Bangchak Petroleum scraps plan to buy 40% of Thai Agro Energy

Thai refiner and fuel retailer Bangchak Petroleum PCL has scrapped plans to buy 320 million shares, or 40%, of Thai Agro Energy PCL from Lanna Resources PCL and other minority shareholders. Bangchak terminated a purchase agreement which could have been worth up to THB438.4 million (US$14 million) because contractual conditions were not met by the December 15 deadline, it said in a brief statement to the Stock Exchange of Thailand. Thai Agro is a manufacturer and distributor of fuel ethanol, with a total capacity of 165,000 liters a day. (December 21, 2011)