PTT to fund expansion by selling US$1.15 billion in onshore debentures

Thailand’s PTT Public Co. Ltd. (PTT Plc) plans selling US$1.15 billion of onshore debentures by the end of this year for expansion and debt refinancing. The company will prioritize existing debt holders for new purchases, said Tevin Vongvanich, PTT chief financial officer.  PTT Plc also plans putting additional funds aside to increase coal production in subsidiary Straits Asia Resources (SAR). SAR has three coal mines in Indonesia. It also owns rights for coal exploration in Brunei and Australia. Coal output for the company will be expanded to 11 million tons this year and to 20 million tons by 2014. According to Vongvanich, “We plan to develop human resources in research and development to make CBM [coal bed methane] an alternative fuel that will help address high energy prices in the future.”  (June 10, 2011)