“We plan to sell shares and assets to earn an additional B100 billion from the fourth quarter of this year to the end of 2026,” said chief executive Kongkrapan Intarajang, reports the Bangkok Post.
PTT and Taiwan-based Hon Hai Precision Industry Co, known globally as Foxconn, established Horizon Plus in 2021 to produce EVs for Chinese companies, in a deal worth US$1 billion. PTT initially held 60% of the venture before cutting its stake to 40%.
“The EV plant hasn’t been built yet and may not be built for a few years,” Mr Kongkrapan said. A higher stake would give Hon Hai more flexibility in making decisions about the plant, he said.
PTT has been carrying out an asset monetisation programme since the start of this year, earning B47bn in the first nine months.
Mr Kongkrapan said the company is also preparing to adjust shareholding in its petrochemical business by inviting interested businesses to invest.
“PTT will continue to be the major shareholder of this business,” he said, adding that a conclusion on a new share structure is expected next year.
For non-oil business, PTT plans to have its Global Power Synergy power generation arm reduce its shareholding in an EV battery joint venture with China-based Gotion Co.
The battery factory started operations in 2023.
PTT is also planning to adjust its shareholding in its PTT Tank Terminal subsidiary, which oversees petroleum transport and storage.
“The asset monetisation is expected to significantly strengthen our liquidity amid a projection of low oil and gas prices caused by oversupply next year,” said Mr Kongkrapan.
As well, the company aims to boost its liquefied natural gas (LNG) business by exploring new sources and making long-term purchase contracts.
LNG is a key fuel for power plants and industries in Thailand.
PTT also plans to buy more LNG for reselling in the Asian region, aiming to increase volume from 2.2 million tonnes to 10mn tonnes by 2030.