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)


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.