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PTT plans to double coal output

PTT Plc, Thailand’s largest energy conglomerate, expects to conclude two or three deals to acquire stakes in overseas coal mines in line with a target to more than double its coal output to 30 million tons a year. The Stock Exchange of Thailand-listed company also plans to fuel expansion of its power business abroad with its coal output, said Nuttachat Charuchinda, senior executive vice-president for corporate strategy. “Based on progress in negotiations, we see a potential for reaching agreement on two or possibly three deals this year, with PTT acquiring a minimum of 20% ownership in each [coal mine] to obtain a board seat,” said Nuttachat. The most favorable investment locations are Indonesia, where PTT International owns two mines, and Australia. (July 7, 2010)