Thailand's PTT Group is targeting electricity generating capacity of 16,000MW by 2030 – 8,000MW from fossil-based sources and 8,000MW from renewables, said its president and CEO Auttapol Rerkpiboon.
Currently, the group’s domestic and international production capacity is 10,000MW, divided equally between fossil and renewable sources.
He added that most of the targeted additional 3,000MW of the fossil-based capacity will come from the group’s overseas investment.
PTT’s plan to raise renewable power production capacity rests on merger and acquisition deals for overseas projects, talks for which are expected to be completed in the first quarter next year.
Global Power Synergy (GPSC) remains the group’s power business flagship, Auttapol added.
He said that PTT expects to perform well next year if the global crude oil price moves in the range of $40-50 per barrel, or higher than this year’s average of $41-42 per barrel. The other factor that will benefit PTT is if there is no second wave of Covid-19 infections.
Auttapol predicts that PTT’s performance this year will improve from the second quarter onwards after the virus crisis abated and demand for diesel and petrol rose. Only demand for jet fuel is yet to return to normal levels.
He expects Sino-US trade tensions to ease once Joe Biden becomes president, as Biden has a more compromising trade stance than President Donald Trump.
Arawadee Photisaro, PTT’s senior executive vice-president for Corporate Strategy, added that PTT is also seeking business opportunities in sectors such as life-science technology.
The Nation (Thailand)/ASIA NEWS NETWORK