PTTEP sets sights on fuel in Lebanon
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PTT Exploration and Production yesterday confirmed reports that it plans to explore for energy resources in Lebanon.
PTTEP president and chief executive officer Anon Sirisaengtaksin said countries on the Mediterranean constituted one of the firm’s strategic locations for pursuing exploration and production (E&P) business.
The company is conducting a geological study of Lebanon’s resources, Anon said. It might ask the Lebanese government for permission to send a team to explore the country after the study is complete.
Anon’s comments follow recent remarks by fugitive former prime minister Thaksin Shinawatra that he had spoken with Lebanese officials to pave the way for PTT to conduct exploration in that country and cooperate with the government there to promote growth in the energy sector.
Anon said the company had conducted studies aimed at promoting E&P businesses in many countries deemed to have high energy potential, including Lebanon and other countries in the eastern Mediterranean, as well as in East Africa.
He said it was normal for the Thai government to support the company’s exploration efforts and offshore business activities. PTTEP is willing to cooperate with the government – or any person involved with the government – who helps the company in order to promote Thailand’s energy industry, the CEO said.
Meanwhile PTTEP, in cooperation with the Meechai Virivaidya Foundation and Business for Rural Education and Development (BREAD), yesterday introduced a new brand of packaged rice, School Rice, designed to promote farmers’ incomes and benefit society.
Anon said the School Rice brand was part of PTTEP’s corporate social responsibility activities to benefit rural people. The company has provided Bt16 million to fund research on the development of environmentally friendly rice-planting methods.
Meechai, a founder of BREAD, said that by purchasing this rice, consumers could help society, as the company will donate profits to schools and rural people.
School Rice will be sold at 102 branches of Tops Supermarket, or consumers can directly order at www.bread.co.th.
PTTEP’s sales revenue grew 25 per cent in 2011 thanks to a higher petroleum price and increased sales volume.
An independent study by IHS CERA showed that the average price of benchmark Brent crude was US$111 for the year, well above the previous high of $97 in 2008. This is the highest average annual oil price since 1860.
As revenue rose from $4.5 billion in 2010 to $5.69 billion, its net profit rose from $1.38 billion to $1.47 billion. In baht terms, net profit hit Bt44.7 billion, up from Bt43.77 billion a year earlier.
The company has proposed a dividend payment of Bt2.79 for the second-half performance, on top of the Bt2.61 interim dividend paid earlier.
During 2011, PTTEP booked losses from fires at its Montara site in the Timor Sea off Western Australia. Its foreign-exchange loss was down for the year.
