PTT Plc, Thailand's largest oil conglomerate, will speed up its overseas investment plans thanks to the baht appreciation, according to Tevin Vongvanich, the firm's chief financial officer.
The new five-year investment plan covers this year through 2014, with funds of Bt50-60 billion.
PTT will invest more in producing liquefied natural gas ( LNG ) next year, and will expand its coal production capability, as there is a high level of coal reserves, and coal usually lasts longer than oil and natural gas, according to Mr Tevin.
He added that the conglomerate is currently preparing for the expanded investment schedule and will negotiate on a project-by-project basis with countries of its interest-Indonesia, Australia, Nigeria, Qatar, Papua New Guinea, and Timor-Leste (East Timor).
In addition PTT will invest in power production in Thailand's neighbouring countries in order to convey power back for sale at home. Initially, it will collaborate with EGAT International, subsidiary of the Electricity Generating Authority of Thailand (EGAT), with an investment plan for 2011 in Lao PDR and Myanmar. Mr Tevin said such business will help strengthen PTT's business stability.
\"PTT is ready to comply with the government's policy that supports state enterprises to take the opportunity when the baht is strong to invest overseas,\" said Mr Tevin.
He added it is a good time for state enterprises and the private sector to expand their business abroad, including importing machinery and other tools and equipment so as to lower their costs in managing their businesses.
\"Our company continously expands our business, which covers construction and maintainance matters,\" Mr Tevin said.
PTT will also sell debentures of Bt10 billion for periods of four and seven years by the end of this month.
Twenty per cent of the debentures will be sold to small investors through financial institutions, while the rest will go to PTT shareholders. (MCOT online news)