In a statement PTT President Prasert Bunsumpun said, “The company’s goal as the sole shareholder of Rayong was to support its debt and capital restructuring in order to strengthen the refinery’s financial status. [Now], Rayong’s performance and enterprise value [are] expected to improve given the increase in domestic and regional demand for petroleum products.”
However, according to the newspaper, “PTT must inject up to US$250 million to recapitalise the refinery as part of [Rayong’s] US$1.33-billion debt restructuring.”
“[Furthermore], under the agreement, PTT will buy 242.67 million shares of Rayong and supply petroleum products to Shell under a 10-year contract,” added the Post.
