023 11 84.62 10. Mr. Chansin Treenuchagron 23/23 - - 4/4 7/7 1/1 -
Employees and Others Mrs. Phongsaward Appointed with effect from December 1, 2023 X / 1 50.00
11. Mr. Lavaron Sangsnit 15/18 - - 6/6 1/1 - April 12, 2023
8. Corporate Governance Milestones Neelayodhin
(Replacing
9. Internal Control and Connected 12 Associate Professor / / / / / / / / / / / / / / / / / / / / / / / 23 100 Mr. Phongsthorn
Dr. Narongdech Srukhosit Thavisin)
Transactions
13 Mr. Chansin Treenuchagron / / / / / / / / / / / / / / / / / / / / / / / 23 100
12. Mr. Phongsthorn Thavisin 16/16 - - - 1/1 7/7 May 9, 2023
Section 3 14 Dr. Prasert Sinsukprasert / / / / / / / / / / / / / / / / / / / / / / / 23 100 (Replacing
Financial Report 15 Mr. Auttapol Rerkpiboon / / / / / / / / / / / / / / / / / / / X** / / / 22 95.65 M.L. Chayotid
Total Attendance 13 15 15 15 14 14 14 15 14 15 15 14 15 14 13 12 13 13 13 12 12 12 14 Kridakon)
Attachment Total Directors 15 15 15 15 14 14 14 15 15 15 15 15 15 14 14 13 13 13 13 13 13 15 15 13. Associate Professor 23/23 15/15 1/1 - - - -
% 86.67 100 100 100 100 100 100 100 93.33 100 100 93.33 100 100 92.86 92.31 100 100 100 92.31 92.31 80.00 93.33 Dr. Chayodom Sabhasri
Remarks: 14. Mrs. Phongsaward 1/2 - 1/1 - - - December 1, 2023
* e-Meeting totally 2 times. Neelayodhin (Replacing
** Mr. Auttapol Rerkpiboon was absent the meeting due to conflict of interest. Mr. Krisada
Chinavicharana)
15. Mr. Auttapol Rerkpiboon 22/23 - - - - - -
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited Attendance Record of Directors Who Retired/ Resigned in 2023 (Total: 5 directors) Remuneration of Directors
Board and Specific Committee Meetings in 2023 The Directors’ Remuneration was approved at the 2023 Annual General Meeting (AGM) held on Friday, April 12, 2023,
as follows:
Corporate
Contents Board of Audit
Governance
Nominating Remuneration
Enterprise
Risk Appointment
Directors and during the Year 1. Monthly Fee and Meeting Attendance Fee for 2023, of which rates remained
Directors Committee Committee Committee Management
Vision, Mission and PTT Values Total 23 Total 20
Sustainability
Total 11 Total 8 Committee the same.
Committee
Total 13
PTT Information Total 4
1.1 Monthly fee and meeting attendance fee of the Board:
Financial Highlights 1. M.L. Chayotid Kridakon 4/4 - - - - 3/3 Resigned with • Monthly fee of THB 30,000 per month per director with the Chairman receiving twice the amount received by
effect from directors.
Achievement Highlights
March 22, 2023 • Meeting attendance fee of THB 60,000 per meeting for those in attendance only and the Chairman shall
Awards and Recognition
2. POL. GEN. Rungroj Sangkram 6/6 4/4 - - - - Retired by receive 25% higher than the directors. The payment was limited to one meeting per month. Where necessary,
Message from the Board of Directors rotation on the attendance fee may be paid for more than one meeting during a month but must not exceed 15 meetings
308 309
April 12, 2023 per year.
Economic, Petroleum
and Petrochemical Review and Outlook 3. Mr. Phongsthorn Thavisin 5/5 - - 4/4 - - Retired by
1.2 Monthly fee and meeting allowance fee of specific committees shall be at the same rate as follows:
rotation on
Section 1 April 12, 2023 1.2.1 The Audit Committee
Business Operations and Performance • Monthly fee of THB 15,000 per month per director with the Chairman receiving the same rate as
4. Mr. Krisada Chinavicharana 11/13 - - - 4/5 - Resigned, the members.
effective from
Section 2 August 31, 2023
• Meeting attendance fee of THB 45,000 per meeting for those in attendance only. The Chairman
receives 25% more than the members, and the secretary to the meeting receives a monthly fee of
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance 5. Mr. Danucha Pichayanan 15/15 - - 7/7 - - Resigned, THB 7,500 (the same rate as last year).
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56-1 One Report 2023
effective from 1.2.2 The remuneration for other committees, namely the Nominating Committee, the Remuneration
6. Corporate Governance October 9, 2023 Committee, the Corporate Governance and Sustainability Committee, the Enterprise Risk Management
7. Governance Structure and Key Data Committee, and other sub-committees that may be appointed by the Board as necessary and appropriate in
Remarks:
on the Board of Directors, the future, shall be the same rate as last year as follows:
In 2023, a total of 23 Board meetings were held (12 regular and 11 special meetings).
Specific Committees, Management, * Reasons for meeting absence were prior scheduled official engagements or urgent special meeting appointments. Leave of • Monthly fee - None (same as last year)
Employees and Others absence letters were duly forwarded to the Chairman ahead of the meetings. • Meeting attendance fee of THB 30,000 per meeting for those in attendance only. The Chairman receives 25%
8. Corporate Governance Milestones more than the members.
9. Internal Control and Connected (2) Remuneration of Directors
1.3 Other benefits - None (same as last year)
Transactions
PTT fairly and sensibly specifies the remuneration of directors, by appointing the Remuneration Committee to review
directors’ proper compensation. This year, the Remuneration Committee adopted the consideration practices A vehicle was provided to the Chairman to facilitate his duties only.
Section 3
Financial Report for directors and specific committees, taking into account practices of other listed peer companies, leading domestic as
well as international companies, and state enterprise companies, the corporate governance principles, PTT’s financial Directors’ Bonuses in 2023
Attachment performance, responsibilities of the Board, and economic growth. Directors’ remuneration consists of monthly allowance,
meeting allowance, and bonuses. Directors appointed to specific committees receive additional allowances for additional Bonus payouts for directors, at 0.05% of the net profit of 2023, corresponded with PTT’s performance and net profit,
responsibilities. Shareholder-approved directors’ compensation rates are as follows: with a maximum limit of THB 60 million for the entire Board. Bonuses were prorated with each director’s term,
with the Chairman receiving 25% higher than members (same as previously).
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited The Remuneration for Directors in 2023 The Remuneration for Directors Who Completed the Terms and/or Resigned in 2023
Unit: THB Unit: THB
Days of Meeting Meeting Days of Meeting Meeting
Service Allowance Allowance Total Total Service Allowance Allowance Total Total
Contents No. Directors
Jan. - Dec.
Bonus 2023
(Inclusive (Specific Allowance Remuneration
No. Directors
Jan. - Dec.
Bonus 2023
(Inclusive (Specific Allowance Remuneration
2023 of Monthly Committee) 2023 of Monthly Committee)
Vision, Mission and PTT Values
1. Mr. Chatchai Phromlert 31 334,587.25 98,709.68 37,500.00 136,209.68 470,796.93 1. M.L. Chayotid Kridakon 80 805,022.27 330,000.00 112,500.00 442,500.00 1,247,522.27
PTT Information
2. Mr. Krishna Boonyachai 365 3,814,852.28 1,260,000.00 847,500.00 2,107,500.00 5,922,352.28 2. POL. GEN. Rungroj 101.5 1,036,554.44 401,500.00 275,750.00 677,250.00 1,713,804.44
Financial Highlights Sangkram
3. Mr. Payong Srivanich 365 3,814,852.28 1,260,000.00 382,500.00 1,642,500.00 5,457,352.28
Achievement Highlights 3. Mr. Phongsthorn Thavisin 101.5 1,036,554.44 401,500.00 90,000.00 491,500.00 1,528,054.44
4. GEN. Teerawat Boonyawat 365 3,814,852.28 1,260,000.00 330,000.00 1,590,000.00 5,404.852.28
Awards and Recognition 4. Mr. Krisada Chinavicharana 242 2,469,088.05 840,000.00 120,000.00 960,000.00 3,429,088.05
5. Mr. Jatuporn Buruspat 365 3,814,852.28 1,140,000.00 180,000.00 1,320,000.00 5,134,852.28
Message from the Board of Directors 5. Mr. Danucha Pichayanan 281 2,889,076.65 997,741.94 225,000.00 1,222,741.94 4,111,818.59
310 6. Dr. Prasert Sinsukprasert 365 3,913,628.89 1,326,290.32 300,000.00 1,626,290.32 5,539,919.21 311
Economic, Petroleum Total 8,236,295.85 2,970,741.94 823,250.00 3,793,991.94 12,030,287.79
7. Professor Dr. Thosaporn 365 4,647,147.48 1,770,000.00 - 1,770,000.00 6,417,147.48
and Petrochemical Review and Outlook
Sirisumphand Remarks:
No. 1. M.L. Chayotid Kridakon was appointed as a director on December 16, 2020 and resigned with effect from March 22, 2023.
Section 1 8. Associate Professor 365 3,814,852.28 1,260,000.00 480,000.00 1,740,000.00 5,554,852.28
No. 2. POL. GEN. Rungroj Sangkram was appointed as an independent director on July 3, 2020, and completed his term on
Business Operations and Performance Dr. Narongdech Srukhosit
April 12, 2023.
9. Air Chief Marshal Chanon 263.5 2,778,297.83 858,500.00 519,250.00 1,377,750.00 4,156,047.83 No. 3. Mr. Phongsthorn Thavisin was appointed as a director on October 8, 2021, and completed his term on April 12, 2023.
Section 2 Mungthanya
No. 4. Mr. Krisada Chinavicharana was appointed as a director on October 1, 2021, and resigned with effect from August 31, 2023
No. 5. Mr. Danucha Pichayanan was appointed as an independent director on April 12, 2018, and resigned with effect from
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance 10. Mr. Chansin Treenuchagron 365 3,814,852.28 1,260,000.00 330,000.00 1,590,000.00 5,404.852.28 October 9, 2023.
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11. Mr. Lavaron Sangsnit 263.5 2,778,297.83 798,500.00 180,000.00 978,500.00 3,756,797.83
6. Corporate Governance Directors’ Remuneration Profile, 2020 - 2023
7. Governance Structure and Key Data 12. Mr. Phongsthorn Thavisin 237 2,492,920.97 712,258.06 255,000.00 967,258.06 3,460,179.03 Unit: THB
on the Board of Directors, 13. Associate Professor 365 3,814,852.28 1,260,000.00 690,000.00 1,950,000.00 5,764,852.28 2020 2021 2022 2023
Specific Committees, Management, Dr. Chayodom Sabhasri Remuneration
Person Amount Person Amount Person Amount Person Amount
Employees and Others 14. Mrs. Phongsaward Neelayodhin 31 311,946.13 90,000.00 30,000.00 120,000.00 431,946.13
Meeting 15 24,215,338.71 15 24,182,451.62 15 24,350,806.45 15 23,970,000.00
8. Corporate Governance Milestones 15. Mr. Auttapol Rerkpiboon 365 3,814,852.28 1,260,000.00 - 1,260,000.00 5,074,852.28 Attendance
9. Internal Control and Connected
Total 47,775,644.62 15,614,258.06 4,561,750.00 20,176,008.06 67,951,652.68 Bonus 15 18,882,904.18 15 54,181,705.42 15 45,587,428.76 15 56,011,940.47
Transactions
Remarks: Total 43,098,242.89 78,364,157.04 69,938,235.21 79,981,940.47
No. 1. Mr. Chatchai Phromlert was appointed as an independent director on December 1, 2023, and appointed as Chairman of the Board
Section 3 on December 23, 2023. Remark:
Financial Report No. 6. Dr. Prasert Sinsukprasert was appointed as Chairman of the Board from November 16, 2023, to December 22, 2023. The 2022 - 2023 directors’ remuneration shown in the table includes the remuneration of the President and CEO who has already complied
No. 7. Professor Dr. Thosaporn Sirisumphand was appointed as Chairman of the Board from November 18, 2022, to November 15, 2023. with the terms of the employment contract as President and CEO.
Attachment No. 9. Air Chief Marshal Chanon Mungthanya was appointed as an independent director on April 12, 2023.
No. 11. Mr. Lavaron Sangsnit was appointed as an independent director on April 12, 2023.
No. 12. Mr. Phongsthorn Thavisin was appointed as a director on May 9, 2023.
No. 14. Mrs. Phongsaward Neelayodhin was appointed as an independent director on December 1, 2023.
Mr. Auttapol Rerkpiboon has been in full compliance with the terms of his employment contract as President and CEO for the remuneration
that he received as a director from January 1 to December 31, 2023.
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited Remuneration of PTT’s Directors/ Independent Directors from being a Director/ Director Remuneration
an Independent Director of Subsidiaries* in 2023 (The table below presents remuneration
Meeting Committee
paid to directors/ independent directors only for the period they served on PTT.) Total
Directors Allowance Meeting Remarks
Bonus** Remuneration
Unit: THB Allowance
and Monthly
Contents Director Remuneration Allowance
Meeting Committee
Total 4. Mr. Auttapol 4,181,584 1,480,000 - 5,661,584 Director, PTT Exploration
Vision, Mission and PTT Values Directors Allowance Meeting Remarks Rerkpiboon*** and Production Plc.
Bonus** Remuneration
and Monthly Allowance from January 1 to
PTT Information
Allowance December 31, 2023
Financial Highlights
1. Professor - 772,500.00 - 772,500.00 Director/ Chairman of 2,855,695.55 1,770,000.00 - 4,625,695.55 Director/
Achievement Highlights
Dr. Thosaporn the Board, Arun Plus Chairman of the Board,
Awards and Recognition Sirisumphand Co., Ltd. (ARUN PLUS) PTT Oil and Retail Plc.
from January 1 to from January 1 to
Message from the Board of Directors
312 December 31, 2023 December 31, 2023 313
Economic, Petroleum
2. Mr. Danucha - 376,500.00 - 376,500.00 Director, Remarks:
and Petrochemical Review and Outlook
Pichayanan Arun Plus Co., Ltd. * According to the new International Financial Reporting Standards
(ARUN PLUS) ** Directors have received the 2023 annual bonuses (for the 2022 performance) for serving with PTT Global Chemical Plc., and PTT Oil
Section 1
from January 1 to and Retail Business Plc., approved by the 2023 AGM of each company.
Business Operations and Performance October 4, 2023 *** Mr. Auttapol Rerkpiboon has complied with the terms of his employment contract as President and CEO.
3. M.L. Chayotid - 135,000.00 - 135,000.00 Director,
Section 2 Kridakon Arun Plus Co., Ltd. 8.1.3 Governance of Subsidiaries and Associates
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance (ARUN PLUS)
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56-1 One Report 2023
from January 1 to The Corporate Governance and Sustainability Committee oversees, monitors, and assesses the corporate governance and
6. Corporate Governance March 22, 2023 Anti-fraud and Corruption performance of PTT and PTT Group through PTT Group Way of Conduct. The Committee provides
7. Governance Structure and Key Data policies and guidelines to the Governance, Risk and Compliance Management Committee (GRCMC), chaired by the Senior
- 333,870.97 90,000.00 423,870.97 Independent Director/
on the Board of Directors, Executive Vice President, Organization Effectiveness and Corporate Governance. GRCMC is tasked with the supervision of
Member of the Corporate
Specific Committees, Management, Governance and conformance with good governance principles, operational risk management, internal control, and compliance with laws, rules,
Sustainability Committee, and regulations of the organization, including setting an action plan and annual goals, approved by the Corporate Governance
Employees and Others
PTT Global Chemical Plc. and Sustainability Committee and PTT’s Board of Directors.
8. Corporate Governance Milestones
from January 1 to
9. Internal Control and Connected March 21, 2023 PTT’s operations to promote compliance with policies and guidelines on supervision of subsidiaries and associated
Transactions companies to achieve strong governance and uniform standards across PTT Group are as follows:
1. Communicated overview and compliance with policies and practices according to PTT Group Way of Conduct to ensure
Section 3 that PTT Group companies can follow correctly and appropriately with the company’s context, including providing
Financial Report PTT Group Guideline for New Company through the New Company Setup Integration Taskforce meeting and
sub-meetings with PTT policy owners to support and advise the company on its implementation.
Attachment
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited 2. Monitored the implementation to ensure consistency 8.1.4 Corporate Governance (3) Corporate Governance, • Prepared e-Learning courses in the areas of corporate
and thoroughness through the indicators of the top Policy and Compliance Code of Conduct, and governance and Anti-Fraud and Corruption for employees
management of PTT Group companies. This is in to choose, for example (1) CG and Anti-Fraud and
Control Guideline Anti-Fraud and Corruption
line with those of the State Enterprise Assessment Corruption e-Learning to comply with the CG Handbook,
Model (SE-AM) for monitoring the achievement of
Activities covering good practices such as prevention of inside
Contents (1) Inside Information Guideline
PTT Group’s governance. The implementation of information use, prevention of conflict of interest, and
The Corporate Governance and Sustainability Committee
Vision, Mission and PTT Values PTT Group’s management guidelines was reported anti-fraud and corruption, (2) Conflict of Interest, and
(Board level) and the Governance, Risk and Compliance
to the meeting of PTT Group Management Committee PTT provides notifications and campaigns against (3) Basic knowledge on Organic Act on Anti-Corruption,
PTT Information Management Committee (GRCMC) (Management level)
(PTTGMC) and Minor PTT Group Management the use of insider information through PTT’s communication B.E. 2561 (2018). Executives and employees were
provide oversight and monitor PTT’s execution of corporate
Financial Highlights Committee (Minor PTTGMC) to monitor the efficiency and channels, for example, internal PR e-mail to refrain from informed of this for self-study in all work areas. The total
governance, operational risk management, internal control,
effectiveness of operations on an annual basis. purchase/ sale/ transfer of PTT’s securities after 1 day number of PTT employees participating in the training
Achievement Highlights and compliance. GRMC serves as PTT’s Anti-Fraud and
3. Developed PTT Group Way of Conduct Web Portal, during the financial statement closing date to the date of was 91.8%, 90.9% and 90.0%, respectively.
Awards and Recognition Corruption Operation Center for State Enterprises and is
a channel for communicating news, publicizing reporting the financial statement to the Stock Exchange
charged with steering and implementing plans for
Message from the Board of Directors the contact information of those involved, regulations, of Thailand on a quarterly basis; and communicate good In addition, in 2023, training courses on good corporate
314 corporate governance and Anti-fraud and Corruption 315
and important guidelines related to PTT Group practices in the CG Handbook through CG Tips. governance and anti-fraud and corruption were
Economic, Petroleum together with the definition of goals and KPIs approved by
and Petrochemical Review and Outlook management to be completed and up to date. It is held, by inviting external expert speakers to educate
the Corporate Governance and Sustainability Committee
also a channel for submitting operational evidence PTT has instituted a system for reporting trading of PTT employees, e.g. Introduction to Major Anti-Corruption
and the Board. Besides its constant implementation and
and supporting monitoring of the implementation of Group’s securities in advance. If PTT’s personnel need Laws, Conflict of Interest and Insider Trading, Principles
Section 1 development as mentioned under Section 6 Corporate
PTT Group management guidelines between policy to trade such securities, they must inform the Company and Techniques of Fact-finding Investigation and
Business Operations and Performance Governance on the topic of Anti-Fraud and Corruption,
owners, subsidiary management units, and PTT Group Secretary through the system at least two days in advance. Disciplinary Investigation, etc.
this year PTT executed the following promotional activities
In 2023, there was no reported transaction outside
Section 2 companies to be completed and in a timely manner.
4. Site visits to drive PTT Group governance to be silent periods involving those whose jobs involved internal
on Corporate Governance, Code of Conduct, and Anti-fraud
• Fostered an ambiance of awareness through various
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance and Corruption:
efficient and exchange best practices, focusing on information; no major incidents occurred that impacted PTT, internal media, including GRC intranet/ CG Intranet,
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“Multi-Level Governance” through the transfer of and no accusations of using inside information by regulators. GRC Advisory Program for inquiries from employees,
6. Corporate Governance • Revision of PTT’s Anti-Fraud and Corruption Policy
PTT Group Way of Conduct from PTT to PTT Group CG/ GRC reminders through CG Tips and Do-Don’t,
7. Governance Structure and Key Data to cover policies related to hiring government
companies of the next hierarchy. The concept is to study (2) Conflict of Interest officials, and added guidelines in hiring or appointing
GRC PODCAST, GRC Short Video, GRC Lesson Learned
on the Board of Directors, best practices in supervising companies in the Flagship via internal PR e-mail, GRC video clips in elevators
government officials in the CG Handbook to clarify
Specific Committees, Management, Group as well as other perspectives to be used as PTT requires disclosure of information with conflicts of interest and LED video wall on 1 st floor hall of PTT Head
the implementation regarding this, and raise
Employees and Others a guideline to improve and develop PTT Group Way of between self-interest and PTT to prevent activities that could Office for everyone’s information about CG/ GRC,
awareness among employees not to use such channels
8. Corporate Governance Milestones Conduct to be more efficient, including providing advice cause conflicts as well as illegal or improper activities. and knowledge sharing as well as engagement in
in return for any benefit or cause conflict of interest.
on PTT Group management practices. activities of interest. In order to enhance GRC-based
9. Internal Control and Connected
Transactions
5. Conducted PTT Group Way of Conduct Effectiveness Preparation of Reports on Potential • Communicated corporate governance and Anti-Fraud
functioning, PTT also mandates that GRC Talk be included
Survey 2023 to take scores, comments, and suggestions Conflicts of Interest with PTT in the agenda for all functional meetings, such as PTT
and Corruption together with delivering the CG Handbook
into consideration in developing, improving, and preparing Management Committed meetings. GRC Talk serves as
Section 3 to all new employees for study and acknowledgment
an ongoing operational plan on an annual basis. To prevent conflicts of interest, PTT requires all employees to a channel of communication and a tool for raising CG/
Financial Report as their guidelines.
6. Enhanced knowledge and understanding of Governance, annually file reports to disclose possible items where employees GRC awareness.
Risk Management and Internal Control, and Compliance or their relatives develop conflicts of interest with PTT each
Attachment
(GRC), as well as various practices through knowledge- time this is discovered. In 2023, the Board, management,
sharing sessions and development programs for PTT and all employees all filed their reports (100%) through PTT
Group companies as follows: intranet; no material cases were found. The disclosed items
• MD on Board for senior management team of conflicts of interest with PTT confirm acknowledgment that
members that are MDs or CEOs in PTT Group, a breach of ethics and PTT’s code of conduct is regarded
• Secondment Development Program for PTT’s as a disciplinary offense, subject to disciplinary actions
executives and employees serving in affiliates. according to disciplinary procedures and severity. This year,
there was no case of a conflict of interest related to
a disciplinary offense.
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited • In 2023, PTT organized the GRC Forum as a hybrid • Promoted and shared knowledge with external All questions, comments, and recommendations are In this regard, PTT considered disciplinary action against the
event consisting of a seminar to educate and share agencies to upgrade corporate governance standards. forwarded to related units to act or remedy through offenders based on one complaint received by PTT in 2022
experiences in office of General Counsel operations Management team members served as speakers the whistleblowing system, with follow-ups made through and completed the complaint management process in 2023
by senior executives in the Office of General Counsel to share CG experience and concepts on various alerts under the e-mail system under applicable service with termination of employment without compensation.
and business functions on “Beyond GRC for Sustainable occasions. Welcomed public and private entities,
Contents level agreements (SLA). If action is not completed, the next The conclusion of the complaint was already informed to
Growth” as well as a special guest speaker on “The Integrity including educational institutions, on-site visits, where superior is reminded to take action. When the action is the relevant persons and is in the process of legal proceedings.
Seed: Pluk Phak Praw Rak Mae” for PTT employees to the experience was shared, and observation was made taken, the responsible unit informsthe whistleblower and Improvement has been made in the job inspection process
Vision, Mission and PTT Values
apply the knowledge to their operations and jointly on PTT’s corporate governance practices. follows up again by inquiring about service satisfaction by and measures to prevent recurrence. For example, requiring
PTT Information create value as a company with good governance.
a Contact Center officer. Executives monitor all information employees involved in the process to undergo training courses
Financial Highlights Integrity culture was also strengthened to drive • In 2023, PTT assessed corporate governance and monthly to gauge trends and use them as guidelines for regarding procurement requirements and various committee
the sustainability of PTT’s business both domestically anti-fraud and corruption performance to develop related process and goods and service improvement to meet all duties, establishing mechanisms to systematically review the
Achievement Highlights
and internationally. tasks. It was found that 99.74% commanded good stakeholders’ needs. This year, (excluding complaints about progress and success of assigned tasks, etc.
Awards and Recognition understanding, 97.59% were satisfied with good to very
PTT Oil and Retail Business Plc. (OR)), 9,038 cases were
Message from the Board of Directors • Valued corporate governance among PTT Group in good CG communication, and 96.87% were satisfied with
316 filed, most dealing with NGV privilege cards for public buses (5) The Reporting of Securities 317
line with the PTT Group Way of Conduct by appointing CG and anti-fraud and corruption implementation by PTT. and their use, and contacts with PTT’s employees/ offices.
Economic, Petroleum
PTT Group Corporate Governance Committee, whose
Holding Portfolio
and Petrochemical Review and Outlook
goal is to upgrade corporate governance standards (4) Whistleblowing PTT enables the public to file grievances and complaints
In 2023, PTT, by Office of President, issued a reminder
Section 1 for PTT Group to comparable levels and define action when coming across improper or unethical behavior of
on four occasions to directors and management team
Business Operations and Performance plans and relentlessly proactive guidelines for public All stakeholders can use mechanisms to contact and stay directors, executives, or employees towards PTT Board,
on forbidding the trading or transfer of PTT securities
relations through PTT Group CG Day, a campaign informed of information, news, and complaints of products the Audit Committee, President and CEO, Senior Executive
(1) from January 1 to March 1, 2023 (fiscal year
Section 2 to promote and publicize corporate governance by
PTT Group, namely PTT, PTTEP, GC, TOP, IRPC, GPSC and
and services through PTT Intranet and from outside through Vice President, Organization Effectiveness and Corporate
2022) or 1 day after PTT disclosed its 2022 financial
PTT Public Company Limited
PTT Public Company Limited
PTT Website, phone, written notification, and e-mail to Investor Governance. Senior Executive Vice President, Office of
Corporate Governance statements to The Stock Exchange of Thailand (SET);
OR. Guests of honor from external agencies included Relations Department, Office of the President, Corporate General Counsel, Executive Vice President, Corporate
56-1 One Report 2023
56-1 One Report 2023
(2) from April 1 to May 16, 2023 (first quarter budget
representatives of the NACC Office, the Foundation of Communication and Branding Department, Good Governance Human Resources, and Executive Vice President, Office of
6. Corporate Governance of 2023) or 1 day after PTT disclosed the financial
Anti-Corruption Networks, the Office of the Ombudsman, and Corporate Ethics Department, or Customer Relation Corporate Audit. PTT values to all complaints in an equitable,
7. Governance Structure and Key Data statements of the first quarter budget of 2023 to SET;
SEC, along with business partners, the Boards, executives, Center as follows: transparent, attentive, and fair manner, with suitable action
on the Board of Directors, (3) from July 1 to August 16, 2023 (second quarter budget
and employees of PTT Group. In 2023, the event was Phone : 1365 Contact Center, 0-2537-2000 periods and due safeguarding of confidential information
of 2023) or 1 day after PTT disclosed the financial
Specific Committees, Management, organized under the concept of “Good to Great: LINE@ : @contact1365 and whistleblower protection.
statements of the second quarter budget of 2023 to SET;
Employees and Others CG Empowering for the Future” in a hybrid form to Website : www.pttplc.com
(4) from October 1 to November 16, 2023 (third quarter
8. Corporate Governance Milestones demonstrate the enhancement of good corporate E-mail : Customer Relations Center: To this end, Good Governance and Corporate Ethics
budget of 2023) or 1 day after PTT disclosed the financial
governance cooperation, prepare for business [email protected] Department is a center for grievances and whistleblowing,
9. Internal Control and Connected statements of the third quarter budget of 2023 to SET.
transformation towards a sustainable future, and build Corporate Communication and Branding follow-ups of notifications, protection and fairness assurance
Transactions In addition, PTT defined a policy of avoiding securities
confidence among all stakeholders. Department: for whistleblowers concerning corporate corrupt practices,
trading of PTT Group outside these periods. Directors and
Section 3 [email protected] including reports of investigation and punishment to
management strictly complied with this. If necessary to
• Strived to build transparent networks for a robust Thai Office of the President: management and relevant committees, apart from notification
Financial Report trade PTT Group securities, they must inform the Company
society by strongly advocating its business partners’ [email protected] to related parties. In 2023, a total of 15 complaints
Secretary at least two days ahead.
declaration of the intention to join Thai Private Investor Relations Department: were made through whistleblowing channels for fraud and
Attachment
Sector Collective Action Against Corruption (CAC) to [email protected] non-compliance. After due consideration under the process,
lower risks of corrupt practices across the supply chain. GRC Hotline: 13 were found to be without grounds for fraud, and 2 were
In 2023, PTT educated and urged business partners [email protected] under screening processes.
to join CAC at the annual suppliers’ seminar and Whistleblowing:
the annual supplier seminars for NGV and gas [email protected]
distribution pipeline functions.
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited Securities Portfolios of Directors, 2022 - 2023 Number of Shares
Change
Number of Shares No. Name As of As of Remarks
during
Dec. 31, Dec. 31,
Change the Year
As of As of 2022 2023
Contents No. Name
Dec. 31, Dec. 31,
during Remarks (Shares)
the Year
2022 2023 15. Mr. Auttapol Rerkpiboon 225,000 225,000 - Information is shown in Securities Portfolio
(Shares)
Vision, Mission and PTT Values of Executives
1. Mr. Chatchai Phromlert N/A - - Appointed on December 1, 2023
PTT Information Spouse 43,000 43,000 - -
(No PTT share held)
Financial Highlights Children under legal age - - - -
Spouse and children under legal age N/A - - -
Achievement Highlights 2. Mr. Krishna Boonyachai - - - (No PTT share held) Remarks:
1. No PTT share was held by directors’ spouses and children under legal age except those of 7, 8 and 15.
Awards and Recognition Spouse and children under legal age - - - -
2. Mr. Phongsthorn Thavisin completed his term on the 2023 AGM and was appointed as a director with effect from May 9, 2023,
Message from the Board of Directors 3. Mr. Payong Srivanich - - - (No PTT share held) replacing M.L. Chayotid Kridakon who resigned effective March 22, 2023.
318 319
Economic, Petroleum Spouse and children under legal age - - - -
and Petrochemical Review and Outlook Securities Portfolios of Directors Who Completed Their Terms or Resigned in 2023
4. GEN. Teerawat Boonyawat - - - (No PTT share held)
Spouse and children under legal age - - - - Number of Shares
Section 1
Business Operations and Performance 5. Mr. Jatuporn Buruspat - - - (No PTT share held) Change
No. Name As of As of Remarks
Spouse and children under legal age - - - - during
Dec. 31, Dec. 31,
2
the Year
6. Dr. Prasert Sinsukprasert - - - (No PTT share held) 2022 2023
Section (Shares)
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Spouse and children under legal age - - - - 1. M.L. Chayotid Kridakon - N/A N/A Resigned, effective from March 22, 2023
56-1 One Report 2023
56-1 One Report 2023
7. Professor Dr. Thosaporn Sirisumphand - - - - (No PTT share held during his directorship
6. Corporate Governance
Spouse and children under legal age 18,000 18,000 - (No trading transaction of PTT shares in 2023) in 2023)
7. Governance Structure and Key Data
8. Associate Professor Dr. Narongdech - - - - Spouse and children under legal age - N/A N/A -
on the Board of Directors,
Srukhosit 2. POL. GEN. Rungroj Sangkram - N/A N/A Completed his term on April 12, 2023
Specific Committees, Management,
Spouse and children under legal age 1,399 1,399 - (No trading transaction of PTT shares in 2023) (No PTT share held during his directorship
Employees and Others in 2023)
9. Air Chief Marshal Chanon Mungthanya N/A - - Appointed on April 12, 2023
8. Corporate Governance Milestones
(No PTT share held) Spouse and children under legal age - N/A N/A -
9. Internal Control and Connected
Spouse and children under legal age N/A - - - 3. Mr. Phongsthorn Thavisin 10,000 10,000 - Completed his term on April 12, 2023, and
Transactions was appointed as a director with effect
10. Mr. Chansin Treenuchagron - - - (No PTT share held)
from May 9, 2023 (replacing M.L. Chayotid
Section 3 Spouse and children under legal age - - - - Kridakon)
Financial Report 11. Mr. Lavaron Sangsnit N/A - - Appointed on April 12, 2023 Spouse and children under legal age - N/A N/A -
(No PTT share held)
Attachment 4. Mr. Krisada Chinavicharana - N/A N/A Resigned, effective from August 31, 2023
Spouse and children under legal age N/A - - - (No PTT share held during his directorship
12. Mr. Phongsthorn Thavisin 10,000 10,000 - (No trading transaction of PTT shares in 2023) in 2023)
Spouse and children under legal age - - - - Spouse and children under legal age - N/A N/A -
13. Associate Professor - - - (No PTT share held) 5. Mr. Danucha Pichayanan - N/A N/A Resigned, effective from October 9, 2023
Dr. Chayodom Sabhasri (No PTT share held during his directorship
in 2023)
Spouse and children under legal age - - - -
Spouse and children under legal age - N/A N/A -
14. Mrs. Phongsaward Neelayodhin N/A - - Appointed on December 1, 2023
(No PTT share held)
Spouse and children under legal age N/A - - -
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited Securities Portfolio of Executives, 2022 - 2023 Number of Shares
Change
Number of Shares As of As of
No. Name during Remarks
Dec. 31, Dec. 31,
Change the Year
As of As of 2022 2023
Contents No. Name
Dec. 31, Dec. 31,
during Remarks
(Shares)
the Year
2022 2023 13. Mr. Chansak Chuenchom - - - (No PTT share held)
(Shares)
Vision, Mission and PTT Values
1. Mr. Auttapol Rerkpiboon 225,000 225,000 - (No trading transaction of PTT shares in 2023) Spouse and children under legal age - - - -
PTT Information
Spouse 43,000 43,000 - (No trading transaction of PTT shares in 2023) 14. Mr. Montri Rawanchaikul 64,000 - (64,000) (There were trading transaction of
Financial Highlights
PTT shares in 2023)
Children under legal age - - - -
Achievement Highlights
Spouse and children under legal age - - - -
2. Mr. Wuttikorn Stithit 141,210 141,210 - (No trading transaction of PTT shares in 2023)
Awards and Recognition
15. Dr. Kongkrapan Intarajang - - - (No PTT share held)
Spouse 90,960 90,960 - (No trading transaction of PTT shares in 2023)
Message from the Board of Directors
320 Spouse and children under legal age - - - -
321
Economic, Petroleum Children under legal age - - - -
and Petrochemical Review and Outlook 3. Mr. Noppadol Pinsupa 136,000 136,000 - (No trading transaction of PTT shares in 2023) 16. Mr. Bandhit Thamprajamchit N/A - - Newly appointed executive on January 1, 2023
(No PTT share held)
Spouse 298,000 298,000 - (No trading transaction of PTT shares in 2023)
Section 1
Spouse and children under legal age N/A 121,000 - (No trading transaction of PTT shares in 2023)
Business Operations and Performance Children under legal age - - - -
17. Mr. Kris Imsang 100,000 100,000 - (No trading transaction of PTT shares in 2023)
4. Dr. Buranin Rattanasombat 214,190 214,190 - (No trading transaction of PTT shares in 2023)
Section 2 Spouse and children under legal age - - - -
Spouse and children under legal age - - - -
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance 18. Mr. Worawat Pitayasiri - - - (No PTT share held)
5. Miss Pannalin Mahawongtikul 288,120 288,120 - (No trading transaction of PTT shares in 2023)
56-1 One Report 2023
56-1 One Report 2023
6. Corporate Governance 6. Mr. Terdkiat Prommool - - - (No PTT share held) Spouse and children under legal age - - - -
7. Governance Structure and Key Data Spouse and children under legal age - - - - 19. Mr. Suchat Ramarch 160,800 160,800 - (No trading transaction of PTT shares in 2023)
on the Board of Directors, Spouse and children under legal age - - - -
7. Mr. Chadil Chavanalikikorn - - - (No PTT share held)
Specific Committees, Management,
Spouse and children under legal age - - - - 20. Mrs. Nivadee Jaroensitipun - - - (No PTT share held)
Employees and Others
8. Corporate Governance Milestones 8. Miss Peangpanor Boonklum - - - (No PTT share held) Spouse and children under legal age - - - -
9. Internal Control and Connected 9. M.L. Peekthong Thongyai - - - (No PTT share held) 21. Mrs. Wanida Boonpiraks N/A 677,290 Newly appointed executive on
Transactions December 1, 2023
Spouse and children under legal age - - - -
(No trading transaction of PTT shares in 2023)
Section 3 10. Mr. Prasong Intaranongpai 20,750 20,750 - (No trading transaction of PTT shares in 2023)
Spouse and children under legal age N/A 3,000 - (No trading transaction of PTT shares in 2023)
Financial Report Spouse and children under legal age N/A - - -
22. Miss Numpetch Supharatanasit N/A - - Newly appointed executive on
11. Mr. Pongpun Amornvivat N/A 8,000 - Newly appointed executive on January 1, 2023 December 1, 2023
Attachment
(No trading transaction of PTT shares in 2023) (No PTT share held)
Spouse and children under legal age N/A - - - 23. Miss Jaroonsri Wankertphon 26,000 26,000 - (No trading transaction of PTT shares in 2023)
12. Mr. Cherdchai Boonchoochauy - - - (No PTT share held)
Remark:
Spouse and children under legal age - - - - No PTT share was held by executives’ spouses and children under legal age except those of Nos. 1, 2, 3, 16 and 21.
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited Securities Portfolios of Management Transferred/ Resigned/ Retired in 2023 8.2 Reports of Specific Committees’
Number of Shares Performance This Past Year
Change
Contents No. Name As of As of
during Remarks
The Board of Directors values corporate governance and thus appoints five specific committees to consider significant matters:
Dec. 31, Dec. 31,
the Year Audit Committee, Nominating Committee, Remuneration Committee, Corporate Governance and Sustainability Committee,
2022 2023
Vision, Mission and PTT Values (Shares)
and Enterprise Risk Management Committee.
PTT Information 1. Mrs. Chanamas Sasnanand 130,000 N/A N/A Executive Vice President PTT working on
a secondment as Executive Vice President -
Financial Highlights
Finance and Accounting, Thai Oil Plc. 8.3 Report of the Audit Committee for 2023
Achievement Highlights effective from December 1, 2023
Awards and Recognition (No trading transaction of PTT shares in 2023
8.3.1 Report of the Audit Committee
Message from the Board of Directors Spouse and children under legal age - N/A N/A -
322 323
Economic, Petroleum Details can be found on pages 324 - 327.
Remark:
and Petrochemical Review and Outlook PTT issued and offered 60,000,000 warrants to the President, management, PTT employees, and employees of PTT Group companies
seconded to PTT consisting of two batches: 1) PTT-W1 (40,000,000 units), offered in 2005, with the last exercise date on August 31, 2010,
Section 1 and 2) PTT-W2 (20,000,000 units), offered in 2006, with the last exercise date on September 28, 2011. All warrants were exercised, 8.4 Report of the Specific Committees for 2023
Business Operations and Performance and no new ones have been issued.
8.4.1 Report of the Nominating Committee
Section 2 (6) Filing of Assets and Debts to NACC
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Details can be found on pages 328 - 329.
56-1 One Report 2023
56-1 One Report 2023
Details appear in Section 6 Corporate Governance Policy “Section 6.1 Overview of Corporate Governance Policy and
6. Corporate Governance Guidelines”
8.4.2 Report of the Remuneration Committee
7. Governance Structure and Key Data
on the Board of Directors, (7) Declaration of Vested Interests in Meetings Details can be found on pages 330 - 331.
Specific Committees, Management,
Details appear in Section 6 Corporate Governance Policy “Section 6.1 Overview of Corporate Governance Policy and
Employees and Others
Guidelines” 8.4.3 Report of the Corporate Governance and Sustainability
8. Corporate Governance Milestones
Committee
9. Internal Control and Connected
(8) Deliberation and Review of Connected Transactions
Transactions Details can be found on pages 332 - 336.
Details appear in Section 6 Corporate Governance Policy “Section 6.1 Overview of Corporate Governance Policy and
Section 3 Guidelines” 8.4.4 Report of the Enterprise Risk Management Committee
Financial Report
Details can be found on pages 337 - 339.
