Thailand's PTT pulls out of coal mining through $471m asset sale

Offloading of business in line with government's 2065 zero-emissions target

PTT, a Thai state-owned enterprise, has to comply with the government’s environmental targets, which include reaching carbon neutrality in 2050 and net-zero emissions by 2065. © Reuters

APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writer

August 2, 2022 16:48 JST

BANGKOK -- Thai oil and gas conglomerate PTT Group has sold off its coal mining business in Indonesia as part of a plan to diversify away from fossil fuels and into green energy as the country aims to reach carbon neutrality in 2050 and net-zero emissions by 2065.

PTT's board of directors approved the sale by PTT International Holdings, a wholly owned subsidiary, of its entire stake in PTT Mining to PT Astrindo Nusantara Infrastruktur, a company listed in Indonesia, said PTT's CEO Auttapol Rekpiboon.