CT AWARDS SPOTLIGHT 2026: PTT

PTT, Thailand’s state-owned and listed energy group, it involves maintaining liquidity, controlling financial risk and securing funding while supporting investment and the company’s transition towards net zero by 2050.

This work is shared across the PTT Treasury Team, Funding Team and PTT Treasury Centre (PTT TCC). Together, they manage the group’s immediate financial needs while building systems and funding arrangements that can support it over the longer term.

Liquidity management sits at the heart of the operation. The team oversees more than 100 bank accounts across multiple entities and currencies. Thai baht and US dollar cash-pooling arrangements sweep surplus cash from subsidiaries, allowing it to be used more efficiently elsewhere in the group.

PTT has also centralised much of its foreign-exchange risk management. Treasury uses derivatives to hedge transaction and translation exposures, while an internal matching scheme offsets positions among group companies before the remaining exposure is taken to the market.

For trade finance, its L/C Issuing Bank Exposure Management System monitors the group’s exposure to banks arising from import and export letters of credit. The system also automates alerts and approval processes, giving treasury tighter control over these transactions.

The group has taken several steps to make its funding more resilient. PTT maintains credit lines with nine banks and has introduced a medium-term note programme to simplify future issuance.

In September 2025, it completed an oversubscribed THB20 billion ($603 million) bond. The transaction included Thailand’s first Young Saver Bond, a three-year instrument offered entirely to retail investors and intended to encourage younger and first-time investors to participate in the capital markets.

Treasury also provides funding support across the group. PTT increased the trade credit available to affiliated companies in 2026, helping them manage working capital and reduce their reliance on external borrowing. Intercompany lending facilities give six flagship companies access to more competitive rates, while the repricing of existing loans generated additional interest savings.

Technology transformation initiatives are also reducing some of the manual work involved. PTT is replacing spreadsheet-based cash-flow forecasting with SAP S/4HANA’s Cash Flow Analyzer, which is expected to automate more of the analysis and provide a clearer, real-time view of group liquidity.

A new system for banking-service requests has reduced the administrative workload. PTT TCC’s service platform also gives 28 group companies access to real-time status tracking, automated summaries and payment reminders.

Sustainability is beginning to influence how treasury invests surplus cash. PTT invested in ESG-linked products with Krung Thai Bank in 2025 and expanded its short- and medium-term ESG-linked investments across four banks in 2026. The company also became the first in Southeast Asia to participate in a JP Morgan investment programme supporting technologies that capture and remove plastic waste from rivers.

PTT’s treasury team has brought greater coordination to the finances of a large and complex group. Its work ranges from cash pooling and foreign-exchange hedging to retail bond issuance, intercompany funding and systems automation. Together, these initiatives give PTT greater financial flexibility as it invests in future growth and works towards its longer-term sustainability goals.

“This award recognises not just treasury excellence, but the discipline, collaboration and trust that enable an organisation to navigate uncertainty with confidence,” said Kanyamas Rithidej, Vice President, Treasury, at PTT. “Thank you, our exceptional PTT team for all the support.”

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