Attachment
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited
Report of the Audit Committee
Contents
Vision, Mission and PTT Values
PTT Information
Financial Highlights
PTT’s present Audit Committee is made up of three In 2023, the Committee executed its Board-assigned departments, such as reputation risk management,
Achievement Highlights
knowledgeable independent directors, chaired by duties and those under its own charter, which agreed human resource management and corporate culture
Awards and Recognition
Mr. Krishna Boonyachai, with Air Chief Marshal Chanon with SEC’s best practices. It reviewed and advocated formulation, whistleblowing, third party screening etc.,
Message from the Board of Directors Mungthanya, and Associate Professor Dr. Narongdech PTT’s good governance, together with adequate risk as well as enhancing the organization’s operations
324 325
Srukhosit serving as members. Serving as secretary to this management and internal control system. It ensured in accordance with the State Enterprise Assessment
Economic, Petroleum
and Petrochemical Review and Outlook committee is Mr. Chayagorn Leangruenrom, Executive Vice PTT’s emphasis on being a transparent organization with Model (SE-AM) to ensure that PTT has a reliable
President, Office of Corporate Audit. The tenure in 2023 is efficient and effective internal audit activity, while aligning and robust operating process for further sustainable
Section 1 summarized as follows: corporate goals, and enhancing the internal audit quality, business practices.
Business Operations and Performance the journey of Office of Corporate Audit to be a trustworthy
January 1, 2023 to April 12, 2023 partner for sustainable long-term value creation for PTT 4. Focused on the investment supervision process of PTT
Section 2 • POL. GEN. Rungroj Sangkram
Chairman
with due regard for satisfying stakeholders’ expectations.
The Key highlights are as follows:
and its affiliates by meeting with the Enterprise Risk
Management Committee to exchange information and
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance • Mr. Krishna Boonyachai ensure that PTT analyzes, scrutinizes, and reviews
56-1 One Report 2023
56-1 One Report 2023
Member 1. Advocated the enhancement of internal control, good the investment process carefully, concisely, efficiently,
6. Corporate Governance
• Associate Professor Dr. Chayodom Sabhasri governance, and risk management processes, as well as and in line with the changing global business
7. Governance Structure and Key Data Member compliance by emphasizing the management to environment. Emphasized sustainability processes
on the Board of Directors, April 12, 2023 to November 30, 2023 focus on raising employees’ awareness for careful and covering Environmental, Social, and Governance (ESG)
Specific Committees, Management, • Mr. Krishna Boonyachai thoughtful actions, including reviewing internal to ensure that PTT continues to efficiently and effectively
Employees and Others Chairman regulations related to operations appropriately according operate in line with its sustainable development guidelines
8. Corporate Governance Milestones • Associate Professor Dr. Chayodom Sabhasri to organizational context, along with supervising the in the future.
Member implementation of internal control processes to be
9. Internal Control and Connected Mr. Krishna Boonyachai
• Air Chief Marshal Chanon Mungthanya tightened to build stakeholder confidence. 5. Assigned a policy to strengthen PTT Group’s internal
Transactions Chairman of the Audit Committee
Member audit quality to efficiently, effectively, and credibly
December 1, 2023 to Present 2. Encouraged the management to focus on PTT’s accommodate stakeholders’ expectations by focusing
Section 3
• Mr. Krishna Boonyachai operational safety and cybersecurity standards, on efficient and effective audits. Advisory roles
Financial Report
Chairman as well as encouraged collaboration with PTT Group are added to add value to PTT and its affiliates, in
• Air Chief Marshal Chanon Mungthanya companies to build trust and prepare for complex parallel with promoting professional certifications
Attachment
Member cyber threats more efficiently. and developing internal auditors to align with
• Associate Professor Dr. Narongdech Srukhosit the strategic directions of PTT and PTT Group
Member 3. Provided recommendations to the management companies. The internal audit processes have been
regarding PTT’s implementation process to supervise continuously developed by applying more technology
and monitor the operational processes of various in internal audit activities.
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited In 2023, the Committee held 20 meetings, as detailed Summary of Performance 4. Review of Governance Process: 7. Maintaining the Quality of the Audit Committee:
below: The Committee reviewed the process of compliance with The Committee reviewed its own charter and assessed
January 1, 2023 to April 12, 2023: 4 meetings 1. Review of Financial Reports: applicable laws and regulations, business protocols, related its performance as a group and as individuals (self-
• POL. GEN. Rungroj Sangkram The Committee reviewed quarterly and annual financial party transactions, or those with potential conflicts of assessment and cross-assessment) against SET’s best
interest and connected transactions among PTT Group practices to ensure efficient and fruitful performance.
Contents Attended 4 meetings reports together with consolidated financial reports with
• Mr. Krishna Boonyachai the Management, the Office of Corporate Audit, and the to ensure sensible conformance to normal business terms. Overall assessment result was “good”, and action plans
Attended 4 meetings External Auditor. It asked the External Auditor about The Committee also reviewed the complaint handling and for performance improvement were set. The Committee
Vision, Mission and PTT Values
• Associate Professor Dr. Chayodom Sabhasri the accuracy and completeness of financial reports, whistleblowing process. reported its performance outcomes to the Board every
PTT Information quarter.
Attended 4 meetings adjustment of material account entries and accounting
Financial Highlights April 12, 2023 to November 30, 2023: 11 meetings projections affecting such reports, adequacy, and 5. Review of the Implementation According to
• Mr. Krishna Boonyachai suitability of account recording, audit scope, information the State Enterprise Assessment Model (SE-AM) 8. Appointment of the External Auditor for 2024:
Achievement Highlights
Attended 11 meetings disclosure that was accurate, complete, and adequate, of the State Enterprise Policy Office, The Committee considered and endorsed the auditor from
Awards and Recognition Ministry of Finance: EY Office Company Limited to be the External Auditor
• Associate Professor Dr. Chayodom Sabhasri as well as its own freedom. All these elements ensured
Message from the Board of Directors Attended 11 meetings that the preparation of financial reports abided by legal The Committee reviewed PTT’s operating process according of PTT for 2024 for the Board’s concurrence and the
326 327
• Air Chief Marshal Chanon Mungthanya requirements as well as accounting standards under to the SE-AM together with the Office of Corporate Audit and shareholders’ approval at the 2024 AGM, together with
Economic, Petroleum
and Petrochemical Review and Outlook Attended 11 meetings generally accepted accounting principles that were related parties per year, covering eight Core Business Enablers its audit fees. The Committee also met exclusively with
December 1, 2023 to 31, 2023: 5 meetings credible and timely, and that adequate information was i.e. Corporate Governance & Leadership, Strategic Planning, the External Auditor on one occasion in the absence of
Section 1 • Mr. Krishna Boonyachai disclosed for users’ benefit. Risk Management and Internal Control, Stakeholder and PTT management to discuss the audit scope, guidelines,
Business Operations and Performance Attended 5 meetings Customer Management, Digital Technology, Human Capital and plans together with its performance freedom and
• Air Chief Marshal Chanon Mungthanya 2. Review of Risk Management Process: Management, Knowledge Management and Innovation comments with a focus on accurate, complete, and
Management and Internal Audit by monitoring the adequate presentation of data.
Section 2 •
Attended 5 meetings
Associate Professor Dr. Narongdech Srukhosit
In conjunction with the Management, the Committee
regularly reviewed the efficiency and effectiveness of implementation of relevant observations/ recommendations
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance to ensure that PTT’s operating process complied with the In summary, the Audit Committee executed its charter
Attended 5 meetings the risk management process as well as the policy,
56-1 One Report 2023
56-1 One Report 2023
action plans, and risk management approach that affect SE-AM, with continuous improvement. duties and responsibilities with due competence, care,
6. Corporate Governance
PTT Group’s operations. It also provided advice for prudence, and adequate independence while providing
7. Governance Structure and Key Data 6. Monitoring of Internal Audit Activity: comments and advice for the equitable benefit of all
process improvement and prompt actions for unforeseen
on the Board of Directors, events. The Audit Committee reviewed the Office of Corporate stakeholders. Its view is that PTT’s financial statements
Specific Committees, Management, Audit’s strategic plan, annual plan and long-term audit are accurate, credible, and align with generally accepted
Employees and Others 3. Review of Internal Control Process: plans, including audit results and performance according accounting standards. In addition, PTT practiced compliance
8. Corporate Governance Milestones The Committee reviewed PTT’s internal control with to the plans. To this end, it recommended and monitored with applicable laws and business obligations, together
the Office of Corporate Audit every quarter by examining its corrective actions for significant aspects of good with good governance, adequate risk management and
9. Internal Control and Connected
operation, resource consumption, stewardship of properties, governance and adequate internal control. It considered internal control, conformance to rules along with efficient
Transactions
prevention or reduction of errors or damage, losses, waste, or amending the internal audit charter. Also reviewed were and effective internal audit activity.
potential of fraud, the credibility of financial reports, including the KPIs, the Office’s budget and resource adequacy,
Section 3
compliance with laws, regulations, and Cabinet resolutions. personnel, independence of the Office, and the annual
Financial Report
No significant problems or material shortcomings were merit consideration for the Executive Vice President
detected. This year’s assessment outcomes of internal control heading the Office for further presentation to the Board.
Attachment
against SET’s best practices and the Ministry of Finance’s The Committee also supervised the continuing quality
Internal Control Standards for Government Agencies, assurance and improvement program of the Office of
B.E. 2561 (2018), according to PTT management, were that Corporate Audit.
PTT had indeed designed adequate and appropriate control
mechanisms.
. Payong Srivanich Mr. Krishna Boonyachai
airman of the Nominating Committee Chairman of the Audit Committee
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited April 13, 2023 to September 12, 2023 • Nominated directors for specific committees, based on
Report of • Mr. Danucha Pichayanan
Chairman
their compositions, qualifications, knowledge, expertise,
competencies, related skills, and suitability (Skill Matrix)
the Nominating Attended 2 meetings for the Board’s appointment, except for the Nominating
• Mr. Payong Srivanich Committee itself, which is to be appointed by the Board
Contents
Committee Member directly. The suitability of specific committees must be
Attended 2 meetings considered in line with the Company’s vision, strategy,
Vision, Mission and PTT Values
• Mr. Lavaron Sangsnit and sustainability goals.
PTT Information Member • Reviewed the Board Skill Matrix as well as the matrix for
Financial Highlights Attended 2 meetings the five specific committees and added skills, knowledge,
The Nominating Committee consists of three directors,
September 13, 2023 to December 31, 2023 and expertise in logistics and infrastructure under the
Achievement Highlights chaired by Mr. Payong Srivanich, independent director,
• Mr. Payong Srivanich category of engineering expertise, added skills and
Awards and Recognition with Mr. Chansin Treenuchagron, independent director, and
Chairman expertise in stakeholder management and geopolitics
Mr. Lavaron Sangsnit, director, as members. The Company
Message from the Board of Directors Attended 4 meetings for the Board to align with PTT’s vision and strategies.
328 Secretary or the Executive Vice President, Company Secretary 329
• Mr. Lavaron Sangsnit Legal knowledge and comprehension were added for the
Economic, Petroleum and Corporate Relation serves as its secretary.
and Petrochemical Review and Outlook Member Audit Committee, and knowledge in accounting, finance,
Attended 4 meetings economics, marketing, and international business for the
In 2023, the Committee executed Board-assigned duties
Section 1 • Mr. Chansin Treenuchagron Enterprise Risk Management Committee. In addition,
with due prudence, transparency, and fairness and improved
Business Operations and Performance Member the goal of nominating at least two female directors
its approach to align with up-to-date business strategies
Attended 4 meetings was considered for diversified Board structure and
with due regard for shareholders’ and stakeholders’
composition, as well as setting KPIs for Board performance
Section 2 best interests. This year, the Committee held 11 meetings
The Nominating Committee considered the following important assessment (in addition to the Board assessment) and
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance as shown below:
matters: tabling the reviews for the Board’s comments.
56-1 One Report 2023
56-1 One Report 2023
• Nominated directors to replace those who were due to retire • Considered and screened the appointment, transfer, and
6. Corporate Governance January 1, 2023 to March 24, 2023
by rotation, based on diverse information, from various promotion of Executive Vice President levels and above,
7. Governance Structure and Key Data • Mr. Danucha Pichayanan
professions with suitable qualifications under applicable and provided guidelines for the appointment, transfer, or
Chairman
on the Board of Directors, laws and regulations, PTT’s Articles of Association, and promotion of the management level for appropriateness,
Attended 4 meetings
Specific Committees, Management, the corporate governance code. Nominated candidates including considering succession plan and up-to-date
• Mr. Payong Srivanich
Employees and Others must be duly competent, skillful, and qualified for PTT’s succession pool of senior executives in line with PTT’s
Member
8. Corporate Governance Milestones business strategies, based on an analysis of the PTT strategy for its continuous growth.
Attended 4 meetings
Board Skill Matrix and the Director Pool of the Ministry of • Discussed the supervision/ the driving of the Board’s
9. Internal Control and Connected Mr. Payong Srivanich • Mr. Phongsthorn Thavisin
Finance and Thai Institute of Directors Association (IOD). performance guidelines for sustainable development.
Transactions Chairman of the Nominating Committee Member
Their track records as well as past to present roles must • In addition, in 2023, the Board gave minor shareholders
Attended 4 meetings
ensure stakeholders’ confidence. Their background must the opportunity to nominate directors, but no such
Section 3 March 25, 2023 to April 12, 2023
also be unblemished and without conflicts of interest with nomination was put forward for the 2023 AGM.
Financial Report • Mr. Danucha Pichayanan
PTT. The names of qualified candidates were tabled for For transparency, other details appear in this form
Chairman
the Board’s concurrence for appointment by the Annual 56-1 One Report.
Attachment Attended 1 meeting
General Meeting (AGM) according to the relevant laws
• Mr. Payong Srivanich
and regulations.
Member
• Nominated directors to replace those resigning during
Attended 1 meeting
the year. To this end, the Committee carefully tabled
qualified individuals with knowledge, abilities, and
appropriate qualifications according to the above criteria
to the Board for the appointment.
Mr. Payong Srivanich
Chairman of the Nominating Committee
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited
Report of
Contents
the Remuneration Committee
Vision, Mission and PTT Values
PTT Information
Financial Highlights
In 2023, the Board of Directors appointed the Remuneration August 16, 2023 to November 30, 2023 self-assessment. Key recommendations and indicators
Achievement Highlights Committee, which consists mainly of independent directors. • GEN. Teerawat Boonyawat were provided based on the State Enterprise Assessment
Awards and Recognition The Committee is chaired by General Teerawat Boonyawat, Chairman Model (SE-AM) according to the same guidelines used
independent director, with Mr. Lavaron Sangsnit, director, Attended 2 meetings for Board assessment to evaluate the President & CEO.
Message from the Board of Directors
330 (appointed on December 1, 2023), and Mr. Phongsthorn • Mr. Chansin Treenuchagron • Considered and made recommendations on organizational 331
Economic, Petroleum Thavisin, independent director, (appointed on December 1, Member restructuring to be in line with corporate direction and
and Petrochemical Review and Outlook 2023), as members. The Remuneration Committee members Attended 2 meetings strategy according to the new vision “Powering Life with
who served during the year were Mr. Krisada Chinavicharana, December 1, 2023 to December 31, 2023 Future Energy and Beyond”, taking into account the
Section 1 director, (was a member of the Remuneration Committee • GEN. Teerawat Boonyawat revenue-generating functions and redundancy of work.
Business Operations and Performance from October 1, 2021 to August 31, 2023), and Mr. Chansin Chairman • Acknowledged and commented on the assessment of
Treenuchagron, independent director, (was a member of the Attended 1 meeting senior executive vice presidents.
Section 2 Remuneration Committee from May 14, 2022 to November 30, • Mr. Lavaron Sangsnit • Considered and provided suggestions on salary
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance 2023). The Company Secretary or the Executive Vice President, Member restructuring to be comparable to leading state enterprises
56-1 One Report 2023
56-1 One Report 2023
Company Secretary and Corporate Relation serves as its Attended 1 meeting and private companies, that reflects the current situation
6. Corporate Governance secretary. • Mr. Phongsthorn Thavisin to attract potential people to join PTT and at the same
7. Governance Structure and Key Data Member time retain current employees.
The Committee performed its duties with prudence and care Attended 1 meeting • Reviewed and made observations on the implementation
on the Board of Directors,
by screening and commenting on key issues for the Board’s of the Variable Bonus system at the employee and
Specific Committees, Management,
consideration. In 2023, the Committee held 8 meetings The summary of performance is highlighted as follows: management levels as an assisting tool to drive work
Employees and Others
as shown below: efficiently for the organization’s optimum benefit.
8. Corporate Governance Milestones • Considered the 2023 remuneration for the Board and its
9. Internal Control and Connected General Teerawat Boonyawat January 1, 2023 to August 15, 2023 specific committees, based on PTT’s performance and For transparency, the Remuneration Committee has
Transactions Chairman of • GEN. Teerawat Boonyawat business size, practices of listed companies of the same disclosed the remuneration of all directors and specific
the Remuneration Committee Chairman industry and leading ones worldwide, along with Board committees together with management remuneration in this
Section 3 Attended 5 meetings responsibilities and the outcomes of Board assessment form 56-1 One Report.
Financial Report • Mr. Krisada Chinavicharana under various topics defined in the annual assessment
Member forms. The remuneration was tabled for the Board’s
Attachment Attended 4 meetings concurrence and subsequent proposal for approval
• Mr. Chansin Treenuchagron at the 2023 AGM.
Member • Considered the assessment guidelines for determining
Attended 5 meetings remuneration for the President & CEO by taking
into account factors and weights in various aspects
such as performance which is linked to PTT’s performance
agreement with the Ministry in charge, the Ministry
General Teerawat Boonyawat
of Finance, his performance against the corporate Chairman of
vision, as well as his managerial ability, leadership, and the Remuneration Committee
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited
Report of the Corporate Governance
Contents
and Sustainability Committee
Vision, Mission and PTT Values
PTT Information
Financial Highlights
The Corporate Governance and Sustainability Committee January 1, 2023 to November 30, 2023 units taking charge of information distribution were Investor
Achievement Highlights is dedicated to transforming PTT into an organization • Mr. Jatuporn Buruspat Relations Department and Corporate Communication and
Awards and Recognition that is transparent and auditable in the business world, Chairman Branding Department.
managed with ethics and integrity, and zero tolerance Attended 3 meetings • Disclosed 3-dimension sustainability performance
Message from the Board of Directors
332 for all fraud and corruption in order to foster fairness • Associate Professor Dr. Narongdech Srukhosit information i.e. Environmental, Social and Governance 333
Economic, Petroleum and confidence among all stakeholders. It does this by Member (ESG) through 56-1 One Report under the topic of Driving
and Petrochemical Review and Outlook upholding the principles of corporate social responsibility Attended 3 meetings Business towards Sustainability, Risk Management,
(CSR), anti-fraud and corruption, governance, risk and • Mr. Payong Srivanich Management’s Discussion and Analysis, and Corporate
Section 1 compliance (GRC), and sustainability management (SM). Member Governance. The information was made public on PTT
Business Operations and Performance PTT Group Way of Conduct drives these important rules Attended 3 meetings Website under the topic of Sustainability, by applying
for PTT Group companies, ensuring sustainable growth Remark: Mr. Payong Srivanich was appointed Corporate Governance the Global Reporting Initiative (GRI) Sustainability
Section 2 across the value chain. and Sustainability Committee from April 8, 2022 to October 18, 2023. Reporting Standard, GRI 11: Oil and Gas Sector 2021,
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance International Financial Reporting Standards (IFRS)
December 1, 2023 to 31, 2023
56-1 One Report 2023
56-1 One Report 2023
The current Corporate Governance and Sustainability Sustainability Disclosure Standards (S1 and S2) of
6. Corporate Governance Committee is made up of three independent directors, • Mr. Jatuporn Buruspat International Sustainability Standards Board (ISSB) -
namely Mr. Jatuporn Buruspat (Chairman), Associate Chairman IFRS S1 is linked with Integrated Reporting (IR) of
7. Governance Structure and Key Data
Professor Dr. Chayodom Sabhasri (member), and Attended 1 meeting The International Integrated Reporting Council (IIRC)
on the Board of Directors,
Mrs. Phongsaward Neelayodhin (member). Senior • Associate Professor Dr. Chayodom Sabhasri and Sustainability Accounting Standards Board (SASB)
Specific Committees, Management,
Executive Vice President, Organization Effectiveness Member while IFRS S2 is linked with Recommendations of
Employees and Others Attended 1 meeting
and Corporate Governance is serving as secretary. the Task Force on Climate-related Financial Disclosures
8. Corporate Governance Milestones In 2023, the Committee held 4 meetings, of which details • Mrs. Phongsaward Neelayodhin (TCFD) to report the performance and financial impact
9. Internal Control and Connected Mr. Jatuporn Buruspat are as follows: Member from climate change of business, the United Nations
Transactions Chairman of the Corporate Governance Attended 1 meeting Global Compact (UNGC), and the Measuring Stakeholder
and Sustainability Committee Capitalism: Towards Common Metrics and Consistent
Section 3 In 2023, the Corporate Governance and Sustainability Reporting of Sustainable Value Creation of the World
Financial Report Committee supervised, monitored, and evaluated the Economic Forum (WEF). PTT’s unwavering support
performance of the Company’s operations, as highlighted for the UN Sustainable Development Goals (SDGs)
Attachment below: was confirmed. In addition, information disclosure
was reviewed by independent external agencies on
Information Disclosure and Transparency a yearly basis for entrusted confidence for the 13 th
• Prepared 56-1 One Report and disclosed PTT’s consecutive year. PTT encouraged and supported
quarterly performance and material information PTT Group companies to disclose their information
to shareholders, investors, and the public, complete in compliance with SEC’s and SET’s directions that
with material, adequate, credible, and timely details aspire listed companies to disclose their sustainability
through assorted channels, including SET’s publicity performance on a par with international practices.
channels and PTT Website (www.pttplc.com). The core
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited Rights of Shareholders and Equitable Treatment they must notify the Company Secretary ahead of time, • Considered and approved the application for • Environmental: Sustainable Production and
of Shareholders including providing a briefing on Insider Trading case the membership recertification of the Thai Private Consumption
• Held the 2023 AGM in the electronic format (e-AGM) and studies to the Board by a consulting firm. Sector Anti-Corruption Coalition (CAC), as well as • Social: People’s Well-being
provided in advance adequate and timely information, advocated and urged PTT’s business partners to • Governance: Corporate Governance and
as well as all information relevant to matters needing Strengthening the Effective Board of Directors declare their intention to join the CAC. Performance Excellence
Contents
decisions at the AGM. Informed the shareholders about • Assessed Board performance using 5 types of forms: • Organized internal control assessments of operational
meeting rules and meeting participation methods via (1) overall, self-assessment, (2) cross-assessment, processes of PTT and PTT Group by assessing risks, Enablers for success are
Vision, Mission and PTT Values
electronic media. Such information was publicized on (3) specific committee assessment, (4) specific efficiency, and effectiveness of the control activities, • Innovation and Technology Promotion
PTT Information PTT Website before sending out meeting notices to give committee assessment, (5) Chairman’s duty and including developing control activities to lower • Stakeholder Management.
Financial Highlights shareholders adequate time to study details. Facilitated performance assessment, satisfaction with the the risks to an acceptable level. • Considered and approved the 2023 sustainability
their full exercising of meeting and voting rights. All rules, performance of specific committees and chairman • Continuously supported and pushed PTT’s legal management plan and related action plans to support
Achievement Highlights
including vote counting in each agenda item according of each specific committee. The 2023 results were and regulatory compliance processes and managed the Master Plan on Sustainability Management,
Awards and Recognition to PTT’s Articles of Association, including the exercise “outstanding.” the non-compliance practices to prevent and reduce Social Responsibility, and Environment 2021 - 2025. This
Message from the Board of Directors of voting rights via electronic system (e-Voting) in each • Encouraged directors to attend training courses the likelihood of repeated non-compliance in the future. encompasses an action plan that aligns with 3P Strategy
334 335
agenda were clarified. PTT thus achieved an “outstanding” to develop directorship competencies, such as courses In 2023, no incidents of non-compliance with (Pursuit of Lower Emissions, Portfolio Transformation,
Economic, Petroleum
and Petrochemical Review and Outlook score on the AGM Checklist assessment. hosted by the Thai Institute of Directors Association substantial impacts on the organization were found. and Partnership with Nature and Society) to drive the Clean
• Allowed shareholders to propose additional agenda (IOD) and other relevant institutes, as well as holding • Supervised and supported PTT’s operations in Growth targets by 2030 toward Carbon Neutrality by
Section 1 items and nominate directors for election in advance in-house courses and sessions by inviting experts accordance with the Personal Data Protection Act 2040 and Net Zero Emissions by 2050 with systematic
Business Operations and Performance from September 1 to December 1, 2023, under the to provide information related to the Board’s work. B.E. 2562 (2019) through the Data Protection Officer monitoring and continuous recommendations.
criteria prescribed by PTT. • Studied business management practices in PTT Group, (DPO) structure. • Considered and approved the reviews of PTT’s
• Required all directors and executives to disclose vested including participating in activities related to energy • Supported the third-party screening program to sustainability management policy, Sustainability
Section 2 interests of themselves and related parties for 2023 and related businesses. establish standards for auditing the qualifications Management, Social Responsibility, and Environment
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance so that the Board might review PTT’s transactions with • Held three meetings among the independent directors. of those who enter into transactions with PTT to be Master Plan 2021 - 2025, Sustainability Management
56-1 One Report 2023
56-1 One Report 2023
potential conflicts of interest and decide in PTT’s best • Held one non-executive meeting. rigorous and appropriate with efficient risk management Practice Manual 2023, and Sustainability Management
6. Corporate Governance
interests. Required directors with potential vested interests and internal control system. Plan 2024.
7. Governance Structure and Key Data in any meeting agenda items to abstain, refrain from Corporate Governance, Operational Risk Management • Provided policies and recommendations to management
on the Board of Directors, commenting, and skip such agenda items. and Internal Control, Compliance (GRC), and Anti-Fraud to drive the implementation according to PTT Group Corporate Social Responsibility and Sustainable
Specific Committees, Management, • Required all directors, executives, and employees to and Corruption Way of Conduct, which is a collection of guidelines, Development
Employees and Others report their conflicts of interest for 2023, which was • Endorsed Revision 5 of PTT’s Corporate Governance, practices, and work processes in various dimensions • Supported PTT’s social contribution activities aiming
8. Corporate Governance Milestones fully implemented, and no significant conflicts were Ethical Standards and Code of Business Ethics for alignment and harmony within PTT Group, including for sustainable community development by applying
found. Handbook, including the short-term (Annual Action Plan) supporting the development of Guidelines for New PTT Group’s potential and expertise along with building
9. Internal Control and Connected
• Required all directors and executives to report their and long-term GRC and anti-fraud and corruption action Company for newly set up companies with different community engagement as a positive contribution
Transactions
securities portfolios as required by law and assigned plans, as well as setting goals for further cascading business models. to enhance livelihood to increase income and
the Company Secretary to compile and report these for implementation, followed by continuous monitoring reducing expenses by more than 10%, as well as
Section 3
to the Board every quarter. and recommendations to bring PTT’s CG standards up Sustainability Management creating important skills for community self-reliance
Financial Report
• Ensured enforcement of the Insider Trading Guidelines to international par. • Determined strategic directions for sustainability to achieve sustainability, promoting youth access
by asking the directors, management, and personnel • Considered and approved the improvement of management in 3 dimensions: Environmental, Social, to quality education to be an important force in
Attachment
with the privilege to inside information to refrain from the Compliance Policy to keep it up to date and Governance, with 2 enablers in the sustainability driving the country, including raising awareness
PTT’s and PTT Group companies’ securities trading before accommodating PTT’s new business operations management master plan to demonstrate the social of environmental conservation for society. Key
and after the disclosure of the financial statements as and complying with relevant laws, regulations, and and environmental responsibility of PTT in 2021 - 2025 social projects implemented are as follows:
required. If such trading is necessary, for transparency international standards. (2nd Revision):
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited 1. PTT Group’s Innovation for Community Project
enhances the economic potential of communities,
Awards of Pride
Thanks to our firm commitment to operating businesses Report of the Enterprise
develops agricultural areas, upgrades community
products, and further develops community-based
with CG, social responsibility, and sustainability management
for continuous standard enhancement in 2023, PTT earned
Risk Management
Contents tourism.
2. PTT Group School Model supports quality basic
extensive acclaim from domestic and international entities,
as highlighted below:
Committee
Vision, Mission and PTT Values education for network schools through the STEEM+4E • Passed S&P Global Sustainability Performance Assessment
program, focusing on science and technology. and was selected as a member of DJSI for the 12 th
PTT Information
3. Enhancing the social outcomes of social enterprise consecutive year in the World Index group, Emerging
Financial Highlights projects through Sarn Palung Social Enterprise Market Index group, including the leader in the Oil The Enterprise Risk Management Committee of PTT
Achievement Highlights Co., Ltd. & Gas Upstream & Integrated (OGX). consists of 3 members: Mr. Chatchai Phromlert, Chairman,
4. Promoting environmental networks through • Excellent ranking from the Corporate Governance
Awards and Recognition Mr. Chansin Treenuchagron, and Associate Professor
the Green Globe Institute by raising the standard Report of Thai Listed Companies 2023 for the 15 th Dr. Chayodom Sabhasri, Members, with Mr. Terdkiat Prommool,
Message from the Board of Directors of the Green Globe Awards and increasing consecutive year.
336 Senior Executive Vice President, Corporate Strategy and 337
Economic, Petroleum the criteria for urban communities to preserve and • Integrity & Transparency Assessment (ITA) at the A Sustainability, serving as secretary to the Committee.
and Petrochemical Review and Outlook promote quality of life for communities around level from the NACC according to the 2023 criteria. The tenure is as follows:
the country. • 11 th NACC Integrity Awards at Honorable Mention
Section 1 5. Vetiver Development and Campaign Project due from the NACC Office January 1, 2023 to January 24, 2023
Business Operations and Performance to Royal Initiatives to preserve soil and water by • 2 SET Awards 2023 for 3 consecutive years: Sustainability • M.L. Chayotid Kridakon
promoting planting, training on vetiver cultivation and Awards of Honor and Innovative Company Awards of Chairman
Section 2 vetiver leaf handicraft, as well as vetiver leaf planting Honor. • Associate Professor Dr. Narongdech Srukhosit
PTT Public Company Limited
PTT Public Company Limited
and handicraft contest. • Outstanding Climate Action Leading Organization Member
Corporate Governance
(CALO) Award with the Gold level of assessment
56-1 One Report 2023
56-1 One Report 2023
January 25, 2023 to March 22, 2023
on measuring and reducing greenhouse gas from • M.L. Chayotid Kridakon
6. Corporate Governance
Thailand Greenhouse Gas Management Organization Chairman
7. Governance Structure and Key Data
(Public Organization). • Associate Professor Dr. Narongdech Srukhosit
on the Board of Directors,
Member
Specific Committees, Management,
• Dr. Prasert Sinsukprasert
Employees and Others
Member
8. Corporate Governance Milestones March 23, 2023 to May 17, 2023
9. Internal Control and Connected Mr. Chatchai Phromlert • Associate Professor Dr. Narongdech Srukhosit
Transactions Chairman of the Enterprise Member
Risk Management Committee • Dr. Prasert Sinsukprasert
Section 3 Member
Financial Report May 18, 2023 to November 16, 2023
• Mr. Phongsthorn Thavisin
Attachment Chairman
• Associate Professor Dr. Narongdech Srukhosit
Member
• Dr. Prasert Sinsukprasert
Member
November 17, 2023 to November 30, 2023
• Mr. Phongsthorn Thavisin
Chairman
Mr. Jatuporn Buruspat
Chairman of the Corporate Governance • Associate Professor Dr. Narongdech Srukhosit
and Sustainability Committee Member
Section 2 Corporate Governance 8. Corporate Governance Milestones Section 2 Corporate Governance 8. Corporate Governance Milestones
56-1 One Report 2023
PTT Public Company Limited December 1, 2023 to December 14, 2023 March 23, 2023 to May 17, 2023: 2 meetings This included the drive for implementation by all decisions to make the investment worth the opportunity
• Mr. Chatchai Phromlert • Associate Professor Dr. Narongdech Srukhosit functions and monitoring of operations and outcomes of cost and suitable for the business context, as well as
Chairman Attended 2 meetings management assessment. ERMC also provided comments carefully commented on current and new businesses
• Mr. Chansin Treenuchagron • Dr. Prasert Sinsukprasert and advice for goal achievement. PTT wants to grow in the future in line with its strategic
Member Attended 2 meetings business direction before submitting for Board’s approval.
Contents
December 15, 2023 to December 22, 2023 May 18, 2023 to November 16, 2023: 7 meetings 3. S u p e r v i s e d t h e M a n a g e m e n t o f C o r p o r a t e
• Mr. Chatchai Phromlert • Mr. Phongsthorn Thavisin Innovations: To ensure a complete innovation 6. Closely Monitored Corporate Risk Management
Vision, Mission and PTT Values
Chairman Attended 7 meetings management process with efficient and systematic every Quarter in 2023: ERMC advocated leading
PTT Information • Mr. Chansin Treenuchagron • Associate Professor Dr. Narongdech Srukhosit innovation and technology management for increased and lagging Key Risk Indicators (KRIs) and counseled
Financial Highlights Member Attended 7 meetings innovation effectiveness that meets PTT’s strategic management on the improvement of its management
• Associate Professor Dr. Chayodom Sabhasri • Dr. Prasert Sinsukprasert objectives and core goals, as well as resource practices by revising risk management plans in line
Achievement Highlights
Member Attended 7 meetings optimization, thereby contributing to sustainable with prevailing business strategies and contexts.
Awards and Recognition December 23, 2023 to December 31, 2023 November 17, 2023 to December 14, 2023: 1 meeting growth, the following matters were endorsed by Finally, ERMC reported its performance results to
Message from the Board of Directors • Mr. Chansin Treenuchagron • Mr. Chatchai Phromlert ERMC: the Board. This year, ERMC urged and closely monitored
338 339
Member Attended 1 meeting 3.1 Innovation Management Quarterly Report (2023) the outcomes of price hedging processes under highly
Economic, Petroleum
and Petrochemical Review and Outlook • Associate Professor Dr. Chayodom Sabhasri • Mr. Chansin Treenuchagron 3.2 PTT innovation Management Policy volatile markets of PTT and PTT Group companies
Member Attended 1 meeting 3.3 PTT innovation Management Master Plan (2024 - with continuous monitoring under highly volatile
Section 1 December 15, 2023 to December 31, 2023: No meeting held 2028) market conditions.
Business Operations and Performance The Enterprise Risk Management Committee (ERMC)
has supported the Board’s performance under corporate Performance Highlights This included driving, giving comments and suggestions 7. Screened the List of 2024 Corporate Risks and Sought
governance principles to keep risk management efficient for PTT’s innovation management to achieve tangible Approval of the Board: To this end, a list of corporate
Section 2 and effective for goal achievement while aligning with 1. Supervised Risk Management to Ease Business results and leveraging business in line with the risk items and risk management plans was integrated
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance corporate vision and direction as well as mitigating Impacts: Key global situations that may affect PTT purpose. with the preparation of the annual corporate plans. Risk
56-1 One Report 2023
56-1 One Report 2023
impacts of business uncertainties and emerging risks that Group’s business operations were monitored. PTT management plans have thus become more explicit
6. Corporate Governance
are increasingly complex and severe from both internal has proactive measures focusing on management 4. Steered Customer and Market Management: To ensure and aligned with corporate business directions,
7. Governance Structure and Key Data and external factors, including volatile world economy. to lower the likelihood of all risk incidents, with reactive the implementation of the customer and market strategies, and objectives. Implementation was
on the Board of Directors, The key is to ensure shareholders and stakeholders that measures if a risk event occurs to minimize the impact management framework achieve the specified goals cascaded throughout the corporation to effectively
Specific Committees, Management, PTT’s risk management system can indeed handle these on organizational goals. It defined comprehensive and align with the business direction by endorsing address the risks.
Employees and Others risks in all dimensions and obtain projected business risk management plans for all situations. In 2023, the following matters:
8. Corporate Governance Milestones goals. the “Risk Appetite Statement” was adjusted to be 4.1 Customer and Market Management Quarterly On the whole, ERMC and PTT’s risk management task
in line with the changing circumstances to ensure Report (2023) force are committed to maintaining and developing
9. Internal Control and Connected
In 2023, ERMC held a total of 13 meetings as highlighted that PTT’s risk management process is appropriate 4.2 Customer and Market Management Strategy the efficiency of risk management for effective and
Transactions
below: and effectively implemented. (2024 - 2028) proper performance as well as keeping risks manageable.
4.3 Customer Support and Complaint Management Ultimately, this would sustainably support long-term
Section 3
January 1, 2023 to January 24, 2023: 1 meeting 2. Oversaw Corporate Stakeholder Management: This business goal achievement amid challenging
Financial Report
• M.L. Chayotid Kridakon was designed to make such management complete ERMC pushed and provided feedbacks and circumstances.
Attended 1 meeting and embrace comprehensive management of all recommendations on PTT’s customer and market
Attachment
• Associate Professor Dr. Narongdech Srukhosit stakeholders. Comments and suggestions were given as management to enhance efficiency and create long-term
Attended 1 meeting follows: satisfaction and engagement for all customers, which
January 25, 2023 to March 22, 2023: 2 meetings 2.1 Summary of 2022 Stakeholder Relationship will contribute to the sustainability of the business
• M.L. Chayotid Kridakon Management comprising a summary of stakeholder in the future.
Attended 2 meetings management and stakeholder survey results
• Associate Professor Dr. Narongdech Srukhosit 2.2 Stakeholder Management Quarterly Report (2023) 5. Considered and Commented on Complex Business
Attended 2 meetings 2.3 Stakeholder Strategy and Direction (2024 - 2028) Contracts and Large-scale Investments: ERMC
• Dr. Prasert Sinsukprasert comprises stakeholder management direction, rigorously considered risk issues and risk management
Attended 2 meetings objectives, and scope, including corporate issues practices, advised on the pros and cons of business Mr. Chatchai Phromlert
Chairman of the Enterprise Risk
Management Committee
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited (1) Control Environment • Company structure is based on the “Three Lines
9. Internal Control Model” management approach focusing on ensuring
PTT commands a sound overall control environment everyone’s understanding and strictly complying
and Connected that is adequate for business efficiency and effectiveness. with regulations, duties, and responsibilities. To this
Contents Its executives have promoted a corporate culture end, it aims at prevention and solution by those on
Transactions focusing on integrity and ethics as role models with the job, systematic operation with total segregation
Vision, Mission and PTT Values the following implementations: of authority for approval, review of the inspection,
• The Board and executives take the control environment and verification and stewardship of assets, which
PTT Information
and corporate culture seriously by defining policies results in effective checks and balances. In addition,
Financial Highlights for internal control, risk management, corporate Office of Corporate Audit has a clear and independent
Achievement Highlights
9.1 Internal Control governance (CG), anti-fraud and corruption, compliance,
and giving and receiving of gifts, assets, or other
reporting direct to the Audit Committee, which is
marked by the decentralization of power to business
Awards and Recognition
benefits. These policies are announced for all units, thus giving due flexibility to communication
Message from the Board of Directors PTT emphasizes continuous improvement of internal control to acknowledge, observe, and train with both internal for their duties and responsibilities.
340 341
s y s t em s b y ad op t in g t h e in t er n at ion al s t an d ar d of and external public relations organized. Regular • PTT defines a written policy and procedure for human
Economic, Petroleum
and Petrochemical Review and Outlook the Committee of Sponsoring Organizations of the Treadway monitoring and assessment are in place. The Board, resource (HR) evaluation and development, including
Commission (COSO) to achieve these objectives: Operation, executives, and employees must acknowledge such procedures for planning and administering the overall
Section 1 Reporting, and Compliance. guidelines in writing and conform to the Corporate workforce in both short and long terms. In place are an
Business Operations and Performance Governance, Ethical Standards, and Code of Business annual analysis and revision of manpower as well as
In the Board Meeting No. 12/2023 on December 21, 2023, Ethics Handbook (CG Handbook) and adapt for analysis, planning, and definition of key succession
Section 2 with all 14 directors (12 independent directors, 3 of whom were
on the Audit Committee) in attendance, the Board assessed
the better. Activities to raise awareness and enhance
the CG atmosphere were organized such as PTT Group
processes by defining policies, regulations, tools,
selection, assessment of potential and plans
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance PTT’s internal control system through screening and review CG Day and GRC Forum in a hybrid format to support for developing those in the Potential Pool for key
56-1 One Report 2023
56-1 One Report 2023
of assessment results from the Corporate Governance and executives and employees who are interested in positions. In addition, PTT has adjusted the Core
6. Corporate Governance
Sustainability Committee and the Audit Committee and participating in activities across all regions. In addition, Competency to align with the new vision for the potential
7. Governance Structure and Key Data concluded that 5 elements of PTT’s internal control system, in 2023, GRC Knowledge Awareness Workshop was of the development plan and employee preparation in
on the Board of Directors, namely Control Environment, Risk Assessment, Control Activities, added to build GRC knowledge and understanding. terms of necessary knowledge, skills, and experience
Specific Committees, Management, Information and Communication, and Monitoring and Evaluation Examples were also linked to the performance of to be able to drive the company to efficiently achieve
Employees and Others Activities are adequate and suitable. The Company has provided different groups of employees. the projected goals.
