PTT, the government-owned energy company of Thailand, is looking for partners to inject capital and offer expertise for its petrochemical and refining operations, reported Bloomberg. 

In a press briefing, PTT CEO Kongkrapan Intarajang revealed that PTT is seeking new partners for PTT Global Chemical, Thai Oil, and IRPC.  

The initiative is aimed at aiding PTT and its exchange-traded units amid competitive and challenging market conditions. 

“We are in talks with several potential investors who are interested in taking stakes in subsidiaries to gain a gateway for expansion in Southeast Asia,” the CEO said.  

“We will be quite careful about any new partners. They must have the technology and expertise that can add a lot of value.” 

While no specific investors or potential deal values have been disclosed, Kongkrapan confirmed that PTT intends to maintain its controlling stakes. 

Currently, PTT directly owns a 45% stake in the three companies.  

The Thai Ministry of Finance is the majority shareholder of PTT, owning 51%, with additional shares held by state enterprises and investment funds.  

PTT itself is a key entity on the Stock Exchange of Thailand, with a market capitalisation of approximately Bt978bn ($29bn). 

In line with its strategy to enhance profitability, PTT will also look to divest from non-performing businesses and units, according to Kongkrapan.  

However, details on which companies might be affected have not been provided. 

Kongkrapan took the helm of PTT in May after serving as CEO of PTT Global Chemical. 

In other oil and gas news from the country, last week, Canada's Valeura Energy started oil production at its Nong Yao C development in the Gulf of Thailand.  

Valeura, which holds a 90% operated interest in the Nong Yao oil field, expects to see production volumes rise, with a target peak rate of around 11,000 barrels per day in the near future. 

In April, Valeura Energy reported three oil discoveries in the Gulf of Thailand.