PTT sets up palm business in Singapore

In the statement to the Stock Exchange of Thailand, the company said that the subsidiary will be the investment arm in the development of business relating to palm and its related products in Asian region to cope with the global increasing demand.

 At present, PTTGE has the paid-up capital of S$40 million or approximately Bt942.5 million.

 On its start-up, PTTGE has entered into the agreement to buy a 95 per cent stake in Indonesia-based PT Mitra Aneka Rezeki for US$ 14.725 million, or approximately Bt490 million.

 PT.MAR owns the permit to operate palm oil plantation and

produce crude palm oil in the Indonesia. Its plantation area, located in the west of Kalimantan Island, is approximately 14,000 hectares (about 87,500 rais).

 In addition, PT.MAR is preparing for the construction of a crude palm oil mill in the plantation area. The mill is anticipated to be completed within 2010-2011. The production from the plantation will be sold to the local market and worldwide.

 PTT also informed the SET that on February 1, it signed the memorandum of understanding with the Treasury Department for the transfer of three natural gas pipelines. The MoU will take effect only with the approval of PTT board of directors and/or shareholders.

- The Nation