PTTEP freezes new investment in Indonesia
PTT Exploration and Production, Thailand’s state-owned oil and gas company, said on Tuesday that it will halt all new investments in Indonesia until a dispute with the government there over an oil spill in 2009 is settled. “As of today, PTTEP made the decision to suspend any new investment until the issue becomes clear and a conclusion could be reached,” Chief Executive Somporn Vongvuthipornchai told reporters in Bangkok on May 9. He said that this could mean that more than one “potential merger and acquisition project” will be shelved.