8. Corporate Governance Milestones sufficient personnel for efficient operation, reports are accurately • Emphasized integrity and ethics as a part of the SPIRIT
and reliably prepared. Business operations comply with relevant corporate values to stress transparent business
9. Internal Control and Connected
laws and regulations, with a system to protect the company’s conduct and collaboration in the power of virtue,
(2) Risk Assessment
Internal
Transactions
Control
assets and PTT Group from being wrongfully used by directors which explicitly embraced their everyday duties,
PTT recognizes the importance of risk management
or executives or without authority, including transactions decision-making, and treatment of all stakeholders,
Section 3 to achieve business objectives as well as those of
with persons who may have conflicts and connected persons. including suppliers and partners, customers, and
Financial Report compliance and preparation of credible reports under
third parties. PTT values equitable treatment based
changes that impact its businesses due to internal and
PTT has further improved its procedures and systems on fair competition, mutual respect of rights, and
Attachment external factors. It views risk management as a critical
to support internal control and ensure the efficient and nurturing of relations and cooperation.
component of every business process that must be
speedier system’s detection of problems or risks. PTT’s • Set good corporate governance as a part of
interconnected.
internal control system can be summarized by COSO the organization’s vision, mission, and values by
components as seen below: considering the 3 aspects of balance which include
Environmental, Social, and business operation under
Governance principles (ESG) and a balanced
stakeholder management with the strategy of PTT
Group Sustainability with Business Integrity as a part
of the operation.
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited • PTT defines corporate risk management policy for • Systematic delegation of duties to personnel groups • A t h i r d - p a r t y s c r e e n i n g m a n u a l a n d P T T ’s • Aware of cyber threats, PTT organized a test activity
all to conform to. At every level, risks are to be ensures proper checks and balances. Authority is blacklist criteria were launched on March 1, 2023, to raise awareness among employees by sending
assessed, including those of anti-fraud and corruption by duly and fully segregated for approval, information to ensure that PTT’s business operations are based phishing e-mails to convince users to open files
applying risk management approaches according compilation, transaction recording, receipt and on transparency, fairness, accountability and or fill in username/ password information, which is
to international standards of COSO ERM - 2017. For disbursement of cash, reviews of inspection and transparency measures in transactions with third considered a behavior that highly increases the risk
Contents
corporate risks, management is systematically stewardship of properties. In place is an internal control parties. PTT’s blacklist criteria are publicized to PTT’s for the organization. At present PTT conducts this
undertaken. The Enterprise Risk Management system for finance and accounting, with complete, stakeholders through PTT Website, and supplier test every two months and provides solutions to make
Vision, Mission and PTT Values
Committee (ERMC) is set up to steer and support accurate and regular recording. Systematic and seminars, as well as stipulated in PTT’s scope of work employees aware and recognize cyber threats so
PTT Information corporate risk management in line with business consistent storage of accounting documents both standards. In addition, in place is a database system that they do not fall victim easily. If an e-mail is
Financial Highlights strategies and goals as well as shifting circumstances documents and information are in place to comply for monitoring the transparency of third parties suspected to be fraudulent, problems must be
and provides advice on guidelines for monitoring with the law. Should PTT engage in transactions as a center for searching information according reported or questions can be raised via E-mail
Achievement Highlights
and assessment to the Corporate Plan and Risk with the major shareholder, directors, executives, to blacklist criteria. Servicedesk or PTT Digital Call Center or press
Awards and Recognition Management Committee (CPRC) to manage overall or their related parties, it would apply strict measures • PTT has implemented guidelines according the automatic report button from PTT’s e-mail
Message from the Board of Directors risks for maximum efficiency. It is the responsibility to ensure that each such transaction secures to ISO/IEC 38500 standards by preparing digital application immediately.
342 343
of all units to manage and control risks to manageable required approval every time and every transaction. policies, digital standards, and enterprise architecture • PTT values the supervision of sustainability
Economic, Petroleum
and Petrochemical Review and Outlook levels (risk appetite), as clearly stated in the functional Parties with vested interests will not take part in governance guidelines covering the enterprise management together with security, safety, health,
descriptions of all units. In 2023, the Risk Management the approval of such an item. PTT also closely monitors architecture management process under the framework and environment (SSHE), all of which are likened
Section 1 Dashboard (RMD) was developed for corporate risk subsequent actions. of the Open Group Architecture Framework (TOGAF) to a vital shield against risks or impacts and efficiently
Business Operations and Performance management. • PTT Group Way of Conduct serves as a mechanism and the Digital Government Development Agency as well as effectively lowering potential losses suffered
• The Business Continuity Management (BCM) process and guidelines for steering the policies and business (DGA). An Enterprise Architecture Working Group by all stakeholders, assets, work processes, data and
Section 2 is applied to crisis management to assess guidelines
for business, workforce communication and preparation
conduct of PTT Group. Multi-level Governance ensures
a single implementation standard for all. The internal
was set up to be responsible for overseeing the
acquisition, development and maintenance of
the surroundings. This would bring about business
sustainability while extending performance in all aspects
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance of resources and business processes for employees’ control policy is grouped under strategic alignment technological systems as appropriate. Regulations on of excellence for vision and goal attainment. In 2023,
56-1 One Report 2023
56-1 One Report 2023
uninterrupted and safe work without impacts on key with a report submitted to PTT annually. Site visits information security in controlling, developing, tools and processes for sustainability management are
6. Corporate Governance
goals. In addition, PTT holds annual crisis management to PTT Group companies are arranged to engage or modifying computer systems (Change Management) defined in Section 9.2 Strategic Sustainable Development
7. Governance Structure and Key Data and business continuity training to ensure the readiness in sharing, counseling and recommending ideas on were in place, with the practical guidelines embracing and Section 9.3 Sustainable Development Report in the
on the Board of Directors, of emergency management. internal control development, including GRC and various work procedures, including requesting, testing, “State Enterprise Assessment Mode: Core Business
Specific Committees, Management, PTT Group Way of Conduct. Guidelines for operations and migrating for actual applications and major system Enablers” required by the State Enterprise Policy Office.
Employees and Others (3) Control Activities are prepared to ensure adequacy and suitability in maintenance, e.g., data backup. Also in place is IT Security In the sustainability management governance
8. Corporate Governance Milestones line with business operations for newly established Policy compliance for controlling key infrastructure, structure, the Board supervises, monitors, and provides
PTT has set a variety of control activities to manage companies. including the security of network systems and operation policies as well as recommendations on sustainability
9. Internal Control and Connected
the Company’s risks to an acceptable level. Control • Policies, regulations and procedures are constantly centers and access control to wireless networks. management and SSHE; the Corporate Governance
Transactions
activities with technological systems are being reviewed to ensure their suitability, for example, • Operations controled by information technology systems and Sustainability Committee (CGSC) reviews, orders,
developed. Expectations and procedures are defined for PTT Corporate Governance Policy, PTT Anti-Fraud in line with regulations and requirements through ERP and comments on the implementation outcomes of
Section 3
the implementation of established policies as follows: and Corruption Policy, Corporate Governance, Ethical system, procurement, PTT Bid Submission system and strategy, plan, key sustainability and SSHE goals and
Financial Report
• PTT Management Committee (PTTMC) reviews Standards and Code of Business Ethics Handbook expense disbursement system are designed. Robotic indicators every quarter. PTT Management Committee,
financial and non-financial reports of all business (CG Handbook), Fraud and Corruption Risk Assessment Process Automation (RPA) has been introduced led by the President & CEO, monthly screens,
Attachment
groups and regularly reviews performance to ensure Manual, regulations for finance and accounting, to enhance efficiency and reduce manual operation orders and comments, supported by subcommittees
conformance to regulations, protocols and job manuals. procurement, etc. to comply with laws, rules, regulations, e.g. information verification before account closure at the management level for specific matters and
PTT defines written policies and procedures. Portions including risks and current situations. In 2023, PTT’s and information review before billing. management practices at the strategic level and
of businesses have been identified for key risks, Anti-Corruption Policy and CG Handbook were revised operating level for sustainability and SSHE, namely
and mechanisms have been defined to control and by adding details of guidelines on hiring or appointing
minimize errors. Regular performance reviewed by government officials to prevent the risk of fraud and
the management are in place, including financial, corruption related to conflicts of interest that may result
procurement and general administrative transactions. in impartial performance of duties.
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited Governance, Risk and Compliance Management • Set standards related to information security of PTT’s • Technology: 24-hour surveillance of IT threats • Provide multiple channels for communication with
Committee (GRCMC), PTT Group Sustainability information, communication network, and equipment, by the Cyber Security Operation Center (CSOC) external stakeholders through the Company’s website
Management Committee (GSMC) and Corporate Plan as well as management of abnormal incidents and installation of a Data Loss Prevention (DLP) and social media, as well as having directly responsible
and Risk Management Committee (CPRC). To this and technology problems. All these make for PTT’s system to prevent the transmission of personal agencies to regularly disclose important information
end, centralized departments are Good Governance information system to be protected against threats with data outside the organization. Measures to lower to stakeholders. PTT has a Call Center 1365 to serve
Contents
and Corporate Ethics Department, Sustainability efficient cyber risk management. the violence level include the preparation of work as a comprehensive information center. Shareholders
Strategy Department and Corporate Planning and • Internationally operated according to Information plans and forms of business continuity management are allowed to propose agenda items for the AGM
Vision, Mission and PTT Values
Budgeting Departments. Details about sustainability Security Management Systems (ISMS) or ISO/IEC 27001 plan drills to cover emergencies from cyber threats, and nominate qualified persons to be considered for
PTT Information management and SSHE management appear under and Privacy Information Management System (PIMS) preparation of threat response plans to threats election as company directors in advance to strengthen
Financial Highlights Section 1 “Business Operations and Performance”, or ISO/IEC 27701. The policy is formulated with and cyber anomalies to be able to respond, good corporate governance regarding the rights
Subsection 3 “Driving Business towards Sustainability” systematic practices covering all important processes, communicate, and report the incident to relevant par- and equitable treatment of shareholders.
Achievement Highlights
of this 56-1 One Report, and “Sustainability” on both Information Technology (IT) and Operation ties in a timely manner. • Establish the provision on complaints and whistleblowing
Awards and Recognition PTT Website. Technology (OT). of fraud and malpractice, misconduct and non-
Message from the Board of Directors • Supervised and administered information and cyber The quality of information and communication is an important compliance with laws, rules, and organizational
344 345
Economic, Petroleum (4) Information & security systems in accordance with the Code of part of ensuring that internal control can be carried out regulations B.E. 2565 (2022). This provision covers
Practices and Standard Framework on Cyber Security effectively. Information is disclosed and communicated whistleblowing channels for informing malpractice,
and Petrochemical Review and Outlook Communication
for government agencies and critical information through various channels to executives, employees at all misconduct, and non-compliance with laws, rules,
Section 1 PTT has a framework in place to ensure that processes infrastructure agencies under the cybersecurity levels and external stakeholders. PTT has a channel to report and organizational regulations through the Company’s
Business Operations and Performance related to information system development are efficient and framework of the National Institute of Standards information or clues about fraud or corruption to the Company website, e-mail and letter, with clearly stated protection
transparent, including ensuring compliance with laws and and Technology (NIST). safely. Information and communication management of whistleblowers. This is to ensure that employees
Section 2 regulations, along with managing risks from cybersecurity
threats continuously, as follows:
• Closely monitored, measured, and supervised
the cybersecurity operations of the Cyber Security
guidelines are as follows:
• Manage data by defining a layer of data confidentiality.
and third parties can be confident that complaints
will be considered transparently, honestly, fairly,
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance • Announced the Digital Policy, Information Security Operation Center (CSOC) operated by PTT Digital Establish guidelines for storing important documents and confidentially within a reasonable time.
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56-1 One Report 2023
Management Policy, Cyber Security Policy, and Personal Solutions Co., Ltd., which provides cybersecurity and control documents as well as internal and external The Governance, Risk and Compliance Management
6. Corporate Governance
Data Protection Policy to enable organizations to use services and operations to PTT Group companies on operational information to ensure that important Committee (GRCMC) is assigned to manage oversight,
7. Governance Structure and Key Data digital technology for enhanced efficiency and create a monthly basis. information related to the Company’s business and operate PTT’s Anti-Corruption Operation Center
on the Board of Directors, added value in business operations for continuous • Specified cyber resilience as a corporate strategy. operations is accurate, complete, and sufficient in State Enterprises, responsible for supervising
Specific Committees, Management, growth, agility, promptness, transparency and safety The indicator is that PTT must have zero cybersecurity for operation and timely use. Furthermore, there are and monitoring the progress of corruption complaints
Employees and Others according to good governance principles. incident scenarios or be able to take action to contain an efficient data analysis and storage system to ensure and reporting the results to PTT’s President, Corporate
8. Corporate Governance Milestones • Established information security requirements that cover damage from cyber security incidents within the specified that the information used is reliable and sufficient. Governance and Sustainability Committee and Audit
website security and internet usage, security of work Mean Time to Contain (MTTC) period as follows: This includes managing the use of personal data Committee.
9. Internal Control and Connected
equipment, cyber threat management procedures, • People: Establishing employee awareness plans and in accordance with the Personal Data Protection
Transactions
as well as vulnerability assessment (VA) for all work testing security awareness with phishing e-mails. Act B.E. 2562 (2019).
systems. • Process: Compliance with ISO 27001 Cyber • Establish multiple channels for internal communication,
Section 3
• Specified digital standards to serve as guidelines Insurance Disaster IT recovery plan, Cyber drill, including communication from senior management
Financial Report
for PTT employees for the highest standard and and Incident Management. Elevate the Cyber Attack to employees through activities, e.g. Town Hall,
efficiency in all aspects, including information drill from Table Top to Full Live to test the system communication via the Company’s intranet, e-mail,
Attachment
equipment, software, machine standards, information and the ability of employees to respond. providing important information to new employees
systems, system development, infrastructure security, through orientation activities, and providing useful
training as well as service level agreements, for PTT’s operational knowledge through the Learning
maximum benefits and effectiveness. Management System.
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited (5) Monitoring & Evaluation Internal Audit System
Activities Biography of the Head of the Office of Corporate Audit
The Office of Corporate Audit is an independent unit
PTT commands a process for monitoring and assessing that directly reports to the Audit Committee. It fosters
Contents the adequacy of internal control and defines guidelines assurance and provides advice to ensure that business
for improvement to ensure system efficiency and processes are duly equipped with efficient good corporate
• Public-Private Partnerships for Executives Program
Vision, Mission and PTT Values effectiveness: governance risk management, and internal control practices
(PEP) Class 8, Institute of Research and Development
• Arranged for Conflict of Interest Report annually and in support of corporate objectives.
PTT Information for Public Enterprises (IRDP)
when there is a case, and jointly analyzed with • Corporate Governance for Directors and Senior
Financial Highlights
the Procure-to-Pay Process by using Continuous The Office commands an annual audit plan and three-year Executives of Regulators, State Enterprises
Achievement Highlights Control Monitoring and Auditing System (CCMS) to audit plans in line with PTT’s business strategic and Public Organizations (PDI) Class 24,
Awards and Recognition review items that may have significant conflicts. direction and a risk-based approach to key corporate King Prajadhipok’s Institute
• Regularly evaluated internal control efficiency and risks, encompassing PTT Group’s domestic and • Advanced Management Program (AMP) 3
Message from the Board of Directors - Business & People Management,
346 effectiveness at least once a year by requiring senior oversea businesses. It reports to the Audit Committee 347
Economic, Petroleum for consideration and forwards them to the Board for PTT Leadership and Learning Institute (PLLI)
executives to conduct control self-assessment
and Petrochemical Review and Outlook acknowledgment every quarter. Regular monitoring is • Senior Executive Program,
according to their roles and responsibilities assigned
undertaken for actions in response to the office’s Capital Market Academy (CMA) Class 32
through the E-CSA form (Control Self-Assessment)
Section 1 • New Chief Audit Executive Training Program
and requiring all departments and direct-report recommendations. In its course of work, the office freely
Business Operations and Performance for the Development of Internal Audit Practitioners
divisions to conduct this self-assessment according expresses its opinions. No conflicts have been arisen
for Government Agencies in the 2023 Fiscal Year,
to the GRC (Governance, Risk, and Compliance) between audited units and the Office that cannot be
Class 2, The Comptroller General’s Department
Section 2 guidelines as well as developing plans to improve resolved.
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance internal controls in high-risk processes, and follow up Working Experiences (Past 10 years)
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56-1 One Report 2023
on such improvements. Reports are to be regularly Head of the Office of • 2022 - Present
6. Corporate Governance submitted to the Board. Corporate Audit Executive Vice President,
7. Governance Structure and Key Data • The Board and executives regularly monitor Office of Corporate Audit, PTT
implementation reports of strategic plans, laws, rules, • 2020 - 2022
on the Board of Directors, In meeting No. 10/2022 on October 27, 2022, the Board Mr. Chayagorn Leangruenrom
and regulations of PTT and PTT Group. Executive Vice President,
Specific Committees, Management, appointed Mr. Chayagorn Leangruenrom, Executive Vice
Corporate Governance, PTT
President, Office of Corporate Audit, with effect from Age: 55
Employees and Others • 2019 - 2020
This year, the Office of Corporate Audit also reviewed
8. Corporate Governance Milestones November 1, 2022, citing his mastery of PTT’s business. Vice President,
internal control processes to ensure that they are adequate,
Equipped with knowledge, skills and experience in internal Natural Gas Marketing Department, PTT
9. Internal Control and Connected suitable, and consistently practiced. If a given item needed
audit, he is familiar with the business undertaking, • 2016 - 2019
Transactions improvement, procedures would be discussed with
good governance, risk assessment, and internal control at Education Vice President, Project Director,
management to define implementation guidelines • Bachelor of Engineering,
the business and overall levels and was therefore regarded Myanmar - Thailand LNG Receiving Terminal, PTT
Section 3 along with improvement plans to prevent or minimize King Mongkut’s Institute of Technology Ladkrabang • 2016 - 2016
as suitable for the position. The Audit Committee approved
Financial Report risks and monitor execution to ensure that audit and • Master of Business Administration, Vice President, Internal Audit Department, PTT
the appointment, transfer, performance assessment, and
review findings are promptly remedied. This is reported Kasetsart University • 2013 - 2016
annual merit pay increase of this position.
Attachment every quarter to the Audit Committee, indicating that Vice President, Subsidiary Audit Department, PTT
PTT’s internal control system for this year is adequate, Training • 2011 - 2013
efficient, and effective, a view shared by the external • Anti-Corruption for Executive Program Vice President, Internal Audit Department, PTT
auditor. (ACEP 7/2013), Corporate Governance for
Executives Program (CGE 19/2022), Subsidiary Key Related Directorship
Governance Program (SGP Online 1/2022), • -None-
Thai Institute of Directors Association (IOD)
• Leadership Development Program II, PTT-Harvard Relations with the Management
Business School, PTT Leadership and Learning • -None-
Institute (PLLI)
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited Compliance Unit Compliance Department also constantly develops and In addition, management of non-compliance incidents In addition to conducting the aforementioned compliance
nurtures compliance culture by launching GRC Survey: is also undertaken by collecting, analyzing, reviewing supervision, the Compliance Department also acts as
PTT has assigned “Compliance Department” to govern legal
Compliance to assess the compliance culture of PTT’s non-compliance cases (if any), and follow-up to improve PTT’s DPO Office, with a personal data protection
and regulatory compliance of PTT with detailed roles, duties,
management and employees to analyze the scores the operational process and find ways to prevent and reduce policy disclosed on the public disclosure page on PTT
and responsibilities defined in the Compliance Charter.
and develop a plan to effectively promote and develop the chance of non-compliance repeated in the future. PTT also Website (https://www.pttplc.com/). Also in place are
Contents Currently, it is under Executive Vice President, Corporate
compliance culture, able to develop and improve on sets a goal of becoming a Zero Non-Compliance organization Personal Data Protection guidelines to provide PTT’s
Governance, and supervised by Senior Executive Vice
the spot in depth. Exchange of views and opinions on legal by reviewing and setting indicators for measuring results. operations related to the personal data of various groups
Vision, Mission and PTT Values President, Organization Effectiveness and Corporate
and regulatory problems and obstacles legal as well as The annual performance of various departments must of stakeholders, including personal data of customers,
PTT Information Governance (biography shown in Information of Executives
consultation, support to units in complying with laws and comply with laws and regulations by setting up the Corporate business partners, and business related parties to have
Section), and indirectly reporting to the Governance, Risk
Financial Highlights related regulations, supporting the promotion of corporate KPI: Non-Compliance, which measures the result by not a regulatory process and appropriate operational
and Compliance Management Committee (GRCMC)
compliance culture, especially promoting the role model finding any material errors from the complaints (both inside guidelines. This is to ensure that PTT’s personnel know
Achievement Highlights and the Corporate Governance and Sustainability
of executives and supervisors. This includes guidelines and outside PTT) that are considered fraudulent, malpractice, how to treat personal data and can correctly perform
Awards and Recognition Committee (CGSC), respectively. PTT launched the
for behaving and working in accordance with laws and or misconduct, serious disciplinary action and unlawful acts their work in accordance with such laws. In addition, relevant
“Compliance Policy” and “Compliance Framework”
Message from the Board of Directors regulations through various channels such as internal with final punishment orders or written notices of illegal acts by stakeholders can be assured that PTT will protect and treat
348 for directors, management, and employees to adhere 349
e-mail, preparation of learning materials in the form of legal regulators. In 2023, no non-compliance with a significant personal data under PTT’s control under the Personal
Economic, Petroleum to as their work principles in accordance with relevant laws
online learning, preparation of a summary of important impact or legal liability to PTT in any way was found. Data Protection Act B.E. 2562 (PDPA) as well as having
and Petrochemical Review and Outlook
and regulations.
laws in the form of infographics, dissemination of a “Privacy Center” on PTT Website https://pttpdpa.
Section 1 Compliance Policy and Compliance Framework in handbook The aforementioned implementation of compliance pttplc.com/ to provide a channel for various groups of
Compliance Department centralizes corporate compliance
Business Operations and Performance and cartoon infographics. PTT personnel has also been supervision is aimed at fostering values and culture in stakeholders who own personal data to know the details of
and oversees all personnel and all business units under
encouraged to adhere to laws and regulations, corporate compliance with laws and regulations, enhancing PTT the processing of personal data and to manage the exercise
PTT to fully comply with laws, rules, regulations, directives,
governance, and business ethics through Tone from personnel’s knowledge and understanding of key laws of privacy rights.
Section 2 procedures and announcements controlling all facets of
the top which communicated key messages from related to their responsibilities and awareness of
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance PTT businesses. Supervisory procedures e.g. monitoring,
top management as food for thought, direction, potential impacts of non-compliance with laws and
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56-1 One Report 2023
compiling, and communicating new laws, risk assessment,
or practices via video clips to promote compliance culture regulations, including being able to work properly and
6. Corporate Governance operational supervision and review, and consultation are
from top management. The working atmosphere is adhering to strict compliance with laws and regulations,
7. Governance Structure and Key Data defined. This is to ensure that PTT’s business operations
enhanced to bring employees closer to the management and to ensure that PTT’s business operations will not
on the Board of Directors, comply with laws and regulations. PTT has integrated
through internal publicity throughout the organization. be interrupted by legal compliance risks. The aim is
compliance work with regulatory units with specific laws
Specific Committees, Management, to make PTT’s operations sustainably achieve the goal
and regulations within PTT (2nd Line).
Employees and Others of “Zero Non-Compliance”.
8. Corporate Governance Milestones
9. Internal Control and Connected
Transactions
Section 3
Financial Report
Attachment
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited
9.2 Connected Transactions As of December 31, 2023, PTT was related to various parties
by having a common major shareholder. Key relationships
The connected transactions during 2021 - 2023 are summarized below:
and related items are as follows:
Contents Unit: THB million
9.2.1 Connected Transactions with Shareholders Party with the
Common Major
Relationship Connected
Vision, Mission and PTT Values (As of December 31, 2023) Transactions 2021 2022 2023
Shareholder
The Company had no connected transactions with shareholders during 2021 - 2023.
PTT Information Electricity Ministry of Finance, Items from the Income Statement
Financial Highlights Generating PTT’s major shareholder,
9.2.2 Connected Transactions between PTT and Parties with Authority of has control over EGAT.
Sales and service income 63,632 110,538 104,943
Achievement Highlights
the Common Major Shareholder Thailand (EGAT) Cost of goods purchased - - 1
Awards and Recognition and services
Message from the Board of Directors
350 Connected Transactions between PTT and parties with Other income - 31 82
351
Economic, Petroleum the common major shareholder with potential conflicts Other expenses 319 5 -
and Petrochemical Review and Outlook are summarized below: Items from Statement of Financial Position
Section 1 Trade accounts receivable 6,289 16,010 13,042
Unit: THB million
Business Operations and Performance Connected Transactions Other accounts receivable - 1 -
2021 2022 2023
Other accounts payable 313 1 1
Section 2 Items from the Income Statement
Provincial Ministry of Finance, Items from the Income Statement
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Sales and service income 67,980 116,664 111,292
Electricity PTT’s major shareholder,
Sales and service income 223 331 458
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56-1 One Report 2023
Cost of goods purchased and services 1,215 1,328 1,681 Authority (PEA) has control over PEA.
6. Corporate Governance Cost of goods purchased 931 910 1,028
Other income 41 85 149
7. Governance Structure and Key Data and services
Interest income 24 67 38
on the Board of Directors, Other income 14 21 33
Specific Committees, Management, Other expenses 322 87 304
Other expenses - 1 3
Employees and Others Items from Statement of Financial Position
Items from Statement of Financial Position
8. Corporate Governance Milestones Trade accounts receivable 6,767 16,644 13,570
Trade accounts receivable 19 31 18
9. Internal Control and Connected
Other accounts receivable - 134 -
Transactions Other accounts payable 1 - -
Short-term advance payment - 3 4
Port Authority of Ministry of Finance, Items from the Income Statement
Section 3 Trade accounts payable 27 16 27 Thailand (PAT) PTT’s major shareholder,
Sales and service income 852 979 983
Financial Report has control over PAT.
Other accounts payable 387 283 62
Cost of goods purchased - 4 15
and services
Attachment
Other income 2 2 2
Other expenses - - 4
Items from Statement of Financial Position
Trade accounts receivable 74 104 76
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited Party with the
Relationship Connected
Unit: THB million 9.2.3 Connected Transactions among PTT and Subsidiaries,
Common Major
Shareholder
(As of December 31, 2023) Transactions 2021 2022 2023 Joint Operations, Joint Ventures, Associates and Other
Related Parties
State Railway of Ministry of Finance, Items from the Income Statement
Contents Thailand (SRT) PTT’s major shareholder,
Sales and service income 1,519 2,491 2,618 Transactions among PTT and subsidiaries, joint operations, joint ventures, associates, and other related parties are
has control over SRT.
Cost of goods purchased 3 38 168 summarized below:
Vision, Mission and PTT Values
and services
PTT Information
Unit: THB million
Other income 15 21 23 Connected Transactions
Financial Highlights
2021 2022 2023
Other expenses - - 3
Achievement Highlights
Items from the Income Statement
Items from Statement of Financial Position
Awards and Recognition
Sales and service income 703,963 1,312,239 1,164,259
Trade accounts receivable 154 239 198
Message from the Board of Directors
352 Cost of goods purchased and services 319,370 598,769 570,407 353
Other accounts payable 44 131 51
Economic, Petroleum
Other income 4,718 9,313 28,435
and Petrochemical Review and Outlook Bangkok Mass Ministry of Finance, Items from the Income Statement
Transit Authority PTT’s major shareholder, Interest income 1,278 1,852 1,657
Sales and service income 1,395 1,755 1,729
Section 1 (BMTA) has control over BMTA.
Other expenses 3,807 4,331 4,108
Other income 5 5 5
Business Operations and Performance
Interest expenses 2,080 2,366 2,364
Items from Statement of Financial Position
Section 2 Trade accounts receivable 179 207 190
Items from Statement of Financial Position
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Trade accounts receivable 60,833 92,024 87,067
Metropolitan Ministry of Finance, Items from the Income Statement
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56-1 One Report 2023
Electricity PTT’s major shareholder, Other accounts receivable 1,958 2,139 2,776
Sales and service income 32 40 40
6. Corporate Governance Authority (MEA) has control over MEA.
Short-term advance payment 10 32 34
7. Governance Structure and Key Data Cost of goods purchased 261 306 347
and services Current portion of finance lease receivable - - 67
on the Board of Directors,
Specific Committees, Management, Other expenses 1 - - Short-term lending 4,279 2,044 35,844
Employees and Others Items from Statement of Financial Position Long-term finance lease receivable - - 103
8. Corporate Governance Milestones Trade accounts receivable 3 1 1 Long-term lending 119,596 56,067 21,020
9. Internal Control and Connected The Transport Ministry of Finance, Items from the Income Statement Trade accounts payable 35,840 54,716 58,137
Transactions Co., Ltd. PTT’s major shareholder,
Sales and service income 169 320 362 Other accounts payable 7,372 4,592 7,431
has control over
Section 3 The Transport Co., Ltd. Other income 1 1 1 Current portion of lease liabilities 434 508 573
Financial Report Items from Statement of Financial Position Short-term borrowings 7,217 9,447 18,297
Trade accounts receivable 30 37 34 Lease liabilities 2,697 2,531 2,406
Attachment
Long-term borrowings 49,490 50,260 49,379
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited As of December 31, 2023, PTT was related to companies by holding Relationship Connected
Unit: THB million
shares or having common shareholders or common directors. Related Party
(As of December 31, 2023) Transactions 2021 2022 2023
Key relationships and related items are as follows: IRPC Plc. (IRPC) • A subsidiary Items from the Income Statement
Contents Unit: THB million
(PTT Group owns 48.05%
Sales and service income 164,665 240,239 219,031
Relationship Connected of IRPC’s shares)
Related Party Cost of goods purchased 177 1,439 3,009
(As of December 31, 2023) Transactions 2021 2022 2023 • PTT’s executives, namely
Vision, Mission and PTT Values
Miss Peangpanor Boonklum, and services
PTT Information PTT Exploration • A subsidiary Items from the Income Statement
Mr. Chansak Chuenchom, Other income 1,493 2,573 2,542
and Production (PTT Group owns 65.29%
Financial Highlights Sales and service income 4 5 1 Mr. Prasong Intaranongpai,
Plc. (PTTEP) of PTTEP’s shares) Interest income - 2 -
are IRPC’s directors.
Achievement Highlights • PTT’s director/ executive, Cost of goods purchased 99,569 125,870 79,617
• PTT’s executive, Other expenses 20 24 30
and services
Awards and Recognition Mr. Auttapol Rerkpiboon,
Mr. Kris Imsang, Items from Statement of Financial Position
is PTTEP’s directors. Other income 81 116 103
Message from the Board of Directors is a director & the Board’s
354 • PTT’s executive, Trade accounts receivable 10,201 14,907 13,270 355
Other expenses 41 63 44 secretary, and President &
Economic, Petroleum Mr. Wuttikorn Stithit,
CEO of IRPC. Other accounts receivable 108 285 344
and Petrochemical Review and Outlook is PTTEP’s director. Items from Statement of Financial Position
• PTT’s executive, Trade accounts payable 19 1,442 939
Trade accounts receivable 1 - -
Section 1 Mr. Montri Rawanchaikul, Other accounts payable 2,797 3 3,204
Other accounts receivable 25 35 60
Business Operations and Performance is a director, & the Board’s
Thai Oil Plc. • A subsidiary Items from the Income Statement
secretary, and Chief Trade accounts payable 10,269 12,960 11,193
(TOP) (PTT Group owns 48.00%
Section 2 Executive Officer of PTTEP.
Other accounts payable 21 22 34 of TOP’s shares)
Sales and service income 114,454 382,479 324,037
PTT Public Company Limited
PTT Public Company Limited
• PTT’s executives, namely Cost of goods purchased 65 1,233 691
Corporate Governance PTT Global • A subsidiary Items from the Income Statement
and services
56-1 One Report 2023
56-1 One Report 2023
Chemical Plc. (PTT Group owns 48.18% Mr. Buranin Rattanasombat,
Sales and service income 271,569 376,062 341,818
6. Corporate Governance (GC) of GC’s shares) Miss Pannalin Other income 265 2,377 3,137
7. Governance Structure and Key Data • PTT’s executives, namely Cost of goods purchased 19,591 12,894 19,424 Mahawongtikul,
Other expenses 88 301 14
Mr. Noppadol Pinsupa, and services Mr. Terdkiat Prommool,
on the Board of Directors,
Mr. Suchat Ramarch, Items from Statement of Financial Position
Specific Committees, Management, Mr. Chadil Chavanalikikorn, Other income 541 1,010 1,042
Mr. Cherdchai are TOP’s directors. Trade accounts receivable 12,845 39,281 25,625
Employees and Others Interest income - 1 - • PTT’s executive,
Boonchoochauy,
8. Corporate Governance Milestones Other accounts receivable 61 181 147
are GC’s directors. Other expenses 12 53 13 Mr. Bandhit Thamprajamchit,
9. Internal Control and Connected • PTT’s executive, is a director & the Board’s Trade accounts payable - 1,256 578
Items from Statement of Financial Position
Transactions Mr. Kongkrapan Intarajang, secretary, and CEO &
Other accounts payable 3 121 6
Trade accounts receivable 19,532 21,030 21,352 President of TOP.
is a director & the Board’s
Section 3 secretary, and President & Other accounts receivable 9 81 270
Financial Report CEO of GC.
Trade accounts payable 2,430 1,386 2,668
Other accounts payable 32 36 35
Attachment
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited Unit: THB million Unit: THB million
Relationship Connected Relationship Connected
Related Party Related Party
(As of December 31, 2023) Transactions 2021 2022 2023 (As of December 31, 2023) Transactions 2021 2022 2023
PTT Oil and • A subsidiary Items from the Income Statement PTT LNG Co., Ltd. • A subsidiary Items from the Income Statement
Contents Retail Business (PTT Group owns 75.00%
Sales and service income 28,583 39,156 39,506
(PTT LNG) (Wholly owned
Sales and service income 274 1,300 582
Plc. (OR) of OR’s shares) by PTT Group)
• PTT’s director/ executive, Cost of goods purchased 16,305 18,789 17,156 • PTT’s executive, Cost of goods purchased 9,403 9,554 12,426
Vision, Mission and PTT Values
Mr. Auttapol Rerkpiboon, and services Mr. Wuttikorn Stithit, and services
PTT Information is OR’s Chairman of is Chairman of the Board
Other income 1,148 1,114 1,327 Other income 59 292 84
Financial Highlights the Board. of PTT LNG.
Interest income - 18 1 Other expenses - 8 10
• PTT’s executives, namely
Achievement Highlights
Dr. Buranin Rattanasombat, Other expenses 784 671 790 Interest expenses 3 5 20
Awards and Recognition Mr. Terdkiat Prommool, Items from Statement of Financial Position Items from Statement of Financial Position
Message from the Board of Directors are OR’s directors.
356 Trade accounts receivable 3,114 2,452 2,671 Trade accounts receivable 31 40 37 357
Economic, Petroleum
Other accounts receivable 736 239 283 Other accounts receivable 20 90 25
and Petrochemical Review and Outlook
Current portion of finance - - 68 Trade accounts payable 837 873 1,310
Section 1 lease receivable
Other accounts payable - 1 24
Business Operations and Performance Long-term finance lease - - 102
Current portion of lease - 2 8
receivable
liabilities
Section 2 Trade accounts payable 3,240 3,841 3,101
Short-term borrowings 1,615 1,969 895
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Other accounts payable 2,117 1,581 1,419
Lease liabilities - 31 238
56-1 One Report 2023
56-1 One Report 2023
6. Corporate Governance Current portion of lease - - 1
PTT Natural Gas • A subsidiary Items from the Income Statement
liabilities
7. Governance Structure and Key Data Distribution (PTT Group owns 58.00%
Sales and service income 5,625 10,195 7,556
on the Board of Directors, Lease liabilities - - 1 Co., Ltd. of PTTNGD’s shares)
(PTTNGD) • PTT’s executive, Cost of goods purchased 9 16 17
Specific Committees, Management, Global Power • A subsidiary Items from the Income Statement
M.L. Peekthong Thongyai, and services
Employees and Others Synergy Plc. (PTT Group owns 75.23%
Sales and service income 12,372 19,489 15,387 is Chairman of the Board
(GPSC) of GPSC’s shares) Other income 25 25 34
8. Corporate Governance Milestones Other income 107 90 83 of PTTNGD.
• PTT’s executives, namely Other expenses 8 3 -
9. Internal Control and Connected
Mr. Wuttikorn Stithit, Other expenses - 4 5
Transactions Items from Statement of Financial Position
Mr. Noppadol Pinsupa,
Items from Statement of Financial Position
Miss Pannalin Mahawongtikul, Trade accounts receivable 1,358 1,538 1,160
Section 3 M.L. Peekthong Thongyai, Trade accounts receivable 1,373 1,724 1,237
Other accounts receivable 9 7 28
Financial Report Mr. Kongkrapan Intarajang, Other accounts receivable 32 22 24
Trade accounts payable - 1 1
Mr. Bandhit Thamprajamchit
Attachment Other accounts payable 1 1 1
are GPSC’s directors. Other accounts payable 5 1 1
• PTT’s executive,
Mr. Worawat Pitayasiri,
is a director & the Board’s
secretary, and President &
CEO of GPSC.
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited Unit: THB million Unit: THB million
Relationship Connected Relationship Connected
Related Party Related Party
(As of December 31, 2023) Transactions 2021 2022 2023 (As of December 31, 2023) Transactions 2021 2022 2023
PTT • A subsidiary Items from the Income Statement PTT Tank • A subsidiary Items from the Income Statement
Contents International (Wholly owned
Sales and service income 24,052 58,665 81,902
Terminal (Wholly owned
Cost of goods purchased 119 176 176
Trading Pte. Ltd. by PTT Group) Co., Ltd. by PTT Group)
and services
(PTTT) • PTT’s executive, Cost of goods purchased 77,740 262,536 240,139 (PTT TANK) • PTT’s executive,
Vision, Mission and PTT Values
Mr. Pongpun Amornvivat, and services Mr. Noppadol Pinsupa, Other income 55 57 68
PTT Information is Chairman of the Board is Chairman of the Board
Other income 211 381 730 Other expenses (3) - 31
Financial Highlights of PTTT. of PTT TANK.
Other expenses 61 145 139 Interest expenses 6 5 16
• PTT’s executive, • PTT’s executive,
Achievement Highlights
Miss Jaroonsri Wankertphon, Items from Statement of Financial Position Mr. Prasong Intaranongpai, Items from Statement of Financial Position
Awards and Recognition is a director of PTTT. is a director of PTT TANK.
Trade accounts receivable 2,807 3,887 9,942 Other accounts receivable 16 22 22
Message from the Board of Directors
358 Other accounts receivable 139 123 327 Trade accounts payable 6 8 8 359
Economic, Petroleum
Trade accounts payable 5,356 15,618 13,513 Other accounts payable 1 1 13
and Petrochemical Review and Outlook
Other accounts payable 4 54 8 Short-term borrowings 990 1,425 1,915
Section 1 PTT • A subsidiary Items from the Income Statement PTT Global • A subsidiary Items from the Income Statement
Business Operations and Performance International (Wholly owned Management (Wholly owned
Sales and service income 12,948 27,636 14,849 Other income 4 3 16,482
Trading London by PTT Group) Co., Ltd. by PTT Group)
Section 2 Ltd. (PTTT LDN) Cost of goods purchased
and services
19,682 11,722 14,256 (PTTGM) Interest expenses 3 - 2
PTT Public Company Limited
PTT Public Company Limited
Items from Statement of Financial Position
Corporate Governance
Other income 8 224 80
56-1 One Report 2023
56-1 One Report 2023
Other accounts receivable 1 1 1
6. Corporate Governance Other expenses 37 34 18
Other accounts payable - - 1
7. Governance Structure and Key Data Items from Statement of Financial Position
Short-term borrowings 56 50 8,736
on the Board of Directors,
Trade accounts receivable 770 1 -
Specific Committees, Management, PTT Digital • A subsidiary Items from the Income Statement
Other accounts receivable 360 182 661 Solutions (Wholly owned
Employees and Others Cost of goods purchased 39 36 36
Co., Ltd. by PTT Group)
8. Corporate Governance Milestones Trade accounts payable 2,789 - 2,801 and services
(PTT DIGITAL) • PTT’s executive,
9. Internal Control and Connected Other accounts payable 6 32 3 Mr. Terdkiat Prommool, Other income 138 173 155
Transactions PTT • A subsidiary Items from the Income Statement is Chairman of the Board Other expenses 1,068 1,282 1,396
International (Wholly owned of PTT DIGITAL.
