PTT to set up new subsidiary in London

BANGKOK, August 31 (TNA) - The Cabinet has approved a plan on establishing a new subsidiary of PTT Public Company Limited (PTT), Thailand's largest petroleum firm, in London with its targeted profit of about 800 million baht over the next decade. Vice Minister for the Prime Minister's Office Kobsak Pootrakool told journalist of the decision after the Thai Cabinet's weekly meeting in Bangkok on August 30. "The Cabinet gave the green light to the Ministry of Energy's plan on allowing PTT to open its new subsidiary, named PTT International Trading London Limited, in the British capital", said the vice minister. According to the vice minister, PTT will hold 100 per cent stakes in its new subsidiary in London, totally worth 21 million baht initially. The vice minister noted that business operations of PTT International Trading London Limited include trading of crude oil, petroleum and petrochemical products, as well as running other energy-related businesses, as part of a PTT policy on expanding its businesses and markets to the European, African and American Continents, where there are now more business opportunities for PTT and other energy firms from the world's eastern hemisphere. PTT, meanwhile, announced that the new subsidiary in London will be opened over the next couple of months with the 800 million baht-targeted profit during 2016-2025. (TNA)