Thai PTT Seeks Buyers for its Stake in Egyptian Gas Pipeline Company

Thailand’s state owned firm PTT is looking to sell its 25 percent stake in Egyptian company East Mediterranean Gas (EMG), which operates a now defunct natural gas pipeline, reported news agency Reuters.

The EMG pipeline has been lying unused after numerous attacks by militants in the Sinai Peninsula. PTT bought its 25 percent stake in 2007 for $487 million.

"We are looking at an option to sell the stake. Some investors have approached us, but there is no progress so far," chief financial officer Wirat Uanarumit told Reuters. "PTT has a representative in EMG's board, but the company has already stopped operations, while we are assessing the situation."

Wirat declined to comment on a deal by a group of private investors in Egypt to buy natural gas worth at least $1.2 billion from Israel's offshore Tamar field via another underwater EMG pipeline, the news agency added.