PTT suspends new investment projects in Indonesia

BANGKOK, May 19 (TNA) - PTT Public Company Limited (PTT), Thailand's largest petroleum firm, says that the company has suspended new investment projects in Indonesia pending the settlement of a case in which Jakarta has sought for a compensation for an alleged damage to Indonesian assets caused by a PTT oil leak incident in Australia. PTT President and Chief Executive Office (CEO) Tevin Wongwanich told journalists of the decision on May 18, saying, however, that existing PTT investment projects in Indonesia will be continued. "PTT has suspended new investment in Indonesia until the case, in which an oil leak from PTT's Montara source in Australia in 2009 was claimed to have damaged Indonesia's assets, will be settled", Tevin clarified. The PTT top executive noted that he was informed during recent talks with Indonesian Industry Minister Airlangga Hartarto that PTT's assets in Indonesia are unlikely to be legally affected by any verdict of the judicial case, filed by the Indonesian Ministry of Marine Affairs and Fisheries, as they have been legally-registered under different entities. According to the PTT top executive, PTT's existing investment projects in Indonesia include those run by PTT Exploration and Production Public Company Limited (PTTEP), a PTT subsidiary, as well as coal mine and oil palm plantation projects.(TNA)