PTT Plc, the national oil and gas conglomerate, has approved a massive investment budget for 2019-23 of 355 billion baht.
PTT submitted a letter informing the Stock Exchange of Thailand that the board of directors passed the investment plan yesterday.
Of the total budget, 167 billion baht is set for PTT's five-year investment plan for 2019-2023.
Chansin Treenuchagron, the president and chief executive, said PTT will spend the bulk of the budget, 70.5 billion baht, in 2019.
After that, 46.18 billion baht will be spent in 2020, 23.8 billion in 2021 and 17.18 billion in 2022.
The budget will then decline to 9.45 billion baht in 2023.
Mr Chansin said PTT's major investments will be in joint ventures and wholly owned subsidiaries, including gas business such as the natural gas transmission pipeline system, expanding import capacity of the liquefied natural gas (LNG) receiving terminal and expanding oil and non-oil business domestically and overseas.
The remaining 187.62 billion baht will be allocated as PTT's provisional investment budget, mainly to expand the core business of LNG value chains and invest in new S-curve industries.
