Thai PTT Expects Lower Consolidated Revenue This Year

Reuters

BANGKOK, Oct 1 (Reuters) - PTT Pcl, Thailand's top energy firm, said on Thursday it expected consolidated revenue this year to be lower than last year's 2.83 trillion baht ($77.88 billion) due to falling oil prices and accounting standard adjustments.

The company expects oil prices to average about $50 per barrel, compared with $80-$90 last year, its newly appointed Chief Executive Tevin Vongvanich told reporters.

State-controlled PTT is still looking for acquisition deals in exploration and production, he said.

The company has cut 2015 investment to 55.66 billion baht to reflect the impact from weak oil prices, but maintained its five-year investment budget of 299 billion baht. ($1 = 36.34 baht)

(Reporting by Khettiya Jittapong; Writing by Orathai Sriring; Editing by Gopakumar Warrier)

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