Thailand’s state-owned PTT which is also Anadarko’s partner in the Area 1 block in the Rovuma gas basin offshore Mozambique has launched a global liquefied natural gas (LNG) trading and marketing arm.
PTT said in a statement that its board of directors in May passed a resolution to establish a new joint venture company to carry out business related to LNG, as the first step of investment expansion in full integrated LNG value.
PTT Global LNG has been established on June 2 with a registered capital of 8 million Baht ($235,504), consisting of 8,000 ordinary shares at 1,000 Baht each.
The LNG trading company is a venture between PTT and its unit PTTEP Business Center Company, holding a 50% stake each,
It was reported earlier this year that Thailand’s largest energy firm PTT was looking to expand its LNG import capacity to mitigate the effects of the depleting domestic resources.
The company is expanding the handling capacity of its Map Ta Phut LNG import terminal, which, when completed in 2019 would have a capacity of 11.5 mtpa.
The company also intends to build a second LNG import terminal with the capacity to handle 7.5 mtpa.
PTT has already signed a 20-year LNG supply deal with the UK-based energy giant BP starting this year.
In addition to expanding the domestic LNG import capacity, the company is planning on developing production abroad.
PTT, through its exploration and production unit, holds an 8.5 percent interest in Area 1, offshore Mozambique.
Natural gas resources from Area 1 will feed the planned Anadarko-led Mozambique LNG terminal.(Source: LNG World News Staff)