Thailand's PTT to invest $7.4bn over five years

15 December 2009 06:59  [Source: ICIS news]

SINGAPORE (ICIS news)--Thai oil and gas giant PTT will invest baht (Bht) 243.52bn ($7.3bn) in the next five years and would have to raise about a third of the amount foreign borrowing, the company said on Tuesday.

Investments in natural gas and joint ventures would have the same 46% share, amounting to more than Bht100bn, of the total amount, based on PTT’s disclosure to The Stock Exchange of Thailand.

Its major projects in the gas business include the fourth onshore natural gas pipeline and the construction of natural gas for vehicles (NGV) stations, the company said.

The joint venture investments, meanwhile, include PTT LNG Co Ltd and PTT Green energy Pte Ltd, it said.

Oil investments from 2010 through to 2014 would have a 4% share or Bht9.97bn of the total amount, PTT said.

Meanwhile, PTT said it would seek approval from its shareholders to raise Bht80bn through external borrowings.

The funds would be used either to finance the company’s investment plans, or for working capital or for debt repayment, PTT said.

PTT has four petrochemical affiliates, namely, PTT Chemical, PTT Aromatics, Thai Oil and Integrated Refinery & Petrochemical Complex (IRPC).

The planned consolidation of these four entities has been stalled by the court injunction on some of PTT’s projects in Mab Ta Phut - Thailand’s petrochemical hub located in Rayong province.

($1 = Bht 33.14)

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By: Pearl Bantillo
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