The termination of FLNG Project and deregistration of PTT FLNG

abarrelfullabarrelfull wrote on 29 Dec 2014 07:46
Tags: australia lng ptt top

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PTT Public Company Limited (“PTT”) is pleased to notify that PTT’s board of directors, on the meeting held on December 26, 2014, has approved to terminate the FLNG project of PTT FLNG Limited (“PTT FLNG”) and deregistered PTT FLNG (a joint venture between PTT International (Singapore) Pte. Ltd. (“PTTI SG”), a subsidiary of PTT Energy Resources Company Limited: (“PTTER”) which PTT holds 100 percent of shareholder portion) and PTTEP FLNG Holding Company Limited (“PTTEP FH”) who each holds 50 percent stakes in the company.

The termination of the FLNG project and the deregistration of PTT FLNG are to comply with PTT Group policy and investment strategy as well as to reduce operating expenses. The deregistration is expected to be completed by the end of 2015.This disposaldoes not affect PTT’s business operation.

The transaction is not a connected transaction and the transaction size does not require disclosure under the rules, procedures and disclosure of information concerning the acquisition and disposition of assets of listed companies, but this report is made in accordance with the disclosure of a divestment in a joint venture company with a proportion of 10% or more of its paid up capital.

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