MET AD655: International Business,

Economics, and Cultures

Michele Castellucci

11/9/2015

Michele Castellucci

PTT Public Company Limited

November 9, 2015

INTRODUCTION

The PTT Public Company Limited (SET: PTT) is a state owned Thai oil and gas company which
is headquartered in Bangkok, Thailand. As one of the largest corporations in Thailand, PTT is
solely involved in energy with major operations in the following sectors: pipelines, oil and gas
exploration and production, electricity generation, petrochemical products, and gasoline
retailing. With 2014 revenues of USD$81.5 billion, PTT was the only Thai company listed on
the Fortune Global 500 list at the rank of 81 (Fortune, 2014). Since its founding in 1978, PTT
has been controlled by the Thai Ministry of Finance and only began being publicly traded in
2001. As a state-owned enterprise, the Thai Ministry of Finance controls 51.1% of the shares of
PTT that are traded on the Stock Exchange of Thailand (SET) and must always maintain a
majority interest in the ownership of the PTT Public Company Limited. As the largest energy
company in the Kingdom of Thailand, PTT currently employs 9,015 people and has business
operations in 12 different countries throughout the globe. Despite being founded with the aim to
reduce Thailands reliance on energy imports during the energy crisis of 1978, PTT has evolved
into a global company in recent years as business operations have expanded outside of the
borders of Thailand (PTT Group, 2014).
This research paper will focus on the development of PTT and the expansion of the
energy companys global operations. Moreover, the following sections will detail the main
business operations of PTT and analyze the companys competitive position in the global
marketplace through a detailed presentation of the companys strengths and weaknesses as well
as the opportunities and threats that currently confront PTT in the modern global business
environment.

Michele Castellucci

PTT Public Company Limited

November 9, 2015

COMPANY OVERVIEW

Business Operations
On December 29, 1978, the Thai Ministry of Finance founded the Petroleum Authority of
Thailand (PTT) in response to the global energy crisis that was taking place. As a wholly-owned
government energy company, PTT was organized in order to secure further energy independence
for Thais and to reduce the nations reliance on foreign energy sources. Throughout the earliest
years of PTTs history, the company remained focused on developing the energy infrastructure
of the Kingdom of Thailand in order to exploit the nations local energy sources such as
petroleum and natural gas and to further develop the infrastructure needed to both extract these
fossil fuels and to transport them. As one may imagine, the focus of PTTs business operations,
throughout its time as a wholly-owned government enterprise, was solely focused on the
domestic market and therefore greatly limited the companys global presence.
However, on October 1, 2001, the Thai government elected to allow shares of PTT to be
traded on the Stock Exchange of Thailand (SET) in order to secure further foreign direct
investment into the nation and also in an attempt to help the country recover from the crippling
effects of the 1997 Asian Financial Crisis. Through political efforts, the Thai government chose
to have PTT traded on the SET but restricted the number of shares that were to be openly traded
on the exchange in order to maintain a minimum government ownership of 51% of the company.
The public trading of PTT eventually led to the creation of two subsidiaries, PTT Exploration
and Production PLC (SET: PTTEP) and PTT Global Chemical PLC (SET: PTTGC), which have

Michele Castellucci

PTT Public Company Limited

November 9, 2015

allowed PTT to take part in both the upstream and downstream petroleum and gas businesses
along with further international expansion (PTT Group, 2014).
The current corporate structure of the publicly traded branches of the PTT Group are
detailed in the chart below:
PTT Public Company

As the main holding company of the PTT Group, the PTT Public

Limited (SET: PTT)

Company Limited (SET: PTT) currently has a market capitalization

of about USD$60 billion and acts as the parent company to both the
PTT Exploration and Production PLC (SET: PTTEP) as well as the
PTT Global Chemical PLC (SET: PTTGC). As one of the largest
corporate entities in Thailand, the PTT Public Company Limited
focuses its business operations on the Kingdom of Thailand but also
has a major presence in other Southeast Asian nations such as
Indonesia, Laos, the Philippines, Cambodia, and Myanmar. The
companys annual report states that the PTT Public Company Limited
is involved in the gas and petroleum industry as well as retail
operations through service stations (PTT Group, 2014).

