Thailand’s PTT eyes Petronas offshore gas stake

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BANGKOK: Thailand’s PTT Pcl is interested in bidding for a stake in the SK316 offshore gas block in Sarawak, chief executive Thewin Wongwanich said on Wednesday.

Reuters reported on Monday that Malaysian state-owned oil and gas firm Petronas aimed to sell a large minority stake in its prized upstream local gas project for up to US$1 billion (RM4.45 billion).

“Petronas is interested in selling SK316 and we are interested because this is an upstream business,” Thewin told reporters in Bangkok.

Thewin said the board of PTT, the parent company of PTT Exploration and Production PCL (PPTEP), had approved 199 billion baht (US$5.7 billion) for investment over the next four years, especially in the petroleum business.