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business

Banpu subsidiary acquires US natural gas firm


Energy company Banpu told the Securities and Exchange Commission on Friday that its subsidiary BKV Corporation has completed the acquisition of a US natural gas company for US$570 million.

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BKV Corp was able to deduct $80.2 million, which accounted for the US company’s adjustment in income and other expenses since September 1, 2019, from the investment value and has paid a deposit of $170 million.

The remaining $319.8 million or Bt10.1 billion will be paid later this month.

This acquisition will help Banpu boost its natural gas production capacity in the US, while it will be able to realise cash flow from the US firm’s operation since September 1, 2019 immediately.

The acquired firm operates in the Barnett Shale area in Texas.

Published : October 02, 2020

By : The Nation