Thailand's PTT plans up to $11bn investment in LNG and infrastructure

BANGKOK: Thai energy company PTT Pcl  plans to invest up to 354.7 billion baht ($11.3 billion) over the next five years to boost its natural gas portfolio and energy infrastructure, a senior executive said on Friday.

PTT plans to invest 167.1 billion baht from 2019 to 2023, of which 44 percent will be allocated to expand its gas business and firm up infrastructure, Arawadee Photisaro, Vice President for Corporate Strategy, told reporters at a news conference.

"We want to become a global LNG portfolio player ... and build an LNG value chain," Arawadee said, adding that its upstream arm, PTT Exploration and Production Pcl, would acquire assets while other units would focus on building receiving terminals, liquefaction and regasification plants.

Natural gas is becoming a primary energy source for Thailand because it is easier to transport, cleaner and has lower costs, she added.

PTT also set aside an additional 187.6 billion baht to invest in new technologies and expand its core business should opportunities arise, Arawadee said.

"We have to build energy security for the country and also add value to from our petrochemical products," she said.

Other investment areas include expansion of petrochemical products capacity and its electricity business.

PTT on Thursday reported net profit of 119.7 billion baht for 2018, down 11.5 percent from a year earlier. Gas accounted for about a third of operating income, bringing in 76 billion baht, up 12.8 percent.