PTT forges ahead with 2020 spending plan under new Energy minister
PTT will continue to its planned spending on projects this year, in line with new Energy Minister Supattanapong Punmeechaow’s policy that the national oil and gas conglomerate speed up investment to boost the economy and create jobs.
PTT president and CEO Auttapol Rerkpiboon said the state enterprise has already spent half of this year's investment budget of Bt53.9 billion. The company also plans to recruit more workers for construction projects and on programmes to help society.
This year PTT is focused more on the liquefied natural gas (LNG) business. It plans to import up to 11 shipments of LNG this year via the spot market, of which seven shipments totalling 500,000 tonnes have already been imported.
Whether PTT would import all 11 shipments depended on domestic demand and the LNG price trend, said its president.
The company is also focused on selling LNG in overseas markets. It has already secured long-term LNG sale purchase contracts for 720,000 tonnes this year, of which 260,000 tonnes have been delivered to customers.
PTT ’s downstream businesses are creating synergy among themselves to foster competitiveness and boost investment efficiency in the petrochemical and refinery areas.
The company has no need to issue additional bonds to raise funds as it has around Bt100 billion cash in hand, said Auttapol.
