This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PTT, through its subsidiary PTT Exploration and Production (PTTEP), operates the Yadana and Zawtika offshore natural gas projects in Myanmar. These operations generate substantial revenue for the state-owned Myanmar Oil and Gas Enterprise (MOGE), a key financial pillar for the military junta that seized power in a 2021 coup. Human Rights Watch and Justice For Myanmar have documented that payments to MOGE directly fund the military’s campaign of violence and war crimes against civilians.
The company has expanded its partnership with military-linked entities in Myanmar since the coup. Human Rights Watch reported in May 2021 that PTT was partnering with such companies to deepen its engagement. PTTEP took over operatorship of the Yadana gas field from TotalEnergies in 2022, following the French company's withdrawal citing deteriorating human rights conditions. This continuation of operations, amid widespread international condemnation and evidence of the military’s atrocities, constitutes material support to an active conflict zone. There is no affirmative argument that this specific offshore gas extraction serves an essential civilian need for the population of Myanmar; rather, it provides critical foreign currency to a regime engaged in armed conflict against its own people.
PTT Public Company, Thailand's state-owned integrated oil and gas group, operates infrastructure and conducts business in occupied territories. A 2020 report by the University of Alberta on investments in human rights violations identifies PTT Global Chemical Pcl, a subsidiary, as having operations in the occupied West Bank and at least one branch in the occupied Golan Heights. As the parent and controlling entity of this subsidiary, PTT is materially supporting activities in these territories. The company's core business of fossil fuel exploration, production, and distribution provides the economic underpinning for these operations.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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