Thai PTT to acquire 15% stake in Egyptian-Israeli energy firm

24-Oct-07

Thai energy giant PTT is in advanced stages of negotiation for purchase of a 15% stake in the Egyptian-Israeli energy firm - EMG (Easter Mediterranean Gas), for US$350 mln. If completed, the deal will likely be carried out through PTT's globally active natural gas subsidiary, PTTET, whose shareholders include PTT (66%), Morgan Stanley, HSBC, Bank of New York and BNP Paribas. PTT will seek to expand EMG's activity beyond the borders of Israel. The firm is likely to leverage its advantage in the Asian arena, and market liquefied petroleum gas (LPG) through EMG. That would transform EMG into the largest natural gas exporter in the world.