BANGKOK -- An overseas investment arm of PTT, Thailand's
largest energy conglomerate, has clinched a joint venture
agreement with state-owned Timor Gap to construct a 40,000 bpd
condensate splitter in Timor, Thai Energy Minister Pongsak
Raktapongpaisal said Wednesday.
PTT International will own around 70% of the venture and
petroleum firm Timor Gap will own the rest, he told reporters
without elaborating on the time frame for the project.
A portion of output from the plant will be supplied to PTT's
petrochemical producers, said Mr.
PTT International and Timor Gap also agreed to jointly
engage in condensate trading activities, he said, adding that
the two deals require a combined investment of 5 billion baht
Dow Jones Newswires