Bangchak sells Nido stake

Corporate July 13, 2018 18:06

By The Nation

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Bangchak Corporation PCL’s board of executives has approved the selling of its 55.8-per cent interest in Nido Production (Galoc) Pte Ltd (NPG) in the Philippines to Tamarind Galoc Pte Ltd in a July 12 deal worth about US$20 million (Bt660 million).

Bangchak CEO Chaiwat Kovavisarach said only the Galoc crude oil reserves that are in operation are involved, while other petroleum sources under exploration and development are still owned by Bangchak subsidiaries.