Sales and service income 7,025 31,807 25,332 Interest expenses - 3 4
Section 3 Trading USA Inc. by PTT Group)
Financial Report (PTTT USA) Cost of goods purchased - - 1,664 Items from Statement of Financial Position
and services
Other accounts receivable 51 63 66
Attachment Other income - 126 78
Short-term advance 10 32 24
Other expenses - - 76 payment
Items from Statement of Financial Position Other accounts payable 832 1,017 911
Trade accounts receivable - - 8 Current portion of lease 2 42 56
liabilities
Other accounts receivable 6 6 32
Lease liabilities - 140 137
Other accounts payable 1 119 24
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited Unit: THB million Unit: THB million
Relationship Connected Relationship Connected
Related Party Related Party
(As of December 31, 2023) Transactions 2021 2022 2023 (As of December 31, 2023) Transactions 2021 2022 2023
PTT Treasury • A subsidiary Items from the Income Statement PTTEP Energy • A subsidiary Items from the Income Statement
Contents Center Co., Ltd. (Wholly owned
Other income 166 185 178
Development (Wholly owned
Sales and service income - 2 10
(PTT TCC) by PTT Group) Co., Ltd. by PTT Group)
• PTT’s executive, Interest income 1,272 1,830 1,656 Cost of goods purchased - 30,257 91,002
Vision, Mission and PTT Values
Mrs. Chanamas Sasnanand, and services
Other expenses 1 1 -
PTT Information is Chairperson of the Board Other expenses - 14 25
Interest expenses 2,016 2,268 2,218
Financial Highlights of PTT TCC.
Items from Statement of Financial Position
Items from Statement of Financial Position
Achievement Highlights
Trade accounts payable - 3,356 8,685
Other accounts receivable 255 265 252
Awards and Recognition
Other accounts payable - 27 54
Short-term lending 4,279 2,044 35,844
Message from the Board of Directors
360 PTTEP MENA • A subsidiary Items from the Income Statement 361
Long-term lending 119,596 56,067 21,020
Economic, Petroleum Limited (Wholly owned
Cost of goods purchased 2,847 5,285 -
and Petrochemical Review and Outlook Other accounts payable 848 877 868 by PTT Group)
and services
Long-term borrowings 49,490 50,260 49,379
Section 1 Items from Statement of Financial Position
PTTEP • A subsidiary Items from the Income Statement
Business Operations and Performance Trade accounts payable 703 - -
International (Wholly owned
Cost of goods purchased 15,573 22,590 21,858
Ltd. by PTT Group) PTTEP Oman • A subsidiary Items from the Income Statement
Section 2 and services
E&P Corporation (Wholly owned
Cost of goods purchased - 7,534 -
PTT Public Company Limited
PTT Public Company Limited
Items from Statement of Financial Position by PTT Group)
Corporate Governance and services
56-1 One Report 2023
56-1 One Report 2023
Trade accounts payable 2,597 3,876 3,265
6. Corporate Governance TOP SPP • A subsidiary Items from the Income Statement
Other accounts payable 32 25 41 Co., Ltd. (Wholly owned
7. Governance Structure and Key Data Sales and service income 4,635 8,033 8,532
PTTEP Siam Ltd. • A subsidiary Items from the Income Statement by PTT Group)
on the Board of Directors, Items from Statement of Financial Position
(Wholly owned
Specific Committees, Management, Cost of goods purchased 16,807 24,895 19,850
by PTT Group) Trade accounts receivable 546 613 1,661
and services
Employees and Others
Other accounts receivable - 135 -
8. Corporate Governance Milestones Other income 1 1 2
IRPC Clean • A subsidiary Items from the Income Statement
9. Internal Control and Connected Items from Statement of Financial Position
Power Co., Ltd. (Wholly owned
Transactions Sales and service income 3,949 7,034 5,887
Trade accounts payable 1,416 1,682 3,264 by PTT Group)
Other income 23 23 23
PTTEP SP • A subsidiary Items from the Income Statement
Section 3
Limited (Wholly owned Items from Statement of Financial Position
Financial Report Cost of goods purchased 7,538 9,649 9,638
by PTT Group)
and services Trade accounts receivable 475 523 1,032
Attachment Items from Statement of Financial Position Other accounts payable 23 23 23
Trade accounts payable 852 862 1,751
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited Unit: THB million Unit: THB million
Relationship Connected Relationship Connected
Related Party Related Party
(As of December 31, 2023) Transactions 2021 2022 2023 (As of December 31, 2023) Transactions 2021 2022 2023
Glow Energy • A subsidiary Items from the Income Statement PTT MEA Ltd. • A subsidiary Items from the Income Statement
Contents Plc. (PTT Group owns 99.83%
Sales and service income 9,288 19,312 17,600
(Wholly owned
Sales and service income 2,415 36,092 20,680
of shares) by PTT Group)
• PTT’s executive, Cost of goods purchased 576 684 475 Cost of goods purchased - 5,871 -
Vision, Mission and PTT Values
Mr. Worawat Pitayasiri, and services and services
PTT Information is a director of
Other income 1 5 1 Other income - - 9
Financial Highlights Glow Energy Plc.
Items from Statement of Financial Position Other expenses 23 25 24
Achievement Highlights
Trade accounts receivable 961 1,260 2,231 Items from Statement of Financial Position
Awards and Recognition
Other accounts receivable - 2 - Trade accounts receivable 1,376 136 1,482
Message from the Board of Directors
362 Other accounts payable 64 48 33 Other accounts receivable 1 2 3 363
Economic, Petroleum
Glow SPP 2 • A subsidiary Items from the Income Statement Other accounts payable - 1 13
and Petrochemical Review and Outlook
Co., Ltd. (Wholly owned
Sales and service income 5,480 7,914 5,919 PTT Global LNG • A subsidiary Items from the Income Statement
by PTT Group)
Section 1 Co., Ltd. (PTTGL) (Wholly owned
• PTT’s executive, Other income - 2 - Cost of goods purchased - 67 4,054
Business Operations and Performance by PTT Group)
Mr. Worawat Pitayasiri, and services
Items from Statement of Financial Position • PTT’s executive,
is a director of Other income 31 40 59
M.L. Peekthong Thongyai,
Section 2 Glow SPP 2 Co., Ltd.
Trade accounts receivable 687 754 882
is Chairman of the Board Interest expenses - - 1
PTT Public Company Limited
PTT Public Company Limited
Other accounts receivable - 2 -
Corporate Governance of PTTGL.
Items from Statement of Financial Position
56-1 One Report 2023
56-1 One Report 2023
Glow SPP 11 • A subsidiary Items from the Income Statement • PTT’s executive,
6. Corporate Governance Co., Ltd. (Wholly owned Mr. Pongpun Amornvivat, Other accounts receivable 9 15 23
Sales and service income 3,469 6,113 5,076
7. Governance Structure and Key Data by PTT Group) is a director of PTT GL. Trade accounts payable - 24 34
• PTT’s executive, Other income 1 1 1
on the Board of Directors,
Mr. Worawat Pitayasiri, Short-term borrowings - 56 33
Specific Committees, Management, Items from Statement of Financial Position
is a director of Siam • A subsidiary Items from the Income Statement
Employees and Others Trade accounts receivable 323 474 845
Glow SPP 11 Co., Ltd. Management (Wholly owned
8. Corporate Governance Milestones Other income 1 1 1
Other accounts payable 1 1 1 Holding Co., Ltd. by PTT Group)
9. Internal Control and Connected (SMH) Interest expenses 2 10 16
Amata Natural • A subsidiary Items from the Income Statement
Transactions Gas Distribution (PTT Group owns 80.00% Items from Statement of Financial Position
Sales and service income 3,062 5,208 4,574
Co., Ltd. of shares)
Other accounts payable - 1 2
Section 3 Amata Natural Gas Other income 2 1 -
Financial Report Distribution Co., Ltd’s Short-term borrowings 893 1,962 1,656
Items from Statement of Financial Position
Trade accounts receivable 699 791 727
Attachment
Other accounts receivable - 1 10
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited Unit: THB million Unit: THB million
Relationship Connected Relationship Connected
Related Party Related Party
(As of December 31, 2023) Transactions 2021 2022 2023 (As of December 31, 2023) Transactions 2021 2022 2023
Arun Plus • A subsidiary Items from the Income Statement Trans • A joint venture Items from the Income Statement
Contents Co., Ltd. (Wholly owned
Other income 20 51 41
Thai-Malaysia (PTT Group owns 50.00%
Cost of goods purchased 1,443 1,598 1,621
(ARUN PLUS) by PTT Group) (Thailand) of TTM(T)’s shares)
and services
• PTT’s director, Professor Other expenses 2 5 - Co., Ltd.
Vision, Mission and PTT Values
Dr. Thosaporn (TTM(T)) Other income 26 30 14
Interest income - 2 -
PTT Information Sirisumphand, is Chairman Other expenses - - 1
Interest expenses 5 21 28
Financial Highlights of the Board of ARUN PLUS.
Interest expenses 43 38 33
• PTT’s executive, Items from Statement of Financial Position
Achievement Highlights
Mr. Cherdchai Items from Statement of Financial Position
Other accounts receivable 5 32 5
Awards and Recognition Boonchoochauy, Other accounts receivable 4 7 5
Other accounts payable 1 1 4
Message from the Board of Directors is a director of ARUN PLUS.
364 Trade accounts payable 273 281 290 365
Short-term borrowings 2,729 1,957 3,195
Economic, Petroleum
Current portion of lease 431 451 453
and Petrochemical Review and Outlook Andaman • A joint operation Items from the Income Statement
liabilities
Transportation (PTT Group owns 80.00%
Cost of goods purchased 9,214 14,037 14,159
Section 1 Limited (ATL) of ATL’s shares) Lease liabilities 2,696 2,336 1,860
and services
Business Operations and Performance District • A joint venture Items from the Income Statement
Other income 1 1 1
Cooling System (PTT Group owns 35.00%
Sales and service income 1,776 3,279 2,693
Section 2 Items from Statement of Financial Position and Power Plant of DCAP’s shares)
Other income 5 7 7
PTT Public Company Limited
PTT Public Company Limited
Trade accounts payable 1,713 2,736 2,238 Co., Ltd. (DCAP)
Corporate Governance
Items from Statement of Financial Position
56-1 One Report 2023
56-1 One Report 2023
Moattama Gas • A joint operation Items from the Income Statement
6. Corporate Governance Transportation (PTT Group owns 37.08% Trade accounts receivable 218 256 314
Cost of goods purchased 14,185 21,174 13,948
7. Governance Structure and Key Data Company of MGTC’s shares)
and services Other accounts receivable 2 37 3
on the Board of Directors, (MGTC)
Items from Statement of Financial Position Other accounts payable 1 1 1
Specific Committees, Management,
Trade accounts payable 2,801 3,380 2,084 PTT Asahi • A joint venture Items from the Income Statement
Employees and Others
Chemical (PTT Group owns 50.00%
8. Corporate Governance Milestones Orange Energy • A joint operation Items from the Income Statement Sales and service income 4,847 5,337 4,518
Co., Ltd. (PTTAC) of PTTAC’s shares)
Co., Ltd. (PTT Group owns 53.95%
9. Internal Control and Connected Cost of goods purchased 3,872 5,056 2,375 Other income 5 5 6
(Orange) of Orange’s shares)
Transactions and services
Items from Statement of Financial Position
Items from Statement of Financial Position
Trade accounts receivable 397 383 422
Section 3
Trade accounts payable 250 564 164
Financial Report Other accounts payable 2 2 3
B 8/32 • A joint operation Items from the Income Statement
Attachment Partners Ltd. (PTT Group owns 25.00%
Cost of goods purchased 3,872 5,056 2,375
(B8/32 of B8/32 Partners’ shares)
and services
Partners)
Items from Statement of Financial Position
Trade accounts payable 250 564 164
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited
Relationship Connected
Unit: THB million 9.2.4 PTT’s Connected Transactions Resulted from
Related Party
(As of December 31, 2023) Transactions 2021 2022 2023 the Following Agreements with Key Conditions
HMC Polymers • A joint venture Items from the Income Statement Being Summarized below:
Contents Co., Ltd. (HMC) (PTT Group owns 41.44%
Sales and service income 6,768 7,993 3,501
of HMC’s shares) (1) Transactions between PTT and State Enterprises
Other income 7 7 3
Vision, Mission and PTT Values
Items from Statement of Financial Position Transactions
PTT Information
Trade accounts receivable 765 132 225
Financial Highlights • Sales of natural gas
Other accounts receivable 5 - - PTT signed gas sales agreements (GSAs) with a state enterprise, the Electricity Generating of Thailand (EGAT).
Achievement Highlights
Other accounts payable 1 1 1 There were 2 GSAs as follows:
Awards and Recognition
1. GSA between PTT and EGAT, dated June 19, 2020.
Nava Nakorn • A joint venture Items from the Income Statement
Message from the Board of Directors 2. GSA for Nam Phong Power Plant between PTT and EGAT, dated September 20, 2021.
366 Electricity (PTT Group owns 30.00% 367
Sales and service income 2,512 4,236 3,582
Economic, Petroleum Generating of NNEG’s shares)
Other income 3 3 3 Remark:
and Petrochemical Review and Outlook Co., Ltd. (NNEG)
PTT has a liquefied natural gas purchase agreement with EGAT dated October 1, 2021, according to the ERC’s resolution, which is
Items from Statement of Financial Position applicable from October 2021 until the conclusion of EGAT’s liquefied natural gas imports by 2021.
Section 1
Trade accounts receivable 280 308 644
Business Operations and Performance
• Sales of fuels and petroleum products
Other accounts receivable - 199 -
The ministerial regulation prescribing state-promoted or state-supported supply and procurement procedures through
Section 2 Other accounts payable 3 3 3 the selection and specific procurement methods B.E. 2560 (2017), Division 7, required central and provincial government
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Bangpa-in • An associated company Items from the Income Statement agencies and state enterprises (excluding EGAT) to purchase state-supported energy and natural resource supply of
56-1 One Report 2023
56-1 One Report 2023
Cogeneration (PTT Group owns 25.00% 10,000 liters or more by specific procurement methods from PTT, or otherwise, they can buy such supply through selection
Sales and service income 3,222 5,720 4,764
6. Corporate Governance Co., Ltd. (BIC) of BIC’s shares) or invitation to bid. Currently, PTT sells fuels to the following state enterprises that still intend to buy fuels from PTT:
Other income 7 7 7 Bangkok Mass Transit Authority (BMTA), State Railway of Thailand (SRT), EGAT, and The Transport Co., Ltd.
7. Governance Structure and Key Data
on the Board of Directors, Items from Statement of Financial Position As for state enterprises having outstanding payments, PTT could charge interest at the rate according to
the contractual terms.
Specific Committees, Management, Trade accounts receivable 367 412 530
Employees and Others Other accounts payable 7 7 7
8. Corporate Governance Milestones
Ratchaburi • Other related party Items from the Income Statement
9. Internal Control and Connected Power Co., Ltd. (PTT Group owns 15.00%
Sales and service income 6,784 4,671 2,595
Transactions (RPCL) of RPCL’s shares)
• PTT’s executive, Other income 33 33 33
Section 3 Mr. Worawat Pitayasiri, Items from Statement of Financial Position
Financial Report is a director of RPCL.
Trade accounts receivable 1,259 719 240
Attachment Other accounts payable 32 32 32
Section 2 Corporate Governance 9. Internal Control and Connected Transactions Section 2 Corporate Governance 9. Internal Control and Connected Transactions
56-1 One Report 2023
PTT Public Company Limited (2) Transactions between PTT and PTT Exploration and Production Plc. (3) Transactions between PTT and Petrochemical and Refining Affiliates
(PTTEP) which is PTT’s Subsidiary
Transactions
Transactions
Contents PTT signed crude oil, condensate, and feedstock supply agreements, refined and petrochemical product purchase
PTTEP and its subsidiaries produce and sell crude oil, natural gas, condensate, and liquefied petroleum gas (LPG). PTT agreements, and gas sales agreements for process feedstock with its petrochemical and refining affiliates. PTT also signed
Vision, Mission and PTT Values was the major buyer of these in 2023 (69% by volume). PTT had a 15 - 30-year long-term natural gas purchase agreement a LPG sales agreement, and service agreement for storage and distribution of refined products, leases and subleases of
oil terminals for its subsidiaries in the oil and retail business. The purchase price is the market price.
with PTTEP, including annual minimum contractual volume. PTT also engaged in crude oil and condensate supply
PTT Information
agreements with PTTEP, while selling natural gas to PTTEP. PTT’s petroleum product pricing to PTTEP is consistent with
Financial Highlights
global market prices and identical to the project partners’ selling prices to PTT. PTT obtains fuel from PTTEP at competitive (4) Transactions between PTT and its Affiliates of the New Business
Achievement Highlights standard reference prices and under sensible conditions. and Infrastructure Business Group: Transactions and Contracts
Awards and Recognition with Global Power Synergy Plc. (GPSC)
Normal Business Transactions or Those Supporting Normal Business Transactions
Message from the Board of Directors
368 Transactions 369
Economic, Petroleum Amount as of
Item Justification and Sensibility
and Petrochemical Review and Outlook December 31, 2023
PTT signed a Gas Sales Agreement with GPSC to feed gas for power generation, which is considered a normal
1.1 Sale of petroleum products THB 194,090 million Pricing of petroleum products aligns business transaction, with prices and conditions based on competitive standard referenced market prices.
Section 1
Natural gas 777,388.95 million cubic feet with global market prices and is
Business Operations and Performance
Crude oil 14.12 million barrels identical to the project partners’ 9.2.5 Sensibility of Connected Transactions
Condensate 19.33 million barrels selling prices sold to PTT.
Section 2 Liquefied 59,485.01 metric tons Procurement of goods, raw materials, or services from related entities aims to maximize mutual benefits in business
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance petroleum gas operations within PTT Group and endorse national energy security. Such transactions are regarded as normal
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1.2 Natural gas as fuels THB 10.10 million PTTEP’s Board of Directors approved business practices. The volume of goods or raw materials bought or sold by PTT or services provided or received by related
6. Corporate Governance parties are in accordance with PTT’s needs and business operations. Such prices and services are as agreed in contracts,
Natural gas 26.73 million cubic feet a 5-year (2019 - 2023) fuel supply
7. Governance Structure and Key Data agreement with PTT. The prices under leading to commercial benefits to both PTT and related parties without any benefits transferring or irregular transactions.
on the Board of Directors, the agreement were based on
Specific Committees, Management, competitive standard reference 9.2.6 Policy Relating to Future Connected Transactions
Employees and Others market prices and sensible terms.
8. Corporate Governance Milestones PTT’s future connected transactions will be conducted as part of its normal businesses without special favors
9. Internal Control and Connected or transfers of benefit between PTT, subsidiaries, associated companies, related companies, and shareholders.
Pricing policy will continue to be at arm’s length, and the prices of products supplied by PTT’s subsidiaries will be
Transactions
at the market-based. Disclosure of connected transactions are according to SEC’s and SET’s regulations and
the accounting standard for related parties/ entities disclosures announced by the Federation of Accounting
Section 3
Professions.
Financial Report
Attachment 9.2.7 Appraisal Price for Related Transactions
-None-
Attachment
56-1 One Report 2023
PTT Public Company Limited
3
Section
Contents
Vision, Mission and PTT Values
PTT Information
Financial Report
Financial Highlights
Details of Financial Report, are in
Achievement Highlights
Awards and Recognition
56-1 One Report 2023
(Financial Report)
Attachment
Message from the Board of Directors
PTT Public Company Limited 371
Economic, Petroleum
and Petrochemical Review and Outlook Attachment 1
Section 1 Information of the Board of Directors,
Business Operations and Performance Executives, Controlling Persons,
the person supervising Finance and Accounting,
Section 2
the person supervising Accounting,
PTT Public Company Limited
Corporate Governance
Company Secretary
56-1 One Report 2023
Section 3 As of December 31, 2023
Financial Report
Attachment
Attachment 1
Information of the Board of Directors,
Executives, Controlling Persons,
the person supervising Finance and Accounting,
the person supervising Accounting,
Company Secretary
Attachment 2
Attachment 3
Attachment 4
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited
PTT’s Board of Directors
Contents As of December 31, 2023
Vision, Mission and PTT Values
PTT Information
Financial Highlights
1 2 3
Achievement Highlights
1. Mr. Chatchai Phromlert Independent Director/ Chairman
Awards and Recognition
2. Mr. Krishna Boonyachai Independent Director/ Chairman of the Audit Committee
Message from the Board of Directors
372 3. Mr. Payong Srivanich Independent Director/ 373
Economic, Petroleum
Chairman of the Nominating Committee
and Petrochemical Review and Outlook
4. GEN. Teerawat Boonyawat Independent Director/
Section 1 Chairman of the Remuneration Committee
Business Operations and Performance 5. Mr. Jatuporn Buruspat Independent Director/ Chairman of the Corporate
Governance and Sustainability Committee/
Section 2 Authorized Director
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance 6. Dr. Prasert Sinsukprasert Director 4 5 6 7
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56-1 One Report 2023
7. Professor Dr. Thosaporn Sirisumphand Independent Director
Section 3
Financial Report 8. Associate Professor Dr. Narongdech Srukhosit Independent Director/ Member of the Audit Committee
9. Air Chief Marshal Chanon Mungthanya Independent Director/ Member of the Audit Committee
10. Mr. Chansin Treenuchagron Independent Director/
Attachment
Member of the Nominating Committee/
Member of the Enterprise Risk Management Committee
Attachment 1
11. Mr. Lavaron Sangsnit Director/ Member of the Nominating Committee/
Information of the Board of Directors,
Member of the Remuneration Committee
Executives, Controlling Persons,
the person supervising Finance and Accounting, 12. Mr. Phongsthorn Thavisin Independent Director/ Member of the Remuneration
Committee/ Authorized Director 8 9 10 11
the person supervising Accounting,
Company Secretary 13. Associate Professor Dr. Chayodom Sabhasri Independent Director/ Member of the Corporate
Attachment 2 Governance and Sustainability Committee/
Attachment 3
Member of the Enterprise Risk Management Committee
Attachment 4 14. Mrs. Phongsaward Neelayodhin Independent Director/ Member of the Corporate
Attachment 5 Governance and Sustainability Committee
Attachment 6
15. Mr. Auttapol Rerkpiboon Director/ Secretary to the Board/ Authorized Director/
About This Report
President and Chief Executive Officer
Assurance Report
12 13 14 15
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited
PTT Executives
As of December 31, 2023
Contents
Vision, Mission and PTT Values
PTT Information
Financial Highlights
Achievement Highlights
1 2 3 12 13 14 15
Awards and Recognition
Message from the Board of Directors
374 375
Economic, Petroleum
and Petrochemical Review and Outlook
Section 1
Business Operations and Performance
Section 2
4 5 6 7 16 17 18 19
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance
56-1 One Report 2023
56-1 One Report 2023
Section 3
Financial Report
Attachment
Attachment 1
Information of the Board of Directors, 8 9 10 11 20 21 22 23
Executives, Controlling Persons,
1. Mr. Auttapol Rerkpiboon 5. Miss Pannalin Mahawongtikul 12. Mr. Cherdchai Boonchoochauy 18. Mr. Worawat Pitayasiri
the person supervising Finance and Accounting,
President and Chief Executive Officer Chief Financial Officer Senior Executive Vice President, Innovation and New Ventures President and Chief Executive Officer,
the person supervising Accounting,
2. Mr. Wuttikorn Stithit 6. Mr. Terdkiat Prommool 13. Mr. Chansak Chuenchom Global Power Synergy Public Company Limited
Company Secretary
Chief Operating Officer, Senior Executive Vice President, Corporate Strategy and Sustainability Senior Executive Vice President, Engineering and Infrastructure 19. Mr. Suchat Ramarch
Attachment 2
Upstream Petroleum and Gas Business Group 7. Mr. Chadil Chavanalikikorn 14. Mr. Montri Rawanchaikul President, PTT Oil and Retail Business
Attachment 3
3. Mr. Noppadol Pinsupa Senior Executive Vice President, Chief Executive Officer, Public Company Limited
Attachment 4
Chief Operating Officer, Organization Effectiveness and Corporate Governance PTT Exploration and Production Public Company Limited 20. Mrs. Nivadee Jaroensitipun
Attachment 5
Downstream Petroleum Business Group 8. Miss Peangpanor Boonklum 15. Dr. Kongkrapan Intarajang Executive Vice President Acting Senior Executive
Attachment 6
4. Dr. Buranin Rattanasombat Senior Executive Vice President, Office of General Counsel Chief Executive Officer and President, Vice President, Government Relations
About This Report
Chief New Business and Infrastructure Officer 9. M.L. Peekthong Thongyai PTT Global Chemical Public Company Limited 21. Mrs. Wanida Boonpiraks
Assurance Report
Senior Executive Vice President, Gas Business Unit 16. Mr. Bandhit Thamprajamchit Executive Vice President,
10. Mr. Prasong Intaranongpai Chief Executive Officer and President, Group Corporate Finance and Strategy
Senior Executive Vice President, Thai Oil Public Company Limited 22. Miss Jaroonsri Wankertphon
Downstream Business Group Alignment 17. Mr. Kris Imsang Executive Vice President, Group Accounting and Tax Policy
11. Mr. Pongpun Amornvivat President and Chief Executive Officer, 23. Miss Numpetch Supharatanasit
Senior Executive Vice President, International Trading Business Unit IRPC Public Company Limited Executive Vice President, Global Business Services
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification
Time Period Position Organization/ Company
Attachment 1 Certification Relevant Important Positions in Listed Companies -
Contents • Director Certification Program The Stock Exchange of Thailand (In the Previous Year)
(DCP 176/2013), Thai Institute of Directors
December 23, 2023 - Chairman, PTT Public Company Limited
ntrollingVision,
Persons,
Mission and PTT Values
Information of the Board of Directors, Executives, Controlling Persons, Association (IOD)
Present
• Chief of District Program (Class 38)
the person supervising Finance and Accounting, December 1, 2023 - Chairman of the Enterprise Risk Management Committee,
• Senior Administrator Program (Class 41)
PTT Information
• The Civil Service Executive Development December 22, 2023 PTT Public Company Limited
the person supervising Accounting,
Financial Highlights Program (Class 42), Office of the Civil Service
December 1, 2023 - Independent Director, PTT Public Company Limited
Company Secretary Commission (OCSC)
Present
Achievement Highlights • Advanced Certificate Course in Public
Relevant Important Positions in Non-Listed Company (In the Previous Year)
Economics Management for Executives
Awards and Recognition
As of December 31, 2023 (Class 3), King Prajadhipok’s Institute - -
Message from the Board of Directors • Diploma, The National Defence Course
376 (Class 49), National Defence College Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) 377
Economic, Petroleum • Certificate in Anti-Corruption Strategic March 22, 2023 - Expert Commission Member, The Police Commission
and Petrochemical Review and Outlook Management for Senior Executives Present
Mr. Chatchai Phromlert (%) of Share Possession (Class 1), Office of the National
Independent Director/ Chairman Anti-Corruption Commission (NACC) March 9, 2023 - Chairman, Anti-Money Laundering Office (AMLO)
Section 1 -None-
Age (Year) 62 • Advanced Certificate Course in Politics Present
Business Operations and Performance and Governance in Democratic Systems November 1, 2022 - Executive Chairman, Management of the administrative
Family Relationship among for Executives (Class 16), Present and capital management unit on Area Based Development,
• Independent Director Directors and Executives
Section 2 King Prajadhipok’s Institute Office of the Ministry of Higher Education, Science,
(Appointed on December 1, 2023)
• Executive Program in Urban Development
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance • Chairman -None- Research and Innovation
Management (Mahanakhon, Class 2),
(Appointed on December 23, 2023)
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56-1 One Report 2023
Bangkok
Section 3 • ASEAN Executive Management Program
Financial Report (Class 2), Office of the Civil Service
Commission
• Executive Program in Capital Market Leader
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
(Class 17), Capital Market Academy (CMA)
Attachment Education/ Certification
• The Program for Senior Executives on
Time Period Position Organization/ Company
Justice Administration (Class 19),
Education October 28, 2020 - Chairman Provincial Electricity Authority Judicial Training Institute,
Attachment 1
• Bachelor of Arts (Political Science), September 30, 2021 National Justice Academy
Information of the Board of Directors, • Advanced Political and Electoral
Chulalongkorn University
September 17, 2019 - Chairman Provincial Waterworks Authority
Executives, Controlling Persons, • Master of Public Administration, Development Program (Class 7),
October 28, 2020
the person supervising Finance and Accounting, Chulalongkorn University Political and Electoral Development Institute
June 5, 2018 - Chairman Metropolitan Electricity Authority • Rule of Law for Democracy (Class 5),
the person supervising Accounting,
June 4, 2021 College of the Constitutional Court
Company Secretary • Certificate, Executive Program in Energy
October 1, 2017 - Permanent Secretary Ministry of Interior
Attachment 2 Literacy for a Sustainable Future
September 2021
Attachment 3 (Class 13), Thailand Energy Academy (TEA)
May 8, 2015 - Director The Government Lottery Office
Attachment 4
October 1, 2021
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited
Mr. Krishna Boonyachai (%) of Share Possession Mr. Payong Srivanich (%) of Share Possession
Independent Director/ Chairman of the Audit Committee Independent Director/ Chairman of the Nominating Committee
-None- -None-
Age (Year) 59 Age (Year) 55
Contents • Independent Director
Family Relationship among
• Independent Director
Family Relationship among
Directors and Executives Directors and Executives
(Appointed on July 3, 2020, (Appointed on April 9, 2021)
Vision, Mission and PTT Values -None- -None-
April 12, 2023 (Re-elected)) • Chairman of the Nominating Committee
• Chairman of the Audit Committee (Appointed on October 19, 2023)
PTT Information (Appointed on April 12, 2023)
Financial Highlights
Achievement Highlights
Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
Message from the Board of Directors
378 379
Economic, Petroleum Education 2020 - March 2, 2021 Independent Director/ Primo Service Solutions Education November 8, 2016 - President Krung Thai Bank Public
• Bachelor of Economics, Member of the Audit Company Limited • BS in Industrial Engineering, Present Company Limited
and Petrochemical Review and Outlook
Faculty of Economics, Kasetsart University Committee University of Arizona, Tucson, Arizona, USA
April 9, 2021 - Member of PTT Public Company Limited
• Graduate Diploma Program of • MBA, University of Pittsburgh,
2020 - July 2020 Sub-Committee on Metropolitan Waterworks April 8, 2022 the Remuneration
Section 1 Management Project Management, Pennsylvania, USA
Corporate Governance Authority Committee
Business Operations and Performance Muban Chombueng Rajabhat University
and Corporate Social
Certification July 8, 2020 - Corporate Secretary Krung Thai Bank Public
Responsibility
Certification • Director Certification Program March 9, 2021 Company Limited
Section 2 • Director Certification Program 2010 - 2020 Chief Relationship Officer Thai Management Association (TMA) (DCP 223/2016), Thai Institute of
Relevant Important Positions in Listed Companies -
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance (DCP 288/2020), Advanced Audit Relevant Important Positions in Listed Companies - Director Association (IOD)
The Stock Exchange of Thailand (In the Previous Year)
Committee Program (AACP 38/2020), The Stock Exchange of Thailand (In the Previous Year) • Cybersecurity, Cyber Resilience & Privacy
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56-1 One Report 2023
Role of the Chairman Program Risk in the Era of Digital Transformation October 19, 2023 - Chairman of the Nominating Committee,
Section 3 April 12, 2023 - Chairman of the Audit Committee, PTT Public Company Limited
(RCP 46/2020), Risk Management 2018, ACIS Professional Center Present PTT Public Company Limited
Financial Report Program for Corporate Leaders
Present
• Training and Development for
April 8, 2022 - Member of the Corporate Governance
(RCL 22/2021), Ethical Leadership December 14, 2022 - Independent Director/ Chairman of the Audit Committee/ High Executive Project, Royal Thai Police
October 18, 2023 and Sustainability Committee, PTT Public Company Limited
Program (ELP 23/2021), Present Member of the Nomination and Remuneration Committee, • TIJ Executive Program on the Rule of Law
Attachment Successful Formulation & Execution T.R.V. Rubber Products Public Company Limited and Development: RoLD 2019, April 9, 2021 - Member of the Nominating Committee,
of Strategy (SFE 36/2021), and Director Thailand Institute of Justice (TIJ) October 18, 2023 PTT Public Company Limited
July 3, 2020 - Member of the Audit Committee,
Leadership Certification Program April 12, 2023 PTT Public Company Limited • Security Awareness 2021,
April 9, 2021 - Present Independent Director, PTT Public Company Limited
Attachment 1 (DLCP 3/2021), Thai Institute of Krung Thai Bank Public Company Limited
Directors Association (IOD) July 3, 2020 - Present Independent Director, PTT Public Company Limited • Cyber Security Awareness 2022, November 8, 2016 - Executive Director/ Member of the Risk Oversight Committee/
Information of the Board of Directors,
• Executive Program in Capital Market Leader December 12, 2019 - Independent Director/ Chairman/ Member of the Audit Krung Thai Bank Public Company Limited Present President, Krung Thai Bank Public Company Limited
Executives, Controlling Persons,
(Class 24), Capital Market Academy (CMA) Present Committee, TQR Public Company Limited • Cyber Security Awareness 2023, Relevant Important Positions in Non-Listed Company (In the Previous Year)
the person supervising Finance and Accounting, • Top Executive Program in Commerce Krung Thai Bank Public Company Limited
Relevant Important Positions in Non-Listed Company (In the Previous Year) 2021 - Present Director, KTB Advisory Company Limited
the person supervising Accounting, and Trade (TEPCoT) (Class 11),
Commerce Academy, The University of May 9, 2022 - Present Chairman of the Corporate Governance and Sustainability
Company Secretary 2020 - Present Chairman, National Digital ID Company Limited
the Thai Chamber of Commerce Committee, Euroasia Total Logistics Public Company Limited
Attachment 2 2017 - Present Chairman, National ITMX Company Limited
• Super Series Batch 3: Leadership May 1, 2021 - Present Independent Director/ Chairman/ Member of the Audit
Attachment 3 & Effective Corporate Culture, Committee, Euroasia Total Logistics Public Company Limited Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Attachment 4 Institute of Research and Development for
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) 2023 - Present Committee, Policy Committee to Suport Sports Association
Attachment 5 Public Enterprises (IRDP) & Judge Business
School, University of Cambridge, UK April 28, 2023 - Present Director, the Anti-Corruption and Ethics Promotion from State Enterprises and the Private Sector
Attachment 6
• Certificate, Executive Program in Energy Committee (2023 - 2024), The Thai Chamber of Commerce 2023 - Present Committee, The 10,000-baht Digital Wallet Scheme Committee
About This Report Literacy for a Sustainable Future
2020 - Present Chief Consulting Officer, Nuttabhum Foundation 2023 - Present Sub-Committee, The 10,000-baht Digital Wallet Driven Scheme
Assurance Report (Class 17), Thailand Energy Academy (TEA)
2020 - Present Chief Consulting Officer, TKI Perpetual Company Limited Sub-Committee
2020 - Present Sub-Committee on Monitoring National Reform on Economics,
Committee on Monitoring National Reform on Economics,
Monetary and Finance, Senate
2019 - Present Advisor of Sub-Committee on Supporting the Affairs of
Commerce, Committee of Commerce and Industry, Senate
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
GEN. Teerawat Boonyawat (%) of Share Possession
Education/ Certification
Time Period Position Organization/ Company Independent Director/
-None-
Chairman of the Remuneration Committee
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) Age (Year) 63
Contents 2021 - Present Director, Board of Special Economic Development Policy Family Relationship among
Directors and Executives
2021 - Present Director, Supervisory Board of Minor Population Debt Relief • Independent Director
Vision, Mission and PTT Values (Appointed on April 11, 2019, -None-
2021 - Present Executive Director of Global Compact Network Thailand
April 8, 2022 (Re-elected))
PTT Information Association
• Chairman of the Remuneration Committee
Financial Highlights 2021 - Present Member, Steering Committee of (Appointed on April 11, 2019)
“Friends in need of (“PA”) Fair 2021”
Achievement Highlights
2020 - Present Chairman, Thai Bankers’ Association
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification
2020 - Present Private Sector Committee, Board of the Office of SMEs
Promotion, The Office of SMEs Promotion Time Period Position Organization/ Company
Message from the Board of Directors
380 381
2020 - Present Director, National Strategic Committee, Office of the National Education October 2020 - Deputy Royal Thai Army
Economic, Petroleum
Economic and Social Development Council • Bachelor of Science Program, September 2021 Commander-in-Chief
and Petrochemical Review and Outlook
Chulachomklao Royal Military Academy
2020 - Present Director, Eastern Economic Corridor (EEC) Policy Committee, October 2018 - Member of Board of Defence Technology Institute
• Master of Business Administration,
Eastern Economic Corridor (EEC) September 2020 Directors
Section 1 Kasetsart University
Business Operations and Performance 2020 - Present Director, Commission Policy on Private Participation October 2018 - Secretary General Internal Security Operations
in State Affairs, State Enterprise Policy Office Certification September 2020 Command (ISOC)
2020 - Present Committee, The Board of Anti-Corruption Organization of • Director Accreditation Program
Section 2 October 2018 - Chief of Staff Royal Thai Army
Thailand Foundation, Anti-Corruption Organization of (DAP 169/2020), Director Certification
September 2020
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Thailand Foundation Program (DCP 303/2021),
Board Nomination and Compensation December 2012 - Royal Guard
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2020 - Present Advisor, Bureaucracy System Development Subcommittee Program (BNCP 13/2022), September 2021
Section 3 about Studying and Setting Guidelines the Thailand Role of the Chairman Program
Financial Report Relevant Important Positions in Listed Companies -
National Digital Trade Platform, Office of the Public Sector (RCP 49/2022) and Director Leadership
The Stock Exchange of Thailand (In the Previous Year)
Development Commission Certification Program (DLCP 4/2022),
Thai Institute of Directors Association (IOD) April 11, 2019 - Independent Director/
2020 - Present Committee, Capital Market Development Commission,
Attachment • Diploma, The National Defense Course Present Chairman of the Remuneration Committee,
Fiscal Policy Office
(Class 58), National Defence College PTT Public Company Limited
2020 - Present Director, Payment Systems Committee (PSC), • Joint War College (Class 41)
Relevant Important Positions in Non-Listed Company (In the Previous Year)
Attachment 1 Bank of Thailand • Certificate, Executive Program in Energy
Literacy for a Sustainable Future (Class 17), - -
Information of the Board of Directors, 2020 - Present Board Member, Thailand Board of Investment (BOI)
Thailand Energy Academy (TEA) Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Executives, Controlling Persons, 2020 - Present Co-Chairman, The Joint Standing Committee on Commerce,
the person supervising Finance and Accounting, Industry and Banking (JSCCIB) - -
the person supervising Accounting, 2020 - Present Chairman, Development of Database Systems and Information
Company Secretary Technology in Public Financial Institutions Subcommittee
Attachment 2 2020 - Present Director, The ASEAN Bankers Association (ABA)
Attachment 3 2019 - Present Senior Expert Committee,
Attachment 4 The National Financial Institution Development Board
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited
Mr. Jatuporn Buruspat (%) of Share Possession Dr. Prasert Sinsukprasert (%) of Share Possession
Independent Director/ Chairman of the Corporate Director
-None- -None-
Governance and Sustainability Committee/ Age (Year) 57
Authorized Director
Contents Age (Year) 59 Family Relationship among Family Relationship among
Directors and Executives • Director Directors and Executives
• Independent Director (Appointed on December 26, 2022,
Vision, Mission and PTT Values (Appointed on April 9, 2021) -None- -None-
April 12, 2023 (Re-elected))
• Chairman of the Corporate Governance
PTT Information and Sustainability Committee
Financial Highlights (Appointed on April 8, 2022)
(Restructured to be the Corporate Governance
Achievement Highlights and Sustainability Committee on October 27, 2022)
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification
Time Period Position Organization/ Company
Message from the Board of Directors Working Experiences in the 5 Preceding Years (As of December 31, 2023)
382 383
Education/ Certification Education October 2023 - Present Permanent Secretary Ministry of Energy
Economic, Petroleum Time Period Position Organization/ Company
• Bachelor of Engineering
and Petrochemical Review and Outlook April 23, 2021 - Member of the Corporate Thai Oil Public Company Limited
(Electrical Engineering),
Education 2019 - Present Permanent Secretary Ministry of Natural Resources November 30, 2022 Governance and
Chulalongkorn University
• Bachelor of Arts in Political Science, and Environment Sustainability Committee
Section 1 • Master of Science in Energy Conversion,
Chulalongkorn University
Business Operations and Performance May 1, 2021 - Member of PTT Public Company Limited Power and Transmission, April 7, 2021 - Director Thai Oil Public Company Limited
• Master of Arts in Political Science,
April 8, 2022 the Enterprise Risk George Washington University, USA November 30, 2022
Chulalongkorn University
Management • Doctor of Philosophy in Energy
Section 2 • Master of Science (Forest Resource
Committee Management and Policy,
and Environment Administration), October 2020 - Director General, Ministry of Energy
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance April 9, 2021 - Member of PTT Public Company Limited University of Pennsylvania, USA
