Bangkok--Sep 27--PTT
Mr. Prasert Bunsumpun, President of PTT Public Company Limited (PTT), revealed that with the approval from PTT’s Board of Directors, PTT has established PTT LNG Company Limited (PTT LNG) with the initial registered capital of Baht one million. Initially, PTT is holding 100% shares in PTT LNG, and will later seek strategic partners, such as power producers and other LNG related operators.
PTT LNG will provide and manage LNG services while PTT will procure/import and distribute LNG which will be converted back to natural gas after the re-gasification process. The move will help increase alternative energy supply source which will not only enhance the supply reliability but also preserve existing indigenous gas reserves in Thailand to match with natural gas demand in the petrochemical sector. As a result, this helps create more value addition to the overall gas business chain. The construction of PTT LNG’s plant is expected to be completed and start commercial operation by the year 2010.
Meanwhile, PTT’s Board has approved PTT to sell all of its shares in Thai Paraxylene Company Limited (TPX) and Thai Lube Base Public Company Limitd (TLB) to Thaioil Public Company Limited (Thaioil). The proceeds will be used to buy Thaioil shares at the Initial Public Offering price in order to maintain PTT’s shareholding in Thaioil after public offering at the level not exceeding 49.99%.
The offering of TPX and TLB shares to Thaioil is to rationalize PTT’s shareholding in its affiliates, obtain business synergy, and promote value addition within PTT Group.
Corporate Public Relations Department
PTT Public Company Limited End.
--InfoQuest (NT)--