Thailand’s state-owned energy company PTT said today it had signed a contract to buy a 25% stake in an Egyptian gas pipeline company for $487 million.
PTT said in a statement that its subsidiary PTT International would buy 36.75 million shares in East Mediterranean Gas Company (EMG) from Mediterranean Gas Pipeline at $13.25 per share.
PTT would give financial support to the subsidiary for the purchase and the transaction was expected to be completed in middle of December, it said.
The investment in Egypt was in line with PTT’s strategy to expand overseas as Thailand looks for new gas supplies to meet rising domestic demand over the next few years, it said.
EMG is the only company having the right to export gas from Egypt to Israel and is building a $469 million natural gas pipeline between the two countries, it said.