Thai energy group PTT cuts 2020 investment by up to US$1.2 billion

Chief Executive Auttapol Rerkpiboon, who took up the post last month, said the PTT group faced"double effects” from the oil price slump and the coronavirus outbreak.

PTT has six flagship companies including PTT Exploration and Production Pcl, oil refiner IRPC Pcl and electricity firm Global Power Synergy Corporation Pcl and had planned to invest 250 billion baht across the group this year. For PTT alone, the company will reduce investment this year by 15 billion baht to 54 billion baht, he said.

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