Myanmar okays PTTEP plan to generate power from natural gas
Myanmar has approved PTT Exploration and Production (PTTEP)’s plan to invest in the “Integrated Domestic Gas to Power” project.
Phongsthorn Thavisin, PTTEP CEO, said the corporation has signed a pact for the project with Myanmar’s Electricity and Energy Ministry. The deal is to use natural gas from the Gulf of Martaban (Myanmar coast of the Andaman Sea) to generate electricity, he said.
Phongsthorn added that this move is key to PTTEP’s growth under its “Execute and Expand” strategy.
The investment will cover the development of gas source and installation of electric cables in specific areas. The project is expected to cost around US$2 billion, but the final decision on the investment will be made in the beginning of 2022.
The electricity generated under this project will be sold to Myanmar under a 20-year contract.
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