Thailand¡¯s oil giant, whose sales account for about 10% of the nation¡¯s economic output, is suddenly spending billions of dollars on electric vehicle and renewable energy companies and tilting its traditional businesses toward chemicals and plastics.
PTT Pcl announced investments of almost $10 billion since May to build an EV business and snap up petrochemical assets in Europe and renewable-energy projects in Asia. And the group isn¡¯t done yet.
¡°The company must transform its strategy and vision for sustainable growth with an increased environmental awareness,¡± said Arawadee Photisaro, PTT¡¯s senior executive vice president for corporate strategy. ¡°Climate change will force more urgent policies and measures for the reduction of greenhouse gas emissions, which will hurt demand for fossil fuels.¡±
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