Kasetsart University October 2023 Department of
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56-1 One Report 2023
• Honorary Doctorate Degree of Philosophy April 8, 2022 the Corporate Alternative Energy
Certification
Section 3 in Environmental Technology Governance Committee Development
• Director Certification Program
Financial Report and Management, Kasetsart University and Efficiency
2017 - 2019 Director-General Department of Marine (DCP 229/2016), Thai Institute of
• Honorary Doctorate Degree of Philosophy
and Coastal Resources Directors Association (IOD) June 2020 - Deputy Permanent Ministry of Energy
in Political Science,
• Executive Program in Capital Market Leader September 2020 Secretary
Mahachulalongkornrajavidyalaya University August 11, 2015 - Director TOT Public Company Limited
Attachment January 7, 2021 (Class 29), Capital Market Academy (CMA)
2017 - 2020 Inspector General Ministry of Energy
• Senior Executive Fellows 2016,
Certification
Relevant Important Positions in Listed Companies - Harvard University, Boston, April 5, 2016 - Director Bangchak Corporation
• Director Certification Program
Attachment 1 The Stock Exchange of Thailand (In the Previous Year) Massachusetts, USA February 2020 Public Company Limited
(DCP 129/2010), Thai Institute of
April 8, 2022 - Present Chairman of the Corporate Governance • Diploma, The National Defence Course
Information of the Board of Directors, Directors Association (IOD) Relevant Important Positions in Listed Companies -
and Sustainability Committee, (Class 58), National Defence College
Executives, Controlling Persons, • Diploma, The National Defence Course The Stock Exchange of Thailand (In the Previous Year)
PTT Public Company Limited • Top Executive Program in Commerce
(Class 55), National Defence College
the person supervising Finance and Accounting, and Trade (TEPCoT), Commerce Academy, November 16, 2023 - Chairman, PTT Public Company Limited
• Certificate, Executive Program in Energy
April 9, 2021 - Present Independent Director, PTT Public Company Limited University of the Thai Chamber of December 22, 2023
the person supervising Accounting, Literacy for a Sustainable Future
Relevant Important Positions in Non-Listed Company (In the Previous Year) Commerce January 25, 2023 - Member of the Enterprise Risk Management Committee,
Company Secretary (Class 15), Thailand Energy Academy (TEA)
• IOD National Director Conference 2021: November 15, 2023 PTT Public Company Limited
Attachment 2 - - “Leadership Behind Closed Door”
Attachment 3 December 26, 2022 - Director, PTT Public Company Limited
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Attachment 4 Present
2022 - Present Vice Chairman, Anti-Money Laundering Committee
Attachment 5 Relevant Important Positions in Non-Listed Company (In the Previous Year)
2019 - Present Chairman of the Board, Forest Industry Organization
Attachment 6 - -
About This Report 2019 - Present Director, Highland Research and Development Institute
Assurance Report 2019 - Present Director, Biodiversity-Based Economy Development Office
2019 - Present Director, Thailand Greenhouse Gas Management Organization
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Professor Dr. Thosaporn Sirisumphand (%) of Share Possession
Education/ Certification
Time Period Position Organization/ Company Independent Director
0.000063
Age (Year) 63 (Own 0;
• STS Expert Session: “How H & R as Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) Spouse 0.000063)
Contents a specialty marketer and refiner with
primarily Group I refinery technology is
October 2020 - Member of Board of Directors, • Independent Director
Present Thailand Greenhouse Gas Management Organization (Appointed on November 6, 2020,
planning to adapt to the changing refinery Family Relationship among
(Public Organization) April 8, 2022 (Re-elected))
Vision, Mission and PTT Values landscape”, Hansen and Rosenthal Directors and Executives
Group (H & R Group)
PTT Information -None-
• “Strategy and Business Direction towards
Financial Highlights Quality and Sustainable Growth”,
PTG Energy Public Company Limited
Achievement Highlights • 2021 PTIT Special Lecture
“Thailand’s Destiny in the Next 30 Years: Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification
Must Have A “New Think Through”
Time Period Position Organization/ Company
Message from the Board of Directors to Propel the Country’s Economy Forward”
384 385
Education March 12, 2019 - Chairman of the Board Tourism Authority of Thailand
Economic, Petroleum
• Bachelor of Public Administration (Honors), December 29, 2022
and Petrochemical Review and Outlook
Chulalongkorn University
August 23, 2018 - Director and Chairman Thai Oil Public Company Limited
• Master of Public Administration,
November 30, 2020
Section 1 Pi Alpha Alpha (National Honor Society for
Business Operations and Performance Public Affairs and Administration), July 1, 2018 - Director and Chairman Bank of Thailand
Northern Illinois University, USA September 30, 2020 (Corporate Governance Committee)
• Ph.D. in Policy Analysis,
Section 2 June 29, 2018 - Secretary General Office of the National Economic
Public Administration and Comparative
September 30, 2020 and Social Development Council
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Politics, Northern Illinois University, USA
(NESDC)
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56-1 One Report 2023
Certification October 2016 - Secretary General Office of the Public Sector
Section 3 June 28, 2018 Development Commission (OPDC)
• Director Certification Program
Financial Report (DCP 80/2006), Finance for Non-Finance
Relevant Important Positions in Listed Companies -
Directors (FND 30/2006),
The Stock Exchange of Thailand (In the Previous Year)
Director Certification Program Update
Attachment (DCPU 4/2015), Thai Institute of Directors November 18, 2020 - Chairman, PTT Public Company Limited
Association (IOD) November 15, 2023
• Executive Program in Capital Market Leader
November 6, 2020 - Independent Director, PTT Public Company Limited
Attachment 1 (Class 10), Capital Market Academy (CMA)
Present
• The Program for Senior Executives on
Information of the Board of Directors,
Justice Administration (Class 15), Relevant Important Positions in Non-Listed Company (In the Previous Year)
Executives, Controlling Persons, Judicial Training Institute, January 28, 2022 - Chairman and Independent Director,
the person supervising Finance and Accounting, National Justice Academy Present Bangkok Genomics Innovation Public Company Limited
the person supervising Accounting, • Certificate, Executive Program in Energy
Literacy for a Sustainable Future July 5, 2021 - Present Chairman, ARUN PLUS Company Limited
Company Secretary
(Class 4), Thailand Energy Academy (TEA) June 28, 2021 - Present Director, ARUN PLUS Company Limited
Attachment 2
Attachment 3
Attachment 4
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Associate Professor Dr. Narongdech Srukhosit (%) of Share Possession
Education/ Certification
Time Period Position Organization/ Company Independent Director/ Member of the Audit Committee
0.000005
Age (Year) 46 (Own 0;
• Corporate Governance: Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) Spouse 0.000005)
Contents Effectiveness and Accountability
16 December 2022 - Expert Member, • Independent Director
in the Boardroom 2014,
Present Vidyasirimedhi Institute of Science and Technology (Appointed on October 8, 2021,
Kellogg School of Management, Family Relationship among
Vision, Mission and PTT Values Northwestern University, USA December 1, 2020 - Expert Member, National Strategy Committee April 12, 2023, (Re-elected)) Directors and Executives
• IOD Chairman Forum: Present • Member of the Audit Committee
PTT Information -None-
“The Role of Chairman in Leading (Appointed on December 1, 2023)
November 17, 2020 - Expert Member,
Financial Highlights Strategic Risk Oversight”
October 2023 National Science and Technology Development Board
• Global Anti-corruption and Integrity
Achievement Highlights Forum 2018, OECD, Paris, France July 29, 2020 - Expert Member,
• Seminar: “How to Transform Your Present Office of the Public Sector Development Commission (OPDC) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification
Business to Become an Exponential
January 29, 2016 - Expert Member, Chulalongkorn University Council
Company in a Digital Era”, Time Period Position Organization/ Company
Message from the Board of Directors 2023
386 Faculty of Commerce and Accountancy,
387
Economic, Petroleum Education 2001 - Present Tenured Lecturer Faculty of Law,
Chulalongkorn University November 24, 2015 - Member of Council of State
• Bachelor of Law (First Class Honors), (Chair of Public Law) Chulalongkorn University
and Petrochemical Review and Outlook • IOD Chairman Forum: Present
Chulalongkorn University
“Leading Boardroom Through Disruption: Relevant Important Positions in Listed Companies -
• LL.M., University of Cambridge, UK
What Directors Should Know?” The Stock Exchange of Thailand (In the Previous Year)
Section 1 • Ph.D. (Law), University of Edinburgh, UK
• Seminar “Geopolitics, Energy Transition
Business Operations and Performance December 1, 2023 - Member of the Audit Committee, PTT Public Company Limited
& Energy Crisis: How do oil & Gas market fit
Certification Present
into this complicated triangle?”,
• Director Certification Program
Section 2 Petroleum Institute of Thailand (PTIT). June 27, 2023 - Independent Director/ Member of the Audit Committee,
(DCP 315/2022) and Financial Statements
Present Quality Houses Public Company Limited
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance for Directors (FSD 45/2022),
Thai Institute of Directors Association (IOD) April 8, 2022 - Member of the Enterprise Risk Management Committee,
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56-1 One Report 2023
• M&A in Practice, Chulalongkorn Law School November 30, 2023 PTT Public Company Limited
Section 3
Alumni Association
Financial Report October 8, 2021 - Member of the Corporate Governance and Sustainability
• The Cullinan: The Making of the Digital Board
November 30, 2023 Committee, PTT Public Company Limited
(Class 2), Thailand Management
Association, in collaboration with October 8, 2021 - Independent Director, PTT Public Company Limited
Attachment the Digital Economy Promotion Agency Present
Relevant Important Positions in Non-Listed Company (In the Previous Year)
Attachment 1 2016 - Present Director, C & C International Venture Company Limited
Information of the Board of Directors, Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Executives, Controlling Persons, 2022 - Present Expert Committee Member on Legal Affairs,
the person supervising Finance and Accounting, Grievance Management Committee attached to
the person supervising Accounting, the Prime Minister’s Office
Company Secretary 2022 - Present Expert Committee Member on Legal Affairs, Digital Promotion
Attachment 2 and Development for Economy and Society Committee
Attachment 3
Attachment 4
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Air Chief Marshal Chanon Mungthanya (%) of Share Possession
Education/ Certification
Time Period Position Organization/ Company Independent Director/ Member of the Audit Committee
-None-
Age (Year) 59
2020 - Present Director, Board of Student Development Policy,
Contents Chulalongkorn University Council
• Independent Director
Family Relationship among
Directors and Executives
2019 - Present Counsel (Administrative Law), (Appointed on April 12, 2023)
Vision, Mission and PTT Values The Stock Exchange of Thailand • Member of the Audit Committee -None-
2019 - Present Director, Committee of Evaluation of University Executive (Appointed on April 12, 2023)
PTT Information
Performance, Suan Dusit University Council
Financial Highlights 2019 - Present Subcommittee of Law, Neighboring Countries Economic
Development Cooperation Agency
Achievement Highlights
2018 - Present Subcommittee of the Regulatory Screening Relating to Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification
Political Parties, The Election Commission of Thailand
Time Period Position Organization/ Company
Message from the Board of Directors 2018 - Present Subcommittee of Appeal Screening,
388 389
Accounting Professions Governance Committee, Education October 1, 2023 - Deputy Chief of Royal Thai Armed Forces
Economic, Petroleum
Department of Business Development • Bachelor of Science, Royal Thai Air Force Present Defence Forces Headquarters
and Petrochemical Review and Outlook
Academy (Class of 30/1986),
2017 - Present Director, Committee of Student Complaint and Appeal, October 2022 - Deputy Royal Thai Air Force
Royal Thai Air Force Academy
Chulalongkorn University September 2023 Commander-in-Chief
Section 1 • Squadron Officer School (Class 79),
Business Operations and Performance Royal Thai Air Force Academy October 2021 - Assistant Royal Thai Air Force
• Air Command and Staff College September 30, 2022 Commander-in-Chief
(Class 41),
Section 2 October 2020 - Chief of the Air Staff Royal Thai Air Force
Royal Thai Air Force Academy
September 30, 2021
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance
Certification April 2020 - Deputy Chief of Royal Thai Air Force
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• Director Certification Program September 30, 2020 the Air Staff
Section 3
(DCP 338/2023), Thai Institute of
Financial Report Relevant Important Positions in Listed Companies -
Directors Association (IOD)
The Stock Exchange of Thailand (In the Previous Year)
• Diploma, The National Defence Course
(Class 60), National Defence College April 12, 2023 - Present Independent Director/ Member of the Audit Committee
Attachment • Budget Management Program For PTT Public Company Limited
Executive (Class 4), Budget Bureau
Relevant Important Positions in Non-Listed Company (In the Previous Year)
• Executive Program in Capital Market Leader
Attachment 1 (Class 33), Capital Market Academy (CMA) October 1, 2022 - Director, Thai Aviation Industries Co., Ltd.
Information of the Board of Directors, September 30, 2023
Executives, Controlling Persons, Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
the person supervising Finance and Accounting,
December 16, 2022 - Director, The War Veterans Organization of Thailand
the person supervising Accounting, Present under the Royal Patronage of His Majesty the King
Company Secretary
Attachment 2
Attachment 3
Attachment 4
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Chansin Treenuchagron (%) of Share Possession
Education/ Certification
Independent Director/ Member of the Nominating Committee/ Time Period Position Organization/ Company
-None-
Member of the Enterprise Risk Management Committee
Age (Year) 63 • Diploma, The National Defence Course Relevant Important Positions in Listed Companies -
Contents Family Relationship among (Class 57), National Defence College The Stock Exchange of Thailand (In the Previous Year)
Directors and Executives • Leadership Development Program 3
• Independent Director December 1, 2023 - Member of the Enterprise Risk Management Committee,
(LDP 3) (Class 1/2014), PTT Leadership
Vision, Mission and PTT Values (Appointed on May 14, 2022) -None- Present PTT Public Company Limited
and Learning Institute (PLLI)
• Member of the Nominating Committee • Advance Senior Executive Program October 19, 2023 - Member of the Nominating Committee,
PTT Information
(Appointed on October 19, 2023) (ASEP-5) (Class 5/2010), Present PTT Public Company Limited
Financial Highlights • Member of the Enterprise Risk Management Committee KELLOGG & SASIN, Chicago, USA
May 14, 2022 - Member of the Remuneration Committee,
(Appointed on December 1, 2023) • Senior Executive Program (SEP)
November 30, 2023 PTT Public Company Limited
Achievement Highlights (Class 20), Sasin Graduate Institute
of Business Administration of May 14, 2022 - Present Independent Director, PTT Public Company Limited
Awards and Recognition
Chulalongkorn University
June 15, 2021 - Present Director and Director of the Plan Administrator,
Message from the Board of Directors Working Experiences in the 5 Preceding Years (As of December 31, 2023) • Advanced Certificate Course in Public
390 Thai Airways International Public Company Limited 391
Education/ Certification Economics Management for Executives
Economic, Petroleum Time Period Position Organization/ Company (Class 10), King Prajadhipok’s Institute Relevant Important Positions in Non-Listed Company (In the Previous Year)
and Petrochemical Review and Outlook • Leadership Excellence through
July 22, 2020 - Present Chairman, Y.S.S. (THAILAND) Company Limited
Education May 25, 2021 - Honorary Member of Thaksin University Awareness and Practice (LEAP), INSEAD,
• Bachelor of Economics, August 1, 2022 the University Council Singapore and France Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Section 1
Thammasat University • Air War College (Class 35)
Business Operations and Performance 2020 - May 13, 2022 Independent Director PTT Global Chemical 2019 - Present President, Thammasat Association under the Royal Patronage
• Master of Economics, • Executive Relationship Development Course
and Member of the Public Company Limited
Chulalongkorn University (ERDC) (Class 1), Directorate of Civil Affairs 2018 - Present Honorary Member of the University Council,
Corporate Governance
• Honorary Doctorate of Science Thammasat University
Section 2 • PTT Executive Leadership,
(Technology Management), July 2, 2020 - Acting President Thai Airways International General Electric, GE, New York, USA
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance July 1, 2021 Public Company Limited
Thammasat University
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June 4, 2020 - Director and Plan Thai Airways International
Section 3 Certification
June 15, 2021 Administrator Public Company Limited
Financial Report • Director Certification Program
(DCP 85/2007), Financial Statements August 31, 2018 - President and Chief PTT Public Company Limited
for Directors (FSD12/2011), May 12, 2020 Executive Officer
Director Accreditation Program
Attachment 2018 - 2020 Chairman IRPC Public Company Limited
(DAP 93/2011), Chartered Director Class
(CDC 10/2015), The Role of the Board 2018 - 2020 Director PTT Exploration and Production
in IT Governance (2020), Public Company Limited
Attachment 1 IT Governance and Cyber Resilience
2018 Chief Technology PTT Public Company Limited
Information of the Board of Directors, Program (ITG 18/2021), Role of
and Innovation Officer
Executives, Controlling Persons, the Chairman Program (RCP 49/2022),
Director Leadership Certification Program 2017 - 2018 Chairman PTT Digital Solutions
the person supervising Finance and Accounting,
(DLCP 4/2022), Successful Formulation Company Limited
the person supervising Accounting, & Execution of Strategy (SFE 42/2023),
2017 - 2018 Director/ Member of Global Power Synergy
Company Secretary Strategic Board Master Class
the Risk Management Public Company Limited
Attachment 2 (SBM 12/2023), Thai Institute of
Committee/ Member of
Directors Association (IOD)
Attachment 3 the Nomination
• Law of Democracy Course, (Class 8)
Attachment 4 and Remuneration
Office of The Constitutional Court Certificate
Committee
Attachment 5 • Certificate, Executive Program in Energy
Attachment 6 Literacy for a Sustainable Future 2016 - 2018 Member of the Risk IRPC Public Company Limited
(Class 7), Thailand Energy Academy (TEA) Management Committee
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited
Mr. Lavaron Sangsnit (%) of Share Possession Mr. Phongsthorn Thavisin (%) of Share Possession
Director/ Member of the Nominating Committee/ Independent Director/
-None- 0.000035
Member of the Remuneration Committee Member of the Remuneration Committee/ (Own 0.000035;
Age (Year) 56 Authorized Director Spouse 0)
Contents Family Relationship among Age (Year) 64
• Director Directors and Executives
Family Relationship among
(Appointed on April 12, 2023) -None-
Vision, Mission and PTT Values • Director Directors and Executives
• Member of the Nominating Committee
(Appointed on May 9, 2023)
PTT Information (Appointed on April 12, 2023) -None-
• Change from Director to Independent Director
• Member of the Remuneration Committee
Financial Highlights (October 19, 2023)
(Appointed on December 1, 2023)
• Member of the Remuneration Committee
Achievement Highlights (Appointed on December 1, 2023)
Awards and Recognition Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification
Message from the Board of Directors Time Period Position Organization/ Company Working Experiences in the 5 Preceding Years (As of December 31, 2023)
392 393
Education/ Certification
Economic, Petroleum Education October 2023 - Present Permanent Secretary Ministry of Finance Time Period Position Organization/ Company
and Petrochemical Review and Outlook • Bachelor of Economics, 2022 - September 2023 Director General The Revenue Department
Chulalongkorn University Education October 1, 2020 - Chief Executive Officer PTT Exploration and Production
2020 - 2022 Director General The Excise Department • Bachelor of Science September 30, 2021 Public Company Limited
• M.S. (Economic Policy and Planning),
Section 1
Northeastern University, USA 2018 - 2020 Director General, Ministry of Finance (Petroleum and Natural Gas Engineering),
Business Operations and Performance January 1, 2019 - Senior Executive PTT Exploration and Production
Fiscal Policy Office The Pennsylvania State University, USA
September 30, 2020 Vice President, PTT, Public Company Limited
Certification 2018 - 2020 Chairman Deposit Protection Agency Reporting to Chief
Section 2 • Director Certification Program Certification
2018 - 2020 Board Member, Capital The Securities Operating Officer,
(DCP 205/2015), Thai Institute of Directors • Director Certification Program
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Market Supervisory Board and Exchange Commission Upstream Petroleum
Association (IOD) (DCP 223/2016), Director Leadership
and Gas Business
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• Diploma, The National Defence Course 2018 - 2020 Director Bank of Thailand Certification Program (DLCP 3/2021),
Group working on
Section 3 (Class 58), National Defence College 2018 - 2020 Member of the Financial Bank of Thailand Board Nomination and Compensation
a secondment as
Financial Report • Certificate, Executive Program in Energy Institutions Policy Program (BNCP 16/2023),
President and Chief
Literacy for a Sustainable Future Committee Thai Institute of Directors Association (IOD)
Executive Officer
(Class 12), Thailand Energy Academy (TEA) • Executive Program in Capital Market Leader
2016 - 2018 Director and Chairman Krungthai Asset Management
• Executive Program in Capital Market Leader (Class 27), Capital Market Academy (CMA) October 1, 2018 - Director PTT Exploration and Production
Attachment of the Risk Management Public Company Limited
(Class 25), Capital Market Academy (CMA) • Certificate, Executive Program in Energy September 30, 2021 Public Company Limited
Committee
• Executive Program in Public Administration Literacy for a Sustainable Future
October 1, 2018 - Senior Executive PTT Exploration and Production
(Class 7), Office of the Civil Service 2016 - 2018 Inspector General Ministry of Finance (Class 7), Thailand Energy Academy (TEA)
Attachment 1 December 31, 2018 Vice President, Public Company Limited
Commission (OCSC) Relevant Important Positions in Listed Companies - • Senior Executive Program (SEP-19)
PTT, working on
Information of the Board of Directors, • Rule of Law for Democracy (Class 10), The Stock Exchange of Thailand (In the Previous Year) (Class 19), Sasin Graduate Institute of
a secondment
Executives, Controlling Persons, College of the Constitutional Court Business Administration of Chulalongkorn
December 1, 2023 - Member of the Remuneration Committee, as Chief Executive
• Security Awareness 2021, University
the person supervising Finance and Accounting, Present PTT Public Company Limited Officer
Krung Thai Bank Public Company Limited • Advanced Naval Studies Program
the person supervising Accounting, October 2023 - Present Chairman, Krungthai Bank Public Company Limited (Class 40), Institute of Advanced November 1, 2017 - President, Exploration PTT Exploration and Production
• Cyber Security Awareness 2022,
Company Secretary Krung Thai Bank Public Company Limited Naval Studies September 30, 2018 and Production/ Public Company Limited
April 12, 2023 - Present Director/ Member of the Nominating Committee, PTT Public
Attachment 2 • PTT Group EVP Leadership Development, Acting Executive
Company Limited
PTT Vice President,
Attachment 3 September 2021 - Director/ Member of the Corporate Governance
• PTT Executive Leadership, General Electric, Business Transformation
Attachment 4 March 2023 and Sustainability Committee, Global Power Synergy
GE, New York, USA and Organization Group
Public Company Limited
Attachment 5 • Breakthrough Program for Senior Executive,
Attachment 6 2020 - October 2023 Director/ Executive Director/ IMD
Member of the Nomination and Remuneration Committee, • Diploma, The National Defence Course
About This Report
Krungthai Bank Public Company Limited (Class 56), National Defence College
Assurance Report • Director’s Briefing - Corporate Strategy
Relevant Important Positions in Non-Listed Company (In the Previous Year)
beyond the Crisis, a Chairman/
- - Board Perspective, Bain & Company, Inc.
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
January 5, 2021 - Chairman, The Board of the Government Lottery
Present
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
• International Seminar on Energy, Relevant Important Positions in Listed Companies - Certification 2015 - 2020 Investment Office of Government Pension
Contents CERAWeek 2019, Houston, Texas, USA The Stock Exchange of Thailand (In the Previous Year) • Director Accreditation Program Sub-Committee, Fund, Ministry of Finance
• In-house CG PTTEP/2017 (DAP 155/2018), Advanced Audit Government Pension
December 1, 2023 - Member of the Remuneration Committee,
Committee Program (AACP 33/2019), Fund (GPF)
Vision, Mission and PTT Values Present PTT Public Company Limited
Board Nomination and Compensation
2012 - 2018 Performance State Enterprise Policy Office
October 19, 2023 - Independent Director, PTT Public Company Limited Program (BNCP 7/2019),
PTT Information Agreement Committee (SEPO), Ministry of Finance
Present Director Certification Program
for State Owned
Financial Highlights (DCP 271/2019), Driving Company Success
May 18, 2023 - Chairman of the Enterprise Risk Management Committee, Enterprises (PAC)
with IT Governance (ITG 16/2021)
November 30, 2023 PTT Public Company Limited
Achievement Highlights and Ethical Leadership Program Relevant Important Positions in Listed Companies -
May 9, 2023 - Director, PTT Public Company Limited (ELP 23/2021), Thai Institute of Directors The Stock Exchange of Thailand (In the Previous Year)
Awards and Recognition
October 18, 2023 Association (IOD)
December 15, 2023 - Member of the Enterprise Risk Management Committee,
Message from the Board of Directors • Certificate, Executive Program in Energy
394 October 8, 2021 - Director/ Member of the Nominating Committee, Present PTT Public Company Limited 395
Literacy for a Sustainable Future
April 12, 2023 PTT Public Company Limited
Economic, Petroleum (Class 14), Thailand Energy Academy (TEA) December 1, 2023 - Member of the Corporate Governance and Sustainability
and Petrochemical Review and Outlook Relevant Important Positions in Non-Listed Company (In the Previous Year) • Diploma, The National Defence Course Present Committee, PTT Public Company Limited
(Class 57), National Defence College
- - January 26, 2023 - Chairman of the Nomination and Remuneration Committee,
• Executive Program in Capital Market Leader
Section 1 Present Kiatnakin Phatra Bank Public Company Limited
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) (Class 17), Capital Market Academy (CMA)
Business Operations and Performance • Corporate Governance for Directors January 26, 2023 - Member of the Audit Committee,
- -
and Senior Executives of State Enterprises Present Kiatnakin Phatra Bank Public Company Limited
Section 2 and Public Organizations Program
May 20, 2021 - Member of the Audit Committee,
(Class 6), King Prajadhipok’s Institute,
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance November 30, 2023 PTT Public Company Limited
State Enterprise Policy Office and Office of
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Associate Professor Dr. Chayodom Sabhasri (%) of Share Possession the Public Sector Development Commission April 22, 2021 - Present Independent Director,
Section 3 Independent Director/ Member of the Corporate Governance
-None- • The Cullinan: The Making of Kiatnakin Phatra Bank Public Company Limited
Financial Report and Sustainability Committee/ Member of the Enterprise the Digital Board, Thailand Management April 9, 2021 - Present Independent Director, PTT Public Company Limited
Risk Management Committee Association, in collaboration with
Age (Year) 59 Family Relationship among the Digital Economy Promotion Agency Relevant Important Positions in Non-Listed Company (In the Previous Year)
Directors and Executives
Attachment 1999 - Present Director, Meyer Industries Limited
• Independent Director -None-
(Appointed on April 9, 2021) Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
• Member of the Corporate Governance 2020 - Present Member of the Risk Oversight Committee,
Attachment 1
and Sustainability Committee Academic Committee on Economic and Monetary Affairs,
Information of the Board of Directors, (Appointed on December 1, 2023) The Securities and Exchange Commission (SEC)
Executives, Controlling Persons, • Member of the Enterprise Risk Management Committee
(Appointed on December 15, 2023) 2019 - Present Academic Committee on Economic and Monetary Affairs,
the person supervising Finance and Accounting,
Parliament (Senate)
the person supervising Accounting,
2018 - Present Honorary Committee, Member of the Public Debt
Company Secretary Working Experiences in the 5 Preceding Years (As of December 31, 2023) Management Policy and Supervision Committee (MPO),
Attachment 2 Education/ Certification Ministry of Finance
Time Period Position Organization/ Company
Attachment 3 2017 - Present Evaluation Committee, Thai Health Promotion Foundation
Attachment 4 Education 1994 - Present Professor in the Faculty Chulalongkorn University
2016 - Present Member of Chulalongkorn University Council,
Attachment 5 • Bachelor of Economics of Economics
Chulalongkorn University
(Second Class Honor),
Attachment 6 April 9, 2021 - Member of PTT Public Company Limited
Chulalongkorn University
About This Report May 20, 2021 the Nominating
• Diploma in Economics, The London School
Committee
Assurance Report of Economics and Political Science,
University of London, UK 2019 - 2020 Sub-Performance State Enterprise Policy Office
• M.Sc. Economics, The London School Agreement Committee (SEPO), Ministry of Finance
of Economics and Political Science, (Sub-PAC for SFIs)
University of London, UK
2016 - 2018 Sub-Performance State Enterprise Policy Office
• Ph.D. Economics,
Agreement Committee (SEPO), Ministry of Finance
University of Wisconsin-Madison, USA
(Sub-PAC for SFIs)
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited
Mrs. Phongsaward Neelayodhin (%) of Share Possession Mr. Auttapol Rerkpiboon (%) of Share Possession
Independent Director/ Member of the Corporate Governance Director/ Secretary to the Board/ Authorized Director/
-None- 0.000939
and Sustainability Committee President and Chief Executive Officer (Own 0.000788;
Age (Year) 56 Age (Year) 58 Spouse 0.000151)
Contents Family Relationship among
Directors and Executives
• Independent Director • Director and Secretary to the Board Family Relationship among
Vision, Mission and PTT Values (Appointed on December 1, 2023) -None-
(Appointed on May 13, 2020, Directors and Executives
• Member of the Corporate Governance April 9, 2021 (Re-elected))
PTT Information -None-
and Sustainability Committee • Authorized Director
(Appointed on December 1, 2023) (Appointed on May 13, 2020)
Financial Highlights
• President and Chief Executive Officer
Achievement Highlights (Appointed on May 13, 2020)
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification
Time Period Position Organization/ Company
Message from the Board of Directors Working Experiences in the 5 Preceding Years (As of December 31, 2023)
396 397
Education 2022 - Present Permanent Secretary Ministry of Justice Education/ Certification
Economic, Petroleum Time Period Position Organization/ Company
• Bachelor of Laws Program, for Justice
and Petrochemical Review and Outlook
Thammasat University
2020 - 2022 Acting Director Strategic Transformation Office Education May 13, 2020 - Present President and Chief PTT Public Company Limited
(STO) • Bachelor of Engineering (Civil Engineering), Executive Officer
Section 1 Certification
Chulalongkorn University
Business Operations and Performance • Director Accreditation Program 2018 - 2022 Deputy Office of the Council of State November 8, 2022 - Advisory Board, Fund Chulalongkorn University
• Master of Economics Program,
(DAP 189/2022), Thai Institute of Directors Secretary-General December 27, 2022 Raising Committee for
National Institute of Development
Association (IOD) Contribution to a Charity
Section 2 2015 - 2017 Permanent Law Office of the Council of State Administration
• Diploma, The National Defence Course Fund Started by the King,
Councilor • Diploma of Petroleum Management,
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance (Class 63), National Defence College Thai Red Cross Society
College of Petroleum Studies,
• Executive Development Program Relevant Important Positions in Listed Companies - 2022
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56-1 One Report 2023
Oxford University, UK
(Class 82), Office of the Civil Service The Stock Exchange of Thailand (In the Previous Year)
Section 3 (British Council Scholarship) October 31, 2022 - Advisory Board Steering Committee of Red Cross
Commission December 31, 2022 Charity Lottery Tickets Supporting
Financial Report December 1, 2023 - Independent Director/ Member of the Corporate Governance
• Executive Program in Budgeting (Class 6), the Thai Red Cross Society 2022
Present and Sustainability Committee, PTT Public Company Limited Certification
Budget Bureau
• Director Certification Program
• Executive Program in Legal Literacy February 17, 2021 - Director, Airports of Thailand Public Company Limited October 17, 2022 - Member of the Steering Friend in Need (of “PA”)
(DCP 173/2013), Company Secretary
Attachment (Class 5), Office of the Council of State November 28, 2023 December 11, 2022 Committee of Friends Volunteers Foundation
Program (CSP 14/2005),
• Spokesman Program, in need (of “PA”) 2022
Relevant Important Positions in Non-Listed Company (In the Previous Year) Thai Institute of Directors Association (IOD)
Office of the Prime Minister October 10, 2022 - Chairman, Steering Chulalongkorn University Alumni
• Executive Development Program (EDP),
Attachment 1 November 28, 2022 - Director, Aeronautical Radio of Thailand Limited
(Class 1), Thai Listed Companies October 23, 2022 Committee of King Association under the Royal
November 15, 2023
Information of the Board of Directors, Association (TLCA) Chulalongkorn Day 2022 Patronage
Executives, Controlling Persons, Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) • Diploma, The National Defence Course
November 12, 2021 - Advisory Board, Fund Chulalongkorn University
(Class 58), National Defence College
the person supervising Finance and Accounting, September 15, 2020 - Director, The Expressway Authority of Thailand December 27, 2021 Raising Committee
• Advanced Certificate Course in Politics
the person supervising Accounting, October 26, 2023 for Contribution to
and Governance in Democratic System for
a Charity Fund Started
Company Secretary 2019 - Present Honorary Member of the Buddhist Scripture Education Executives, (Class 14),
by the King, Thai Red
Attachment 2 Committee King Prajadhipok’s Institute
Cross Society 2021
• Executive Program in Capital Market Leader
Attachment 3 2018 - Present Council of State Committee No.2
(Class 20), Capital Market Academy (CMA) June 30, 2021 - Steering Committee of Thai Red Cross Society
Attachment 4 • Certificate, Executive Program in Energy December 31, 2021 2021 Red Cross Fair
Attachment 5 Literacy for a Sustainable Future
June 28, 2021 - Director ARUN PLUS Company Limited
Attachment 6 (Class 12), Thailand Energy Academy (TEA)
February 15, 2022
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
• Executive Program on Rule of Law October 2, 2020 - Advisory Committee The Institute of Energy for Industry Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Contents and Development: RoLD (Class 2), July 19, 2022
November 27, 2023 - Subcommittee of the Science
Thailand Institute of Justice (TIJ)
September 29, 2020 - Advisor Director Committee of Red Cross Lottery Present and Technology Development Fund
• NIDA-Wharton Executive Leadership
Vision, Mission and PTT Values December 22, 2020 Tickets Supporting the Thai Red
Program 2009, The Wharton School November 7, 2023 - Expert Committee Member, National Science
Cross Society 2020
of the University of Pennsylvania, USA Present and Technology Development Governing Board
PTT Information
• PTT Executive Leadership, General June 8, 2020 - Chairman Power of Learning Foundation
October 24, 2023 - Advisory Board, Fund Raising Committee for
Financial Highlights Electric, GE, New York, USA July 20, 2021
December 18, 2023 Contribution to a Charity Fund Started by the King,
• Rule of Law for Democracy (Class 8),
Achievement Highlights December 12, 2018 - Chairman PTT Tank Terminal Company Thai Red Cross Society 2023, Chulalongkorn University
College of the Constitutional Court
May 12, 2020 Limited
October 16, 2023 - Member of the Policy Committee of State Enterprises
Awards and Recognition
May 1, 2018 - President Marketing Association of Thailand Present and Private Sector Support for Sports Associations
Message from the Board of Directors July 16, 2020
398 September 13, 2023 - Member of the Steering Committee of Friends 399
April 11, 2018 - Director/ Chairman of Thai Oil Public Company Limited December 10, 2023 in need (of “PA”) 2023
Economic, Petroleum
July 31, 2020 the Risk Management
and Petrochemical Review and Outlook September 12, 2023 - Advisor, Steering Committee of King Chulalongkorn Day 2023,
Committee/ Member
Present Chulalongkorn University Alumni Association
of the Nomination
under the Royal Patronage of his Majesty the King
Section 1 and Remuneration
Business Operations and Performance Committee June 2023 - Present President, Chulalongkorn University Alumni Association
under the Royal Patronage of his Majesty the King
October 6, 2017 - Executive Director The Royal Automobile
Section 2 September 29, 2020 Association of Thailand under June 2023 - Present Member of Chulalongkorn University Council,
the Royal Patronage Chulalongkorn University
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance
October 1, 2017 - Chief Operating Officer, PTT Public Company Limited May 16, 2023 - Member of the Steering Committee, Red Cross Fair 2023,
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56-1 One Report 2023
May 12, 2020 Downstream Petroleum December 31, 2023 Thai Red Cross Society
Section 3
Business Group
Financial Report November 25, 2022 - Honorary Advisor,
(October 1, 2017 -
Present The S.E.A. Write Award Organizing Committee
September 30, 2018
Acting Senior Executive November 19, 2022 - Chairman of the Council Board, Thailand Carbon Neutral
Attachment Vice President, Present Network and Chairman of the Executive Committee,
Downstream Business Thailand Carbon Neutral Network
Group Alignment, PTT)
September 20, 2022 - Member of the Fund Raising Committee for Building
Attachment 1 October 1, 2015 - Director/ Director to the PTT Global Chemical Present and Construction Maintenance,
Information of the Board of Directors, October 1, 2018 Corporate Governance Public Company Limited Suan Luang Rama 9 Foundation
Executives, Controlling Persons, Committee/ Director to
June 16, 2022 - Present Committee Member,
the Risk Management
the person supervising Finance and Accounting, The General Prem Tinsulanonda Historical Park
Committee
the person supervising Accounting, May 30, 2022 - Present Advisor, IEEE Power & Energy Society
Relevant Important Positions in Listed Companies -
Company Secretary
The Stock Exchange of Thailand (In the Previous Year) May 6, 2022 - Present Director, Steering Committee of Vetiver Development
Attachment 2 and Campaign according to Royal Initiative Project
May 13, 2020 - Present Director/ Secretary to the Board/ President
Attachment 3 April 25, 2022 - Advisory Board,
and Chief Executive Officer, PTT Public Company Limited
Attachment 4 August 15, 2023 Sirinart Rajini Mangrove Ecosystem Learning Center
August 1, 2020 - Director, PTT Exploration and Production
Attachment 5 April 19, 2022 - Present Honorary Advisor, The Economic Reporters Association
Present Public Company Limited
Attachment 6
December 22, 2015 - Chairman, PTT Oil and Retail Business January 18, 2022 - Expert Committee Members,
About This Report Present Government Pension Fund (GPF) Board
Present Public Company Limited
Assurance Report
Relevant Important Positions in Non-Listed Company (In the Previous Year) November 9, 2021 - Social Cooperation Promotion Committee,
Present Princess Maha Chakri Award Foundation
- -
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Wuttikorn Stithit (%) of Share Possession
Education/ Certification
Time Period Position Organization/ Company Chief Operating Officer,
0.000812
Upstream Petroleum and Gas Business Group (Own 0.000494;
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) Age (Year) 59 Spouse 0.000318)
Contents March 25, 2021 - Director, Thai Foundation
Present • Chief Operating Officer, Family Relationship among
Vision, Mission and PTT Values October 9, 2020 - Committee Member, Suan Luang Rama 9 Foundation Upstream Petroleum and Gas Business Group Directors and Executives
Present (Appointed on October 1, 2022)
PTT Information -None-
August 31, 2020 - Expert Committee of Vidyasirimedhi Institute Council,
Financial Highlights Present Vidyasirimedhi Institute of Science and Technology (VISTEC)
Achievement Highlights August 24, 2020 - Chairman, Power for Sustainable Future Foundation
Present Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification
June 2020 - Present Committee Member, Ruamchit Normklao Foundation for
Time Period Position Organization/ Company
Message from the Board of Directors Thai Youth under the Patronage of Her Majesty the Queen
400 401
Economic, Petroleum Education October 1, 2022 - Chief Operating Officer, PTT Public Company Limited
June 8, 2020 - Present Chairman, Power of Innovation Foundation
• Bachelor of Engineering Present Upstream Petroleum
and Petrochemical Review and Outlook May 29, 2020 - Present Member of Trustees, Petroleum Institute of Thailand (Electrical Engineering), King Mongkut’s and Gas Business Group
Institute of Technology Ladkrabang
May 22, 2020 - Present President, PTT Group Employee Association September 30, 2019 - Chairman PTT Natural Gas Distribution
