Thailand's PTT Names Subsidiary Head Tevin as New CEO

Reuters

BANGKOK, June 26 (Reuters) - PTT Pcl has appointed Tevin Vongvanich, head of subsidiary PTT Exploration and Production Pcl (PTTEP), to become the chief executive officer of Thailand's biggest energy firm, PTT's chairman said on Friday.

Tevin, 56, will succeed Pailin Chuchottaworn whose term ends on Sept. 9, and will continue to lead PTTEP, Piyasvasti Amranand said at a news briefing.

Tevin will be tasked with finding a long-term supply of natural gas as domestic supplies are likely to run out in the next six to seven years while imports from neighbouring Myanmar are likely to decline, Piyasvasti said.

Thailand uses natural gas for about 65 percent of power generation, of which one-fifth is from Myanmar.

"PTT's CEO has to focus on Thailand's energy security," Piyasvasti said. Tevin will have to revise the company's long-term strategy and investment plan to prepare for importing more gas, he said.

Bangkok-born Tevin was PTT's chief financial official before taking the helm of PTTEP in May 2012.

The energy-sector veteran started his career as an engineer with explorer Unocal, later acquired by Chevron Corp.

He earned a Master's degree in petroleum engineering from the University of Houston in the United States, and in chemical engineering from Rice University, before completing a global leadership programme at Harvard Business School in July 2012.

State-controlled PTT is Asia-Pacific's sixth-biggest oil and gas firm by market value, at $31 billion. The company and subsidiaries led by PTTEP have been looking to buy foreign assets to grow and boost the group's international profile.

(Editing by Prateek Chatterjee and Christopher Cushing)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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