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Thailand Stocks: PTT

Jan. 14, 2011 4:04 PM ET
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Ebeling Heffernan strong buy PTT Plc expects its sales next year to rise 15% to 2.2 trillion baht from 1.9 trillion this year on growing global demand for petroleum and petrochemical products.

Shayne Heffernan has a 2011 price target of 400b on PTT.

PTT is preparing to to enter a US$1-billion joint venture with the German engineering company Linde Group and the floating storage specialist SBM Offshore to codesign a floating liquefied natural gas (FLNG) installation.

An agreement will be signed next week to set up PTT FLNG, equally owned by PTT and PTT Exploration and Production.

The new venture aims to develop an FLNG platform in PTTEP’s Cash and Maple offshore gas field off northwestern Australia. The LNG production is expected to serve the Thai market, said Wichai Pornkeratwat, senior executive vice-president for the gas business.

Under the agreement, PTT’s two European partners will provide technical design advice and study the FLNG project in detail, while at PTTEP will continue drilling for gas and assessing gas and oil reserve volume.

“Gas production from the Gulf of Thailand, the main gas resource of Thailand accounting for about 70%, will be depleted within next decade so PTT has to find gas and oil resources overseas,” said Mr Wichai.

He said PTT was also studying production of bio-methane gas from agricultural waste to produce compressed natural gas for the transport sector. It believes as many as 35 projects nationwide could be established.

The company currently has two bio-methane gas pilot projects: in Chiang Mai with Universal Adsorbent and Chemical Co, and in Ubon Ratchathani with Ubon Bio Gas Co, using cassava starch and pig waste as raw material.

It is talking with 32 agricultural producers of materials including palm oil, ethanol and cassava starch to expand pilot projects.

PTT plans to produce bio-methane gas for CNG in areas that its existing gas pipeline network does not reach.

PTT shares yesterday closed yesterday on the SET at 320 baht, unchanged, in trade worth 657 million baht.

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