PTT will help provide a fast-growing market for the natural gas from U.K.-listed Cove Energy’s east African fields, if it wins a bidding war with Royal Dutch Shell, the CEO of the company Pailin Chuchottaworn told CNBC.
PTT Exploration and Production , a subsidiary of state-owned PTT, is offering 240 pence ($3.76) per share for Cove, which owns 8.5 percent of the Rovuma gas field off Mozambique. That’s higher than the 220 pence offered by Royal Dutch Shell.
Mozambique is set to become a major gas exporter after a number of discoveries off the country’s shore. Meanwhile, demand for natural gas is rising in Asia , with many companies seeking to profit from the trend.
PTT is building infrastructure for liquefied natural gas (LNG) in Thailand and foresees huge demand from Asia for the product, Pailin said.
“Thailand just completed our first regasification facility and the second phase will make Thailand be able to take up 10 million tons of LNG per year,” Pailin told CNBC Asia’s “Squawk Box” “So we are actually bringing to the table a very stable market for the product from the gas stream.”Page 1 of 2 | Next Page