The Nation: PTT to Import an Additional 2 m tonnes of LNG a Year

PTT is preparing to import another 2 million tonnes a year of liquefied natural gas (LNG) to alleviate the loss of a gas supply from Joint Development Area Block 17, which Thailand must return to Malaysia in accordance to its contract under the JDA.

Meanwhile, PTT is confident that maintenance shutdowns of the gas pipelines from Myanmar and the JDA this year will not affect the stability of the domestic electricity supply.

Nuttachat Charuchinda, chief operating officer of PTT's upstream petroleum and gas business group, said the company would try to secure a long-term contract for 1 million tonnes of LNG a year, with another 1 |million tonnes a year in the form of short-term (spot market) contracts.

However, since the current LNG price is still volatile, PTT does not have to rush to secure a long-term LNG import contract yet. The price formula PTT has in mind could be done in hybrid form to reduce the risk of high costs. MORE