Thai state energy firm sells coal mines in green transition
Thailand’s state-owned energy conglomerate PTT has sold its coal-mining business in Indonesia for nearly half a billion dollars as part of its transition to green and renewable power in support of the national goal of reaching carbon neutrality and net-zero emissions.
“This transaction will divest all of PTT’s investment in the coal business, which is aligned with PTT’s strategy toward sustainability and clean energy,” said Auttapol Rekpiboon, Chief Executive Officer of PTT.
The conglomerate sold its entire stake in PTT Mining to PT Astrindo Nusantara Infrastruktur, a company listed in Indonesia, for the sum of $471 million. PTT’s Board of Directors has already approved the sale.
Founded in 1978 after natural gas was discovered in the Gulf of Thailand, PTT has risen to become an energy firm with holdings and operations on several continents, although most of its businesses are in Southeast Asia. Oil and gas have been the fuels powering the company’s growth.
Prime Minister Prayut Chan-o-cha has pledged that Thailand will achieve carbon neutrality by 2050 and net-zero emission by 2065 and PTT has complied with and worked towards those goals.
In response, PTT unveiled plans to go green. The company is aiming to cut greenhouse gas emissions by 70 percent by 2030. Investing in and building its portfolio of future energy, EV-related operations, lifestyle and retail businesses, PTT hopes they will account for 30 percent its net profit by that year, up from 5 percent now.
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