PTTEP acquires Partex to expand in Oman

Thailand-based PTT Exploration and Production Public Co Ltd (PTTEP) has announced an acquisition in Partex Holding BV worth approximately US$622mn.

Muscat - 

Thailand-based PTT Exploration and Production Public Co Ltd (PTTEP) has announced an acquisition in Partex Holding BV worth approximately US$622mn.

The acquisition of Partex Holding will enable PTTEP to be part of the consortium in the largest onshore producing asset in Oman as well as other oil and gas projects in five countries. This latest business achievement is paving the way for future investment opportunities in the Middle East, PTTEP said in a press statement on its website.

Phongsthorn Thavisin, PTTEP president and CEO said PTTEP HK Holding Limited, a subsidiary of PTTEP, has signed a share purchase agreement to acquire 100 per cent share of Partex Holding from Calouste Gulbenkian Foundation. Presently, Partex invests in seven oil and gas projects, of which Oman and the UAE are the key countries of Partex’s investment.

“Partex has invested in Oman’s largest onshore oil field for more than 80 years. This acquisition is not only a gateway for PTTEP to invest in one of the strategic areas of the Middle East’s oil and gas business, but also allows us to create a new business partnership with both national oil companies of Oman and the UAE, and world-class oil and gas players as we follow our Expand & Execute strategy,” Thavisin said.

The key investments under Partex’s portfolio include an interest in PDO’s Block 6 project, the largest onshore producing oil asset in Oman. Partex holds 2 per cent interest in this project.

Partex holds 1 per cent interest in the Mukhaizna (Block 53) project, a large producing oil field in Oman, in which Occidental Petroleum Corporation is theoperator. The company also holds 2 per cent interest in Oman LNG’s gas liquefaction complex project.

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