Thai PTT Plans to Invest $8.2 Billion Over Next 5 Years

Source: Reuters 12/25/2015, Location: Asia

Thailand's biggest energy firm PTT Pcl plans to spend 297 billion baht ($8.2 billion) over the next five years, mainly on building infrastructure such as natural gas pipelines, its chief executive said.

The board has approved the five-year investment plan, which does not include a budget for potential acquisitions, Tevin Vongvanich said. The investment budget for next year is 50.8 billion baht, he added, broadly similar to the company's 2015 spending of about 50 billion baht.

"Over the next three years, the volumes of oil and gas will be lower in line with a fall in oil prices while demand will continue to grow," he said. "There will be oversupply until 2017," he added.

Domestic demand for energy is expected to increase by 2 percent next year, with Thai GDP growth seen at 3.7 percent next year - up from 2.8-3.0 percent this year, the CEO said.

PTT's core subsidiaries include PTT Exploration and Production, PTT Global Chemical and Thai Oil.


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