PTT, Thailand’s largest oil firm, selects new CEO

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BANGKOK, May 27 –  Thailand’s largest oil firm, PTT, on Friday announced the selection of IRPC President Pailin Chuchottaworn as its new chief executive officer and president of the oil and gas conglomerate, replacing outgoing CEO Prasert Bunsumpun whose term expires in September.

Naris Chaiyasoot, PTT’s acting chairman, said the company’s board of directors agreed to appoint the IRPC president to the top job of the country’s oil largest firm.

IRPC is a producer of integrated petrochemical products. The current PTT CEO’s term will end Sept 9 and the appointment of the new president will take effect the following day, with a four-year term, according to Mr Naris.

Mr Naris also reaffirmed the transparency of the selection process under the regulations of selection process for senior executive position of the state entreprises.

The acting chairman said Mr Pailin was chosen for his outstanding experience and far-sighted vision in the petroleum industry with its many fluctuations.

Mr Pailin also has good knowledge on engineering field and has good communication skills with both within and outside the organisation, explained Mr Naris.

Although he assumes the post in PTT Plc, Mr Pailin will also remain acting chair of IRPC Plc.

IRPC or Integrate Refinery Petrochemical Complex, formerly Thai Petrochemical Industry, TPI, and its subsidiaries are currently the first fully integrated petrochemical complex in Southeast Asia. IRPC’s plants are located in an industrial area in Rayong Province with facilities to support the businesses such as deep sea port, tank farm and power plant.

Krairit Nilkuha, chairman of the new CEO’s selection committee, asserted there was no political interference in the selection.

Mr Prasert, the current PTT president, welcomed the new ceo-selected, saying he would relegate workload to Mr Pailin so that the newcomer will have chance to learn more about the company in the next three months prior to the end of his term.

PTT, formerly known as the Petroleum Authority of Thailand, was established in 1978 for its primary mission in expediting to procure adequate oil for domestic consumption and has been privatised in 2001, with an initial registered capital of Bt20 billion and having the Ministry of Finance as the largest shareholder.

Shares of PTT closed on Friday at Bt354, up Bt2 on the Stock Exchange of Thailand (SET) in trade worth Bt788.02 million. (MCOT online news)