PTT to come up with new survival plan at the month end
The management of oil and gas conglomerate, PTT Plc, will on April 30 table before the board its liquidity management plan, which aims to cope with the drop in oil prices and consumption during the Covid-19 outbreak, PTT’s president Chansin Treenuchagron said.
He added that the group will cut unnecessary expenses as well as review and adjust investment plans for new projects in line with the current situation.
Chansin said the outbreak’s impact will be reflected in PTT’s performance in the first half of the year, adding that he expects the economy to return to normal in the second half.
He also predicted that the global price of oil this year will be in the range of between US$30 and $40 per barrel versus the previous forecast of between $55 and $65 per barrel.
An energy industry source said refineries in Thailand have been gradually lowering their capacity since last month, and are expected to suffer huge losses as the price of crude oil dipped by $30 per barrel at the end of the first quarter compared to late last year.
However, the source said their gross refining margin should improve from the second quarter onwards.
