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 and PTTEP will have first right of refusal if Statoil chooses to sell down its stake.

In a conference call with investors last night, chief executive Anon Sirisaengtaksin said that PTTEP will pay Statoil...

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