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

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BANGKOK (Reuters): State-owned Thai oil and gas company PTT Pcl said on Saturday (June 13) that it would cut its investment budget across the group by 10-15% this year and some projects will be delayed as partners face challenges from the Covid-19 (coronavirus) pandemic.

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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