Petroleum Authority of Thailand

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The state-owned oil and gas firm, the Petroleum Authority of Thailand (PTT) had a monopoly on gas distribution, deriving approximately 90% of its revenue from its gas business. The company acted largely as a gas transmission utility, and provides gas to power plants (75%), gas separation plants (16%) and industrial users and transport (9%). In addition to its gas business, the company also has interests in oil, petrochemicals, and refining. PTT issued 800 million shares at a price of Bt35 ($0.78) in November 2001. Approximately 35% of the shares were sold to foreign investors and the rest to domestic institutional investors. The issued shares constituted a 25% stake in PTT; the Thai Finance Ministry owned the remaining 75%. As of 2009, PTT was owned by the Thai Ministry of Finance (52.5%), Vayupak Fund 1 (15.6%) and a range of institutional and private investors (31.9%). In 2005, PTT and its subsidiaries had 7,843 employees, had total gas sales of 2,994 MMcf/d. PTT was the largest company listed on the Stock Exchange of Thailand (SET) by market capitalization, at 632.18 billion baht (US$16.7 billion) at the end of 2005, or 1,366 billion baht (US$36.1 billion) including affiliated companies, which represents 28.6% of total market capitalization on the SET. http://www.pttplc.com/en/default.asp