AlwaysFree: Investment Budget This Year Slashed By Thailand’s PTT Due To Growing Challenges

PTT Pcl plans to cut its investment budget across the group by 10-15 percent this year. As partners face challenges from the coronavirus, some projects will be delayed. Chief Executive Auttapol Rerkpiboon said the PTT group faced “double effects” from the coronavirus outbreak and the oil price slump.

Six flagship companies owned by PTT. Across the group, it had planned to invest 250 billion baht ($8.08 billion) this year. The 2020 investment will be reduced by 15 billion baht-54 billion baht for PTT alone. Expanding gas business overseas will be also the company’s focus. Thailand’s government liberalizes the gas market, motivating the company to position itself as a liquefied natural gas trading hub for the region.

After government licenses to import LNG received by local rivals B. Grimm Power Pcl and Gulf Energy Development Pcl, PTT’s gas business faced new competition in the country. PTT, prior to 2017, was Thailand’s sole LNG importer. 

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