Thailand’s PTT to establish subsidiary in Myanmar

PTT Plc, Thailand’s biggest oil and gas conglomerate, is about to set up PTT Myanmar, a new subsidiary to oversee investment in the neighbouring country as part of its US$2-3 billion investment plan there until 2016, the Bangkok Post reports.
Oil refineries in particular are a key investment focus, as the existing refinery in Myanmar is old and has a small capacity of only 50,000 barrels per day (bpd).
“We’re keen on investing in setting up a 150,000-bpd refinery as well as a petrochemical business in Myanmar,” said Nattachat Charuchinda, chief operating officer of the petroleum group.
PTT’s investment in Myanmar has been spearheaded by PTT Exploration and Production Plc, which already has five projects there. Natural gas from Myanmar accounts for about 30% of Thailand’s consumption, mostly for power generation.
PTT currently has investment presence in the Philippines, Cambodia, Laos, Vietnam and Indonesia. It plans to boost the number of its petrol stations in Southeast Asia, excluding Thailand, from 95 to 220 in five years.
As part of its drive to expand in Southeast Asia, PTT plans to invest more than US$11 billion from 2012-16, Nattachat said.