GULF Acquires 40% of “PTT NGD” to Jointly Operate Natural Gas Distribution with PTT

Gulf Energy Development Public Company Limited (GULF) has announced that the company acquired 40% of ordinary shares in PTT Natural Gas Distribution Company Limited (PTT NGD) from International Power S.A. with a total investment value of USD 90 million or approximately THB 2,700 million.

GULF entered into a Share Purchase Agreement with International Power S.A. and proceeded with the transfer of shares on December 23, 2020. As such, the shareholding in PTT NGD after the share purchase comprises PTT Public Company Limited (PTT) holding 58%, the company holding 40% and CPB Equity Company Limited holding 2%.

 

PTT NGD was established in 1996 and operates a natural gas distribution business by investing in distribution pipeline systems to serve over 250 industrial customers in 13 industrial areas in the Bangkok Metropolitan Region and in Rayong province.

Such investment is therefore considered to be an expansion of the company’s energy business and is another project that the company has jointly invested with PTT, in addition to the Map Ta Phut Industrial Port Development Phase 3 that was previously announced. The company will be able to recognize the operating results immediately after the transfer of the said shares.