Thailand’s PTT Expects Natural Gas Business to Drive Sales

Thailand’s PTT expects domestic demand to drive growth in sales revenue this year, reports The Nation newspaper.

The company expects sales revenue to reach 2.97 trillion baht (approx. $91 billion) this year, up 4% from last year.

PTT plans to continue to look for opportunities overseas. Company’s main target abroad will be natural-gas business, such as the construction of gas pipelines, the expansion of its capacity to import liquefied natural gas, and expansion of energy business, The Nation reports.

Meanwhile, subsidiary PTT Exploration and Production (PTTEP) cut its sales target to 324,000 barrels of oil equivalent per day from 337,000 after a decline in production following downsized investment in the Kai Kos Dehseh (KKD) oil-sands project in Canada, said Yongyos Krongphanich, senior vice president for finance at PTTEP.

Krongphanich said the cut in PTTEP's 2014 sales target came after the KKD adjustment and a one-month delay in natural-gas production of Zawtika field in Myanmar, now expected to commence in the second quarter. The Nation adds.

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