The 2 coffers of Thailand's top energy firm will be boasted by the plan to sell its equity stake in

The 2 coffers of Thailand's top energy firm will be boasted by the plan to sell its equity stake in subsidiary Bangchak Petroleum this year. It also plans to list subsidiaries Star Petroleum 2 Refining and Global Power Synergy on the Stock Exchange of Thailand in the first half of 2015. Kanyamas Rithidej, 2 senior 2 officer of PTT's investor relations department, said the Bt239-billion investment budget was for joint ventures, subsidiaries, wholesale and retail oil products, and natural gas. She said 42 per cent of the investments would be in natural gas, 38 per cent in joint ventures/subsidiaries, 17 per cent in wholesale/retail and 3 per cent in research and development. She said that this year PTT had trimmed its investments to Bt55.50 2 billion from the initial target of Bt86.95 billion, with reductions made in liquefied natural gas (LNG), business mergers, acquisitions and overseas investments. 2 By the end of this year, PTT might review its planned investments for 2015 but they were likely to remain the same in line with the four-year investment framework. The company will expedite the sale of its 27.22-per-cent equity stake - or 374.74 million in shares worth about Bt14.90 a share - in Bangchak Petroleum. Kanyamas said that for the group's overall operations in the first nine months of the year, the EBITDA (earnings before interest, taxes, depreciation and amortisation) was up on the same period last year. The EBITDA 2 for its retail, natural gas and fuel businesses 2 rose 39 per cent, 36 per cent and 4 per cent respectively, although the EBITDA for natural gas for vehicles (NGV) was down 10 per cent. Price revamp That was the result of the government's restructuring of energy prices not yet being realised. Regardless, 2 Kanyamas said PTT expected the fourth-quarter EBITDA figure for NGV to improve in line with the policy. Maybank Kim Eng Securities (Thailand)'s stock research and analysis division has retained its positive outlook for PTT in view of the government's upcoming energy-price restructuring 2 plan, which the house said better reflected the actual cost of NGV (Bt16 per kilogram). It said the price adjustment for NGV and LPG, including a price adjustment at the gas-separation plant, would be more apparent early next year. The plan to restructure the PTT group of companies would gradually become clearer, beginning with the sale of the equity stake in Bangchak Petroleum and the initial public offering of Star Petroleum Refining and Global Power Synergy in mid-2015. Maybank Kim Eng said the weak global oil prices had depressed the prices of energy shares and the value of oil inventories. However, it said the lower retail prices of fuel had raised consumption and boosted PTT's retail sales. The end of state subsidies on fuel by some Asian countries including Thailand had benefited PTT, which last year shouldered more than Bt30 billion in compensation. Maybank Kim Eng said PTT was the only player in the energy sector that benefited from weak oil prices. As a result, its operations should benefit in the long run, especially when oil prices rose again.
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