PTT Exploration and

As the major investment vehicle of the PTT Group, the PTT

Production PLC (SET:

Exploration and Production PLC (SET: PTTEP) is largely focused on

PTTEP)

the exploration and production of fossil fuels both in Thailand and

throughout the globe. The company currently focuses on the
exploitation of the following fossil fuels: condensate, natural gas, and
crude oil. Although the company states that its main focus is to
achieve energy independence for the Kingdom of Thailand, there is a

Michele Castellucci

PTT Public Company Limited

November 9, 2015

major focus on economic returns due to the public listing of the

subsidiary to the PTT Group on the Stock Exchange of Thailand. As
the main investment vehicle for the PTT Group, PTTEP currently has
44 exploration and investment projects ongoing with 28 of these
projects operating in the global environment in the following
countries: Myanmar, Canada, New Zealand, Australia, Cambodia,
Indonesia, Malaysia, Vietnam, Oman, Algeria, Mozambique, and
Kenya (PTTEP, 2014).
PTT Global Chemical

The PTT Global Chemical PCL (SET: PTTGC) was founded in

PCL (SET: PTTGC)

October 2011 in order to create a solidified business unit under the

PTT Group that could focus on the international and domestic trade
of chemicals and energy resources. PTTGC currently focuses on the
production and distribution of a number of different chemicals such
as: propylene, ethylene, polyethylene, and biochemical products. In
addition to this main business, PTTGC also operates in the
distribution of aromatic products and the distribution of electricity.
Despite having a major domestic presence in the Thai market,
PTTGC is also present throughout the global environment and
focuses on the procurement of resources on an international scale
(PTTGC, 2014).

Customers

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PTT Public Company Limited

November 9, 2015

As a major energy company, the PTT Group has two different sets of customers that need
to be identified and analyzed separately. Firstly, the PTT Group, through its downstream
operations, has a traditional set of energy customers that can be identified mainly as the residents
of Thailand and a limited number of other Southeast Asian nations such as the Philippines and
Indonesia. These traditional customers can be considered to be either individuals or corporate
entities that reside and operate in these nations. On the other hand, the PTT Group also has a
very non-traditional customer in its global exploration and extraction operations that can be
classified as governmental entities. As a major energy company, with international operations,
the PTT Group constantly has to work closely with international governments in order to
maintain operations and also to negotiate deals for further exploration arrangements. Therefore,
foreign government entities can be considered to be a second class of customers for the PTT
Group.

Customer Values
As previously mentioned, the need to classify the PTT Groups customer base into two
different entities, requires there to be two different sets of customer values. Therefore, this
section has been broken up into two different sections: traditional customers and non-traditional
customers.
The traditional customers of the PTT Group, individuals and corporate entities residing in
Thailand and a number of other Southeast Asian nations, tend to value the petroleum products of
the PTT Group in a similar manner to people living in developed nations. The traditional
customers of the PTT Group value the reliability of the PTT brand, a brand which has gained a
great deal of brand value over the years as a result of government backing, as well as fairly

Michele Castellucci

PTT Public Company Limited

November 9, 2015

priced oil products that are readily available at convenient locations throughout the country (PTT
Group, 2014).
On the other hand, the non-traditional customers of the PTT Group, the foreign
government entities which control the regions where the PTT Group operates internationally,
value historical ties between Thailand and the host nation as well as the financial prudence of the
PTT Group itself. Due to the sensitive nature and environmental threats of oil drilling and
exploration, the foreign government entities that work with the PTT Group value the professional
nature of the Thai company and require the utmost safety mechanisms and rules to be enforced
by the company in order to avoid environmental disaster. Moreover, the financial prudence of the
PTT Group has created a favorable financial condition for the company that enables it to secure
financing for all international operations.

