BANGKOK, July 6 (Reuters) - PTT PCL, Thailand's biggest energy firm, said on Tuesday it planned to buy stakes in at least two coal mines in 2010, possibly in Indonesia and Australia.
'We are now in talks to buy stakes in coal mines and expect to conclude on at least two mines this year. Perhaps, we might get three mines if we're lucky,' Senior Executive Vice President for Corporate Strategy Nuttachat Charuchinda told reporters.
PTT runs Thailand's gas pipeline monopoly and controls more than 30 petroleum, gas exploration, petrochemical and refinery businesses.
Last year, PTT spent $335 million to buy part of Australian miner Straits Resources' coal and salt assets. The deal marked PTT group's first foray into the coal business and its second investment in Australia.
The company now expected to acquire at least a 20 percent stake in coal mines in countries such as Indonesia and Australia, Nuttachat said, adding the mines should have capacity of at least 30 million tonnes a year.
Under a five-year plan, PTT wants to increase its overseas revenue to 20 percent of group revenue from around 10 percent now.
On Tuesday, PTT shares closed up 2.46 percent at 250 baht, while the main Thai index was up 1.43 percent.
($1=32.40 Baht)
(Reporting by Pisit Changplayngam; Writing by Arada Kultawanich; Editing by Alan Raybould)
((arada.kultawanich@thomsonreuters.com; +662 648 9732, Reuters Messaging: arada.kultawanich.reuters.com@reuters.net)) Keywords: PTT/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'We are now in talks to buy stakes in coal mines and expect to conclude on at least two mines this year. Perhaps, we might get three mines if we're lucky,' Senior Executive Vice President for Corporate Strategy Nuttachat Charuchinda told reporters.
PTT runs Thailand's gas pipeline monopoly and controls more than 30 petroleum, gas exploration, petrochemical and refinery businesses.
Last year, PTT spent $335 million to buy part of Australian miner Straits Resources' coal and salt assets. The deal marked PTT group's first foray into the coal business and its second investment in Australia.
The company now expected to acquire at least a 20 percent stake in coal mines in countries such as Indonesia and Australia, Nuttachat said, adding the mines should have capacity of at least 30 million tonnes a year.
Under a five-year plan, PTT wants to increase its overseas revenue to 20 percent of group revenue from around 10 percent now.
On Tuesday, PTT shares closed up 2.46 percent at 250 baht, while the main Thai index was up 1.43 percent.
($1=32.40 Baht)
(Reporting by Pisit Changplayngam; Writing by Arada Kultawanich; Editing by Alan Raybould)
((arada.kultawanich@thomsonreuters.com; +662 648 9732, Reuters Messaging: arada.kultawanich.reuters.com@reuters.net)) Keywords: PTT/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.