Now, it’s chasing renewable-energy assets in India and Vietnam and electricity generation in Europe, to add to $7.7 billion of investments announced in July by its chemical, power and refining units.
It’s the first time the downstream businesses have made major acquisitions overseas and the total so far in 2021 already exceeds the group’s record for international purchases in a year, according to data compiled by Bloomberg.
have set 2050 as the date by which they must be carbon neutral, while President Joe Biden set a goal for half of all cars sold in the U.S.
“There is a change in the group’s growth appetite,” said Pauline Tang, an associate director at S&P Global Ratings in Singapore.
Recyclable plastics are seen as one way oil refiners can continue to make money from petrochemicals and PTT Global agreed in 2019 to set up a joint venture in Thailand with a manufacturer of recyclable plastic resins.
Even as the group expands earnings outside the oil industry, PTT Exploration will still pursue overseas acquisitions, Senior Vice President Orachon Ouiyamapun told investors earlier this month.
As recently as February, PTT Exploration announced the purchase of a 20 per cent stake in an Omani gas block from BP Plc for $2.6 billion.
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