Value Proposition
The value proposition of the PTT Group is absolutely vital to the economic and political
success of the Southeast Asian energy giant. Although the company is traded publicly, the
majority share of the company is still controlled by the Thai Ministry of Finance. Therefore, it is
very important that the PTT Group is able to fulfill the expectations of its customer base in order
to enjoy not only financial success but also political success as governmental body.
In the PTT Groups 2014 Annual Report, the company clearly details its intensive efforts
to fulfill the expectations of its customers through the inclusion of the following six terms related
to corporate governance and social responsibility: ethics, equitable treatment, responsibility,
accountability, transparency, and vision to create (PTT Group, 2014).
Ethics

The PTT Group must always act in an ethical manner and

Michele Castellucci

PTT Public Company Limited

November 9, 2015

respect the morality of doing fair business.

Equitable Treatment

All stakeholders of the business operations of the PTT Group

must be treated both equally and fairly in all business
dealings.

Responsibility

The PTT Group is responsible to all of its stakeholders and

maintains the duty to act as responsibly as possible in all
manners of business.

Accountability

The decisions made by the PTT Group have widespread

effects on both society and the business environment.
Therefore, the PTT Group needs to be held accountable to all
of its stakeholders and justify all decision-making processes.

Transparency

All business operations of the PTT Group need to be

performed in a completely transparent manner so that all
stakeholders may have access to business dealings.

Vision to Create

As a publicly traded company, the PTT Group needs to

ensure healthy financial returns for its shareholders and Thai
society as a whole.

In detailing the above mentioned terms, the executive committees of the PTT Group feel
that the expectations of its customer base can be met comfortably. However, the PTT Group is
adamant about constantly improving the technologies its employs and it businesses in order to
achieve further economic gains. Moreover, the improvement of the PTT Group from an energy
perspective is not only financially attractive to shareholders of the company directly but also to

Michele Castellucci

PTT Public Company Limited

November 9, 2015

Thai society as a whole due to the importance of energy independence for the developing
economy of the Kingdom of Thailand (Fortune, 2014).

Mission Statement
The mission statement of the PTT Group has several elements that all relate to the
ultimate success of the company both on an international level and at a domestic level. Firstly,
the PTT Group aims to maintain its position as the premier Thai multinational energy company
through its business operations. This is a very important aspect of the companys mission
statement because it is vital to the Thai government to be able to maintain control over the
energy sector of the nation during the development of the economy. As a developing nation,
Thailand has a thirst for energy that constantly increases on an annual basis as the nation
undergoes further development. As a result, the Thai government, and particularly the Ministry
of Finance, feels that it is very important for the PTT Group to maintain its dominant position in
the energy sector of Thailand. Moreover, the international operations of the PTT Group allows
the Thai government further influence in the region of Southeast Asia and furthers the
development of the Thai economy (PTT Group, 2014).
Furthermore, as an energy company operating in the 21st century, the PTT Group has
realized the importance of emphasizing sustainability along with profitability. Consequently, the
PTT Group has emphasized the importance of maintaining efficient business operations in its
mission statement and has also reiterated the fact that the company invests into the research and
development of cleaner technologies and machinery that can be used in its business operations.
However, the PTT Group does make it clear in its mission statement that earning profits for its

Michele Castellucci

PTT Public Company Limited

November 9, 2015

shareholders is the ultimate goal of the company and that this should be achieved along with
sustainability and advancement.

