Bangkok: PTT, Thailand's state-owned oil and gas company, has agreed to sell 15% of its 27.22% stake in Bangchak Petroleum to state-owned Vayupak Fund.
PTT was the largest shareholder of Bangchak Petroleum, and the move is part of PTT's programme to diversify Thailand's oil sector by selling its large stakes in major industry players.
PTT’s chief executive Pailin Chuchottaworn said PTT's remaining 12.2% stake in Bangchak will likely be sold to another bidder. Potential bidders include Mermaid Maritime and the senior management of Bangchak Petroleum.
PTT is expected to receive more than 10bn baht from the deal with Vayupak Fund. According to Chuchottaworn, the next step is to spin off its 36% ownership of Star Petroleum Refining Co through a listing on the stock exchange. The sale is expected in the second half of this year. [05/02/15]