Thai government plans to offer 30% of PTT in privatization

Prime Minister Thaksin Shinawatra is pushing for implementation of the long-delayed partial privatization of the Petroleum Authority of Thailand (PTT). At least 30% of the state oil and gas enterprise will be up for sale in an initial public offering planned this year.


By an OGJ Online Correspondent

BANGKOK, Apr. 24 -- Prime Minister Thaksin Shinawatra is pushing for implementation of the long-delayed partial privatization of the Petroleum Authority of Thailand (PTT).

In an initial public offering planned this year, at least 30% of the state oil and gas enterprise will be up for sale. The IPO is expected to raise 30 billion baht.

PTT is one of the three state companies expected to make an IPO this year. The others are Thai Airways International PLC and Internet Thailand Co. The government eventually plans to privatize 15 state enterprises.

The prime minister said, �Privatization doesn�t have to wait for the economy to improve. Once the state enterprises are ready, they can list.�

Some PTT executives have questioned the need to pursue the partial privatization this year, arguing that PTT is profitable and could borrow the funds that it needs.

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