INTERNATIONAL BUSINESS ENVIRONMENTS OF THE COMPANY

Due to the particular focus of this research paper, specifically on the international business
operations of the PTT Group, it is important to review both the internal resources of the company
as well as the external environment in which the company operates. In order to do so, a detailed
SWOT analysis has been performed on both the PTT Group and the environment in which the
company operates. The SWOT analysis reviews the internal strengths and weaknesses of the
PTT Group and also introduces the major external threats and opportunities that confront the
company. A chart summarizing the SWOT analysis is presented below and then clearly analyzed
in the following sections (MBA Skool, 2014):
Strengths
Dominant market position in Thailand
Readily available financing from the
Thai government
Successful FDI experience in other
Southeast Asian nations
Exploration and mining contracts with
foreign governments
Opportunities
Access to further exploration sites in
relatively untapped Southeast Asian
nations
Rapid development of Southeast Asia
has increased demand for energy
Transnational pipelines in Southeast
Asia that require governmental
cooperation

Weaknesses
Rate of international expansion limited
by government majority stake
High exploration and discovery costs
Political instability in Thailand

Threats
Fluctuations in the price of oil alter
profitability
Competition from other Asian oil
companies following free trade
agreements

Michele Castellucci

PTT Public Company Limited

November 9, 2015

Strengths
Dominant market position in Thailand:
The PTT Group enjoys an extremely dominant position in the Thai market and has
enormous brand value. The historical governmental backing of the PTT Group has led to a strong
market position for the PTT Group in Thailand and has enabled the company to reap massive
profits over the years. Moreover, the PTT Group has been able to invest heavily in the
development of the energy infrastructure of Thailand since the companys founding in the late
1970s. The profits that the PTT Group has been able to earn have allowed the company to
further expand its businesses and create newer companies such as PTTEP and PTTGC. The
development of these businesses, along with increased profits, has allowed the PTT Group to
expand its business operations outside of the borders of the Kingdom of Thailand and invest in
both exploration and retail operations in foreign nations (Google Finance, 2015).
Readily available financing from the Thai government:
Due to the majority stake that the Thai Ministry of Finance has in the PTT Group, the
company is able to rely on financing from the Thai government at favorable rates. The ability for
the PTT Group to raise capital as it expands globally is absolutely vital to the economic success
of the company. The negotiation of contracts with foreign government for the rights to explore
for natural resources such as fossil fuels and then the eventual extraction of these energy sources
are capital intensive business procedures. The PTT Group is able to capitalize on its close
relationship with the Thai government to secure the financing that it requires to negotiate and
finance these contracts with foreign entities (Suwannakj & Jordan, 2014).
Successful FDI experience in other Southeast Asian nations:

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PTT Public Company Limited

November 9, 2015

As the largest energy company in Thailand, the PTT Group has had to look to other
neighboring nations for both further expansion and opportunities to explore for energy resources.
The PTT Group has enjoyed a particular amount of success in Southeast Asia due to close
relations and economic ties between the nations in this region. For example, the success that the
PTT Group has had in setting up retail operations in the Philippines and negotiating for
exploration contracts in Indonesia have put on display the experience that the Thai company has
in Southeast Asia.
Moreover, as a Southeast Asian energy company, the PTT Group enjoys a great deal of
freedom in its business operations in Southeast Asia due to the economic ties that have been
created as a result of the negotiations that have taken place at the Association of Southeast Asian
Nations (ASEAN). Recent agreements to reduce tariffs and increase the amount of free trade that
goes on in this economic bloc have created a very strong market position for the PTT Group in
its expansion throughout the region (MBA Skool, 2014).
Exploration and mining contracts with foreign governments:
The PTT Group has been able to successfully negotiate exploration and extraction
contracts with a number of foreign governments throughout the world in regions such as: the
Middle East, Africa, Asia, and Australia. The success that the PTT Group has had in negotiating
these contracts has created a strong market position for the company in both Thailand and the
global marketplace due to the ever-increasing demand for energy resources. As a Southeast
Asian energy company, the PTT Group is constantly faced with increasing energy demand from
its consumer base as the economies of Southeast Asia continue to develop. As a result, one
would be more than justified in arguing that the current contracts that the PTT Group has with a

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Michele Castellucci

PTT Public Company Limited

November 9, 2015

number of foreign governments can be seen as a major strength for the company moving into the
future as the energy demands of the world increase (PTT Global Chemical, 2013).

