Thai Cabinet Gives PTT Approval to Set Up Trading Centre in London

BANGKOK, Aug 30 (Reuters) - The Thai cabinet on Tuesday gave state-controlled PTT Pcl approval to set up an oil trading subsidiary in London as part of the company's drive to expand trading business overseas, a vice minister at Prime Minister's Office said.

The subsidiary, with a registered capital of 21 million baht ($607,814), will support PTT's trading activities in Europe, especially in crude and petroleum products, Kobsak Pootrakool told reporters after a weekly cabinet meeting.

"PTT has to change its strategy to set up a global trading company to seek markets and insight for doing business ... Our intention is to be close to the market," he said.

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