PTT in new Asian energy expansion

State-owned PTT Pcl intends to invest up to US$3 billion in energy projects in Myanmar.

Thailand's top oil and gas firm said its planned projects in Myanmar that include a 150,000-barrel-per-day refinery, coal mines and a power plant are part of its campaign to expand in Southeast Asia. PTT intends to invest over US$11 billion from 2012 to 2016.

Nattachat Charuchinda, Chief Operating Officer for PTT's petroleum business, said the company is preparing investment plans for the Myanmar government. The planned refinery would help feed a new petrochemical plant to serve growing demand in Myanmar.

PTT intends to organize a subsidiary, PTT Myanmar, to oversee its investment in the country, where it also wants to have 60 petrol stations within five years, Nattachat said.

He noted that PTT aimed to boost the number of its petrol stations in Southeast Asia excluding Thailand to 220 over the next five years from 95.

PTT, valued at $30 billion, runs Thailand's gas pipeline monopoly and controls more than 30 petroleum, gas exploration, petrochemical and refinery businesses. It is Asia Pacific's third-biggest oil and gas firm by market value behind PetroChina and Sinopec.

Its investment in Myanmar has been spearheaded by 65 percent owned PTT Exploration and Production Pcl (PTTEP), which already has five projects there.

Natural gas from Myanmar accounts for about 30% of Thailand's consumption, mostly used in power generation.