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. Pongsak.

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 ($168 million).


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