PTT Group recently shared a clarification statement after the Norwegian sovereign wealth fund dropped PTT Plc and PTT Oil and Retail Business Plc (OR) from its portfolio over concerns of human rights abuses in Myanmar.
According to the firm’s statement, OR holds a 35% share in Brighter Energy, a joint venture that transports petroleum products and provides a storage service in Myanmar.
The Bangkok Post reported that OR asked Brighter Energy to consider suspending the construction of a storage facility, currently in the development phase, while the situation in Myanmar remains unstable.
As many countries have sanctioned Myanmar’s actions therefore, PTT Group did not want “our policy not to be involved in the support of violence and human rights violations through Brighter Energy,” said Mr Disathat in a letter submitted to the Stock Exchange of Thailand.
In addition, Mr. Auttapol Rerkpiboon, president and chief executive of PTT Plc said that:
“Respecting human rights is one of PTT Group’s most fundamental practices,…We are deeply concerned about atrocities committed in Myanmar following the 2021 coup.”