PTT, Thailand’s biggest energy firm, said on Wednesday it would conclude a plan to invest in coal mines in Indonesia over the next six months.

“We are in talks on the coal mine investment. It will be a joint
investment to help our expansion,” Chitrapongse Kwangsukstith, chairman
of PTT International, told reporters.

PTT International, PTT’s wholly owned overseas investment arm, would invest with partners in a mine in Kalimantan, he said.

PTT has said it was looking to buy more coal assets in Indonesia and Australia.

The latest deal was in April when PTT spent $335 million to buy part of
Australian miner Straits Resources’ SRL.AK coal and salt assets. The
deal marked PTT group’s first foray into the coal business and its
second investment in Australia.

Chitrapongse said he expected PTT to raise its coal output to 9 million
tonnes this year from 7-8 million tonnes last year, then to 11-12
million tonnes in 2010 and at least 20 million tonnes in five years.

Under a five-year plan, PTT wanted to increase overseas revenue to 20
percent of group revenue from around 10 percent now, PTT finance
executive Tevin Vongvanick said.

PTT, Thailand’s biggest listed company with a market value of $20
billion, runs Thailand’s gas pipeline monopoly and controls more than
30 petroleum, gas exploration, petrochemical and refinery businesses.

At the midday break, PTT shares were up 0.4 percent at 240 baht while the main Thai stock index .SETI was down 0.4 percent.

Source: Reuters

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