PTT Plc, Thailand’s state-backed oil and gas conglomerate, is increasing its investment in large-scale hydrogen energy projects to support industries shifting to cleaner fuel sources. The company plans to collaborate with international partners on overseas investments while exploring domestic hydrogen business opportunities.
According to PTT president and CEO Kongkrapan Intarajang, hydrogen could replace natural gas in power plants, reducing carbon emissions and aligning with global carbon neutrality efforts. The company’s petroleum drilling subsidiary, PTT Exploration and Production Plc (PTTEP), will lead new hydrogen investment projects, focusing on the Middle East and India. PTTEP has already partnered in a green hydrogen initiative in Oman, where renewable energy is used to produce hydrogen.
Thailand’s 2024 power development plan aims to integrate hydrogen into its energy mix, initially replacing about 5% of natural gas. Alongside green hydrogen, PTT is also exploring blue hydrogen, which captures and stores carbon emissions from natural gas-based hydrogen production.
PTT is also considering investments in liquefied ammonia storage, as ammonia can serve as a hydrogen carrier due to its high energy density and easier transportability. The company has allocated 55 billion baht for expansion between 2025 and 2029, with a focus on its gas business, LNG trading, and petrochemical operations.
Executives from PTT noted that the company is prioritizing large-scale hydrogen projects for power generation rather than automotive applications. PTT’s subsidiaries—IRPC Plc, PTT Global Chemical Plc, and Thai Oil Plc—are also expected to finalize partnerships with foreign investors by 2025.
