PTT Public Company Limited (SET: PTT), Thailand’s largest oil and gas corporation, has selected UBS Group AG and Bualuang Securities, a subsidiary of Bangkok Bank Public Company Limited (SET: BBL), to assist in assessing its deal options for downstream businesses, according to the people close to the matter.
The move aims to optimize operations and enhance asset valuations.
Thailand’s energy conglomerate is exploring multiple options, which could involve merging some businesses or attracting equity partners to secure capital, the people said. However, these deliberations are still in the early stages, and PTT may ultimately decide against entering into any transactions.
PTT CEO Kongkrapan Intarajang stated in August that the company is on the lookout for new partners willing to contribute expertise and financial resources for its petrochemical and refinery segments. He noted that intense competition and challenging market conditions continue to impact the sector. PTT plans to divest unprofitable units to streamline earnings.
PTT is also holding discussions with potential investors regarding PTT Global Chemical Pcl, Thai Oil Pcl, and IRPC Pcl, in which it holds approximately 45% stakes. Despite these discussions, PTT intends to maintain controlling interests.
