PTT Global Chemical Plc (PTTGC) apologised on Monday for the oil spill from its pipeline that has damaged a beach on Koh Samet, one of the country's most popular tourist destinations, and promised to complete the clean up and restoration by Thursday.
"As the highest ranking executive at PTTGC I admit to being guilty in causing damage to the environment and will pay for the damage," chief executive Anon Sirisaengtaksin said at a press conference.
The oil spill came ashore at Ao Phrao, on the western side of Samet, on Sunday night and crews from PTTGC, the navy and other agencies are still cleanig up the polluted beach.
"We under estimated the problem, and we thought we could control the oil spill, but it sneaked out of the contained area," Mr Anon said.
The company planned to have the area cleaned up and restored by Thursday.
The company will investigate he cause of the leakage, he said.
"We accepted that this accident has damaged our reputation and we will not let it happen again," he added.
The company is insured for up to US$50 million (1.55 billion baht) with Dhipaya Insurance.
The company has admitted about 50,000 litres of crude oil leaked into the sea about 20 kilometres southeast of the Map Ta Phut industrial park in Rayong province on Saturday from a pipeline unloading a tanker's cargo. About 5,000 litres are estimated to have washed up on Ao Phrao on Sunday.