Rayong: PTT is promoting its I-SPARK project to seek investors for a $2-5 billion carbon sequestration initiative in the Gulf of Thailand. Mr. Rattakorn Kampanatsanyakorn, Senior Vice President for Corporate Sustainability at PTT Public Company Limited, emphasized the need for collaboration between the government and private sectors to achieve Thailand's climate goals. PTT is poised to support this strategy through the "I-SPARK Sandbox Project: Developing a Low-Carbon Economy in Rayong Province," leveraging PTT Group's three decades of expertise in the Map Ta Phut area.
According to Thai News Agency, the project plans a total investment budget of $2-5 billion, open to investors over the next 10 years, with an aim to upgrade the Map Ta Phut area into a low-carbon hub. The investment is divided into three main areas: low-carbon energy and solutions, LNG receiving and recharge terminal with CCUS infrastructure, and BCG infrastructure and business.
The initiative focuses on maintaining national energy security while reducing carbon emissions, aligning with government targets and the new Power Development Plan (PDP2026). It is expected to reduce greenhouse gas emissions by approximately 5-9 million tons per year and create over 10,000 jobs. Mr. Rattakorn highlighted the need for policy support, regulations, and investment incentives from the government to ensure financial viability. If successful, PTT plans to adapt this model for other industrial zones throughout Thailand.
Dr. Kongkrapan Intarajong, CEO of PTT, revealed that PTT prioritizes energy security while maintaining business growth under the Energy Trilemma concept. This concept aims to balance energy security, pricing, and environmental sustainability. Natural gas and LNG are emphasized as key renewable energy sources for the energy transition and supporting the country's Net Zero Emissions goal.
Currently, PTT Group is prepared across the business chain, with PTTEP's investments expanding to 10 countries worldwide. The gas pipeline system connects to PTTLNG's LNG Terminal, capable of handling up to 19 million tons of LNG per year. PTT Group is expanding its international trading portfolio, aiming for an LNG portfolio of 3.7 million tons by 2026 and 15 million tons by 2035.
Additionally, PTT Group is accelerating the adoption of sustainable technologies through projects like the Carbon Capture and Storage (CCS) project in the Arthit natural gas field, the I-SPARK Sandbox project, and Total Solution for Industrial Sustainability. These efforts are part of the Eastern Thailand CCS Hub model, a comprehensive carbon management system capturing CO2 and storing it in underground rock formations in the Gulf of Thailand.