PTT to raise billions for investments

The Thai national oil and gas group PTT aims to raise an additional 65 billion baht (US$1.85 billion) to refinance its debts, fund new projects and provide working capital. This is expected to come from offshore loans, local loans and bonds. PTT’s board has approved the company’s five-year plan to 2013, which calls for investments amounting to 132.84 billion baht (US$3.78 billion). Around 80.6 billion baht (US$2.3 billion) will be invested in subsidiaries and joint ventures. This will include a biofuel project for PTT Green Energy and the construction of a petrochemical plant with Asahi. (January 20, 2009)