Section 1 • Master of Science (Industrial and System
December 31, 2022 Company Limited
Business Operations and Performance May 13, 2020 -Present Committee Member, Engineering), Ohio University, USA
Thailand Business Council for Sustainable Development • Master of Business Administration April 24, 2019 - Chairman PTT Global LNG Company Limited
(Finance and Banking), Kasetsart University December 31, 2022
Section 2 May 13, 2020 - Present Advisory Board,
PTT Natural Gas Business Saving Co-Operative Limited February 1, 2019 - Senior Executive PTT Public Company Limited
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Certification
September 30, 2022 Vice President,
May 13, 2020 - Present Committee Member, Green Globe Institute • Director Certification Program
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Gas Business Unit
(DCP 158/2012), Thai Institute of Directors
Section 3 May 13, 2020 -Present Vice Chairman, Thailand Energy Academy
Association (IOD) November 1, 2015 - Executive Vice President, PTT Public Company Limited
Financial Report May 2020 - Present Committee Member, OUR Khung BangKachao • Leadership Development Program 3 January 31, 2019 Natural Gas Supply
March 2020 - Expert Committee of NIDA Council, (LDP 3), PTT Leadership and Learning and Trading
August 10, 2023 The National Institute of Development Administration (NIDA) Institute (PLLI)
March 30, 2015 - 2019 Chairman Trans Thai-Malaysia (Thailand)
Attachment • Leadership Succession Program (LSP),
Company Limited
2019 - Present Honorary Advisor, The National Institute of Development (Class 9), Institute of Research and
Administration Alumni Association under the Royal Patronage Development for Public Enterprises (IRDP) Relevant Important Positions in Listed Companies -
(NIDA) • Senior Executive Education Program, The Stock Exchange of Thailand (In the Previous Year)
Attachment 1
July 27, 2018 - Present Expert Committee Member, SIBA 2017, College of Management,
Information of the Board of Directors, February 1, 2023 - Member of the Nomination and Remuneration Committee,
Payment Systems Committee (PSC), Bank of Thailand Mahidol University
Executives, Controlling Persons, Present Global Power Synergy Public Company Limited
• Power of the Kingdom (Bhumipalung
the person supervising Finance and Accounting, 2018 - Present Honorary Advisor, Thai-Laos Business Council January 1, 2023 - Director/ Member of the Risk Management Committee,
Phandin) (Class 4), Chulalongkorn University
the person supervising Accounting, November 6, 2016 - Vice President, Swimming Association Thailand • Leadership Development Program 2 (LDP 2), Present PTT Exploration and Production Public Company Limited
Company Secretary Present PTT Leadership and Learning Institute (PLLI) April 1, 2019 - Present Global Power Synergy Public Company Limited
• Senior Executive Program (SEP) 2011,
Attachment 2
Sasin Graduate Institute of Business
Attachment 3 Administration of Chulalongkorn University
Attachment 4
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
• Certificate, Executive Program in Energy Relevant Important Positions in Non-Listed Company (In the Previous Year) • Assessor Training Program, October 1, 2021 - Director PTT Global Chemical
Contents Literacy for a Sustainable Future
January 11, 2023 - Chairman, PTT LNG Company Limited
Thailand Quality Award (TQA) September 29, 2022 Public Company Limited
(Class 16), Thailand Energy Academy (TEA) • Seminar “Briefing on International
Present October 1, 2021 - Chief New Business PTT Public Company Limited
• Diploma, The National Defence Course Anti-Corruption…International Cases
Vision, Mission and PTT Values September 30, 2022 and Infrastructure
(Class 62), National Defence College July 20, 2021 - Chairman, B.GRIMM Power LNG JV Company Limited and Practices” (October 14, 2015),
Officer (Changed
December 31, 2022 Thai Institute of Director Association (IOD)
PTT Information the position name from
• Mitsui-Harvard Business School Global
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) Chief Technology and
Financial Highlights Management Academy 2015, Japan - USA
Engineering Officer
October 1, 2022 - Executive Director, Thailand Energy Academy • G-20Y Summit 2015, France
Achievement Highlights with effect from
Present • Program for Senior Executive on
October 1, 2021)
Justice Administration (Class 19),
Awards and Recognition
Judicial Training Institute June 28, 2021 - Director ARUN PLUS Company Limited
Message from the Board of Directors • Executive Program in Capital Market 1 December 2022
402 Academy Leader Program (Class 22),
403
Mr. Noppadol Pinsupa (%) of Share Possession April 7, 2021 - Director/ Member of PTT Oil and Retail Business
Economic, Petroleum Capital Market Academy (CMA)
Chief Operating Officer, September 30, 2021 the Corporate Public Company Limited
and Petrochemical Review and Outlook 0.001519 • Diploma, The National Defence Course
Downstream Petroleum Business Group Governance Committee
(Own 0.000476; (Class 60), National Defence College
Age (Year) 59 Spouse 0.001043) • Executive Program on Rule of Law March 3, 2021 - Member of the Vidyasirimedhi Institute of Science
Section 1
and Development (RoLD), November 17, 2021 Executive Committee and Technology
Business Operations and Performance Thailand Institute of Justice (TIJ)
• Chief Operating Officer, Family Relationship among January 20, 2021 - Director/ Member of IRPC Public Company Limited
• Certificate, Executive Program in Energy
Downstream Petroleum Business Group Directors and Executives September 30, 2021 the Nomination
Section 2 (Appointed on October 1, 2022)
Literacy for a Sustainable Future
and Remuneration
-None- (Class 14), Thailand Energy Academy (TEA)
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Committee
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56-1 One Report 2023
January 4, 2021 - Chairman Global Renewable Power
Section 3 October 18, 2021 Company Limited
Financial Report Working Experiences in the 5 Preceding Years (As of December 31, 2023) December 4, 2020 - Director Alpha Com Company Limited
Education/ Certification October 18, 2021
Time Period Position Organization/ Company
December 2, 2020 - Chairman PTT Digital Solutions
Attachment January 30, 2021 Company Limited
Education October 1, 2022 - Chief Operating Officer, PTT Public Company Limited
• Bachelor of Engineering Present Downstream Petroleum December 1, 2020 - Director/ Member of IRPC Public Company Limited
(Electrical Engineering), Business Group January 19, 2021 the Corporate
Attachment 1
Chulalongkorn University Governance Committee
Information of the Board of Directors, September 30, 2022 - Director/ Member of Thai Oil Public Company Limited
• Master of Engineering
December 31, 2022 the Risk Management December 1, 2020 - Senior Executive PTT Public Company Limited
Executives, Controlling Persons, (Electrical Engineering),
Committee/ Secretary to September 30, 2021 Vice President,
the person supervising Finance and Accounting, Chulalongkorn University
the Board Innovation and Digital
the person supervising Accounting,
Certification September 30, 2022 - Acting Chief Executive Thai Oil Public Company Limited July 3, 2020 - Senior Executive IRPC Public Company Limited
Company Secretary • Director Certification Program December 31, 2022 Officer and President November 30, 2020 Vice President, PTT,
Attachment 2 (DCP 146/2011), Financial Statements reporting to Chief
November 22, 2021 - Director to the Corporate PTT Global Chemical
Attachment 3 for Directors (FSD 12/2011), Operating Officer,
September 29, 2022 Governance and Public Company Limited
Thai Institute of Directors Association (IOD) Downstream Petroleum
Attachment 4 Sustainability Committee
• Leadership Development Program 3 (LDP 3), Business Group working
(Changed from
Attachment 5 PTT Leadership and Learning Institute (PLLI)
the Corporate on a secondment as
Attachment 6 • Breakthrough Program for Senior Executives President and Chief
Governance with effect
About This Report International Leading Business School (IMD), Executive Officer
from April 4, 2022)
Lausanne, Switzerland
Assurance Report October 1, 2021 - Director to PTT Global Chemical
November 22, 2021 the Nomination Public Company Limited
and Remuneration
Committee
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
March 2019 - Chairman IRPC A&L Company Limited Relevant Important Positions in Listed Companies -
Contents December 2020 The Stock Exchange of Thailand (In the Previous Year)
March 2019 - Chairman iPolymer Company Limited January 23, 2023 - Director/ Director to the Risk Management Committee,
Vision, Mission and PTT Values December 2020 Present PTT Global Chemical Public Company Limited
March 2019 - Chairman IRPC Technology Company Limited November 1, 2021 - Director/ Member of the Nomination and Remuneration
PTT Information
November 2020 Present Committee/ Chairman of the Risk Management Committee,
Financial Highlights Global Power Synergy Public Company Limited
February 1, 2019 - Executive Director Thailand Energy Academy
November 30, 2020 Relevant Important Positions in Non-Listed Company (In the Previous Year)
Achievement Highlights
March 28, 2023 - Chairman, PTT Tank Terminal Company Limited
Awards and Recognition
February 2019 - Chairman PTT Energy Solutions Present
Message from the Board of Directors August 2019 Company Limited
404 Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) 405
January 2019 - Director UBE Chemicals (Asia)
Economic, Petroleum April 12, 2022 - Present Vice President/ Member of the Board,
November 2020 Public Company Limited
and Petrochemical Review and Outlook The Federation of Thai Industries
2019 - 2021 Advisor Chulalongkorn University
June 13, 2022 - Present Chairman, The Institute of Industrial Energy,
Alumni Association under
Section 1 The Federation of Thai Industries
the Royal Patronage
Business Operations and Performance April 2022 - Present Executive Board Member, The Federation of Thai Industries
October 2017 - Chairman PTT Global LNG Company Limited
January 2019 2022 - Present Director, National Energy Technology Center,
Section 2 National Science and Technology Development Agency
October 1, 2015 - Senior Executive PTT Public Company Limited
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance (NSTDA)
January 31, 2019 Vice President,
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56-1 One Report 2023
Gas Business Unit 2022 - Present Director, Chulalongkorn University Engineering Alumni,
Section 3 2015 - Director/ Member of Thai Oil Public Company Limited
Chulalongkorn University
Financial Report January 30, 2019 the Risk Management June 1, 2020 - Present The Energy Working Group, The Joint Standing Committee
Committee on Commerce, Industry, and Banking
2014 - 2018 Chairman PTT Natural Gas Distribution November 1, 2019 - Member of Vidyasirimedhi Institute of Science
Attachment Company Limited Present and Technology Council (Member of VISTEC Council)
Attachment 1
Information of the Board of Directors,
Executives, Controlling Persons,
the person supervising Finance and Accounting,
the person supervising Accounting,
Company Secretary
Attachment 2
Attachment 3
Attachment 4
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Dr. Buranin Rattanasombat (%) of Share Possession
Education/ Certification
Chief New Business and Infrastructure Officer Time Period Position Organization/ Company
0.00075
Age (Year) 56 (Own 0.00075;
Spouse 0) November 2019 - Chairman Thai Petroleum Pipeline
Contents • Chief New Business and Infrastructure Officer
October 2020 Company Limited
July 2019 - May 2020 Chairman PTT (Cambodia) Limited
(Appointed on October 1, 2022) Family Relationship among
Vision, Mission and PTT Values Directors and Executives 2018 - 2020 Secretary General Marketing Association of Thailand
PTT Information -None- August 2018 - Chairman PTTOR China (Shanghai)
June 1, 2019 Company Limited
Financial Highlights
2018 - 2019 Senior Executive PTT Oil and Retail Business
Achievement Highlights Vice President, Public Company Limited
Working Experiences in the 5 Preceding Years (As of December 31, 2023) Lubricant Business
Awards and Recognition Education/ Certification
April 2017 - Director Thai Petroleum Pipeline
Time Period Position Organization/ Company
Message from the Board of Directors October 1, 2021 Company Limited
406 407
Economic, Petroleum Education October 1, 2022 - Chief New Business PTT Public Company Limited
October 2015 - Chairman Thai Lube Blending Company
• Bachelor of Science, Present and Infrastructure
and Petrochemical Review and Outlook March 2019 Limited
Faculty of Agro-Industry, Officer
Prince of Songkhla University Relevant Important Positions in Listed Companies -
October 1, 2021 - Senior Executive PTT Public Company Limited
Section 1 • Master of Business Administration (MBA), The Stock Exchange of Thailand (In the Previous Year)
September 30, 2022 Vice President,
Business Operations and Performance Chulalongkorn University
Innovation and New April 29, 2022 - Present Member of the Risk Management Committee,
• Ph.D. (Management), Silpakorn University
Ventures (Changed Thai Oil Public Company Limited
Section 2 the position name from
Certification October 27, 2021 - Member of the Enterprise Risk Management Committee,
Senior Executive
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance • Director Certification Program Present PTT Oil and Retail Business Public Company Limited
Vice President,
(DCP 174/2013), Director Leadership
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Innovation and Digital October 8, 2021 - Director,
Certification Program (DLCP 4/2022),
Section 3 with effect from Present PTT Oil and Retail Business Public Company Limited
Thai Institute of Directors Association (IOD)
Financial Report October 1, 2021) September 18, 2020 - Director, Thai Oil Public Company Limited
• Executive Program in Capital Market Leader
(Class 30), Capital Market Academy (CMA) August 25, 2021 - Chairman Nutra Regenerative Protein Present
• Advanced Security Management Program October 8, 2021 Company Limited Relevant Important Positions in Non-Listed Company (In the Previous Year)
Attachment (Class 10), The National Defence College
May 19, 2021 - Chairman of the Risk Thai Oil Public Company Limited
Association of Thailand (NDCAT) January 2022 - Present Chairman, HORIZON PLUS Company Limited
April 7, 2022 Management Committee
• PTT Leadership Development Program January 2022 - Present Chairman, NUOVO PLUS Company Limited
Attachment 1 (IMD Business School), PTT Leadership April 23, 2021 - Member of the Risk Thai Oil Public Company Limited
and Learning Institute (PLLI) May 19, 2021 Management Committee December 2020 - Chairman, Innobic (Asia) Company Limited
Information of the Board of Directors,
• Foreign Affairs Executive Program (Class 7), Present
Executives, Controlling Persons, September 18, 2020 - Member of Thai Oil Public Company Limited
Devawongse Varopakarn Institute of Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
April 23, 2021 the Nomination
the person supervising Finance and Accounting, Foreign Affairs, Ministry of Foreign Affairs
and Remuneration December 2023 - Expert Committee Member, Board of the Office of
the person supervising Accounting, • PTT Leadership Development Program,
Committee Present SMEs Promotion, The Office of SMEs Promotion
Company Secretary Harvard Business School, USA
• Diploma, The National Defence Course June 1, 2020 - Senior Executive PTT Public Company Limited October 2022 - Present Executive Director, Thailand Energy Academy
Attachment 2 September 30, 2021 Vice President,
(Class 64), National Defence College
Attachment 3 Downstream Business April 2022 - Present President, Marketing Association of Thailand
• Certificate, Executive Program
Attachment 4 in Energy Literacy for a Sustainable Future Group Alignment April 2022 - Present Director, Federation of Thai Industries
Attachment 5 (Class 17), Thailand Energy Academy (TEA)
2019 - May 2020 Senior Executive PTT Oil and Retail Business April 2022 - Present Board Member, National Metal
Attachment 6 Vice President, Public Company Limited and Materials Technology Center
Corporate Strategy,
About This Report December 2021 - Advisor, Synchrotron Light Research Institute
Innovation and
Assurance Report Sustainability and Chief Present
Transformation Officer
(CTO)
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Miss Pannalin Mahawongtikul (%) of Share Possession
Education/ Certification
Chief Financial Officer Time Period Position Organization/ Company
0.001009
Age (Year) 59 (Own 0.001009)
• Leadership Development Program 3 (LDP 3), Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Contents • Chief Financial Officer
PTT Leadership and Learning Institute (PLLI)
March 3, 2021 - Present Member of VISTEC Executive Committee
Family Relationship among • E-learning CFO’s Refresher Course 2020,
(Appointed on October 1, 2018) Directors and Executives The Stock Exchange of Thailand (SET) March 3, 2021 - Present Chairman of VISTEC Finance and Budget Sub-Committee
Vision, Mission and PTT Values • The person supervising Finance and Accounting • The Resilient Leader (TIJ Executive Program
-None- April 27, 2021 - Present Director/ Member of the Audit Committee,
on the Rule of Law and Development),
PTT Information Thai Listed Companies Association (TLCA)
RoLD 2020
Financial Highlights • TLCA CFO Professional Development November 1, 2019 - Member of Vidyasirimedhi Institute of Science
Program (TLCA CFO CPD) 2023 Present and Technology Council (VISTEC)
Achievement Highlights
January 2019 - Club President, Thai Investor Relations Club
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Present
Education/ Certification
Time Period Position Organization/ Company October 2018 - Present Executive Director, Thailand Energy Academy
Message from the Board of Directors
408 409
Economic, Petroleum Education October 1, 2018 - Chief Financial Officer PTT Public Company Limited
• Bachelor of Accounting, Present
and Petrochemical Review and Outlook
Thammasat University
May 8, 2018 - Director PTTEP Energy Holding (Thailand)
• Master of Business Administration Mr. Terdkiat Prommool (%) of Share Possession
September 30, 2018 Company Limited
Section 1 (Business Administration), Senior Executive Vice President,
-None-
Business Operations and Performance Thammasat University January 1, 2016 - Executive Vice President, PTT Exploration and Production Corporate Strategy and Sustainability
September 30, 2018 PTT, working on Public Company Limited Age (Year) 58
Certification a secondment as
Section 2 Family Relationship among
• Director Certification Program Executive Vice Directors and Executives
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance (DCP 279/2019), Strategic Board Master President, Finance • Senior Executive Vice President,
-None-
Class (SBM 9/2020), Risk Management and Accounting Group Corporate Strategy and Sustainability
56-1 One Report 2023
56-1 One Report 2023
Program for Corporate Leaders (Appointed on October 1, 2021)
Section 3 January 1, 2016 - Director Energy Complex Company Limited
(RCL 28/2022), Thai Institute of Directors
Financial Report September 30, 2018
Association (IOD)
• Executive Program in Capital Market Leader January 1, 2016 - Director PTTEP Canada International
(Class 24), Capital Market Academy (CMA) September 30, 2018 Finance Limited
Attachment • Certificate, Executive Program
January 1, 2016 - Director PTTEP Australia International
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
in Energy Literacy for a Sustainable Future Education/ Certification
March 19, 2018 Finance Pty Ltd.
(Class 15), Thailand Energy Academy (TEA) Time Period Position Organization/ Company
Attachment 1 • Leadership Succession Program (LSP) Relevant Important Positions in Listed Companies -
The Stock Exchange of Thailand (In the Previous Year) Education October 1, 2021 - Senior Executive PTT Public Company Limited
Information of the Board of Directors, (Class 6), Institute of Research
• Bachelor of Engineering Present Vice President,
and Development for Public Enterprises
Executives, Controlling Persons, May 15, 2023 - Present Chairman of the Risk Management Committee, (Chemical Engineering), Corporate Strategy
• CMA-Greater Mekong Subregion (CMA-GMS)
Thai Oil Public Company Limited Chulalongkorn University and Sustainability
the person supervising Finance and Accounting, Executive Education Program (Class 1),
December 1, 2022 - Director, Global Power Synergy Public Company Limited • Master of Engineering (Changed the name of
the person supervising Accounting, Capital Market Academy (CMA)
Present (Industrial & Manufacturing Systems the position from
Company Secretary • PTT-HBS Leadership Development
Engineering), The University of Missouri, Senior Executive Vice
Program 2, Harvard Business School June 30, 2022 - Present Director, Lotus Pharmaceutical Company Limited
Attachment 2 Columbia, USA President, Corporate
• NIDA-Wharton Executive Leadership (A listed company on Taiwan Stock Exchange)
Attachment 3 Strategy with effect from
Program (ELP), The Wharton School,
October 1, 2018 - Director/ Member of the Risk Management Committee, October 1, 2021)
Attachment 4 University of Pennsylvania
• Executive Program for Senior Management Present Thai Oil Public Company Limited August 10, 2022 - Director Inter Pharma
Attachment 5
(EX-PSM) (Class 3), Fiscal Policy Relevant Important Positions in Non-Listed Company (In the Previous Year) November 30, 2022 Public Company Limited
Attachment 6
Research Institute Foundation
About This Report - - November 3, 2021 - Chairman Alpha Com Company Limited
• Executive Development Program (EDP)
July 31, 2022
Assurance Report (Class 2), Thai Listed Companies
Association
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Chadil Chavanalikikorn (%) of Share Possession
Education/ Certification
Time Period Position Organization/ Company Senior Executive Vice President,
-None-
Organization Effectiveness and Corporate Governance
Certification March 3, 2021 - Member of the Human Vidyasirimedhi Institute of Science Age (Year) 57
Contents • Director Certification Program November 17, 2021 Resource Committee and Technology Family Relationship among
(DCP 223/2016), Thai Institute of Directors Directors and Executives
October 1, 2020 - Chairman Business Services Alliance • Senior Executive Vice Predident,
Association (IOD)
Vision, Mission and PTT Values January 31, 2022 Company Limited Organization Effectiveness and Corporate Governance -None-
• Leadership Succession Program (LSP),
(Class 10), Institute of Research October 1, 2020 - Chairman Business Professional Recruitment (Appointed on October 1, 2022)
PTT Information • The person supervising Compliance Unit
and Development for Public Enterprises January 31, 2021 Solutions Company Limited
Financial Highlights (IRDP)
October 1, 2020 - Senior Executive PTT Public Company Limited
September 30, 2021 Vice President,
Achievement Highlights
Organization
Awards and Recognition Management
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
and Sustainability
Message from the Board of Directors Education/ Certification
410 October 1, 2018 - Executive Vice President, PTT Digital Solutions Time Period Position Organization/ Company 411
Economic, Petroleum September 30, 2020 PTT, working on Company Limited
and Petrochemical Review and Outlook a secondment as Education October 1, 2022 - Senior Executive Vice PTT Public Company Limited
Managing Director • Bachelor of Engineering, Kasetsart University Present President, Organization
• Master of Business Administration, Effectiveness and
Section 1 Relevant Important Positions in Listed Companies - Kasetsart University Corporate Governance
Business Operations and Performance The Stock Exchange of Thailand (In the Previous Year) • Certified Internal Auditor (CIA),
2019 - Executive Vice PTT Public Company Limited
December 26, 2022 - Director/ Member of the Nomination The Institute of Internal Auditors
September 30, 2022 President, Office of
Section 2 Present and Remuneration Committee, Corporate Audit
PTT Oil and Retail Business Public Company Limited Certification
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance • Successful Formulation & Execution of 2018 - 2019 Executive Vice PTT Public Company Limited
April 23, 2021 - Present Member of the Nomination and Remuneration Committee, Strategy (SFE 17/2013), Anti-Corruption: President,
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Thai Oil Public Company Limited the Practical Guide (ACPG 2/2013), Corporate Governance
Section 3
October 1, 2020 - Director, Thai Oil Public Company Limited Company Secretary Program (CSP 65/2015),
Financial Report 2017 - 2018 Executive Vice PTT Public Company Limited
Present Independent Observer Program
President, Sustainability
(IOP 1/2016), Director Certification Program
Relevant Important Positions in Non-Listed Company (In the Previous Year) Management
(DCP 340/2023), Thai Institute of Directors
Attachment April 1, 2021 - Present Chairman, PTT Digital Solutions Company Limited Association (IOD) Relevant Important Positions in Listed Companies -
• Senior Energy Executive, Thailand Energy The Stock Exchange of Thailand (In the Previous Year)
October 1, 2018 - Director, PTT Digital Solutions Company Limited
Academy, Ministry of Energy
September 30, 2020 December 19, 2022 - Director/ Director to the Corporate Governance
Attachment 1 • Administrative Psychological Operation:
and February 1, 2018 - Present and Sustainability Committee,
Information of the Board of Directors, Institute of Security Psychology,
Present PTT Global Chemical Public Company Limited
National Defence Studies Institute
Executives, Controlling Persons,
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) • High-Level Anti-Corruption Strategy Relevant Important Positions in Non-Listed Company (In the Previous Year)
the person supervising Finance and Accounting, Executives, office of the National
June 2023 - Present Secretary-General, October 26, 2023 - Director, Energy Complex Company Limited
the person supervising Accounting, Anti-Corruption Commission (NACC)
Chulalongkorn University Alumni Association Present
Company Secretary • Senior Executive Program (SEP):
under the Royal Patronage December 13, 2022 - Director, Business Services Alliance Company Limited
SASIN Graduate Institute of Business
Attachment 2
November 23, 2021 - Member of the Executive Committee, Administration Present
Attachment 3 Present Vidyasirimedhi Institute of Science and Technology • Leadership Development Program 2, November 4, 2022 - Chairman, Business Professional Recruitment Solutions
Attachment 4 PTT-Harvard Business School,
October 1, 2021 - Executive Director, Thailand Energy Academy Present Company Limited
Attachment 5 PTT Leadership and Learning Institute (PLLI)
Present Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
• Leadership Development Program 3,
Attachment 6
August 10, 2021 - Director, Thai Renewable Energy Association PTT-IMD, PTT Leadership and Learning February 23, 2023 - Member of the Human Resource Committee,
About This Report Present Institute (PLLI) Present Vidyasirimedhi Institute of Science and Technology
Assurance Report • Leadership Succession Program (LSP): IRDP
October 1, 2020 - Executive Director, January 23, 2023 - Advisor, PTT Savings Cooperative Limited
• Certificate, Executive Program in Energy
Present Global Compact Network Association of Thailand (GCNT) Present Management Committee
Literacy for a Sustainable Future (Class 18),
Thailand Energy Academy (TEA)
Attachment Attachment
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PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Miss Peangpanor Boonklum (%) of Share Possession
Education/ Certification
Senior Executive Vice President, Office of General Counsel Time Period Position Organization/ Company
-None-
Age (Year) 57
• TLCA Executive Development Program October 21, 2021 - Chairman, Global Renewable Power Company Limited
Contents • Senior Executive Vice President, Office of General Counsel
Family Relationship among (Class 1/2008), Thai Listed Companies Present
Directors and Executives Association (TLCA)
(Appointed on October 1, 2017) December 4, 2019 - Director, Energy Complex Company Limited
Vision, Mission and PTT Values -None- January 9, 2023
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
PTT Information
October 15, 2023 - Member, Regulatory Reform Committee for
Financial Highlights Present Ease of Doing Business, Office of the Public Sector
Development Commission, Office of the Prime Minister
Achievement Highlights
Working Experiences in the 5 Preceding Years (As of December 31, 2023) June 1, 2023 - Present Member of the Nomination and Compensation Committee,
Awards and Recognition Education/ Certification Thai Institute of Directors Association (IOD)
Time Period Position Organization/ Company
Message from the Board of Directors May 31, 2023 - Present Director, Thai Institute of Directors Association (IOD)
412 413
Economic, Petroleum Education October 1, 2017 - Senior Executive Vice PTT Public Company Limited
February 23, 2023 - Chairman, PTT Savings and Credit Cooperative Limited
• Bachelor of Laws (Second Class Honor), Present President, Office of
and Petrochemical Review and Outlook Present (second term)
Chulalongkorn University General Counsel
• Master of Laws (Business Law), August 8, 2022 - Vice President, Chulalongkorn Law School Alumni Association
October 28, 2021 - Chairman (first term) PTT Savings and Credit
Section 1 Chulalongkorn University Present
February 22, 2023 Cooperative Limited
Business Operations and Performance • Master of Laws (LL.M.), Columbia University
2022 - Present Lecturer, “Legal Liabilities”, University Holding Company
School of Law, New York, USA January 20, 2021 - Member of the Corporate IRPC Public Company Limited
Directorship Certification Program, Chulalongkorn University
March 31, 2021 Governance Committee
Section 2 Certification 2022 - Present Facilitator, “Subsidiary Governance Program”
December 4, 2019 - Chairman Energy Complex Company Limited
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance • Director Certification Program (DCP 7/2001), Thai Institute of Directors Association (IOD)
November 23, 2021
Anti-Corruption: The Practical Guide
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2019 - Present Panelist, Anti-Corruption Strategic Management for
(ACPG 38/2017), Ethical Leadership Program May 14, 2019 - Member of PTT Oil and Retail Business
Section 3 Senior Executives, Office of The National Anti-Corruption
(ELP 15/2019), Risk Management Program December 31, 2020 the Enterprise Risk Public Company Limited
Commission (NACC)
Financial Report for Corporate Leaders (RCL 18/2019), Management Committee
Board Nomination and Compensation
October 24, 2018 - Member of PTT Oil and Retail Business Remarks:
Program (BNCP 7/2019), Thai Institute
December 31, 2020 the Nomination Public Company Limited * 99.97% owned by CU Enterprise Co., Ltd., and CU Enterprise Co., Ltd. is 99.99% owned by Chulalongkorn University.
Attachment of Directors Association (IOD)
and Remuneration
• The Cullinan: The Making of the Digital Board ** Owned by CU Enterprise Co., Ltd., and CU Enterprise Co., Ltd. is 99.99% owned by Chulalongkorn University.
Committee
(Class 2), Thailand Management Association
Attachment 1 • Certificate, Executive Program in Energy March 9, 2018 - Director PTT Oil and Retail Business
Literacy for a Sustainable Future December 31, 2020 Public Company Limited
Information of the Board of Directors,
(Class 15), Thailand Energy Academy (TEA)
Executives, Controlling Persons, April 27, 2019 - Member of Global Power Synergy
• Leadership Development Program 3 (LDP3)
December 31, 2019 the Corporate Public Company Limited
the person supervising Finance and Accounting, (Class 4/2019), PTT Leadership
Governance Committee
the person supervising Accounting, and Learning Institute (PLLI)
• TIJ Executive Program on The Rule of Law April 3, 2017 - Director Global Power Synergy
Company Secretary
and Development (RoLD) (Class 3), December 31, 2019 Public Company Limited
Attachment 2
Thailand Institute of Justice (TIJ) Relevant Important Positions in Listed Companies -
Attachment 3 • TIJ Workshop for Emerging Leaders on The Stock Exchange of Thailand (In the Previous Year)
Attachment 4 the Rule of Law and Policy (Class 3),
Thailand Institute of Justice (TIJ) April 1, 2021 - Present Member of the Risk Management Committee,
Attachment 5
• Certificate in Anti-Corruption Strategic IRPC Public Company Limited
Attachment 6
Management for Senior Executives January 20, 2021 - Director, IRPC Public Company Limited
About This Report (Class 9/2018), Office of the National Present
Assurance Report Anti-Corruption Commission
Relevant Important Positions in Non-Listed Company (In the Previous Year)
November 8, 2021 - Director, CU Engineering Enterprise Company Limited*
Present
November 8, 2021 - Director, Primates Enterprise Company Limited**
Present
Attachment Attachment
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PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
M.L. Peekthong Thongyai (%) of Share Possession
Education/ Certification
Senior Executive Vice President, Gas Business Unit Time Period Position Organization/ Company
-None-
Age (Year) 56
Relevant Important Positions in Listed Companies -
Contents • Senior Executive Vice President, Gas Business Unit
Family Relationship among The Stock Exchange of Thailand (In the Previous Year)
Directors and Executives
(Appointed on October 1, 2022) December 1, 2022 - Director, Global Power Synergy Public Company Limited
Vision, Mission and PTT Values -None- Present
Relevant Important Positions in Non-Listed Company (In the Previous Year)
PTT Information
January 12, 2023 - Chairman, PTT Global LNG Company Limited
Financial Highlights Present
Achievement Highlights January 9, 2023 - Chairman, PTT Natural Gas Distribution Company Limited
Working Experiences in the 5 Preceding Years (As of December 31, 2023) Present
Awards and Recognition Education/ Certification
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Time Period Position Organization/ Company
Message from the Board of Directors
414 April 2022 - Present Director, The Federation of Thai Industries/ 415
Economic, Petroleum Education October 1, 2022 - Senior Executive PTT Public Company Limited
Vice President of Economic and Academic Affairs,
• Bachelor of Science (Petroleum Engineering), Present Vice President,
and Petrochemical Review and Outlook The Federation of Thai Industries/
The University of Texas at Austin, USA Gas Business Unit
Chairman of the Fiscal Policy Subcommittee,
• Master of Business Administration (Finance),
October 1, 2021 - Senior Executive PTT Public Company Limited The Federation of Thai Industries
Section 1 SASIN Graduate Institute of Business
September 30, 2022 Vice President,
Business Operations and Performance Administration of Chulalongkorn University
Downstream Business
Group Alignment
Certification
Section 2 • Director Certification Program October 1, 2021 - Director/ Director to PTT Global Chemical
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance (DCP 15/2002), Thai Institute of Directors October 31, 2022 the Risk Management Public Company Limited
Association (IOD) Committee
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• Leadership Development Program 2 (LDP 2),
Section 3 September 17, 2021 - Director GPC International Terminal
PTT Leadership and Learning Institute (PLLI)
Financial Report November 30, 2022 Company Limited
• Leadership Development Program 3 (LDP 3)
PTT Group Leadership and Learning Institute October 1, 2019 - Director Gulf MTP LNG Terminal
(PLLI) September 30, 2021 Company Limited
Attachment • APAC Energy Transition Leadership Program
November 1, 2016 - Director PTT Tank Terminal
(A-ETLP/2022), GE Crotonville, USA
December 31, 2022 Company Limited
• Diploma, The National Defence Course
Attachment 1 (Class 64), National Defence College November 1, 2016 - Executive Vice PTT Tank Terminal
• Certificate, Executive Program in Energy September 30, 2021 President, Downstream Company Limited
Information of the Board of Directors,
Literacy for a Sustainable Future Business Group
Executives, Controlling Persons, Alignment, PTT,
(Class 18), Thailand Energy Academy (TEA)
the person supervising Finance and Accounting, working on
the person supervising Accounting, a secondment as
Acting Managing
Company Secretary
Director
Attachment 2
January 28, 2016 - Director PTT Energy Resources
Attachment 3
April 26, 2019 Company Limited
Attachment 4
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
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PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Prasong Intaranongpai (%) of Share Possession
Education/ Certification
Senior Executive Vice President, Time Period Position Organization/ Company
0.000073
Downstream Business Group Alignment (Own 0.000073;
Age (Year) 55 Spouse 0) October 21, 2021 - Director Global Renewable Power
Contents November 30, 2022 Company Limited
• Senior Executive Vice President, July 22, 2021 - Chairman EVME PLUS Company Limited
Family Relationship among
Vision, Mission and PTT Values Downstream Business Group Alignment November 30, 2022
Directors and Executives
(Appointed on October 1, 2023) October 12, 2020 - Director PTT Energy Resources
PTT Information -None-
October 1, 2021 Company Limited
Financial Highlights May 2020 - Chairman PTT Global Management
October 2021 Company Limited
Achievement Highlights
Working Experiences in the 5 Preceding Years (As of December 31, 2023) September 27, 2019 - Director Sport Services Alliance
Awards and Recognition Education/ Certification November 30, 2022 Company Limited
Time Period Position Organization/ Company
Message from the Board of Directors 2017 - 2021 Executive Vice PTT Public Company Limited
416 417
Education October 1, 2023 - Senior Executive Vice PTT Public Company Limited President, Strategy
Economic, Petroleum
• Bachelor of Engineering Present President, Downstream & Portfolio Management
and Petrochemical Review and Outlook
(Industrial Engineering), Business Group
Relevant Important Positions in Listed Companies -
Chiang Mai University Alignment
The Stock Exchange of Thailand (In the Previous Year)
Section 1 • Bachelor of Laws,
January 1, 2023 - Executive Vice PTT Public Company Limited
Business Operations and Performance Sukhothai Thammathirat Open University December 1, 2022 - Director/ Member of the Risk Management Committee,
September 30, 2023 President, Acting Senior
• Master of Business Administration Present IRPC Public Company Limited
Executive Vice
(General Management), Kasetsart University
Section 2 President, Downstream Relevant Important Positions in Non-Listed Company (In the Previous Year)
Business Group
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Certification February 24, 2023 - Director, PTT Tank Terminal Company Limited
Alignment
• Director Certification Program Present
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(DCP 287/2019) and Financial Statement October 1, 2022 - Executive Vice President, PTT Public Company Limited
Section 3 December 21, 2022 - Director, GPC International Terminal Company Limited
for Directors (FSD 38/2019), December 31, 2022 Acting Senior Executive
Present
Financial Report Thai Institute of Directors Association (IOD) Vice President,
• Advanced Strategic Management (ASM) - Downstream Business Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Advanced SMCP (Class 1/2018), Group Alignment - -
Attachment PTT Leadership and Learning Institute (PLLI) (and assigned to
• Advanced Management Program (AMP) work for ARUN PLUS
(Class 3/2018), PTT Leadership Company Limited until
Attachment 1 and Learning Institute (PLLI) December 31, 2022)
Information of the Board of Directors, • Leadership Development Program 3 (LDP 3),
April 1, 2022 - Chairman Sport Services Alliance
(Class 4/2019), PTT Leadership
Executives, Controlling Persons, November 30, 2022 Company Limited
and Learning Institute (PLLI)
the person supervising Finance and Accounting, • Director Development Program (DDP) January 6, 2022 - Director NUOVO PLUS Company Limited
the person supervising Accounting, (2021), PTT Leadership and Learning December 13, 2022
Institute (PLLI)
Company Secretary 2021 - Executive Vice President, PTT Public Company Limited
Attachment 2 September 30, 2022 New Venture
Development (Assigned
Attachment 3
to work for ARUN PLUS
Attachment 4 Company Limited)
Attachment 5
October 26, 2021 - Director Alpha Com Company Limited
Attachment 6 November 30, 2022
About This Report
October 25, 2021 - Chairman PTT Raise Company Limited
Assurance Report November 30, 2022
Attachment Attachment
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PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Pongpun Amornvivat (%) of Share Possession
Education/ Certification
Senior Executive Vice President, Time Period Position Organization/ Company
0.000028
International Trading Business Unit (Own 0.000028;
Age (Year) 52 Spouse 0) 2018 - 2021 Director PTT Digital Solutions
Contents Company Limited
• Senior Executive Vice President,
2017 - 2021 Executive Vice Thai Oil Public Company Limited
International Trading Business Unit Family Relationship among
Vision, Mission and PTT Values President, Strategy
(Appointed on January 1, 2023) Directors and Executives
2017 - 2021 Director Ubon Bio Ethanol
PTT Information -None-
Public Company Limited
Financial Highlights 2017 - 2021 Director Sapthip Company Limited
Achievement Highlights 2017 - 2020 Director Sak Chaisidhi Company Limited
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition 2017 - 2020 Director TOP Solvent Company Limited
Education/ Certification
Time Period Position Organization/ Company 2016 - 2020 Director/ Thai Petroleum Pipeline
Message from the Board of Directors
418 Executive Director Company Limited 419
Economic, Petroleum Education January 1, 2023 - Senior Executive PTT Public Company Limited
• Bachelor of Engineering (Civil Engineering), Present Vice President, 2015 - 2021 Director Thaioil Ethanol Company Limited
and Petrochemical Review and Outlook
Carnegie Mellon University, USA International Trading
2011 - 2020 Director Thaioil Marine International
• Master of Engineering Business Unit
Pte. Ltd.
Section 1 (Civil and Environmental Engineering),
October 1, 2021 - Executive Vice PTT Public Company Limited
Business Operations and Performance Massachusetts Institute of Technology (MIT), Relevant Important Positions in Listed Companies -
December 31, 2022 President, Thai Oil
USA The Stock Exchange of Thailand (In the Previous Year)
Public Company Limited,
• Master of Arts, Economic Law, - -
Section 2 working on
Chulalongkorn University
a secondment as
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance • Master of Business Administration, Relevant Important Positions in Non-Listed Company (In the Previous Year)
Executive Vice
Sloan School of Management,
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President, June 2023 - Present Chairman, PTT International Trading Pte. Ltd.
Massachusetts Institute of Technology (MIT),
Section 3 International Trading June 2022 - Present Director, PTT Global LNG Company Limited
USA
Financial Report Business Unit
December 2021 - Director, PTT International Trading Pte. Ltd.
