31 July 1995 00:00 [Source: ACN]
THE Petroleum Authority of Thailand (PTT) is issuing bonds worth Baht3bn (US$121m) to help finance expansion plans, including petrochemical operations. The bond is underwritten by Siam Commercial Bank and six other financial institutions.
The board of directors has also just nominated Pala Sookawesh as its new governor to replace Luen Krisnakri whose term ended last week.
The PTT's expansion plans include a 600 000 tonne/year ethylene plant in Khanom due onstream in 2000. Also due onstream in 2000 is its 150 000 tonne/year propylene plant in Khanom. A feasibility study on an aromatics project is currently underway.
'We will decide the exact amount of money to be allocated to the petrochemical projects from the bonds,' a PTT spokesman told ACN.
The appointment of Pala has to be endorsed by the Ministry of Industry. The spokesman said this could take time due to the Cabinet reshuffle following the change in the Thai government recently. However, Pala has already assumed the role of interim governor.
'But we are confident that Pala's nomination will be approved, as he is a well-respected figure and very experienced in the oil industry,' the spokesman said. Pala has spent about 15 years working for PTT and its associate companies, including Thai Olefins, where he was the president.
The spokesman denied reports that there had been pressure on the PTT board to nominate Sopon Supapong, managing director of Bangchak Petroleum, as the new governor. The post of governor is a non-executive one, ACN understands.
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