PTTEP subsidiary divests in Myanmar blocks

After the divestiture, PTTEP SA’s holding in the two onshore blocks will be reduced to 70 per cent, while Moeco and Palang Sophon will each hold 10 per cent in both fields. The balance is taken up by Win Precious Resources.

Tevin Vongvanich, president and chief executive of PTTEP, said the divestiture was part of PTTEP’s portfolio-management strategy, aimed at adding value to the project and managing risk. The transaction was approved by the government of Myanmar. PSC-G covers 13,330 square kilometres and EP2 covers 1,345 sq km, and both are located in the central Myanmar Basin.

Navy selects Siam Steel

Siam Steel International reported to the Stock Exchange of Thailand yesterday that it was selected to take part in the renewable-energy project for security to supply solar power to the Navy. The project will utilise state land occupied by the Navy.

For details of the operation, the Navy will notify Siam Steel when the regulations for the purchase of electricity from the ground-mounted solar power plant for government agencies and agricultural cooperatives have been released, director Surasak Kunanantakul said.

Fifth AirAsia flight base

Thai AirAsia is ready to open its fifth flight base, U-tapao, after Don Mueang, Phuket, Chiang Mai and Krabi, with flights to two Chinese cities – Nanning in the southwest and Nanchang in the southeast.

“We believe that tourism in the east and Pattaya is growing very rapidly and that U-tapao Airport is absolutely ready to accommodate regular flights,” CEO Tassapon Bijleveld said yesterday.

With plans to expand to other routes both domestic and international, the airline has targeted acquiring two Airbus A320s for a fleet at U-tapao.

Source: Nation Multi Media

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