Thailand's PTT plans to invest $2.24 billion over 5 years

The Petroleum Authority of Thailand plans to maintain an investment program valued at $2.24 billion over the next 5 years despite the global economic slowdown.

Oct. 4, 2001

By an OGJ Online Correspondent

HOUSTON, Oct. 4 -- The Petroleum Authority of Thailand (PTT) plans to maintain an investment program valued at $2.24 billion over the next 5 years despite the global economic slowdown.

The Organization of Petroleum Exporting Countries' news agency reported that PTT became a public company Oct. 1. The Finance Ministry holds 100% but plans to sell about a 30% share on the local stock market in the coming months.

In the next 5 years, PTT will focus on its core businesses of oil, gas, petrochemicals, and refining, but reduce its interest in the 61,750-b/d Bangkok refinery.

It will particularly focus on natural gas development, earmarking gas and condensate reserves for use in the refining and petrochemical sector.