Thailand’s largest oil company has gained a foothold in the Alberta oil sands industry by paying $2.3bn for a 40 per cent stake in a project owned by Statoil of Norway.
The move marks Thailand’s biggest overseas acquisition and the first oil sands investment by PTT Exploration & Production, a subsidiary of PTT, the statecontrolled energy group.
The company, which leads the country’s search for oil and gas resources abroad, said the investment in the Kai Kos Dehseh project marked “a transformational step” in its expansion plans.
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