Thailand Embarking on LNG Shopping Spree as Glut Cuts Prices

(Bloomberg) -- Bangkok is about to become a very important destination for sellers of liquefied natural gas.

In an oversupplied market where prices have cratered and new long-term contracts are rare, Thailand’s national oil company is bucking the trend and planning to go on a shopping spree. PTT PCL Chief Executive Officer Tevin Vongvanich hopes to nearly quadruple import capacity and said he plans to sign long-term agreements with several suppliers by the end of the year that would more than double what the country currently imports.

“We’re taking the opportunity of the buyer’s market situation of the LNG at this stage to secure a few more long-term contracts,” he said in an interview at his office in Bangkok. “It’s the sale time now for LNG, so we’re doing our shopping.”

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