B.Grimm, PTT form LNG JV in Thailand
B.Grimm Power has formed an LNG joint venture with PTT Global LNG, a subsidiary of Thai state-owned PTT Public Co., it said on August 23.
PTT Global LNG has acquired 250,000 newly issued ordinary shares in B.Grimm Power LNG JV. “The objectives of the cooperation are to procure and supply LNG and explore other business opportunities related to LNG value chain both domestically and internationally,” it said.
B.Grimm said the joint venture will strengthen and enhance the competitiveness and business expansion of B.Grimm Power. The joint venture will be held 50% by B.Grimm Power.
B.Grimm Power last year secured a licence to import LNG into Thailand. The Energy Regulatory Commission allowed the company to import LNG to the amount of 650,000 metric tons/year. The LNG will be supplied to B.Grimm’s power plants.
Thailand has been liberalising its gas market and has in recent years allowed private firms to directly import LNG. Last month, Bangkok-listed utility Electricity Generating Public Co (Egco) secured a licence to import LNG.
In addition to Egco and B.Grimm, five other companies hold LNG import and trade licences: state-run PTT Global LNG and Egat, as well as private entities Gulf Energy Development, Hin Kong Power Holding and Siam Cement Group.