08 April 2009 07:29 [Source: ICIS news]
SINGAPORE (ICIS news)--Thai oil and gas giant PTT has taken a 10-year-loan of Baht (Bt)12bn ($339m) from the Siam Commercial Bank (SCB) to "seize opportunities" and boost the company’s expansion plans, it said on Wednesday.
PTT’s CEO and president Prasert Bunsumpun said the loan would be used to support investment opportunities including acquisitions, a company statement quoted him as saying. No other details about the purpose of the loan and its terms and conditions were immediately available.ICIS news had previously reported that the Thai major was eyeing a stake in the southeast Asian assets of US chemical major Dow Chemical.
Dow is seeking to raise $4.3bn (€3.23bn) partly to overcome its debts as it was targeting to pay off a $12.5bn bridge loan by the end of this year.
($1 = Bt35.39 / $1 = €0.75)
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