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Thai Petroleum Authority to Invest More Money in Production.
Aug. 4--In an attempt to turn the Petroleum Authority of Thailand into an industry leader in Southeast Asia, the state enterprise has been told to adjust its plan to invest 740 million baht in petrochemical production.
The move would also make the PTT, which is due to be privatised later this year, more attractive to investors, according to Suriya Juengrungruangkij, the industry minister. After visiting the PTT's petrochemical affiliates in Rayong, Mr Suriya said yesterday that he had asked the managers to lodge their business development plans with the ministry this month.
The business prospects of the affiliates looked dim right now because of an oversupply of petrochemicals, he said, adding this could worry investors who planned to buy shares in the PTT.
The managers had explained their development plans to him during his visit, but some aspects needed to be improved. He wanted the PTT to reshape its investment plan for the petrochemical business in order to tap its huge revenue potential in the future.
The plan must stress the lowering of production costs and finding substitutes for imported materials.
Mr Suriya said the prices of ...
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