THAIOIL
February 1st, 2002
BY MARK ROWE
THAIOIL Plc, which has debts of US$2.3billion, has called for its parent firm, PTT Plc, to take control of the company and rescue it from further losses. Thaioil vice-president Chainoi Puankosoom said the company was in talks with PTT for the latter to increase its stake in the company to between 75 per cent and 100 per cent from 49.9 per cent currently. Thaioil's refining margin has been below cost, at about US$1 per barrel, in some months since September.
THAIOIL Plc, which has debts of US$2.3billion, has called for its parent firm, PTT Plc, to take control of the company and rescue it from further losses. Thaioil vice-president Chainoi Puankosoom said the company was in talks with PTT for the latter to increase its stake in the company to between 75 per cent and 100 per cent from 49.9 per cent currently. Thaioil's refining margin has been below cost, at about US$1 per barrel, in some months since September.
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