PTTEP invests $2.28 billion in Canadian oil sands project

The record outward investment by a Thai company helps PTTEP to gain a foothold in the world’s second-biggest source of crude oil.

Thailand’s PTT Exploration Production is taking advantage of the strong baht to buy a $2.28 billion stake in a Canadian oil sands project from Statoil.

The investment is a record for a Thai company overseas and will give PTTEP 40% ownership of the Kai Kos Dehseh project. Norway’s Statoil will keep the remaining 60% stake and continue to operate the project, which it bought in 2007 from North American Oil Sands.

The two companies will share management responsibilities...

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