BANGKOK (July 27): PTTEP, the exploration and production arm of Thailand's oil and gas giant PTT Group, said on Thursday it had taken a US$500 million stake in a liquefied natural gas (LNG) project with Malaysia's Petronas. Announcing second-quarter results — which were roughly in line with analysts' expectations — PTTEP said it was looking to expand further in Southeast Asia and was awaiting the results of a few bid proposals for exploration projects in the region. It said a joint venture with its parent company — PTT Global LNG Company — had bought a 10% stake in liquefaction plant MLNG Train 9 in Malaysia. "Investment with a leading company, Petronas, would support the LNG business of the company in expanding our operations in Malaysia in the future," PTTEP said in a statement. PTTEP will also participate in the bidding process for the Bongkot and Erawan gas fields in the Gulf of Thailand in the first quarter of 2018, it said.

Source: The Edge Markets July 27, 2017 07:52 UTC