Thai Bangchak to Buy Stake in Australia's Nido Petroleum
BANGKOK, July 31 (Reuters) - Thai oil refiner Bangchak Petroleum Pcl said on Thursday its wholly-owned unit has signed a deal to buy a 19.66 percent stake in Australian oil-and-gas explorer Nido Petroleum Ltd for A$ 22.2 million.
This would be the first foreign investment for Bangchak, and will create an opportunity to boost revenue and diversify risk at home, the company said in a statement.
The unit, BCP Energy International Pte Ltd, registered in Singapore to explore investment opportunities overseas, will buy the stake from Petroleum International Investment Corp.
Nido Petroleum has concession contracts to explore petroleum fields in the Philippines and Indonesia.
Bangchak, 27.22 percent owned by Thailand's top energy firm PTT Pcl, runs a 120,000-barrels-per-day refinery and has diversified into solar farm business. The company has said it was keen to invest in solar farms in Japan.
(Reporting by Khettiya Jittapong; Editing by Prateek Chatterjee)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Philippines' Galoc Phase 3 Oil Field Development Plan for Start-up in 2019 (Aug 17)
- Partners Nearer to Further Development of Galoc Oil Field Offshore Palawan (Jul 14)
- Otto Energy Completes Sale of Galoc Production Co. Stake to Nido for $106M (Feb 17)
Company: Bangchak Petroleum Pcl more info
- Thai Bangchak Petroleum to Invest over $600M in 2015-2016 (Feb 24)
- Thailand's BCPE Gains Majority Ownership of Takeover Target Nido Petroleum (Sep 16)
- Nido's Directors Recommends Acceptance of Bangchak's Takeover Offer (Aug 04)