Thailand’s PTT is aiming to secure smaller stakes in Australian liquefied natural gas projects to triple its LNG imports by 2022 as the domestic natural gas production diminish.
Speaking to Reuters, PTT’s chairman Piyasvasti Amranand said the company intends to sign long-term supply deals before agreeing to invest in the liquefaction projects.
PTTEP, PTT’s exploration and production unit, focused on production, however, now it is focusing on investing in midstream capacity, Amranand said.
Last month, PTTEP secured a 10 percent stake in Petronas ninth liquefaction train at the company’s Bintulu LNG complex for a price of $500 million.
The company already holds an 8.5 percent in Anadarko-led LNG project proposed for northern Mozambique, but Amranand did not say whether the company is interested in increasing its stake in the project.
Thailand’s annual LNG imports currently amount to 5 million tons, data from Ministry of Energy data shows. However, with 70 percent of it used for power generation, the government plans to up its LNG imports to 17.4 million tons by 2022.
The company aims to secure the major portion of the added volumes through sale and purchase deals, to avoid dependence on the spot market.
Amranand added that, in order to accommodate new import volumes, PTT is looking to expand its regasification capacity to 21.5 million tons per year. Currently, that capacity is at 10 million tons per year.
LNG World News Staff