PTT
PTT (SET: PTT) is Thailand's state-linked integrated petroleum holdco, controlled ~51% by Ministry of Finance, Vayupak Fund. FY2024 consolidated revenue approximately THB 2.8T β the largest company in Thailand by revenue. PTT operates the regulated gas-transmission monopoly, LNG import business at parent level, and consolidates six listed subsidiaries covering the value chain: PTTEP (upstream E&P), PTTGC (downstream petrochemical), Thai Oil (refining), IRPC (integrated refining, petchem), OR (fuel retail, Cafe Amazon), and GPSC (power generation). Together the group accounts for approximately 15% of SET total market cap, making PTT the single most important issuer in Thai equity markets.
Snapshot
Headline numbers a buyer checks first.
FY2024 consolidated revenue
~THB 2.8T
FY2024
Ticker
SET: PTT
Listed 2001
State ownership
~51% MoF, Vayupak
Ongoing
Listed subsidiaries
6 (PTTEP/PTTGC/TOP/IRPC/OR/GPSC)
Group structure
What this company actually does
PTT operates two things at parent level: (1) regulated natural-gas transmission, distribution business including LNG import terminals, long-term supply contracts with Qatar, US Gulf Coast, regional suppliers, and supply to EGAT, IPPs for power generation (~55-60% of gas demand), industrial users, NGV fleet; (2) group holdco function consolidating PTTEP, PTTGC, TOP, IRPC, OR, GPSC. Standalone parent revenue is materially smaller than consolidated (~THB 500-700B range from gas, trading) but group consolidation captures the full THB 2.8T.[]
Strategic position: PTT is Thailand's de-facto national petroleum company. State ownership (~51% MoF, Vayupak Fund), cross-subsidy obligations via Oil Fuel Fund, and national-energy-security mandate shape PTT's strategy alongside commercial objectives. The 2021 carve-out of PTT Oil and Retail (SET: OR) was Thailand's largest IPO to date (~THB 54B raised) and set a template for future subsidiary listings. Gulf of Thailand gas production decline, LNG import substitution define the transmission business trajectory; group-subsidiary earnings cycle, SOTP re-rating drive holdco-equity performance.[, ]
PTT Group listed subsidiary architecture
PTTEP (upstream E&P)
Exploration and production; ~63% PTT-owned. Gulf of Thailand, Malaysia, Oman, Mozambique. Myanmar Zawtika, Yetagun.
PTTGC (petrochemicals)
Downstream olefins, polyolefins, aromatics, specialty chemicals. Map Ta Phut Rayong anchor. ~45% PTT-owned.
Thai Oil (refining)
Thailand's largest refiner; ~45% PTT-owned. Sriracha refinery 275,000 bbl/day capacity.
IRPC (integrated refining)
Integrated refining, petrochemical, polymer. ~45% PTT-owned. Map Ta Phut complex.
OR (fuel retail, Cafe Amazon)
PTT Oil and Retail; ~75% PTT. 1,900+ stations, Cafe Amazon 5,000+ franchised outlets across Thailand, ASEAN.
PTT Group listed subsidiaries β scale summary
Key financial metrics for PTT's six major listed subsidiaries as of FY2024.
OR
| Subsidiary | Ticker | FY2024 revenue | Focus |
|---|---|---|---|
| PTT Parent | SET:PTT | ~ $81.2B (consolidated) | Gas transmission, holdco |
| PTTEP | SET:PTTEP | ~ $5.8B | Upstream E&P |
| PTTGC | SET:PTTGC | ~ $10.4B | Downstream petchem |
| Thai Oil | SET:TOP | ~ $11.3B | Refining |
| OR | SET:OR | ~ $12.2B | Fuel retail, Cafe Amazon |
| GPSC | SET:GPSC | ~ $2.32B | Power generation |
Watchpoints
Gulf of Thailand depletion, LNG mix
PSC operatorship, Bongkot, Erawan decline curve drive transmission-business volumes.
Oil Fuel Fund deficit
Cross-subsidy obligations, levy burden on group subsidiaries.
SOTP discount to subsidiary NAV
PTT holdco typically trades at 10-20% discount; cycle sentiment, dividend policy drive spread.
State-ownership, governance
Ministry of Finance, Vayupak alignment; major-project approval process.
Related Market profiles
Peers, parents, partners, agencies, and other Oil & Gas actors.
Subsidiary
PTT Exploration and Production
Upstream E&P arm; PTT ~65% ownership.
Open Market profile β
Subsidiary
PTT Global Chemical
Downstream petrochemical arm; PTT ~45% ownership.
Open Market profile β
Subsidiary
PTT Oil and Retail
Fuel retail, Cafe Amazon; PTT ~75% post-2021 IPO.
Open Market profile β
Subsidiary
Thai Oil
Largest Thai refiner; PTT ~45%.
Open Market profile β
Subsidiary
IRPC
Integrated refining, petrochemical; PTT ~45%.
Open Market profile β
Competitor
Bangchak Corporation
Main independent oil company, Esso acquisition peer.
