PTT Emphasizes on Strong Financial Status without BSF, despite “Hin Leong” Bankruptcy

Mr. Chansin Treenuchagron, President and Chief Executive Officer of PTT Public Company Limited (PTT) revealed according to the financing issues of Hin Leong Trading Pte Ltd. in Singapore, after facing a loss and lack of liquidity as an aftermath of improper speculation in oil market, PTT was questioned of whether it might affect.

 

PTT International Trading Pte Ltd (PTTT) in Singapore, which is under the supervision of PTT, has sold gasoline to Hin Leong through the Platts market with the Letter of credit (LC) term from leading banks, therefore there is no effect on risk in payment.

 

However, since mid-April 2020, PTTT has halted the business transaction with an aforementioned company. PTT has been closely monitoring market situations and has applied risk management in accordance with international practices, then PTT is confident that the firm will be able to manage the effects amid fluctuating prices.

Even PTT is affected by the covid-19 outbreak and the collapse in oil price, PTT still has a good credit rating with a strong financial statement, so, PTT confided to be able to pay PTT’s debenture, which is due this year, of 27,118 million baht without seeking for help from Corporate Bond Stabilization Fund (BSF). As in the beginning of April 2020, PTT Global Chemical Public Company Limited (PTTGC) was capable of issuing a full debenture of 15,000 million baht.