Deals
Cash-Rich Thai Explorer Eyes Assets Worth Up to $1 Billion
- PTT’s upstream unit to finalize at least one purchase in 2018
- Acquisition could be between $300 million and $1 billion: CEO
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Thailand’s PTT Exploration & Production Pcl is ready to shell out as much as $1 billion on an overseas petroleum asset this year, and possibly more, as it tries to prop up growth amid falling reserves.
The upstream unit of state-controlled PTT Pcl is in talks to purchase a stake in oil, natural gas or liquefied natural gas assets in Southeast Asia and the Middle East, Chief Executive Officer Somporn Vongvuthipornchai said in an interview Thursday in Bangkok. One or more deals could be finalized this year, he said.