Weaknesses
Rate of international expansion limited by government majority stake:
The majority share that the Thai government has in the PTT Group limits the ability for
the company to expand internationally at a rapid rate. As a government controlled company, the
PTT Group needs to remain focused on its business operations in Thailand and maintains a duty
to manage the energy resources of that nation. Unfortunately for the PTT Group, that means that
the company must always remain focused on its market position in Thailand and cannot invest in
developing international business ventures as freely as a company with no government ties at all.
Despite these government ties, the PTT Group has still been able to expand internationally over
the years (Fortune, 2014).
High exploration and discovery costs:
Despite the dominant position that the PTT Group enjoys in Thailand and Southeast Asia,
the actual size of the Thai energy company is very limited when compared to that of other
multinational energy companies such as ExxonMobil. As a result, the cost of exploration and
discovery is much higher for the PTT Group when compared to the cost that other multinational
companies incur through the same operations. The reason that the PTT Group faces higher rates
of cost in comparison to its larger competitors is due to limited economies of scale that can be
achieved and smaller operations and business efficiencies. Therefore, the PTT Group has a major
weakness in the fact that it is not as large as other major multinational oil companies that

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PTT Public Company Limited

November 9, 2015

compete for the same contracts to explore international waters and lands for oil reserves
(Suwannakj & Jordan, 2014).
Political instability in Thailand:
The recent political instability that has been taking place in Thailand is a severe weakness
for the PTT Group because this is the home country of the energy company. Moreover, as a
government owned energy company, the PTT Group relies on the support of the government to
maintain business operations. In addition to this, the economic losses which are caused by
political instability are detrimental to the health of the Thai economy. As one may imagine,
downturns in the Thai economy can severely weaken the position of the PTT Group because the
company relies heavily on the demand for energy that is coming out of the Southeast Asian
nation. Although the PTT Group has other international outlets which bring in revenues, the
majority of the revenues earned by the PTT Group are still earned in Thailand (Fortune, 2014).

Opportunities
Access to further exploration sites in relatively untapped Southeast Asian nations:
Despite the recent economic development of Southeast Asia, there are still a number of
nations with a vast amount of natural reserves that have remained relatively untapped. Nations
such as Myanmar, Cambodia, and Laos all have vast natural reserves of fossil fuels that have
remained untapped as a result of past political regimes which ruled over these underdeveloped
nations of Southeast Asia. However, recent political development in these nations, especially
Myanmar, have opened these economies and nations up to the world of international trade and
globalization. The PTT Group, along with its ties to the Thai government, have found themselves
in a prime position to negotiate with the newly opened nations of Southeast Asia and secure

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Michele Castellucci

PTT Public Company Limited

November 9, 2015

energy deals that could reap enormous profits for the company in years to come. Such a deal was
recently secured in Laos, as the Laotian government agreed to have Thai companies, including
PTT, construct a hydroelectric dam on the Mekong River. One must assume that there is
enormous opportunity for further deals of this nature moving into the future and that the PTT
Group would be wise to capitalize on these opportunities (PTT Global Chemical, 2013).
Rapid development of Southeast Asia has increased demand for energy:
The economic rise of Southeast Asia has created enormous demand for energy in order to
fuel the expanding economies of the region. Such development has placed the PTT Group, and
other Southeast Asian energy companies, in a beneficial position to increase the amount of
petroleum to be sold to these rapidly developing nations. As the economies of these Southeast
Asian nations continue to expand, there is no doubt that there will be an ever-increasing demand
for further energy supplies (PTT Group, 2014).
Transnational pipelines in Southeast Asia that require governmental cooperation:
Political agreements and discussion that have been taking place throughout Southeast
Asia have indicated that there is a great need for further cross-border relations and infrastructure
development. The rapid rise of the Chinese economy has led to further demand for energy
resources from Southeast Asia as the Chinese economy continues to expand. Moreover, the
expansion of Southeast Asian economies has also increased the demand for further infrastructure
development such as transnational pipelines and port facilities. The PTT Group, along with its
experience in infrastructure investment, faces unique opportunities in the development of
transnational pipelines that could transport natural gas and oil throughout the region (Suwannakj
& Jordan, 2014).

