Thai PTT To Invest $5.9 Billion Over Next 5 Years

[Jai Dee]

Thai PTT to invest $5.9 billion over next 5 years

BANGKOK, Dec 22 (Reuters) - PTT PCL , Thailand's top oil and gas firm, said on Friday it would invest 209 billion baht ($5.87 billion) over the next five years, mostly in its core natural gas business.

The company, 69 percent owned by the government, would also seek 50 billion baht from loans or bond issues to finance its investment plan or refinance debt from 2007 to 2011, the company told the exchange.

Under the investment plan, about 84 percent of the budget, or 175 billion baht, would be spent on the gas business, including a third natural gas pipeline, gas separation plants and the construction of NGV station, the company said.

The investment would also cover the oil business and investment in its joint ventures.

PTT said it would spend 57.6 billion baht in 2007, 53.6 billion baht in 2008, 50.8 billion baht in 2009, 34.2 billion baht in 2010 and 13.1 billion baht in 2011.

PTT, which reviews its 5-year investment plan every year, controls more than 30 petroleum, gas and oil exploration, refining and petrochemical businesses.

At 0756 GMT, PTT shares were up 1.9 percent at 210 baht, while the overall Thai stock market was 0.37 percent higher. ($1=35.63 Baht)

Source: Reuters - 22 December 2006