Thai state oil firm on bargain hunt
BANGKOK , March 4, 2016 – Thailand’s PTT is looking to acquire companies and assets, taking advantage of lower valuations brought about by the global oil price slump, company President Tevin Vongvanich said on Friday.
Speaking with CNBC’s Managing Asia, Vongvanich noted, “the prices of upstream assets have come down quite a lot,” adding that PTT was also eyeing to enter the shale oil arena. “One of the main reasons for this drop in oil prices is that the development of new technology, the fracking technology, allowed us to recover this oil. So we need to get into that kind of business for the long term.”
PTT engages in natural gas procurement and distribution, oil marketing and international trading through different business units. The company also offers a variety of fuels to both industrial and individual consumers and households, ranging from aviation and marine fuels to natural gas for vehicles and cooking.