Certification April 28, 2021 - Member of Global Power Synergy May 2023
• Director Certification Program September 30, 2021 the Corporate Public Company Limited
December 2021 - Director, PTT International Trading London Ltd.
Attachment (DCP 225/2016), Thai Institute of Governance Committee
Directors Association (IOD) May 2023
April 2, 2021 - Director Global Power Synergy
• Certificate, Executive Program in Energy Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
September 30, 2021 Public Company Limited
Attachment 1 Literacy for a Sustainable Future (Class 16),
2020 - 2021 Director Thai Oil Power Company Limited - -
Information of the Board of Directors, Thailand Energy Academy (TEA)
• Executive Program in Capital Market
Executives, Controlling Persons, 2020 - 2021 Director TOP SPP Company Limited
Academy Leader Program (Class 29),
the person supervising Finance and Accounting, Capital Market Academy (CMA) 2019 - 2021 Director Thaioil Treasury Center
the person supervising Accounting, • Young Executive Program in Energy Literacy Company Limited
for a Sustainable Future (YTEA) (Class 1),
Company Secretary 2019 - 2021 Director TOP Ventures Hong Kong Limited
Thailand Energy Academy
Attachment 2 2019 - 2021 Director TOP Ventures America Limited
• PTT Harvard Business School
Attachment 3 Leadership Development Program 2 2018 - 2020 Acting Executive Vice Thai Oil Public Company Limited
Attachment 4 • Executive Program in Good Governance President, Innovation
Attachment 5 for Sustainable Development (Class 1), and Digitalization
Office of the Public Sector Development
Attachment 6
Commission
About This Report
Assurance Report
Attachment Attachment
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PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Cherdchai Boonchoochauy (%) of Share Possession
Education/ Certification
Senior Executive Vice President, Time Period Position Organization/ Company
-None-
Innovation and New Ventures
Age (Year) 56 Relevant Important Positions in Non-Listed Company (In the Previous Year)
Contents Family Relationship among November 2, 2023 - Chairman, Aionex Company Limited
Directors and Executives
Present
• Senior Executive Vice President,
Vision, Mission and PTT Values -None-
Innovation and New Ventures February 1, 2023 - Chairman, Mekha V Company Limited
(Appointed on October 1, 2022) Present
PTT Information
December 22, 2022 - Director, ARUN PLUS Company Limited
Financial Highlights Present
Achievement Highlights November 2, 2022 - Chairman, Alpha Com Company Limited
Working Experiences in the 5 Preceding Years (As of December 31, 2023) Present
Awards and Recognition Education/ Certification
September 21, 2022 - Chairman, PTT Energy Resources Company Limited
Time Period Position Organization/ Company
Message from the Board of Directors March 1, 2023
420 421
Economic, Petroleum Education October 1, 2022 - Senior Executive Vice PTT Public Company Limited
November 1, 2021 - Chairman, Sakari Resources Ltd.
• Bachelor of Science (Chemical Technology), Present President, Innovation
and Petrochemical Review and Outlook March 7, 2023
Chulalongkorn University and New Ventures
• Master of Engineering (Chemical Engineering), October 11, 2021 - Chairman, PTT Global Management Company Limited
August 1, 2021 - Executive Vice PTT Public Company Limited
Section 1 Chulalongkorn University February 10, 2023
September 30, 2022 President, Strategy
Business Operations and Performance • Master of Business Administration,
& Portfolio Management October 8, 2021 - Director, PTT Energy Resources Company Limited
Chulalongkorn University
March 1, 2023
October 1, 2019 - Executive Vice PTT Public Company Limited
Section 2 Certification July 31, 2021 President, Natural Gas Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance • Director Certificate Program Supply & Trading
- -
(DCP 320/2022), Thai Institute of
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September 12, 2019 - Director Trans Thai-Malaysia
Directors Association (IOD)
Section 3 September 27, 2021 (Thailand) Limited
Financial Report September 12, 2019 - Director Trans Thai-Malaysia (Malaysia)
September 27, 2021 Limited
August 13, 2019 - Director TTM Sukuk Berhad
Attachment September 27, 2021
April 29, 2019 - Director PTT Natural Gas Distribution
Attachment 1 October 1, 2021 Company Limited
Information of the Board of Directors, October 1, 2018 - Executive Vice President, PTT Public Company Limited
Executives, Controlling Persons, September 30, 2019 Strategic Planning,
Gas Business Unit
the person supervising Finance and Accounting,
the person supervising Accounting, May 1, 2017 - Vice President, PTT Public Company Limited
September 30, 2018 Business Development,
Company Secretary
Gas Business Unit
Attachment 2
Relevant Important Positions in Listed Companies -
Attachment 3
The Stock Exchange of Thailand (In the Previous Year)
Attachment 4
December 19, 2022 - Director/ Director to the Risk Management Committee
Attachment 5
Present PTT Global Chemical Public Company Limited
Attachment 6
About This Report
Assurance Report
Attachment Attachment
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PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Chansak Chuenchom (%) of Share Possession
Education/ Certification
Senior Executive Vice President, Time Period Position Organization/ Company
-None-
Engineering and Infrastructure
Age (Year) 56 Relevant Important Positions in Non-Listed Company (In the Previous Year)
Contents Family Relationship among September 29, 2022 - Chairman, Global Multimodal Logistics Company Limited
Directors and Executives
• Senior Executive Vice President, Present
Vision, Mission and PTT Values Engineering and Infrastructure -None-
November 23, 2021 - Chairman, Energy Complex Company Limited
(Appointed on October 1, 2021) Present
PTT Information
April 23, 2019 - Director, Energy Complex Company Limited
Financial Highlights Present
Achievement Highlights Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition June 14, 2023 - Director, Anti Corruption Foundation
Education/ Certification
Present
Time Period Position Organization/ Company
Message from the Board of Directors
422 November 23, 2021 - Member of the Executive Committee, 423
Education October 1, 2021 - Senior Executive PTT Public Company Limited
Economic, Petroleum Present Vidyasirimedhi Institute of Science and Technology
• Bachelor of Engineering (Mechanical Present Vice President,
and Petrochemical Review and Outlook
Engineering), Khon Kaen University Engineering
• Master of Business Administration, and Infrastructure
Section 1 Kasetsart University (New position,
Business Operations and Performance Senior Executive Mr. Montri Rawanchaikul (%) of Share Possession
Certification Vice President, Chief Executive Officer,
-None-
• Director Certification Program Engineering and PTT Exploration and Production Public Company Limited
Section 2 (DCP 211/2015), Thai Institute of Infrastructure with effect Age (Year) 59
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Directors Association (IOD) from October 1, 2021)
Family Relationship among
• Strategy and Innovation for Businesses
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April 5, 2022 - Member of the Risk IRPC Public Company Limited Directors and Executives
in Asia (SIBA) (Class 9), The College of • Chief Executive Officer,
Section 3 November 30, 2022 Management -None-
Management, Mahidol University, PTT Exploration and Production Public Company Limited
Financial Report Committee
in collaboration with Sloan School of (Appointed on October 1, 2021)
Management, Massachusetts Institute of October 1, 2021 - Member of IRPC Public Company Limited
Technology (MIT) April 5, 2022 the Nomination
and Remuneration
Attachment • Training course for senior anti-corruption
strategists (NYPD 10), Office of the National Committee
Anti-Corruption Commission (NACC) December 21, 2020 - Director Veolia Sustainable Solutions Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Attachment 1 • Leadership Development Program, November 30, 2021 (Thailand) Company Limited Education/ Certification
(MDP 3) Business Management, (Former company name: Time Period Position Organization/ Company
Information of the Board of Directors,
(MDP 3) People Management, “Suez Environmental Services
Executives, Controlling Persons, Education October 1, 2021 - Senior Executive PTT Exploration and Production
Advanced Management Program 3 - (AMP 3) Company Limited”, changed to
the person supervising Finance and Accounting, • Bachelor of Science (Physics), Present Vice President, PTT, Public Company Limited
Business and People Management, the current name on June 6, 2022)
Chiang Mai University Reporting to Chief
the person supervising Accounting, PTT Leadership and Learning Institute (PLLI)
April 23, 2018 - Director Combined Heat and Power • Master of Applied Science Operating Officer,
• Leadership Development Program 2 (LDP 2),
Company Secretary October 14, 2021 Producing Company Limited (Exploration Geophysics), Upstream Petroleum
China
Attachment 2 • Diploma, The National Defence Course March 14, 2016 - Director Thai Oil Power Company University of New South Wales, and Gas Business Group
Attachment 3 February 25, 2021 Limited (Liquidation on Australia working on a secondment
(Class 65), National Defence College
February 25, 2021) • Honorary Doctorate degree in, as Chief Executive
Attachment 4
Applied Geophysics, Officer
Attachment 5 October 1, 2015 - Executive Vice PTT Public Company Limited Chiang Mai University
September 30, 2021 President, February 1, 2021 - Senior Executive PTT Exploration and Production
Attachment 6
Engineering and September 30, 2021 Vice President, PTT, Public Company Limited
About This Report Reporting to Chief
Project Management
Assurance Report Operating Officer,
Relevant Important Positions in Listed Companies -
Upstream Petroleum
The Stock Exchange of Thailand (In the Previous Year)
and Gas Business Group
December 1, 2022 - Chairman of the Nomination and Remuneration Committee, working on a secondment
Present IRPC Public Company Limited as President
October 1, 2021 - Director, IRPC Public Company Limited
Present
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
Certification October 1, 2020 - Senior Executive Vice PTT Exploration and Production Relevant Important Positions in Non-Listed Company (In the Previous Year)
Contents • Director Certification Program January 31, 2021 President, PTT, Public Company Limited
July 13, 2023 - Director, AI and Robotics Ventures Company Limited
(DCP 337/2023), Strategic Board Master Reporting to Chief
Present
Class (SBM 12/2023), The Corporate Operating Officer,
Vision, Mission and PTT Values Governance: Regulation and Disclosure Upstream Petroleum Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Training, Thai Institute of Directors and Gas Business Group
PTT Information December 6, 2023 - Director,
Association (IOD) working on a secondment
Present Thailand Business Council for Sustainable Development
Financial Highlights • Leadership Development Program 3 as President and acting
(LDP 3), PTT Leadership and Learning as Executive Vice January 1, 2022 - Member of Council of Trustees,
Achievement Highlights Institute (PLLI) President, Production Present Petroleum Institute of Thailand
• Certificate, Executive Program in Energy Asset Group
Awards and Recognition October 1, 2021 - Executive Director, Thailand Energy Academy
Literacy for a Sustainable Future
January 1, 2020 - Executive Vice President, PTT Exploration and Production Present
Message from the Board of Directors (Class 11), Thailand Energy Academy (TEA)
424 September 30, 2020 Production Asset Group Public Company Limited 425
• Leadership Development Program 2 (LDP 2),
Economic, Petroleum PTT Group Leadership and Learning Institute September 13, 2019 - Director PTTEP HK Holding Limited
and Petrochemical Review and Outlook (PLLI) March 1, 2021
• EP LEAD 3 Leadership Development Dr. Kongkrapan Intarajang (%) of Share Possession
November 1, 2017 - Executive Vice PTT Exploration and Production
Program, IMD Chief Executive Officer and President,
Section 1 September 30, 2018 President, Strategy Public Company Limited -None-
• Executive Program in Capital Market Leader PTT Global Chemical Public Company Limited
Business Operations and Performance and Business
(Class 31), Capital Market Academy (CMA) Age (Year) 56
Development Group
and Acting Senior Family Relationship among
Section 2 Vice President, Directors and Executives
• Chief Executive Officer and President,
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance New Business Unit, -None-
PTT Global Chemical Public Company Limited
and additional assigned
56-1 One Report 2023
56-1 One Report 2023
(Appointed on October 1, 2019)
as Project Champion,
Section 3
Spend Smart
Financial Report
October 1, 2017 - Executive Vice PTT Exploration and Production
December 31, 2019 President, Strategy Public Company Limited
and Business Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Attachment Development Group Education/ Certification
Time Period Position Organization/ Company
June 22, 2017 - Director PTT Global LNG Company Limited
Attachment 1 September 30, 2021 Education October 1, 2019 - Senior Executive PTT Global Chemical
Information of the Board of Directors, October 16, 2016 - Acting Executive PTT Exploration and Production • Bachelor of Engineering Present Vice President, PTT, Public Company Limited
September 30, 2017 Vice President, Strategy Public Company Limited (Chemical Engineering) (Second Class Honor), reporting to Chief
Executives, Controlling Persons,
and Business Chulalongkorn University Operating Officer,
the person supervising Finance and Accounting, • Ph.D. Chemical Engineering, Downstream
Development Group
the person supervising Accounting, University of Houston, USA Petroleum Business
Relevant Important Positions in Listed Companies - Group working on
Company Secretary
The Stock Exchange of Thailand (In the Previous Year) Certification a secondment as
Attachment 2
October 1, 2021 - Director/ Secretary to the Board/ Chief Executive Officer, • Director Certification Program Chief Executive Officer
Attachment 3 (DCP 119/2009), Role of the Chairman and President
Present PTT Exploration and Production Public Company Limited
Attachment 4 Program (RCP 21/2009), Thai Institute of (Changed the name of
Attachment 5 Directors Association (IOD) the position from
• Breakthrough Program for Senior Executives, Chief Executive Officer,
Attachment 6
IMD Business School PTT Global Chemical
About This Report • Diploma, The National Defence Course Public Company
Assurance Report (Class 60), National Defence College Limited effective from
January 1, 2022)
October 1, 2020 - Advisor of the Member The Federation of Thai Industries
March 31, 2022 Relations
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
• Certificate, Executive Program in Energy September 1, 2020 - Chairman GC International Corporation Relevant Important Positions in Non-Listed Company (In the Previous Year)
Contents Literacy for a Sustainable Future February 15, 2022
October 21, 2020 - Chairman, Global Green Chemicals Public Company Limited
(Class 14), Thailand Energy Academy (TEA)
August 24, 2020 - Director Power for Sustainable Future Present
• Leadership Development Program 3 (LDP 3)
Vision, Mission and PTT Values March 25, 2021 Foundation
(Class 4), PTT Leadership and Learning October 1, 2019 - Director/ Secretary to the Board of Directors/
Institute (PLLI) November 6, 2019 - Director Global Green Chemicals Present Director to the Risk Management Committee/
PTT Information
• Executive Program in Capital Market Leader October 20, 2020 Public Company Limited Chief Executive Officer and President,
Financial Highlights (Class 30), Capital Market Academy (CMA) PTT Global Chemical Public Company Limited
November 2019 - Director Power of Innovation Foundation
• Executive Development Training Program, (Changed the position name from
September 2020
Achievement Highlights The Royal Thai Police Chief Executive Officer effective from January 1, 2022)
October 31, 2019 - Director GC International Corporation
Awards and Recognition August 15, 2017 - Director/ Member of the Risk Management Committee,
August 31, 2020
Present Global Power Synergy Public Company Limited
Message from the Board of Directors October 2019 - Director Power of Learning Foundation
426 Relevant Important Positions in Listed Companies - 427
September 2020
Economic, Petroleum The Stock Exchange of Thailand (In the Previous Year)
and Petrochemical Review and Outlook May 2017 - Director Thai Tank Terminal Company
December 8, 2021 - Chairman, PTTGC International (Netherlands) B.V
January 2020 Limited
Present
Section 1 April 2017 - Chief Operating PTT Global Chemical
September 1, 2020 - Chairman, PTTGC International Private Limited
Business Operations and Performance September 30, 2019 Officer - Upstream Public Company Limited
Present
Petrochemical Business
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Section 2 July 1, 2015 - Chairman PTTGC America Corporation
February 15, 2022 May 8, 2023 - Executive Committee, Chulalongkorn University Alumni
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance
Present Association under the Royal Patronage
July 1, 2015 - Chairman PTTGC America LLC
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56-1 One Report 2023
February 15, 2022 January 23, 2023 - Executive Committee, National Energy Technology Center,
Section 3 Present The National Science and Technology Development Agency
July 2015 - Director/ PTTGC America Corporation
Financial Report (NSTDA)
September 2019 President & CEO
July 25, 2022 - Advisor of Small and Medium Industrial Institute (SMI),
April 2015 - Director PTTGC Innovation America
Present The Federation of Thai Industries
Attachment September 2019 Corporation
May 2022 - Present Council Committee, Thailand Carbon Neutral Network (TCNN)
February 2015 - Director PTTGC International (Netherlands)
September 2019 B.V. December 29, 2021 - Chairperson of Advisory Committee in relation to its
Attachment 1 Present investment in Allnex, PTTGC International (Netherlands) B.V
January 2015 - Director Vencorex Holding
Information of the Board of Directors,
September 2019 June 14, 2021 - Director/ Member of the Nomination and Remuneration
Executives, Controlling Persons, Present Committee, Thai Institute of Directors Association (IOD)
September 2014 - Director NatureWorks LLC
the person supervising Finance and Accounting,
December 2018 October 22, 2020 - Director, Association of Capital Market Academy Alumni
the person supervising Accounting, Present
September 2014 - Director/ Vice President GC International Corporation
Company Secretary
December 2018 (Formerly, PTTGC International September 30, 2020 - Director, The Federation of Thai Industries
Attachment 2 (USA) Inc.) Present
Attachment 3 November 2008 - Director Emery Oleochemical (M) March 11, 2020 - Vice President (Supporting), Thailand Swimming Association
Attachment 4 September 2019 Sdn. Bhd. Present
Attachment 5 November 2008 - Director Emery Specialty Chemicals January 30, 2020 - Member of Vidyasirimedhi Institute of Science
Attachment 6 September 2019 Sdn. Bhd. Present and Technology Council (VISTEC)
About This Report September 9, 2008 - Director PTTGC International Private
Assurance Report August 31, 2020 Limited
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
October 30, 2019 - Member of Council of Trustees, Certification January 2021 - Senior Executive Thai Oil Public Company Limited
Contents Present Petroleum Institute of Thailand (PTIT) • Director Certification Program December 2022 Vice President -
(DCP 187/2014), Ethical Leadership Program Hydrocarbon
October 3, 2019 - Council of Trustees, Thailand Business Council of
(ELP 27/2022) Role of the Chairman Program and Acting Executive
Vision, Mission and PTT Values Present Sustainable Development (TBCSD)
(RCP 52/2022), Thai Institute of Directors Vice President -
October 1, 2019 - Executive Director, Thailand Energy Academy Association (IOD) Manufacturing
PTT Information
Present • Diploma, The National Defence Course
February 2020 - Senior Executive Thai Oil Public Company Limited
Financial Highlights (Class 63), National Defence College
August 15, 2019 - Director, Kamnoetvidya Science Academy (KVIS) December 2020 Vice President -
• Certificate, Executive Program in Energy
Present Petroleum &
Achievement Highlights Literacy for a Sustainable Future
Petrochemical
July 2017 - Present Co-Chairman, France-Thailand Business Forum (Class 14), Thailand Energy Academy (TEA)
Awards and Recognition
• Executive Program in Capital Market Leader October 2018 - Senior Executive Thai Oil Public Company Limited
Message from the Board of Directors (Class 27), Capital Market Academy (CMA) January 2020 Vice President -
428 • Leadership Development Program 3 (LDP 3) Petroleum & 429
Economic, Petroleum (Class 4), PTT Leadership and Learning Petrochemical
and Petrochemical Review and Outlook Mr. Bandhit Thamprajamchit (%) of Share Possession and Acting Executive
Institute (PLLI)
Chief Executive Officer and President, Vice President -
0.000424 • Leadership Development Program 2 (LDP 2)
Thai Oil Public Company Limited (Own 0; Operation Excellence
(with INSEAD) Thailand & Singapore,
Section 1 Age (Year) 53 Spouse 0.000424) PTT Leadership and Learning Institute (PLLI)
Business Operations and Performance Relevant Important Positions in Listed Companies -
• Young Executive Program in Energy Literacy
The Stock Exchange of Thailand (In the Previous Year)
for a Sustainable Future (YTEA)
• Chief Executive Officer and President, Family Relationship among February 2023 - Present Director, Global Power Synergy Public Company Limited
Section 2 (Class 2), Thailand Energy Academy (TEA)
Thai Oil Public Company Limited Directors and Executives
• Executive Development Program (EDP),
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance (Appointed on January 1, 2023)
January 2023 - Present Director/ Member of the Risk Management Committee/
-None- Thai Listed Companies Association
Chief Executive Officer and President/ Secretary to
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56-1 One Report 2023
• Executive Development Program,
the Board of Directors, Thai Oil Public Company Limited
Section 3 Fiscal Policy Research Institute Foundation,
Financial Report Thailand Relevant Important Positions in Non-Listed Company (In the Previous Year)
• NIDA - Wharton Executive Development
Working Experiences in the 5 Preceding Years (As of December 31, 2023) June 2023 - Present Chairman, TOPNEXT International Company Limited
Program, Thailand & USA
Education/ Certification
• Lectures and experience sharing for 2023 April 2023 - Present Director, TOPNEXT International Company Limited
Attachment Time Period Position Organization/ Company
corporate strategy plan March 2023 - Present Chairman, Thai Paraxylene Company Limited
Education January 2023 - Senior Executive Thai Oil Public Company Limited - “Global Trends in Energy”
• Bachelor of Engineering Present Vice President, PTT, by Boston Consulting Group (BCG) March 2023 - Present Chairman, LABIX Company Limited
Attachment 1
(Chemical Engineering) (First Class Honors, reporting to Chief - “Global & Thailand Economic Outlook” March 2023 - Present Director, Sapthip Company Limited
Information of the Board of Directors, Gold Medal), Chulalongkorn University Operating Officer, by Bangkok Bank Public Company Limited
January 2023 - Acting Managing Director, LABIX Company Limited
Executives, Controlling Persons, • M.Sc. in Advanced Chemical Engineering Downstream Petroleum
March 2023
the person supervising Finance and Accounting, (Distinction), Imperial College, Business Group working
University of London, UK on a secondment as May 2020 - Chairman, Thai Lube Base Public Company Limited
the person supervising Accounting,
• Master of Business Administration Chief Executive Officer January 2023
Company Secretary (Executive), SASIN Graduate Institute of and President
March 2020 - Present Director, LABIX Company Limited
Attachment 2 Business Administration of (Acting Senior Executive
Attachment 3 Chulalongkorn University Vice President - November 2018 - Chairman, Thaioil Energy Services Company Limited
Hydrocarbon March 2023
Attachment 4
and Acting Executive
Attachment 5 January 2017 - Director, Thaioil Energy Services Company Limited
Vice President -
March 2023
Attachment 6 Manufacturing
About This Report January 1, 2023 -
September 2023)
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Kris Imsang (%) of Share Possession
Education/ Certification
Time Period Position Organization/ Company President and Chief Executive Officer,
0.000350
IRPC Public Company Limited (Own 0.000350;
January 2017 - Director, Thai Lube Base Public Company Limited Age (Year) 58 Spouse 0)
Contents January 2023
December 2015 - Director, Thai Paraxylene Company Limited
• President and Chief Executive Officer, Family Relationship among
Vision, Mission and PTT Values Present
IRPC Public Company Limited Directors and Executives
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) (Appointed on October 1, 2022)
PTT Information -None-
May 2023 - Present Vice President, Thailand Swimming Association
Financial Highlights
May 2023 - Present Committee, Chulalongkorn University Alumni Association
Achievement Highlights under the Royal Patronage
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition April 2023 - Present Director, Thai Listed Companies Association
Education/ Certification
January 2023 - Executive Committee, Thailand Energy Academy Time Period Position Organization/ Company
Message from the Board of Directors
430 Present 431
Economic, Petroleum Education October 1, 2022 - Chief Operating Officer IRPC Public Company Limited
January 2023 - Member of Council of Trustees, • Bachelor of Engineering (Civil Engineering), Present reporting to Chief
and Petrochemical Review and Outlook Present Petroleum Institute of Thailand Chulalongkorn University Operating Officer,
Downstream Petroleum
January 2023 - Director, Thailand Business Council for
Section 1 Certification Business Group, PTT,
Present Sustainable Development
Business Operations and Performance • The Role of the Board in IT Governance, working on a secondment
March 2022 - Present Director, The Federation of Thai Industries Year 2020 and Director Certification Program as President and Chief
April 2021 - Present Subcommittee on Petroleum Fuel and Greenhouse Gases (DCP 139/2010), Director Refreshment Executive Officer
Section 2 Training Program (REP 1/2021),
Impact Assessment from EV Promotion Measures, October 4, 2022 - Director IRPC A&L Company Limited
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance The National EV Policy Committee, Ministry of Energy Thai Institute of Directors Association (IOD)
December 31, 2022
• Leadership Development Program 3 (LDP3)
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February 2019 - Present Chairman, Petroleum Refining Industry Club, (Class 2), PTT Leadership and Learning October 1, 2022 - Chairman PTT Energy Solutions
Section 3 The Federation of Thai Industries Institute (PLLI) December 29, 2022 Company Limited
Financial Report • Certificate, Top Executives in
February 2019 - Present Vice Chairman, Petrochemical Cluster, April 5, 2022 - Chairman of IRPC Public Company Limited
The Federation of Thai Industries the Bhumipalung Phandin Program,
September 8, 2022 the Nomination
(Class 3), Chulalongkorn University
February 2019 - Present Committee, Industrial Promotion and Support Function, and Remuneration
Attachment • Executive Program in Capital Market Leader
Committee
The Federation of Thai Industries (Class 23), Capital Market Academy (CMA)
February 2019 - Present Committee, The Institute of Energy for Industries, • Certificate, Executive Program in January 27, 2021 - Member of PTT Oil and Retail Business
Attachment 1 The Federation of Thai Industries Energy Literacy for a Sustainable Future September 29, 2022 the Nomination Public Company Limited
(Class 9), Thailand Energy Academy (TEA) and Remuneration
Information of the Board of Directors,
• Diploma, The National Defence Course Committee
Executives, Controlling Persons,
(Class 62), National Defence College
January 21, 2021 - Director PTT Oil and Retail Business
the person supervising Finance and Accounting, • Certificate, Good Governance for
September 29, 2022 Public Company Limited
the person supervising Accounting, Medical Executives (Class 9),
King Prajadhipok’s Institute January 19, 2021 - Chairman IRPC Public Company Limited
Company Secretary
and the Medical Council of Thailand April 5, 2022
Attachment 2
September 11, 2020 - Chairman PTT Tank Terminal
Attachment 3
September 29, 2022 Company Limited
Attachment 4
August 20, 2020 - Vice President FTI Academy Board Jobs,
Attachment 5
April 22, 2022 The Federation of Thai Industries
Attachment 6 (Term 2020 - 2022)
About This Report
June 1, 2020 - Chief Operating Officer, PTT Public Company Limited
Assurance Report September 30, 2022 Downstream Petroleum
Business Group
November 1, 2019 - Senior Executive PTT Public Company Limited
May 31, 2020 Vice President,
Downstream Business
Group Alignment
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
August 9, 2019 - Executive Board Green Globe Institute 2017 - 2019 Member of the Central Chulalongkorn University Alumni
Contents October 31, 2019 Committee Association under the Royal
Patronage
August 9, 2019 - Board Member Green Globe Institute
Vision, Mission and PTT Values October 31, 2019 March 30, 2016 - Member of the Executive Kamnoetvidya Science Academy
August 31, 2019 Committee
July 18, 2019 - Sustainable OUR OUR Khung BangKachao
PTT Information
October 31, 2019 Khung BangKaChao February 23, 2015 - Chairman Energy Complex Company Limited
Financial Highlights Working Team (Green November 30, 2019
Area Development)
Relevant Important Positions in Listed Companies -
Achievement Highlights
July 3, 2019 - Sustainable OUR OUR Khung BangKachao The Stock Exchange of Thailand (In the Previous Year)
Awards and Recognition October 31, 2019 Khung BangKaChao
October 19, 2022 - Member of the Risk Management Committee,
Advisory Board
Message from the Board of Directors Present IRPC Public Company Limited
432 July 2, 2019 - Director Board of Anti-Corruption and Good 433
October 1, 2022 - Secretary to the Board/ President and Chief Executive Officer,
Economic, Petroleum October 31, 2019 Governance Enhancement,
Present IRPC Public Company Limited
and Petrochemical Review and Outlook Thai Chamber of Commerce
(Term 2019 - 2020) December 2, 2017 - Director, IRPC Public Company Limited
September 8, 2022
Section 1 March 1, 2019 - Member of IRPC Public Company Limited
and October 1, 2022 -
Business Operations and Performance January 18, 2021 the Nomination
Present
and Remuneration
Committee Relevant Important Positions in Non-Listed Company (In the Previous Year)
Section 2
February 28, 2019 - Executive Board Vidyasirimedhi Institute of October 15, 2022 - Director, IRPC Polyol Company Limited
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance
July 13, 2020 Science and Technology Present
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January 23, 2019 - First Vice Chairman Power For Sustainable Future October 1, 2022 - Director, UBE Chemicals (Asia) Public Company Limited
Section 3 March 15, 2023
February 5, 2020 Foundation
Financial Report
December 2018 - Director Sport Services Alliance Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
October 31, 2019 Company Limited
July 6, 2023 - Present Executive Committee, Chulalongkorn University Alumni
Attachment November 8, 2018 - Chairman State Enterprise for Association under the Royal Patronage
October 31, 2020 Community Club
December 16, 2022 - Member of Vidyasirimedhi Institute of Science
October 1, 2018 - Senior Executive PTT Public Company Limited Present and Technology Council (VISTEC)
Attachment 1 October 31, 2019 Vice President,
October 1, 2022 - Director, Thailand Business Council for Sustainable
Information of the Board of Directors, Corporate Governance
Present Development (TBCSD)
Executives, Controlling Persons, and Regulatory Affairs
October 1, 2022 - Member of Council of Trustees, Petroleum Institute of Thailand
the person supervising Finance and Accounting, March 1, 2018 - Chairman Water Resource Management
Present
the person supervising Accounting, October 31, 2019 Committee, Thailand Business
Council for Sustainable September 14, 2022 - Director and Secretary General,
Company Secretary
Development (TBCSD) Present Foundation for Industrial Development
Attachment 2
January 1, 2018 - Senior Executive Vice PTT Public Company Limited May 31, 2022 - Present Advisor, Industrial Promotion and Support,
Attachment 3 The Federation of Thai Industries
September 30, 2018 President, Organization
Attachment 4 Management
April 22, 2022 - Present Secretary General, The Federation of Thai Industries
Attachment 5 and Sustainability
February 2021 - Present Board of Trustees,
Attachment 6 December 2, 2017 - Member of IRPC Public Company Limited
Sirindhorn International Institute of Technology (SIIT)
About This Report February 28, 2019 the Corporate
Governance Committee June 1, 2020 - Present Executive Director, Thailand Energy Academy
Assurance Report
September 8, 2017 - Chairman Sarn Palung Social Enterprise August 22, 2019 - Honorary Board Member, Social Enterprise Promotion Board
October 31, 2019 Company Limited Present (OSEP)
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Worawat Pitayasiri (%) of Share Possession
Education/ Certification
President and Chief Executive Officer, Time Period Position Organization/ Company
-None-
Global Power Synergy Public Company Limited
Age (Year) 57 September 19, 2018 - Director/ Member of IRPC Public Company Limited
Contents Family Relationship among November 30, 2020 the Risk Management
Directors and Executives Committee
• President and Chief Executive Officer,
Vision, Mission and PTT Values -None- September 16, 2018 - Senior Executive PTT Public Company Limited
Global Power Synergy Public Company Limited
November 30, 2020 Vice President,
(Appointed on December 1, 2020)
PTT Information Innovation and Digital
Financial Highlights May 2018 - Director PTT Tank Terminal Company
November 23, 2018 Limited
Achievement Highlights
November 27, 2017 - Committee Community Partnership
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition November 4, 2019 Association
Education/ Certification
Time Period Position Organization/ Company October 1, 2016 - Executive Vice President, PTT Public Company Limited
Message from the Board of Directors
434 September 15, 2018 Downstream Business 435
Economic, Petroleum Education December 1, 2020 - Senior Executive Vice Global Power Synergy
Group Planning
• Bachelor of Engineering Present President, PTT, Public Company Limited
and Petrochemical Review and Outlook
(Chemical Engineering), reporting to Chief Relevant Important Positions in Listed Companies -
Chulalongkorn University New Business The Stock Exchange of Thailand (In the Previous Year)
Section 1 • Master of Business Administration and Infrastructure
December 1, 2020 - Director/ Secretary to the Board/
Business Operations and Performance (Management), Thammasat University Officer working on
Present Member of the Risk Management Committee/
a secondment as
President and Chief Executive Officer,
Certification President and Chief
Section 2 Global Power Synergy Public Company Limited
• Director Certification Program Executive Officer
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance (DCP 158/2012), Thai Institute of Directors Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
July 13, 2021 - Director Avaada Energy Private Limited
Association (IOD)
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October 7, 2022 January 6, 2022 - Director, NUOVO PLUS Company Limited
• Asia Petrochemical Industry Conference
Section 3 Present
(APIC) (Class 2), December 1, 2020 - Advisor to the Board Alpha Com Company Limited
Financial Report Japan Petrochemicals Industry Association October 4, 2021 January 4, 2021 - Director, Global Renewable Power Company Limited
• PTT Group VP Leadership Development Present
March 3, 2020 - Director Alpha Com Company Limited
Program, PTT Public Company Limited December 1, 2020 - Director, Glow Energy Public Company Limited
November 29, 2020
Attachment • NIDA-Wharton Executive Leadership Present
Program (Class of 2009), February 27, 2020 - Chairman PTT Raise Company Limited
The Wharton School of the University November 29, 2020 December 1, 2020 - Director, Xayaburi Power Company Limited
Attachment 1 of Pennsylvania, USA Present
November 11, 2019 - Chairman PTT Digital Solutions
• Senior Executive Program (SEP), December 1, 2020 - Director, Ratchaburi Power Company Limited
Information of the Board of Directors, November 29, 2020 Company Limited
(Class 26), Sasin Graduate Institute Present
Executives, Controlling Persons, November 2019 - Director InnoSpace (Thailand)
of Business Administration,
the person supervising Finance and Accounting, Chulalongkorn University February 17, 2020 Company Limited December 1, 2020 - Director, Glow Company Limited
the person supervising Accounting, • Advanced Certificate Course Politics Present
September 3, 2019 - Director PTT Digital Solutions
and Governance in Democratic Systems December 1, 2020 - Director, Glow SPP 2 Company Limited
Company Secretary November 11, 2019 Company Limited
for High Level Executives, (Class 22), Present
Attachment 2 June 2019 - Director PTT Energy Solutions
King Prajadhipok’s Institute
Attachment 3 • Diploma, The National Defence Course August 16, 2019 Company Limited December 1, 2020 - Director, Glow SPP 3 Company Limited
(Class 64), National Defence College Present
Attachment 4 February 28, 2019 - Member of the Vidyasirimedhi Institute of
Attachment 5 November 30, 2020 Executive Board Science and Technology December 1, 2020 - Director, Glow IPP 2 Holding Company Limited
Present
Attachment 6
About This Report December 1, 2020 - Director, Glow SPP 11 Company Limited
Present
Assurance Report
December 1, 2020 - Director, Glow IPP Company Limited
Present
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) Certification November 26, 2021 - Chairman Business Professional Recruitment
Contents July 6, 2023 - Chairman, Innovation and New Activities,
• Director Certification Program October 31, 2022 Solutions Company Limited
(DCP 176/2017), Thai Institute of Directors
Present Chulalongkorn University Alumni Association November 23, 2021 - Member Human Resource Committee,
Association (IOD)
Vision, Mission and PTT Values under the Royal Patronage October 31, 2022 Vidyasirimedhi Institute of
• Corporate Governance for Directors
Science and Technology
May 8, 2023 - Executive Committee, Chulalongkorn University Alumni and Senior Executives of Regulators,
PTT Information
Present Association under the Royal Patronage State Enterprises and Public Organizations October 1, 2021 - Senior Executive Vice PTT Public Company Limited
Financial Highlights (PDI) (Class 22), King Prajadhipok’s Institute September 30, 2022 President, Organization
June 13, 2022 - Vice President, Committee of the Institute of Industrial Energy
• Executive Program in Capital Market Leader Effectiveness and
Present (Term 2022 - 2024)
Achievement Highlights (Class 28), Capital Market Academy (CMA) Corporate Governance
May 30, 2022 - 2023 Advisor to Executive Board and Board of Directors, • Leadership Development Program 3, (Changed the position
Awards and Recognition
IEEE Power & Energy Society (Thailand) (IEEE PES) PTT Leadership and Learning Institute (PLLI) name from Senior
Message from the Board of Directors (Term 2022 - 2023) • Advance Certificate Course in Public Executive Vice
436 Administration and Law for Executives, President, Organization 437
April 22, 2022 - Present Director/ Executive Director
Economic, Petroleum King Prajadhipok’s Institute (Class 13) Management and
The Federation of Thai Industries (Term 2022 - 2024)
and Petrochemical Review and Outlook • Management Development Program 3 (MDP3), Sustainability with effect
March 2022 - Present Council Board, Thailand Carbon Neutral Network PTT Leadership and Learning Institute (PLLI) from October 1, 2021)
• Advance Management Program 2 (AMP2),
Section 1 December 1, 2020 - Executive Director, Thailand Energy Academy March 29, 2021 - Director Pluk Phak Praw Rak Mae
PTT Leadership and Learning Institute (PLLI)
Business Operations and Performance Present September 29, 2021 Company Limited
• Executive Development Program (2011),
The Stock Exchange of Thailand (SET) November 20, 2020 - Chairman Peaberry Thai Company
Section 2 • Diploma, The National Defence Course September 29, 2021 Limited
(Class 64), National Defence College
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance October 29, 2020 - Chairman PTT Retail Management
Mr. Suchat Ramarch (%) of Share Possession • Certificate, Executive Program in Energy
April 5, 2021 Company Limited
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President, Literacy for a Sustainable Future (Class 17),
0.000563
Section 3 PTT Oil and Retail Business Public Company Limited Thailand Energy Academy (TEA) September 30, 2020 - Chairman PTTOR China (Shanghai)
(Own 0.000563;
Financial Report Age (Year) 55 September 29, 2021 Company Limited
Spouse 0)
April 25, 2019 - Director Business Services Alliance
February 3, 2022 Company Limited
• President, Family Relationship among
Attachment PTT Oil and Retail Business Public Company Limited Directors and Executives April 25, 2019 - Director Business Professional Recruitment
(Appointed on October 1, 2022) November 25, 2021 Solutions Company Limited
-None-
Attachment 1 2019 - Senior Executive PTT Oil and Retail Business
September 30, 2021 Vice President, Public Company Limited
Information of the Board of Directors,
Non-Oil Retail Business
Executives, Controlling Persons,
Working Experiences in the 5 Preceding Years (As of December 31, 2023) 2018 - 2019 Senior Executive PTT Oil and Retail Business
the person supervising Finance and Accounting,
Education/ Certification Vice President, Public Company Limited
the person supervising Accounting, Time Period Position Organization/ Company Non-Oil Retail Business
Company Secretary
Education October 1, 2022 - Senior Executive PTT Oil and Retail Business 2016 - 2020 Director PTT Retail Management
Attachment 2 Company Limited
• Bachelor of Engineering, Rajamangala Present Vice President, PTT, Public Company Limited
Attachment 3 University of Technology Krungthep reporting to Chief 2016 - 2018 Executive PTT Public Company Limited
Attachment 4 • Master of Arts (Social Development Operating Officer, Vice President,
Attachment 5 Administration), National Institute Downstream Retail Marketing
of Development Administration Petroleum Business
Attachment 6
Group working on
About This Report a secondment as
Assurance Report President
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
Relevant Important Positions in Listed Companies - Certification November 1, 2021 - Executive Vice Business Services Alliance
Contents The Stock Exchange of Thailand (In the Previous Year) • Director Certification Program October 31, 2022 President attached to Company Limited
(DCP 316/2022), Thai Institute of Senior Executive Vice
April 10, 2023 - Member of the Corporate Governance and Sustainable
Directors Association (IOD) President, Organization
Vision, Mission and PTT Values Present Development Committee, Thai Oil Public Company Limited
• Executive Training Program on Effectiveness and
October 1, 2021 - Director, Thai Oil Public Company Limited Administrative Justice (Class 1) Corporate Governance,
PTT Information
Present • The Rule of Law for Democracy, PTT secondment as
Financial Highlights (Class 8), College of the Constitutional Court Managing Director,
Relevant Important Positions in Non-Listed Company (In the Previous Year)
• Advanced Certificate Course Business Services
Achievement Highlights November 4, 2022 - Chairman, PTT Retail Management Company Limited in Public Economics Management for Alliance Company
Present Executives (PEM) (Class 5), Limited
Awards and Recognition
King Prajadhipok’s Institute
February 4, 2022 - Chairman, Business Services Alliance Company Limited June 1, 2021 - Vice President, Business Services Alliance
Message from the Board of Directors • Certificate, Good Governance for
438 Present October 31, 2021 PTT Oil and Retail Company Limited 439
Medical Executives (Class 7),
Economic, Petroleum Business Public
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year) King Prajadhipok’s Institute
Company Limited,
and Petrochemical Review and Outlook May 25, 2023 - Member of the Retail and Service Committee,
and the Medical Council of Thailand
working on
• PTT Leadership Development Program 1
Present The Thai Chamber of Commerce and Board of Trade a secondment as
for EVP Pool by Development Dimensions
Section 1 of Thailand Senior Executive
International (DDI)
Business Operations and Performance Vice President, Service
April 28, 2023 - Present Member of the Business Matching Committee,
Business, Business
The Thai Chamber of Commerce and Board of Trade
Services Alliance
Section 2 of Thailand
Company Limited
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance
July 1, 2018 - Vice President, PTT Oil and Retail Business
56-1 One Report 2023
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May 31, 2021 Oil and Retail Business Public Company Limited
Section 3 Academy
Mrs. Nivadee Jaroensitipun (%) of Share Possession
Financial Report Executive Vice President Acting Senior Executive Vice President, October 1, 2015 - Vice President, PTT Public Company Limited
-None-
Government Relations June 30, 2018 Oil Business Academy
Age (Year) 57
Relevant Important Positions in Listed Companies -
Attachment Family Relationship among The Stock Exchange of Thailand (In the Previous Year)
Directors and Executives
• Executive Vice President - -
Acting Senior Executive Vice President, -None-
Attachment 1 Relevant Important Positions in Non-Listed Company (In the Previous Year)
Government Relations
Information of the Board of Directors,
(Appointed on November 1, 2022) February 28, 2023 - Director, Energy Complex Company Limited
Executives, Controlling Persons, May 31, 2023
the person supervising Finance and Accounting,
November 25, 2021 - Director, Business Professional Recruitment Solutions
the person supervising Accounting, June 9, 2023 Company Limited
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Company Secretary
Education/ Certification November 25, 2021 - Director, Sport Services Alliance Company Limited
Attachment 2 Time Period Position Organization/ Company March 31, 2023
Attachment 3
Education November 1, 2022 - Executive Vice PTT Public Company Limited November 1, 2021 - Director, Business Services Alliance Company Limited
Attachment 4 • Bachelor of Business Administration, Present President Acting Present
Attachment 5 Rajamangala Institute of Technology Senior Executive
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Attachment 6 • Master of Arts (Political Science), Vice President,
Kasetsart University Government Relations - -
About This Report
• Master of Arts (Communication Arts
Assurance Report and Information), Kasetsart University
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited
Mrs. Wanida Boonpiraks (%) of Share Possession Miss Jaroonsri Wankertphon (%) of Share Possession
Executive Vice President, Executive Vice President,
0.00238 0.000091
Group Corporate Finance and Strategy (Own 0.00237; Group Accounting and Tax Policy (Own 0.000091)
Age (Year) 57 Spouse 0.00001) Age (Year) 58
Contents
Family Relationship among
• Executive Vice President, Family Relationship among • Executive Vice President, Directors and Executives
Vision, Mission and PTT Values Group Corporate Finance and Strategy Directors and Executives Group Accounting and Tax Policy
-None-
(Appointed on December 1, 2023) (Appointed on December 1, 2023)
PTT Information -None-
Financial Highlights
Achievement Highlights
Working Experiences in the 5 Preceding Years (As of December 31, 2023) Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification Education/ Certification
Time Period Position Organization/ Company Time Period Position Organization/ Company
Message from the Board of Directors
440 441
Economic, Petroleum Education December 1, 2023 - Executive Vice PTT Public Company Limited Education December 1, 2023 - Senior Vice President, PTT Public Company Limited
• Bachelor of Accountancy (Accounting), Present President, Group • Bachelor of Business Administration Present attached to Executive
and Petrochemical Review and Outlook
Chulalongkorn University Corporate Finance (Business Administration), Vice President,
• Master of Business Administration and Strategy Chulalongkorn University PTT Exploration
Section 1 (Finance), University of St. Thomas, USA • Bachelor of Business Administration and Production Public
January 1, 2021 - Executive Vice Thai Oil Public Company Limited
Business Operations and Performance (Accounting), Krirk University Company Limited,
November 30, 2023 President, PTT,
Certification • Master of Science (Financial Accounting), working on
working on
• Director Certification Program (DCP) Thammasat University a secondment as
Section 2 a secondment as
(DCP 195/2014), Thai Institute of Directors Executive Vice President,
Executive Vice
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Association (IOD) Certification Group Accounting
President, Finance
• Executive Development Program (EDP) • Director Certification Program and Tax Policy
56-1 One Report 2023
56-1 One Report 2023
and Accounting
(Class 9), Thai Listed Companies (DCP 220/2016), Thai Institute of Directors
Section 3 October 1, 2022 - Senior Vice President, PTT Public Company Limited
Association (TLCA) April 1, 2020 - Executive Vice Global Power Synergy Association (IOD)
Financial Report November 30, 2023 attached to Executive
• Chief Financial Officer Certification Program December 31, 2020 President, PTT, Public Company Limited • TLCA Executive Development Program,
Vice President,
(CFO) (Class 19) Federation of Accounting working on Thai Listed Companies Association
PTT Exploration
Professions Under the Royal Patronage a secondment as • Financial & Fiscal Management Program
and Production Public
Attachment • Leadership Development Program 2 (LDP2), Chief Financial Officer for Senior Executive, (Class 6),
Company Limited,
PTT Leadership and Learning Institute (PLLI) The Comptroller General’s Department
March 1, 2018 - Executive Vice Global Power Synergy working on
• Orchestrating Winning Program (OWP) 2018, • EP LEAD 3 Leadership Development
March 31, 2020 President, PTT, Public Company Limited a secondment as
Attachment 1 IMD Business School, Switzerland Program, IMD
working on Executive Vice
Information of the Board of Directors, • Leadership Development Program 3 (LDP3), • Advanced Master of Management Program
a secondment as President, Global
IMD Business School, Singapore (Class 8), National Institute of
Executives, Controlling Persons, Executive Vice Business Services
• Certificate, Executive Program in Energy Development Administration
President, Finance Acting Executive
the person supervising Finance and Accounting, Literacy for a Sustainable Future,
and Accounting Vice President,
the person supervising Accounting, Thailand Energy Academy (TEA) Continuing Professional Development 2020
Group Accounting
January 1, 2018 - Vice President, Global Power Synergy • TFRSs Financial instruments:
Company Secretary and Tax Policy
February 28, 2018 PTT, working on Public Company Limited Implementation and analysis of non-financial
Attachment 2 a secondment as institutions’ financial statement - CPD
Attachment 3 Chief Financial Officer (Accounting)
Attachment 4 Relevant Important Positions in Listed Companies -
Attachment 5 The Stock Exchange of Thailand (In the Previous Year)
Attachment 6 - -
About This Report
Relevant Important Positions in Non-Listed Company (In the Previous Year)
Assurance Report
- -
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
- -
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Miss Numpetch Supharatanasit (%) of Share Possession
Education/ Certification
Time Period Position Organization/ Company Executive Vice President, Global Business Services
-None-
Age (Year) 54
Continuing Professional Development 2021 October 2020 - Senior Vice President, PTT Public Company Limited
Contents (financial) September 30, 2022 attached to Executive
• Executive Vice President, Global Business Services
Family Relationship among
• Shared Service Centre Evolution - Vice President, Directors and Executives
Key to Agility after the Pandemic PTT Exploration (Appointed on December 1, 2023)
Vision, Mission and PTT Values (The person supervising Accounting) -None-
• Recognizing and evaluating the value of and Production Public
trade account receivable in the “Looking Company Limited,
PTT Information
forward concept” and differentiation working on
Financial Highlights between PAEs and NPAEs in practice a secondment as
• Estimation of discounted cash-flow for Executive Vice
Achievement Highlights impairment according to TAS36 after President, Global
relief measurement Business Services Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition Education/ Certification
• TFRS9 IBOR Reformation Phase 2
February 28, 2019 - Director Energy Complex Company Limited Time Period Position Organization/ Company
Message from the Board of Directors and Related Disclosure
442 September 23, 2020 443
• RPA for Digital Accounting
Economic, Petroleum Education December 1, 2023 - Executive Vice PTT Public Company Limited
• F&A Knowledge Sharing: January 2019 - Senior Vice President, PTT Exploration and Production
• Bachelor of Accountancy Present President, Global
and Petrochemical Review and Outlook “M&A: Purchase Price Allocation (PPA) September 2020 Accounting Division Public Company Limited
(Cost Accounting), University of Business Services
in practices”
January 1, 2018 - Director PTTEP Holding Company Limited the Thai Chamber of Commerce
• PTT New Core Competencies: October 1, 2020 - Vice President, PTT Public Company Limited
Section 1 October 1, 2020 • Master of Science (Business
PTT New Vision November 30, 2023 Managerial Accounting
Business Operations and Performance Information Technology),
• Mentoring Guidelines & Process July 2016 - Senior Vice President, PTT Exploration and Production Department
Chulalongkorn University
September 2018 Accounting Division Public Company Limited
January 1, 2017 - Vice President, PTT Public Company Limited
Section 2 Continuing Professional Development 2022
March 20, 2015 - Director PTTEP HK Holding Limited Certification September 30, 2020 Accounts Receivable
(financial)
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance October 1, 2020 • Leadership Development Program 2 (LDP 2), and Costing
• Strategic Management Accounting,
PTT Leadership and Learning Institute (PLLI) Management Department
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(Class 2/2022) April 22, 2011 - Director PTTEP Sadang Limited
• Advanced Management Program 2 (AMP 2):
Section 3 • Internal control of legal compliance for October 1, 2020 Relevant Important Positions in Listed Companies -
Business and People Management,
Financial Report business sustainability The Stock Exchange of Thailand (In the Previous Year)
October - Senior Vice President, PTT Exploration and Production PTT Leadership and Learning Institute (PLLI)
• Derivatives and Hedging Accounting,
December 2018 Accounting Division Public Company Limited • Advanced Master of Management Program - -
An Accountant with Criteria Specified by
and Acting Vice (Class 11), National Institute of
the Department of Business Development Relevant Important Positions in Non-Listed Company (In the Previous Year)
Attachment President, Financial Development Administration
Accounting Department - -
Continuing Professional Development 2023
Continuing Professional Development 2023
(financial) Relevant Important Positions in Listed Companies - Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Attachment 1 (financial)
• Collaborative Practice Dialogue on ERM The Stock Exchange of Thailand (In the Previous Year) 2020 - 2023 Member of Board of Accounting Professions on
Information of the Board of Directors, • Data Analysis: Management and analysis of
and ESG Related Risks and Opportunities Management Accounting, Federation of Accounting
April 26, 2023 - Present Director, Dhipaya Group Holdings Public Company Limited corporate data for accounting
Executives, Controlling Persons, in accordance with COSO’s international Professions Under the Royal Patronage
• Risk Accounting and Risk Management
guidelines Relevant Important Positions in Non-Listed Company (In the Previous Year)
the person supervising Finance and Accounting, for Accountants
• The Development of Accounting Systems
the person supervising Accounting, March 28, 2023 - Director, Dhipaya Insurance Public Company Limited
in the Digital Age (Class 2/2023)
Present
Company Secretary
Attachment 2 June 1, 2022 - Present Director, PTT International Trading Pte. Ltd.
