PTT Public Company Limited, the largest oil and gas corporation in Thailand, has enlisted UBS Group AG and Bualuang Securities to assess strategic options for its downstream businesses. The objective of this endeavor is to optimize operations and enhance asset valuations in the face of challenging market conditions.

PTT is exploring various strategies, including potential mergers and attracting equity partners to secure necessary capital. Discussions are underway regarding PTT's ownership stakes in PTT Global Chemical Pcl, Thai Oil Pcl, and IRPC Pcl, where it holds approximately 45% ownership. Despite considering these options, PTT intends to maintain controlling interests in these entities.

CEO Kongkrapan Intarajang has expressed the need for new partners who can contribute expertise and financial resources, particularly in the petrochemical and refinery segments. Additionally, the company is looking to divest unprofitable units to streamline earnings as it faces intense competition in the sector.