PTT plans to invest US$2-3 bln in Myanmar

18-Jul-12

As part of its program to expand in South East Asia, Thailand's largest energy firm PTT Pcl plans to invest US$2-3 bln in projects in Myanmar, including a 150,000 bpd refinery, coal mines and a power plant, as per Reuters. The planned refinery would help feed a new petrochemical plant to serve growing demand in Myanmar. Its investment in Myanmar has been spearheaded by 65% owned PTT Exploration and Production Pcl (PTTEP), which already has five projects there. Natural gas from Myanmar accounts for about 30 percent of Thailand's consumption, mostly used in power generation. PTT also plans to invest over US$11 bln between 2012 and 2016, and has expressed keenness to invest in a petrochemical complex in Vietnam. PTT, valued at US$30 bln, runs Thailand's gas pipeline monopoly and controls more than 30 petroleum, gas exploration, petrochemical and refinery businesses. It is Asia Pacific's third-biggest oil and gas firm by market value behind PetroChina and Sinopec. PTT aimed to boost the number of its petrol stations in Southeast Asia excluding Thailand to 220 over the next five years from 95 now.