Attachment 3 Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
Attachment 4 - -
Attachment 5
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Mr. Nisit Phongvutiprapant (%) of Share Possession
Education/ Certification
Company Secretary Time Period Position Organization/ Company
0.000003
Age (Year) 53 (Own 0.000003;
Spouse 0) August 29, 2018 - Director PTT Oil Myanmar Company Limited
Contents • Company Secretary
January 31, 2020
(Appointed on October 1, 2020) July 1, 2018 - Vice President, PTT Oil and Retail Business
Family Relationship among
Vision, Mission and PTT Values • Executive Vice President, April 30, 2019 International Business Public Company Limited
Directors and Executives
Company Secretary and Corporate Relation Development
PTT Information -None- and Planning
(Appointed on October 1, 2020)
Department
Financial Highlights
May17, 2017 - Director PTT Philippines Corporation
Achievement Highlights April 30, 2019
Working Experiences in the 5 Preceding Years (As of December 31, 2023)
Awards and Recognition January 1, 2017 - Vice President, PTT Public Company Limited
Education/ Certification
June 30, 2018 International Business
Time Period Position Organization/ Company
Message from the Board of Directors Development
444 445
Education October 1, 2020 - Senior Executive Vice PTT Public Company Limited and Planning
Economic, Petroleum
• Bachelor of Economics Present President, PTT Oil Department
and Petrochemical Review and Outlook
(Development Economics), and Retail Business
2012 - April 30, 2019 Director PTT (Lao) Company Limited
Bangkok University Public Company
Section 1 Limited, working on 1992 - 2021 Managing Partner Phuluang Kasetrungrueng (1992)
Business Operations and Performance Certification a secondment as Limited Partnership
• Director Certification Program Executive Vice President,
Relevant Important Positions in Listed Companies -
(DCP 195/2014), Company Secretary Company Secretary
Section 2 The Stock Exchange of Thailand (In the Previous Year)
Program (CSP 113/2020), Thai Institute of and Corporate Relation
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Directors Association (IOD) - -
June 22, 2020 - Director PTT (Cambodia) Limited
• Advanced Management Program 2
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56-1 One Report 2023
September 30, 2020 Relevant Important Positions in Non-Listed Company (In the Previous Year)
(Class 1/2018), PTT Leadership
Section 3 - -
and Learning Institute (PLLI) June 5, 2020 - Director Modulus Company Limited
Financial Report • Leadership Development Program September 30, 2020
Other Experiences/ Other Activities/ Other Organizations (In the Previous Year)
PTT Leadership and Learning Institute (PLLI)
June 1, 2020 - Senior Executive Vice PTT Oil and Retail Business
• Bain Academy Asia Pacific 2019 Program, 2022 - Present Vice Chairman, Power for Sustainable Future Foundation
September 30, 2020 President, Corporate Public Company Limited
Attachment Bain & Company SE Asia, Inc., Singapore
Strategy, Innovation November 23, 2021 - Member of the Executive Committee,
• Advanced Management Program (AMP 3) - Present Vidyasirimedhi Institute of Science and Technology
and Sustainability
Business & People Management,
Attachment 1 PTT Leadership and Learning Institute (PLLI) February 1, 2020 - Vice President, PTT Oil and Retail Business November 17, 2021 - Vice Chairman and Treasurer, Power of Innovation Foundation
May 31, 2020 Strategy and Portfolio Public Company Limited Present
Information of the Board of Directors,
Management November 1, 2020 - Committee Member, Thai Company Secretary Club,
Executives, Controlling Persons, Department Present Thai Listed Companies Association
the person supervising Finance and Accounting,
November 29, 2019 - Director Brighter Energy Company Limited
the person supervising Accounting, September 30, 2020 (JV Terminal)
Company Secretary
August 30, 2019 - Director Brighter PTT Oil and Retail
Attachment 2 May 31, 2020 Business Company Limited
Attachment 3
May 1, 2019 - Vice President, PTT Oil Myanmar Company Limited
Attachment 4 January 31, 2020 PTT Oil and Retail
Attachment 5 Business Public
Attachment 6 Company Limited,
working on
About This Report
a secondment as
Assurance Report Managing Director
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited
Attachment 2
Details of Directors and Subsidiaries
Contents
Positions Held by The Management and Authorized Controllers of PTT Public Company Limited,
Subsidiaries, Joint Ventures, Associates and Other Related Companies for 2023
Vision, Mission and PTT Values
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37
PTT Information PTT Executive PTT Executive
Associate Professor Dr. Narongdech Srukhosit
Associate Professor Dr. Narongdech Srukhosit
(As of December 31, 2023) (As of December 31, 2023)
Associate Professor Dr.Chayodom Sabhasri
Associate Professor Dr.Chayodom Sabhasri
Financial Highlights
Air Chief Marshal Chanon Mungthanya
Air Chief Marshal Chanon Mungthanya
Professor Dr. Thosaporn Sirisumphand
Professor Dr. Thosaporn Sirisumphand
Mrs. Phongsaward Neelayodhin
Mrs. Phongsaward Neelayodhin
Miss Numpetch Supharatanasit
Miss Numpetch Supharatanasit
Achievement Highlights
Mr. Cherdchai Boonchoochauy
Mr. Cherdchai Boonchoochauy
Miss Pannalin Mahawongtikul
Miss Pannalin Mahawongtikul
Mr. Bandhit Thamprajamchit
Mr. Bandhit Thamprajamchit
Miss Jaroonsri Wankertphon
Miss Jaroonsri Wankertphon
Miss Peangpanor Boonklum
Miss Peangpanor Boonklum
Mr. Chansin Treenuchagron
Mr. Chansin Treenuchagron
Mrs. Nivadee Jaroensitipun
Mrs. Nivadee Jaroensitipun
Dr. Buranin Rattanasombat
Dr. Buranin Rattanasombat
Mr. Chadil Chavanalikikorn
Mr. Chadil Chavanalikikorn
Mr. Prasong Intaranongpai
Mr. Prasong Intaranongpai
GEN. Teerawat Boonyawat
GEN. Teerawat Boonyawat
Dr. Kongkrapan Intarajang
Dr. Kongkrapan Intarajang
Mr. Phongsthorn Thavisin
Mr. Phongsthorn Thavisin
M.L. Peekthong Thongyai
M.L. Peekthong Thongyai
Mr. Chansak Chuenchom
Mr. Chansak Chuenchom
Mr. Montri Rawanchaikul
Mr. Montri Rawanchaikul
Dr. Prasert Sinsukprasert
Dr. Prasert Sinsukprasert
Mr. Pongpun Amornvivat
Mr. Pongpun Amornvivat
Mrs. Wanida Boonpiraks
Mrs. Wanida Boonpiraks
Mr. Auttapol Rerkpiboon
Mr. Auttapol Rerkpiboon
Mr. Krishna Boonyachai
Mr. Krishna Boonyachai
Mr. Chatchai Phromlert
Mr. Chatchai Phromlert
Mr. Terdkiat Prommool
Mr. Terdkiat Prommool
Mr. Jatuporn Buruspat
Mr. Jatuporn Buruspat
Mr. Noppadol Pinsupa
Mr. Noppadol Pinsupa
Mr. Worawat Pitayasiri
Mr. Worawat Pitayasiri
Mr. Payong Srivanich
Mr. Payong Srivanich
Mr. Lavaron Sangsnit
Mr. Lavaron Sangsnit
Awards and Recognition
Mr. Suchat Ramarch
Mr. Suchat Ramarch
Mr. Wuttikorn Stithit
Mr. Wuttikorn Stithit
Mr. Kris Imsang
Mr. Kris Imsang
Company*
Message from the Board of Directors (As of December 31, 2023)
446 447
Economic, Petroleum PTT Public Company Limited PTT x / / / / / / / / / / / / / *0/ // // // // // // // // // // // // // // // // // // // // // // PTT Public Company Limited PTT x / / / / / / / / / / / / / *0/ // // // // // // // // // // // // // // // // // // // // // //
and Petrochemical Review and Outlook E&P 1 PTT Exploration and Production Plc. PTTEP / / */ 21 Trans Thai-Malaysia TTM(T)
Business (Thailand) Co., Ltd.
2 PTT Natural Gas Distribution PTTNGD x Natural Gas 22 Trans Thai-Malaysia TTM(M)
Section 1 Natural Gas Co., Ltd. (Malaysia) Sdn. Bhd.
Business Operations and Performance 3 PTT LNG Co., Ltd PTTLNG x 23 Map Ta Phut Air Products Co., Ltd MAP
4 PTT Green Energy Pte. Ltd. PTTGE 24 Dhipaya Group Holdings Plc. TIPH /
Joint Ventures, Associates and Other Related Companies
International
5 PTT Energy Resources Co., Ltd. PTTER 25 Sarn Palung Social Enterprise SPSE
Business
Section 2 6 PTT Global Management Co., Ltd. PTTGM
Others Co., Ltd.
26 Veolia Sustainable Solutions VSS
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Oil & Retail 7 PTT Oil and Retail Business Plc. OR x / / //
(Thailand) Co., Ltd.
8 PTT Tank Terminal Co., Ltd. PTT TANK x / 27 District Cooling System DCAP
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56-1 One Report 2023
9 PTT Global Chemical Plc. GC / / / *0/ and Power Plant Co., Ltd.
Petrochemical
Section 3
Subsidiaries
& Refining 10 Thai Oil Plc. TOP / / / *0/ / 28 Visup Company Limited VISUP
Financial Report 11 IRPC Plc. IRPC / / / *0/ 29 InnoSpace (Thailand) Co., Ltd. InnoSpace
12 PTT International Trading Pte. Ltd. PTTT x / 30 Baania (Thailand) Co., Ltd. Baania
13 PTT International Trading PTTT LDN 31 HG Robotics Co., Ltd. HG ROBOTICS
International
London Ltd. New Business
Trading 32 Sunfolding, Inc. Sunfolding
Attachment 14 PTT International Trading PTTT USA
and
Infrastructure
33 Luminar Technologies, Inc. Luminar
USA Inc.
34 Ample, Inc. Ample
15 Business Services Alliance Co., Ltd. BSA / x /
Others 35 Shenzhen Immotor Technology Immotor
16 PTT Treasury Center Co., Ltd. PTT TCC
Co., Ltd.
Attachment 1 17 Global Power Synergy Plc GPSC / / / / / / *0/ 36 NTG Holdings Pte. Ltd. NT
Attachment 2 New Business
18 PTT Digital Solutions Co., Ltd. PTT DIGITAL x 37 6K, Inc. 6K
and
19 Energy Complex Co., Ltd. EnCo / x
Details of Directors and Subsidiaries Infrastructure 38 CHCJ EQ LLC. CHCJ
20 PTT Energy Solutions Co., Ltd. PTTES
Attachment 3 Remarks:
• Symbol X = Chairman - = Vice Chairman * = CEO O = President / = Director // = Executive
Attachment 4
• The first four executives, excluding the President & CEO, under SEC’s Announcement are Mr. Wuttikorn Stithit, Mr. Noppadol Pinsupa, Dr. Buranin Rattanasombat and Miss Pannalin
Attachment 5 Mahawongtikul.
Attachment 6
About This Report
Assurance Report
Attachment Attachment
56-1 One Report 2023
PTT Public Company Limited
Attachment 3 Attachment 4
Detail of Head of the Office of Corporate Audit Business Assets and Details on Asset Valuation
-None-
Business Assets
Contents Mr. Chayagorn Leangruenrom (%) of Share Possession
Executive Vice President, Office of Corporate Audit
-None- Details are listed under Section 1.2 Nature of Business
Head of the Office of Corporate Audit
Vision, Mission and PTT Values
Age (Year) 55 Details of Asset Valuation
PTT Information Family Relationship among -None-
Directors and Executives
Attachment 5
Financial Highlights
-None-
Achievement Highlights
Awards and Recognition Corporate Governance, Ethical Standards and Code of Business Ethics
Message from the Board of Directors Handbook of PTT Public Company Limited, including Authorities, Duties
448 449
Economic, Petroleum
and Responsibilities of the Board and Duties and Responsibilities
Working Experiences in the 10 Preceding Years (As of December 31, 2023)
and Petrochemical Review and Outlook Education/ Certification of Specific Committees of PTT Public Company Limited
Time Period Position Organization/ Company
1. Corporate Governance, Ethical Standards and Code of Business Ethics
Section 1 Education 2022 - Present Executive Vice President, PTT Public Company Limited
Business Operations and Performance • Bachelor of Engineering, Office of Corporate Audit
Handbook of PTT Public Company Limited
King Mongkut’s Institute of Technology PTT has announced its corporate governance principles and formulated the Corporate Governance, Ethical Standards
2020 - 2022 Executive Vice President, PTT Public Company Limited
Ladkrabang and Code of Business Ethics Handbook (CG Handbook) for the acknowledgement and adoption of the Board of Directors,
Section 2 Corporate Governance
• Master of Business Administration,
all executives, and employees as their practical guidelines at work to promote PTT as a company with efficient business
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance Kasetsart University 2019 - 2020 Vice President, PTT Public Company Limited
Natural Gas Marketing
operations, excellent corporate governance and management, integrity, transparency, and auditability. The Handbook is
56-1 One Report 2023
56-1 One Report 2023
Certification Department publicized on PTT’s Intranet and web site.
Section 3
• Anti-Corruption for Executive Program
Financial Report 2016 - 2019 Vice President, PTT Public Company Limited Further details related to PTT’s CG Handbook can be studied from PTT’s Website www.pttplc.com.
(ACEP 7/2013), Corporate Governance
Project Director,
for Executives Program (CGE 19/2022),
Myanmar - Thailand
and Subsidiary Governance Program
LNG Receiving Terminal https://www.pttplc.com/en/Home.aspx Menu: About PTT, Topic: Corporate Governance or follow the link below:
Attachment (SGP Online 1/2022), Thai Institute
2016 Vice President, PTT Public Company Limited https://www.pttplc.com/en/About/Corporate-Governance.aspx and
of Directors Association (IOD)
• Leadership Development Program 2, Internal Audit https://www.pttplc.com/uploads/CG/Publication/CGHandbookforOneReport/PTTCGHandbook_Revision5.2_EN.pdf
Attachment 1 PTT-Harvard Business School, Department
READ READ READ
Attachment 2 PTT Leadership and Learning Institute (PLLI) MORE MORE MORE
2013 - 2016 Vice President, PTT Public Company Limited
• Public Private Partnerships for Executives
Attachment 3 Subsidiary Audit
Program (PEP) (Class 8), Institute of
Detail of Head of the Office of Corporate Audit Department
Research and Development for
Attachment 4 Public Enterprises (IRDP) 2011 - 2013 Vice President, PTT Public Company Limited
Business Assets and Details on Asset Valuation • Corporate Governance for Directors Internal Audit 2. Charter of the Board of Directors and Charters of Specific Committees
and Senior Executives of Regulators, Department
Attachment 5 of PTT Public Company Limited
State Enterprises and Public Organizations
Corporate Governance, Ethical Standards Relevant Important Positions in Listed Companies -
(PDI) (Class 24), King Prajadhipok’s Institute
The Stock Exchange of Thailand (In the Previous Year)
2.1 Charter of the Board
and Code of Business Ethics Handbook • Advanced Management Program (AMP) 3 - (Details are reported under Section 2 “7.2.3 Roles and Duties of the Board”)
of PTT Public Company Limited, including Business & People Management, - -
PTT Leadership and Learning Institute (PLLI) 2.2 Charters of the Audit Committee/ Nominating Committee/ Remuneration
Authorities, Duties and Responsibilities Relevant Important Positions in Non-Listed Company (In the Previous Year)
• Capital Market Academy Leader Program Committee/ Corporate Governance and Sustainability Committee and Enterprise
of the Board and Duties and Responsibilities (Class 32), Capital Market Academy (CMA) - -
Risk Management Committee
of Specific Committees of PTT Public Other Experiences/ Other Activities/ Other Organizations (Details are reported under Section 2 “7.3 Information about Specific Committees”)
Company Limited (In the Previous Year)
Attachment 6
Report of the Audit Committee
- -
Attachment 6
About This Report Report of the Audit Committee
Assurance Report
Details are reported on pages 324 - 327
56-1 One Report 2023 About This Report KPMG Phoomchai Audit Ltd.
50th Floor, Empire Tower,
บริษัท เคพีเอ็มจี ภูมิไชย สอบบัญชี จํากัด
ชัน้ 50 เอ็มไพร์ ทาวเวอร์
PTT Public Company Limited 1 South Sathorn Road, Yannawa 1 ถนน สาทรใต้ แขวงยานนาวา
Sathorn, Bangkok 10120, Thailand เขตสาทร กรุงเทพฯ 10120
Part 3: Driving Business towards Sustainability Tel +66 2677 2000 โทร +66 2677 2000
Fax +66 2677 2222 แฟกซ์ +66 2677 2222
Section 1: Business Operations and Performance Website kpmg.com/th เว็บไซต์ kpmg.com/th
Contents
Independent limited assurance report
PTT consistently discloses sustainability performance data to stakeholders through annual reports, sustainability reports, and the website
www.pttplc.com in the sustainability section every year. In 2023, PTT announced sustainability performance to stakeholders through
Vision, Mission and PTT Values the “Form 56-1 One Report”, which integrates the annual report and sustainability report for the fourth consecutive year. Sustainability performance
PTT Information is disclosed under Part 3: Driving Business towards Sustainability, Section 1: Business Operations and Performance, covering all
To the Directors of PTT Public Company Limited (“PTT”)
3 dimensions: Environmental, Social, and Governance. As in previous years, this information continues to be disclosed via the website
Financial Highlights www.pttplc.com under the Sustainability section. Conclusion
Achievement Highlights Based on the procedures performed, as described below, nothing has come to our attention that causes us to believe that
Awards and Recognition the selected subject matters (“Subject Matters”) identified below and included in the 56-1 One Report 2023 (Driving
Business towards Sustainability Section) or referred to in the Report of PTT’s corporate website (“the Website”) for the
Message from the Board of Directors Scope of the Report 56-1 The handbook for preparing the Securities and Exchange
year ended 31 December 2023, are not, in all material respects, prepared in compliance with the reporting criteria (the
450 ONE 451
The information presented in Part 3: Driving Business REPORT Commission’s Annual Registration Statements: 56-1 One Report “Criteria”).
Economic, Petroleum
towards Sustainability, Section 1: Business Operations Reporting on sustainability according to the Global Reporting Initiative
and Petrochemical Review and Outlook
and Performance, in this “Form 56-1 One Report”, (GRI) Standards, ensuring alignment with current relevant indicators Our Responsibilities We have not been engaged to provide an assurance
covers sustainability performance data from January 1, (GRI Standards 2021: Universal Standards and Topic Standards) conclusion on any other information disclosed within the
Section 1 GRI
and the Sector Standard Project for Oil and Gas (GRI 11: Oil and
We have been engaged by PTT and are responsible for Report.
2023 to December 31, 2023, for all business groups of
Gas Sector 2021), with comprehensive content adherence to the providing a limited assurance conclusion in respect of the
Business Operations and Performance PTT. This includes the Upstream Petroleum and Natural
criteria outlined in “Reporting in accordance with the GRI Standards” Subject Matters for the year ended 31 December 2023 to
Gas Business Group, Downstream Petroleum Business Subject Matters
be included in the Report as identified below.
Section 2 Group, New Business and Infrastructure Group, Reporting on sustainability linked to the International Financial
and support functions, as well as the performance Reporting Standards (IFRS) Sustainability Disclosure Standards (S) of Our assurance engagement is conducted in accordance Subject Matters comprised of the following data
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance the International Sustainability Standards Board (ISSB) encompasses
of companies within PTT Group as specified in each with the International Standard on Assurance expressed numerically or in descriptive text for the year
IFRS S1 General Requirements for Disclosure of Sustainability-
56-1 One Report 2023
56-1 One Report 2023
section. Additionally, the scope of operations under Engagements ISAE 3000 (Revised) Assurance ended 31 December 2023:
related Financial Information, which integrates with GRI Standards,
Section 3 the 3P Decarbonization Pathway includes PTT and reporting on organizational value creation according to the Integrated
Engagements other than Audits or Reviews of Historical
Financial Report flagship companies; PTT Exploration and Production
IFRS
Reporting (IR) framework of the International Integrated Reporting Financial Information, and ISAE 3410 Assurance on • GRI 201-1 Direct economic value generated and
Public Company Limited (PTTEP), PTT Global Council (IIRC), and the Sustainability Accounting Standards Greenhouse Gas Statements. These standards require the distributed-Community investments (2016)
Chemical Public Company Limited (GC), Thai Oil Board (SASB). It includes IFRS S2 Climate-related Disclosures, assurance team to possess the specific knowledge, skills • GRI 302-1 Energy consumption within organization
Public Company Limited (TOP), IRPC Public which aligns reporting on climate-related performance with the and professional competencies needed to provide (2016)
Attachment recommendations of the Task Force on Climate-related Financial
Company Limited (IRPC), Global Power Synergy assurance on sustainability information, and that we plan • GRI 302-3 Energy intensity (2016)
Disclosures (TCFD)
Public Company Limited (GPSC), and PTT Oil and and perform the engagement to obtain limited assurance • GRI 303-3 Water withdrawal (2018)
Retail Business Public Company Limited (OR), Reporting on progress in operations according to the ten principles on whether the Subject Matters are prepared, in all • GRI 303-4 Water discharge (2018)
Attachment 1 UNGC of the United Nations Global Compact (UNGC) at the Advanced level
as well as Scope 1, 2 and 3 of greenhouse gas material respects, in compliance with the Criteria.
Attachment 2 • GRI 305-1 Direct (Scope 1) GHG emissions (2016)
emissions, covering companies in which PTT holds Reporting on the progress of operations supporting the United
Attachment 3 UN SDGs Our Independence and Quality Management • GRI 305-2 Energy indirect (Scope 2) GHG
direct equity exceeding 20% and those where Nations Sustainable Development Goals (UN SDGs)
emissions (2016)
Attachment 4 it has 100% equity, including joint venture companies We have complied with the independence and other
Attachment 5 with equal equity shares, and companies that are
Reporting on sustainable value creation by the core metrics outlined
ethical requirements of the International Ethics Standards
• GRI 305-3 Other indirect (Scope 3) GHG emissions
in the “Measuring Stakeholder Capitalism: Towards Common Metrics (2016)
part of the same scope. Sustainability reporting WEF Board for Accountants’ International Code of Ethics for
Attachment 6 and Consistent Reporting of Sustainable Value Creation” framework
guidelines at both national and international levels by the World Economic Forum (WEF) Professional Accountants (including International • GRI 305-4 GHG emission intensity (2016)
About This Report • GRI 305-7 Nitrogen oxides (NOx), Sulfur oxides
are applied to present essential information and Independence Standards) (IESBA Code), which is
Assurance Report Ranking of corporate human rights performance according to (SOx), and other significant air emissions (Volatile
performance outcomes as follows: CHRB founded on fundamental principles of integrity,
the Corporate Human Rights Benchmark (CHRB)
objectivity, professional competence and due care, Organic Compounds: VOCs) (2016)
confidentiality and professional behavior. The firm • GRI 306-3 Significant spills (2016)
Report Assurance applies International Standard on Quality Management 1 • GRI 306-3 Waste generated (2020)
which requires the firm to design, implement and operate • GRI 306-4 Waste diverted from disposal (2020)
The sustainability performance data disclosed in in the accuracy, completeness, reliability, and business
a system of quality management including policies or
Part 3: Driving Business towards Sustainability, alignment of the disclosed information. Readers can PTT Website • GRI 306-5 Waste directed to disposal (2020)
(www.pttplc.com), procedures regarding compliance with ethical
Section 1: Business Operations and Performance of access further details of each topic and track PTT’s Sustainability Section
requirements, professional standards and applicable legal • GRI 308-1 New suppliers that were screened using
the “Form 56-1 One Report” for the year 2023 has sustainability performance in Part 3: Driving Business environmental criteria (2016)
and regulatory requirements.
been approved by senior management of relevant towards Sustainability, Section 1: Business Operations • GRI 308-2 Negative environmental impacts in the
departments and PTT’s Board of Directors. and Performance of Form 56-1 One Report for the year PTT’s sustainability supply chain and actions taken (2016)
Furthermore, it has undergone continuous external 2023 by clicking or scanning the QR code provided performance results
verification by independent agencies for the 13 th on the right hand side.
consecutive year to ensure stakeholders’ confidence KPMG Phoomchai Audit Ltd., a Thai limited liability company and a member firm of the KPMG network of independent member firms
affiliated with KPMG International Cooperative ("KPMG International"), a private English company limited by guarantee. All rights reserved.
Displaying data according
to international standard
indicators
56-1 One Report 2023
• GRI 403-9 Work-related injuries (2018) • Agreeing Subject Matters to relevant underlying
PTT Public Company Limited sources on a sample basis to determine whether all
• GRI 403-10 Work-related ill health (2018)
• GRI 404-1 Average hours of training per year per the relevant information has been included in the
Subject Matters and prepared in accordance with
employee (2016)
the Criteria.
• GRI 405-2 Ratio of basic salary and remuneration of
Contents women to men (2016) The procedures performed in a limited assurance
• GRI 414-1 New suppliers that were screened using engagement vary in nature and timing from, and are less
social criteria (2016) in extent than for, a reasonable assurance engagement
Vision, Mission and PTT Values and consequently the level of assurance obtained in a
• GRI 414-2 Negative social impacts in the supply
PTT Information chain and actions taken (2016) limited assurance engagement is substantially lower than
the assurance that would have been obtained had a
Financial Highlights Criteria reasonable assurance engagement been performed.
Accordingly, we do not express a reasonable assurance
Achievement Highlights The Subject Matters were assessed according to the opinion.
following criteria:
Awards and Recognition
Inherent limitations
Message from the Board of Directors
• The Sustainability Reporting Standards of the
452 Global Reporting Initiative (“GRI Standards”) Due to the inherent limitations of any internal control 453
Economic, Petroleum structure it is possible that errors or irregularities in the
and Petrochemical Review and Outlook information presented in the Report may occur and not
Directors’ and management’s responsibilities be detected. Our engagement is not designed to detect all
weaknesses in the internal controls over the preparation
Section 1 The directors and management of PTT are responsible for
and presentation of the Report, as the engagement has not
the preparation and presentation of the Subject Matters,
Business Operations and Performance specifically ensuring that in all material respects the
been performed continuously throughout the period and
the procedures performed were undertaken on a test
Subject Matters are prepared and presented in accordance
basis.
Section 2 with the Criteria. This responsibility also includes the
internal controls relevant to the preparation of the Report Restriction of use of our report
PTT Public Company Limited
PTT Public Company Limited
Corporate Governance
that is free from material misstatement whether due to Readers can click or scan
56-1 One Report 2023
56-1 One Report 2023
fraud or error. Our report should not be regarded as suitable to be used
the QR Code for feedback
Section 3 or relied on by any party wishing to acquire rights against
Survey on the Overall Impression
Financial Report Procedure performed us other than PTT, for any purpose or in any other
context. Any party other than PTT who obtains access to of 2023 Annual Registration
In forming our limited assurance conclusion over the our report or a copy thereof and chooses to rely on our Statement/ Annual Report
Subject Matters, our procedures consisted of making report (or any part thereof) will do so at its own risk. To (56-1 One Report) and
Attachment enquiries and applying analytical and other evidence the fullest extent permitted by law, we accept or assume Subsection 3: Driving Business
gathering procedures including: no responsibility and deny any liability to any party other towards Sustainability
than PTT for our work, for this independent limited Section 1: Business Operations
Attachment 1 • Interviews with senior management and relevant assurance report, or for the conclusions we have reached. and Performance. For further
Attachment 2 staff at corporate and operating sites;
information, please visit
• Inquiries about the design and implementation of
Attachment 3 www.pttplc.com
the systems and methods used to collect and
Attachment 4 process the information reported, including the
Attachment 5 aggregation of source data into the Subject
Attachment 6 Matters;
• Inquiries about managements practices and
About This Report
procedures related to identifying stakeholders and
Assurance Report their expectations, determining material
sustainability matters and implementing KPMG Phoomchai Audit Ltd.
sustainability policies and guidelines; Bangkok
• On-site visit at Head Quarter in Bangkok, and
Rayong Gas Separation Plant (GSP) and Region 1 8 March 2024
Pipeline Operations Division which selected on
the basis of risk analysis including the
consideration of both quantitative and qualitative Reader
criteria; Feedback
Survey
KPMG Phoomchai Audit Ltd., a Thai limited liability company and a member firm of the KPMG network of independent member firms
affiliated with KPMG International Cooperative ("KPMG International"), a private English company limited by guarantee. All rights reserved.
56-1 One Report 2023
PTT Public Company Limited 56-1 One Report
Contents
Vision, Mission and PTT Values
2023
PTT Public Company Limited
56-1 One Report 2023
This report uses
PTT Information environmentally
friendly paper.
Financial Highlights
Achievement Highlights
Awards and Recognition
Message from the Board of Directors
Economic, Petroleum
and Petrochemical Review and Outlook
Section 1
Business Operations and Performance
Section 2
Corporate Governance
Section 3
Financial Report
Attachment
Ignite Life
Potential
PTT Public Company Limited
PTT Public Company Limited
555 Vibhavadi Rangsit Rd., Chatuchak,
Bangkok 10900, Thailand
Tel. 66 (0) 2537-2000
www.pttplc.com
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