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Michele Castellucci

PTT Public Company Limited

November 9, 2015

Threats
Fluctuations in the price of oil alter profitability:
As a commodity, oil is constantly traded throughout the world and has a fluctuating price
depending on demand and supply. Recently, the price of oil has dropped significantly and has
placed major economic strains on energy companies throughout the world. The PTT Group
actually posted its first net loss in 16 years in the fiscal year 2014 as a result of the declining oil
prices. Unfortunately for the PTT Group, the unusually low price of oil has continued into 2015
and poses a major threat to the overall profitability of the energy giant of Southeast Asia and
threatens the share price of the company as a whole (Google Finance, 2015).
Competition from other Asian oil companies following free trade agreements:
Although the PTT Group was presented with a number of opportunities following the
reduction of trade barriers throughout Southeast Asia, the company still faces increased
competition from other regional energy companies following these agreements. Despite the
strong position that the PTT Group enjoys in the Thai market, there are a number of other
regional energy companies, particularly out of Malaysia, that can threaten the prowess of the
PTT Group in Southeast Asia. The executive committee of the PTT Group would be wise to
evaluate the threat of increasing competition coming out of Southeast Asia following the
ratification of these free trade agreements moving into the future (MBA Skool, 2014).

STRATEGIC MANAGEMENT FACTORS

Even though the prospect of further profits and increasing revenues from international expansion
seems to be extremely attractive to the PTT Group, it is important that the companys leadership

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PTT Public Company Limited

November 9, 2015

is able to overcome a number of obstacles that will face the company. The nature of competing
in the international marketplace will force the leadership of the PTT Group to continually
improve their business model as the company becomes further exposed to international business
conditions rather than the preferential treatment that the company has historically enjoyed while
competing in the Thai market. This is not to say that the company has no experience in operating
in the international marketplace because there are currently a number of global fronts for the
PTT Group. However, the PTT Group will have to become more accustomed to competing with
other energy companies on a level-scale in the global environment and will even have to
compete with indigenous energy companies who are afforded preferential treatment in their own
home countries where the PTT Group is trying to compete.
The public image of the PTT Group will remain of the utmost importance for the
company as it expands globally as well. The need to constantly explore the globe for new
sources of energy has led the PTT Group outside of the borders of Thailand and has forced the
company to negotiate contracts with foreign governments throughout the world. The exploration
for energy resources has allowed the PTT Group to work closely with foreign governments in
nations that are highly developed, as is the case with Australia, or rather underdeveloped, as is
the case with Myanmar. The leadership of the PTT Group will face further challenges when
working with foreign governments due to the public nature of these relations on an international
scale. The leadership of the PTT Group will need to remain true to their mission statement and
keep all of their business extremely transparent in order to avoid any scandals and environment
catastrophes that have the ability to tarnish the image of oil companies (Suwannakj & Jordan,
2014).

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Michele Castellucci

PTT Public Company Limited

November 9, 2015

COMPETITIVE ADVANTAGES OF GOING GLOBAL

The international expansion of the PTT Group outside of the borders of Thailand is absolutely
vital to the future success of not only the PTT Group but also Thailand as a whole. The very
reason that the PTT Group was founded by the Thai government in 1978 was to help the country
gain further energy independence. However, the recent economic development of Thailand has
created further need for energy resources that can only be secured in the international
environment. The PTT Group, as the Thai government supported energy company, is in a prime
position to continue expanding its international operations as the Southeast Asian nation further
develops.
Despite the competitive nature of the energy industry, the PTT Group is poised for
further international growth for several reasons. The competitive advantages that the PTT Group
have been able to establish, as detailed in the strengths section of the previously discussed
SWOT analysis, have created a highly competitive position for the company moving into the
future. In particular, the close ties that the PTT Group has to the Thai government have created a
situation in which the PTT Group is able to secure financing from a government entity in a
manner which is not common amongst other energy companies such as ExxonMobil. The PTT
Groups ability to capitalize on the financial and political support of the Thai government
moving into the future will serve as a sufficient means for future international expansion.
Moreover, the reduction of trade barriers in the ASEAN community has made it
absolutely imperative that the PTT Group continues to expand its international presence in order
to compete with other energy companies which are sure to try and move into the Thai market.

