PTT has been in talks with several LNG suppliers to secure long-term energy supplies as Thailand uses natural gas for almost 70 per cent of its power generation.

PTT already has a joint venture, Trans Thai-Malaysia (Thailand) Ltd, with Malaysia’s Petronas to overlook the gas pipeline and gas separation plant projects since 2000.

In June, PTT cut its 2016 investment budget by 15 per cent to Bt43.31 billion ($1.23 billion), which is part of its five-year plan to spend Bt297 billion during 2016-2020.

Cut in investment

Wirat said the reduction in investment was mainly due to delay in the government’s infrastructure investments, while PTT was still looking for opportunities to buy more oil and gas assets after a decline in global oil prices.

The company is also considering to buy back its dollar-denominated debt to manage its excess liquidity and reduce financial costs, the CFO said.

PTT group has cash of about 300 billion baht ($8.53 billion) and debt of about 600 billion baht, of which 30 per cent is denominated in foreign currencies, Wirat told reporters on the sidelines of a seminar.