Thailand's PTTEP first quarter profit increased by 37%

China Petrochemical News Network News According to World Natural Gas News on April 29: Thai state-owned company PTTEP said that due to the increase in product prices, in the three months ended March 31 (the first quarter), the company achieved a net profit of 376 million U.

The company’s average realized price was US$40.

The company’s chief executive officer Phongsthorn Thavisin said: “Due to the continued recovery of global oil prices and several major achievements, we have seen a gradual improvement in performance in the first quarter.

PTTEP stated that it will be committed to promoting the LNG value chain, focusing on investments in upstream and liquefaction plants, while developing internal LNG capabilities.

"This will prepare Thailand for the liberalization of LNG and expand our business beyond natural gas exploration and production.

Feng Juan excerpted from World Natural Gas

The original text is as follows:

PTTEP'S PROFIT JUMPS 37% IN Q1

Thai state-run PTTEP booked a net profit of $376mn in the three months ending March 31 (Q1), up 37% year/year owing to higher product prices, it said on April 28.

The company's average realised price was $40.

　　“We'd seen a gradual improvement in our first quarter's performance due to continued recovery of global oil price and several significant achievements,” CEO Phongsthorn Thavisin said.

　　PTTEP said it is committed to driving the LNG value chain with a focus on investments in the upstream and liquefaction plants while developing in-house LNG capabilities.

　　"This is to be ready for the LNG liberalisation in Thailand and expand our business beyond gas exploration and production.