Open Market profile β
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Reports featuring this profile
Thailand Green Hydrogen and Ammonia 2027 Market Intelligence
Lead national-oil champion across ACWA Power MoU, MHI petrochem study, OR FCEV pilot
Open report β
Sits alongside 6 other Atlas profilesThailand Biodiesel & Renewable Diesel Market Intelligence
Largest diesel distributor, terminal blending, B20 truck fleet programme
Open report β
Sits alongside 3 other Atlas profilesThailand Environmental & Carbon Credit Services Market Intelligence
Largest Thai corporate carbon programme, PTTEP Arthit CCS, GPSC RECs
Open report β
Sits alongside 5 other Atlas profilesThailand LNG & Natural Gas Import Infrastructure Market Intelligence
Incumbent regas terminal operator; 19 Mtpa across Terminal 1 (11.5) and Nong Fab (7.5)
Open report β
Sits alongside 4 other Atlas profilesRayong: Industrial Petrochemical and the EEC Anchor City
SET-listed Thai energy and petrochemical giant; major Map Ta Phut Industrial Estate operations.
Open report β
Sits alongside 7 other Atlas profilesEastern Economic Corridor: Investment Anchor and 2027 Pipeline
SET-listed Thai energy and petrochemical operator; major Rayong-based footprint as EEC petrochemical anchor.
Open report β
Sits alongside 7 other Atlas profilesThai Energy: PTT, BCP, IRPC, Esso, Caltex, and the Petrol-Station, Refinery Cluster
Ministry of Finance ~51%-owned; ~50% Thai energy market share.
Open report β
Sits alongside 4 other Atlas profilesGPSC: Petrochemical Captive Power and the Renewables Pivot
Parent / majority shareholder; sets PTT Group renewable target of 8 GW by 2030; supplies feed gas, group strategy direction.
Open report β
Sits alongside 5 other Atlas profilesThai Oil (TOP): Refining Margin Cycle and Petrochemical Integration
Thai national oil and gas conglomerate; majority shareholder of Thai Oil; integrated upstream-downstream-distribution operator.
Open report β
Sits alongside 2 other Atlas profilesPTTEP: Upstream Portfolio and the Myanmar Exposure Question
Thai national oil and gas conglomerate; majority shareholder of PTTEP at 63.79% with NRGI-flagged ~65% group economic stake; integrated upstream-downstream-distribution operator.
Open report β
Sits alongside 2 other Atlas profilesThai SAF (Sustainable Aviation Fuel): BCP, PTT, and the Jet-Fuel Cycle
Thai national oil major; Thai Oil and IRPC subsidiaries positioning for SAF capacity build-out.
Open report β
Sits alongside 6 other Atlas profilesThailand Oil & Gas Market Intelligence
State-linked integrated petroleum holdco; six listed subsidiaries; FY2024 consolidated revenue ~THB 2.8T.
Open report β
Sits alongside 8 other Atlas profilesThailand Renewable Energy Market Intelligence
GPSC power-generation subsidiary bridges oil & gas into renewable energy.
Open report β
Sits alongside 6 other Atlas profilesThailand LNG & Natural Gas Market Intelligence
PTT LNG, gas distribution, natural gas pipeline, PTTEP upstream.
Open report β
Sits alongside 2 other Atlas profilesThailand Plastic & Polymer Market Intelligence
PTT Global Chemical (SET: PTTGC) dominant Thai polyolefin producer.
Open report β
Sits alongside 3 other Atlas profilesThailand Chemical & Petrochemical Market Intelligence
PTTGC, GC Retail, PTT Tank integrated chemical, petrochemical.
Open report β
Sits alongside 5 other Atlas profilesThailand Environmental & Carbon Services Market Intelligence
PTT 2050 net-zero, CCUS, hydrogen investment, T-VER credits.
Open report β
Sits alongside 7 other Atlas profilesThailand EV Battery Supply Chain Deep Dive
PTT Arun Plus, NuovoPlus battery JV, EV ecosystem investments.
Open report β
Sits alongside 3 other Atlas profilesThailand Palm Oil Biodiesel Deep Dive
PTT refiner, biodiesel blender, forecourt.
Open report β
Sits alongside 6 other Atlas profilesThailand Cement & Construction Materials Deep Dive
EEC, petrochemical adjacency, cement demand from PTT projects.
Open report β
Sits alongside 3 other Atlas profilesThailand Carbon Credit & T-VER Deep Dive
Net-zero 2050, carbon-neutral roadmap, offset purchase.
Open report β
Sits alongside 4 other Atlas profilesThailand Laem Chabang, Map Ta Phut Port Deep Dive
PTT Map Ta Phut LNG terminal, petrochemical port anchor.
Open report β
Sits alongside 5 other Atlas profilesRelated Market profiles
subsidiary
PTT Exploration and Production
PTT Group upstream E&P arm; ~350K BOED sales; Gulf of Thailand, Myanmar, Mozambique LNG; FY2024 revenue ~THB 320B.
subsidiary
PTT Global Chemical
PTT Group downstream petrochemical arm; Map Ta Phut integrated complex, Allnex coatings; FY2024 revenue ~THB 560B.
subsidiary
PTT Oil and Retail
PTT fuel-retail, Cafe Amazon arm; ~2,200 PTT stations, ~4,000 Cafe Amazon outlets; FY2024 revenue ~THB 830B.
subsidiary
Thai Oil
Thailand's largest refiner; 275K bpd Sriracha, aromatic, lube; FY2024 revenue ~THB 460B; CFP to 400K bpd in flight.
subsidiary
IRPC
Integrated refiner, petrochemical at Rayong; 215K bpd refining, olefin, aromatic, specialty polymers; FY2024 revenue ~THB 290B.
competitor
Bangchak Corporation
Main independent Thai refiner; post-Esso ~294K bpd, 1,800 retail stations; biofuels, BCPG solar; FY2024 revenue ~THB 330B.