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 state-controlled 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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