BANGKOK, Jan 16 (Reuters) - State-owned Thai energy group PTT Pcl plans a multi-billion dollar capital spending spree over the next five years, it said on Thursday, that will include expanding in liquefied natural gas and investing in oil and gas pipelines.
Last year Thailand announced a power development plan with a target to have 53% of its energy capacity provided by natural gas by 2037.
PTT said it would provisionally allocate 203.5 billion baht ($6.7 billion) of spending over the next five years to enhance the group’s liquefied natural gas (LNG) value chain, gas-to-power projects and other investments aligned with the national development plan.
PTT also plans to spend another 180.8 billion baht on investments between 2020 and 2024. Of that, 68% will go on joint ventures and subsidiaries, PTT Chief Executive Chansin Treenuchagron said in a statement, with 17% devoted to pipeline infrastructure and 7% for technology and engineering.
PTT has six flagship companies including oil and gas explorer PTT Exploration and Production Pcl, electricity producer Global Power Synergy Pcl and three refineries and petrochemical companies under PTT Global Chemical Pcl, Thai Oil Pcl and IRPC Pcl .
Its retail arm, PTT Oil and Retail, which operates gas stations and coffee shops, is in the process of filing for an initial public offer. ($1 = 30.3600 baht) (Reporting by Chayut Setboonsarng; Editing by Susan Fenton)