PTT's revenue to fall below 2014 level
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PTT Group's 2015 revenue would be definitely below the 2014 level at Bt2.8 trillion due mainly to a decrease in oil prices, said Tevin Vongvanich, the newly-appointed president and CEO.
Oil prices stand below $50 per barrel this year, against near $90 per barrel last year.
Tevin added that the new accounting standards, that requires the inclusion of affiliated companies' in the consolidated accounts, should also reduce the revenue by 10 per cent.
As he revealed his mission today, Teven said PTT is revising its investment plan. In March, it should become clearer whether the company would pursue the coal business. It is also looking for opportunities to buy upstream projects.
"We need a business plan that aligns with oil prices. Our operations plan will be based on three scenarios - best case, base case and worst case. For example, how the company should act if the oil price falls further to $30 a barrel. Or what if the oil price rises above $60. The business plans should be complete in December," he said.
