PTT's vision for the future: Thailand as LNG hub of the region
PTT, Thailand's largest energy conglomerate, has outlined a roadmap for Thailand's long-term energy security.
Auttapol Rerkpiboon, president and chief executive officer of PTT Public Company Limited, stated during his opening speech at "Future Energy Asia Exhibition and Summit" on Wednesday that the energy giant aimed to make Thailand a liquified natural gas (LNG) hub in Asia over the next few decades.
Although people worldwide realise the urgent need to reduce their dependence on fossil fuel energy, businesses and households at present have huge demands for any kind of energy to move on, said Auttpol.
He explained that of the three categories of fossil fuels -- coal, oil, and LNG -- natural gas is the cleanest and most eco-friendly, and there is plenty to meet market demand.
"We need natural gas, such as LNG, during this energy transition period from cancelling the use of oil and coal to using renewable energy, such as wind, solar cells, and electricity," Attapol added.
The hub would be a centre for selling and buying LNG, which means Thailand would purchase LNG from other producers, prepare it for use, and re-export it to other countries in need, such as Japan, China, Cambodia and Laos.
He stated that Thailand's infrastructure, such as ports and pipelines, are ready to support these processes. He expected that by 2030, the country would export 9 million tons of LNG.
Making Thailand the region's LNG hub is part of PTT's plan to secure and sustain Thailand's energy industry. He revealed that the company had made significant investments in future energy, including renewable energy, energy storage and system-related, EV value chain such as EV charging stations and EV factories, and hydrogen power.
The objective of these investments is to ensure that Thailand maintains its competitiveness during the energy transition period while also being prepared to seize new opportunities when future energy arrives.
Under the concept of "Powering Life with Future Energy and Beyond", Auttapol insisted energy security is key to achieving energy sustainability.
Thailand needs to supply enough energy for domestic consumption before considering export, and PTT looks forward to investing in renewable energy and related technology abroad, he said.
Apparently, energy sustainability is a critical solution to the current global energy crisis situation like climate change. Countries worldwide, including Thailand, have announced targets to achieve carbon neutrality in 2050 and reach net zero greenhouse gas emissions in 2065.
To achieve such pathways, concrete measures and serious action plans are required.
"PTT's new vision, 'Future Energy and Beyond', will not only invest in future energy but also invest in other new businesses, such as life sciences, electric vehicles, AI, robotics and digitalisation. The proportion of investments in future businesses will reach 30 per cent by 2030," said the PTT CEO.
Recently, PTT joined Foxconn, the leading Taiwanese tech firm, to build an EV factory in Thailand. The factory will be finished and ready to produce all designs of EV cars by the first quarter of 2024.
Auttapol believes that by working closely with the government sector, PTT could help shape the country's energy landscape, improve energy consumption and utilisation, and make energy accessible to all.