Unocal cuts price of sales gas to Thailand's PTT

04/22/2002
Yielding to prolonged political pressure, Unocal Corp. has agreed to cut the price of natural gas it sells to PTT PLC, the partially privatized Thai energy firm.The reduction, by about 5¢/Mcf of gas or 2% of the prevailing wellhead prices, will cost the US energy firm 12-13 billion baht ($272-295 million) in lost revenue for its Thai gas sales over the next 10 years.The firm's board of directors at its Mar. 26 meeting half-heartedly endorsed the discount as recommended by Tom Fisher, Unocal's vice-president for commercial affairs, who recently made a number of negotiation rounds in Bangkok with Industry Minister Suriya Juengrungruangkij and PTT executives.Randy Howard, presid...
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