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NEWS UPDATES 8 July 2010

Thai energy firm aims for top 100

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PTT Plc, Thailand's largest energy firm, plans to double its revenue to 4.5 trillion baht by 2020 in order to achieve a top-100 ranking in the global Fortune 500, says chief executive and president Prasert Bunsumpun. To achieve the goal, the company's sales must reach US$140 billion (4.54 trillion baht at today's exchange rate), or grow by 8 percent a year on average. PTT last year ranked 118th in the Fortune 500 with revenue of US$59.9 billion.

The group has planned to continue its aggressive expansion, expecting to spend $100 billion over the next 10 years. Half of the total will go mainly to exploration and production and the liquefied natural gas business, with the focus on resource-rich countries.

Mr. Prasert said that thanks to the large investment overseas, the company hoped to see its sales abroad contributing more than 20 percent of total sales in 2015 and 50 percent in 2020, from lower than 5 percent now.

''Over the next 10 years, we will grow tremendously,'' he said, speaking at the a seminar held by the Stock Exchange of Thailand yesterday.

As part of its strategy, Mr. Prasert said good corporate governance had helped set the stage for PTT to grow sustainably in the long term.

''The goal is to return profit in any form to all stakeholders, from shareholders, employees, clients and local communities to the society,'' he said. PTT has expanded strongly over the past five years partly due to high oil prices and depleting fuel reserves.

The shortage of low-cost petroleum fields will push fuel prices to $100 a barrel in the long term within the next five to 10 years, said Auttapol Rerkpiboon, executive vice-president for corporate communications and social responsibility. Energy usage in the future will involve rising costs due to increased energy consumption, said Mr Auttapol.

''In the long term, or within the next five to 10 years, the demand for oil will still increase due to higher overall demand. This results in a need to find new fields to replace declining production and meet the demand.

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