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PTT Public Company Limited

November 9, 2015

The PTT Group will need to gain further economies of scale and present additional competition
to regional energy competitors in order to maintain its predominance in the Thai market and also
to gain a larger international foothold with greater revenues to earn.

CONCLUSION

As a whole, this analysis shows that the PTT Group is a major energy company which has been
able to develop along with the economy of Thailand. Not surprisingly, the government backing
of the PTT Group has created extremely favorable business conditions for the company while
operating in the Kingdom of Thailand. However, the ever-increasing demand for further energy
resources not only in Thailand but also throughout the dynamic region of Southeast Asia has
forced the PTT Group to expand its business operations outside of Thailand. Despite being able
to negotiate a number of exploration contracts with foreign governments throughout the world
along with a retailing operation in the Philippines, it is absolutely imperative that the PTT Group
is able to continue expanding internationally moving into the future.
Much of the success that the PTT Group has been able to enjoy in the past has been based
on the governments support of its business operations. However, as an energy company
operating in the global world of the 21st century, the PTT Group has begun to expand its
operations. The leadership of the PTT Group has been extremely effective in evolving the
business model of the company in recent years and will be faced with further challenges moving
into the future. As a global player, the PTT Group will have to streamline its business operations
in order to remain competitive with the other energy companies who will compete directly with
the PTT Group moving into the future. Moreover, the PTT Group will have to continue its

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PTT Public Company Limited

November 9, 2015

evolution from a local energy company into a global player with the goal of expanding
throughout the region of Southeast Asia over the next decade.

Works Cited
Fortune. (2014). PTT. Retrieved from Fortune Global 500: Retrieved November 9, 2015 from
http://fortune.com/global500/ptt-93/
Google Finance. (2015). PTT Exploration and Production. Retrieved November 9, 2015 from
Google Finance: https://www.google.com/finance?q=BKK:PTTEP&ei=U6sVqHrOpbBe4Wih_AH
MBA Skool. (2014). PTT SWOT Analysis. Retrieved November 9, 2015 from BrandGuide:
http://www.mbaskool.com/brandguide/energy/7944-ptt-pcl.html
PTT Global Chemical. (2013). About Us. Retrieved November 9, 2015 from PTT Global
Chemical: http://www.pttgcgroup.com/en/home
PTT Group. (2014). Power for Sustainable Future. Bangkok.
PTT Group. (2014). PTT Group 2014 Annual Report. Retrieved November 9, 2015 from PTT
Group: http://www.pttplc.com/EN/IR/index.aspx
PTTEP. (2014). PTTEP 2014 Annual Report. Retrieved November 9, 2015 from PTTEP:
https://www.pttep.com/en/News-nMedia/Publications/PTTEP%20Publications/2014%20Annual%20Report.aspx
PTTGC. (2014). PTTGC 2014 Annual Report. Retrieved November 9, 2015 from PTTGC:
http://pttgc.listedcompany.com/ar.html
Reuters. (2015). PTT Global Chemical. Retrieved November 9, 2015 from Reuters:
http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=PTTGC.BK#O
73jU3Pd4tcEcJeR.97
Suwannakj, S., & Jordan, T. (2014, December 2). Thailands PTT Sees U.S. Acquisitions After
Oil Slump. Retrieved November 9, 2015 from Bloomberg:
http://www.bloomberg.com/news/articles/2014-12-02/thailand-s-ptt-sees-u-sacquisitions-after-oil-slump

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