PTT to list three subsidiaries

22 January 1996 00:00  [Source: ACN]

THE Petroleum Authority of Thailand (PTT) expects to list its three newly formed subsidiaries on Thailand's stock exchange in the second phase of its restructuring exercise, a senior PTT official involved in the revamp told ACN.

Thailand's national oil company recently announced plans to restructure itself as part of moves to make it more competitive in the international market.

The revamp will reshape its work departments into four sectors - exploration and production (E&P) and gas, refining, downstream oil, and petrochemicals.

The three PTT subsidiaries to be listed are: PTT Gas which will handle the supply, logistics, operations and marketing of natural gas; PTT Oil, which will handle retail marketing of domestic oil; and PTT International, which will handle the supply and trading of PTT's international oil operations.

The subsidiaries are expected to be registered within this year and the next, said the official.

Following their registration, PTT also plans to list the units, probably in 1998. 'At the moment, the units will be 100% owned by PTT, but upon listing, we plan to unload 25-30% of our shares in these units.'

PTT's turnover in the year ended September 1995 amounted to Baht100bn (US$3.96bn).

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