Thailand's largest enterprise group Thailand National Oil(PTT Public Company Limited, Co., Ltd. PPT) recently invested in a company that produces plant-based proteins, including so-called artificial meat, to reduce its dependence on the fossil fuel business.
The company invested 300m baht ($9.6 million) in a joint venture with NR Instant Produce Pcl to extract protein from spinach fruit and plans to start commercial operations by the end of 2022.
Buranin Rattanasombat, senior executive vice president of PTT, says non-traditional businesses will account for 1/5 of PTT's revenue within 10 years. Plant protein products are particularly attractive because of the growing number of health and environmentally conscious consumers, he said.