PTT expanding investment in Indonesia


BANGKOK, Aug 5 — Thailand’s petroleum giant PTT is expanding its operations in Indonesia.

According to Prasert Bunsumpun, PTT Plc director and PTT Global Chemical Plc (PTTGC) chairman, said the company had its subsidiaries increase their investment in Southeast Asia to respond to the upcoming formation of the ASEAN Economic Community.

For Indonesia, PTTGC signed a memorandum of understanding with Pertamina to invest US$4.5 billion in refineries and petrochemical production mainly to serve demand in Indonesia with its population of over 200 million, he said.

It plans to increase the refining capacity to 200,000-300,000 barrels per day there.

Regarding operators in Rayong who demanded compensation of Bt1 billion for PTTGC’s oil leakage there, Mr Prasert said that the company respected the court decision and would not deny responsibility.

It rehabilitated the environment and compensated more than 10,000 people, he said.

As a member of the National Legislative Assembly, Mr Prasert said he would raise misunderstandings about energy issues for discussion in the assembly.