PTTEP enjoys baht appreciation

PTT Exploration and Exploration Plc has seen a 10 per cent drop in the 2007 investment budget to Bt66 billion, thanks mainly to the baht appreciation against US dollar which reduces the investment in baht term.

Marut Mrigadat, president of the company, said that on average the baht is equivalent to Bt35 a dollar, compared to Bt38 last year. As such, its baht-term investment drops from Bt74.5 billion.

At the press conference on Tuesday, Marut also announced that the investment budget in the next five years would be slashed by Bt4 billion to Bt281 billion due to the stronger baht as well as other cost-cutting programmes.

However, he noted that the investment is exclusive of the investment for the exploration in M9 Block in Burma and a petroleum block in Nigeria. The M9 Block alone could require a minimum investment of US$1 billion.

- The Nation

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PTTEP enjoys baht appreciation

PTT Exploration and Exploration Plc has seen a 10 per cent drop in the 2007 investment budget to Bt66 billion, thanks mainly to the baht appreciation against US dollar which reduces the investment in baht term.

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