PTT seeks growth overseas

Thai oil and gas group PTT P.L.C.’s head strategist revealed that the company plans to boost its overseas operations in a bid to overcome the global economic slowdown. According to Tevin Vongvanich, PTT would develop a business plan focusing on sustaining growth through more aggressive overseas investments. Making sure PTT can survive a worst-case scenario–for example, if global oil prices remained very low for five years–is of prime importance, he said. In allocating 20% of its 230 billion baht (US$6.64 billion) capital expenditure to overseas investments, PTT is targeting liquefied natural gas (LNG), biofuel, power generation and petrochemical projects. Neighboring countries, Australia and the Middle East are targets for PTT’s foreign investments, Tevin said. (April 24, 2009)