Thailand's PTT Seeks Investment Opportunities to Boost Coal Output
Thai energy conglomerate PTT PCL (>> PTT Public Company Limited) is seeking investment opportunities in the coal-mining business in Cambodia, Indonesia, Madagascar, and Mongolia, Chief Executive Pailin Chuchottaworn said late Friday.
The company is keen on raising its coal production output to 70 million metric tons by 2020.
Singapore-listed coal miner Sakari Resources Ltd. (AJ1.SG), in which PTT owns a 93% stake through its wholly-owned subsidiary PTT Mining, now produces around 12 million tons of coal and aims to raise the output to 17 million tons next year and 23 million tons by 2020.
The Thai energy company plans to delist Sakari Resources from the Singapore's stock exchange in the first quarter of next year, Mr. Pailin told reporters on the sidelines of a Thank Press Party.
Sakari listed in Singapore in 2006 as Straits Asia Resources. It has mines in the Indonesian provinces of East and South Kalimantan on the island of Borneo. It also owns 15.1% of Xanadu Mines Ltd. (>> Xanadu Mines Ltd), an Australia-listed company with rights to mining concessions in Mongolia.
PTT is likely to deliver a net profit of around 100 billion baht ($3.27 billion) in 2013, Chief Financial Officer Surong Bulakul said.
During the January-September 2012 period, PTT's net profit fell 3.8% from a year earlier to THB81.95 billion.
Write to Oranan Paweewun at oranan.paweewun@dowjones.com
The company is keen on raising its coal production output to 70 million metric tons by 2020.
Singapore-listed coal miner Sakari Resources Ltd. (AJ1.SG), in which PTT owns a 93% stake through its wholly-owned subsidiary PTT Mining, now produces around 12 million tons of coal and aims to raise the output to 17 million tons next year and 23 million tons by 2020.
The Thai energy company plans to delist Sakari Resources from the Singapore's stock exchange in the first quarter of next year, Mr. Pailin told reporters on the sidelines of a Thank Press Party.
Sakari listed in Singapore in 2006 as Straits Asia Resources. It has mines in the Indonesian provinces of East and South Kalimantan on the island of Borneo. It also owns 15.1% of Xanadu Mines Ltd. (>> Xanadu Mines Ltd), an Australia-listed company with rights to mining concessions in Mongolia.
PTT is likely to deliver a net profit of around 100 billion baht ($3.27 billion) in 2013, Chief Financial Officer Surong Bulakul said.
During the January-September 2012 period, PTT's net profit fell 3.8% from a year earlier to THB81.95 billion.
Write to Oranan Paweewun at oranan.paweewun@dowjones.com
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