"PTT denies condoning human rights violations in Myanmar after Norwegian fund accusation", 22 December 2022

PTT president and CEO Auttapol Rerkpiboon has sent a letter of clarification to the SET that the PTT and its subsidiaries have always adhered to its sustainability management policy that consists of environmental, social and good business governance as well as respect for human rights.

Auttapol was responding to allegations by the executive board of a US$1.3-trillion Norwegian fund last week that it has dropped PTT Plc and PTT Oil and Retail Business Plc (OR) from its portfolio because of “an unacceptable risk” of human rights violations.

The fund’s ethics council expressed concern that PTT and OR’s partnership with state- and military-owned companies in Myanmar and that the two Thai firms’ activities in Myanmar would provide the junta “with substantial revenue streams that can finance military operations and abuses”.

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In his letter to the SET, Auttapol insisted that PTT’s principle of respect for human rights also applied to the companies that served as its supply chain.

Auttapol said that PTT has always been conscientious about its operations not violating human rights and it also protects and supports human rights in line with international standards and promotes good ties with all stakeholders.

Auttapol said the PTT had complied with the laws and regulations and checked and analysed the status of its business partners in Myanmar thoroughly.

“PTT respects human rights and this is among our basic standard of operations,” Auttapol said.

“And PTT is concerned over the violent situation in Myanmar since the 2021 coup. We support a peaceful solution and we strictly observe the law and international operational standard wherever we carry out business.”

He added that the PTT has been monitoring closely the situation in Myanmar to make future decisions by ensuring that its investments would lead to sustainable development and access to energy sources.

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