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FINANCIAL NEWS
Thai PTT cancels deal to buy Qatari LNG
08 Sep 2011
(MENAFN) Thailand’s PTT senior executive vice-president for gas business, Wichai Pornkeratiwat, said that after the price of liquefied natural gas (LNG) accelerated, the country’s biggest energy company canceled a deal to purchase LNG from Qatar, reported Reuters.
Pornkeratiwat added that in 2008, the company signed a memorandum of understanding with Qatar in order to buy 1 million tons of LNG a year from late 2011, nevertheless, PTT inked alternative deals with other two suppliers.
He also said that LNG prices surged notably in recent months due to the March earthquake and tsunami that hit Japan and raised demand over LNG.
It is worth noting that PTT officially launched a USD880 million terminal, with a capacity of producing 5 million ton a year of LNG located at the Map Ta Phut industrial estate in the eastern province of Rayong.
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