Thai PTTEP Buys 10% Stake in Malaysian LNG Project

Thai PTT has bought a 10% stake in Petronas’ MLNG Train 9 project, which has a capacity of 3.6mn metric tons/yr, it said July 27 while announcing its first half results.

The stake was bought by PTT Global LNG, a joint venture formed in June by PTT and its upstream subsidiary PTTEP. “The business co-operation with Petronas also allows PTTEP to gain a foothold in Malaysia, supporting further business expansion and investment in petroleum fields in country,” it said.

Reporting its 1H results, PTTEP said that the net profit in the first six months of the year was $569mn, an increase of more than 100% from the first six months of 2016 which was at $232mn.

Revenue during 1H was $2.1bn, slightly lowered compared to same period of last year. Meanwhile, an average selling price at $38.04/boe, increased by 6% from the same period last year, which was contributed by the rising global oil prices.

Shardul Sharma