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PTTEP signs Bangladesh gas deal
BANGKOK
Petroleumworld.com, Jan 08, 2008Thailand's PTT Exploration and Production has signed a deal to take a 30 percent stake in a project to explore for natural gas in Bangladesh, the company said in a statement Monday.
The deal with Total E&P Bangladesh marks the company's first move into South Asia. It still requires approval from Bangladesh's government as well as from other partners in the project, PTTEP President Maroot Mrigadat said in the statement.
The project, whose other main partner is Tullow Bangladesh Limited, will explore offshore for natural gas in two blocks off Chittagong province.
The area is believed to have high potential because it is situated between two fields that are already productive, the statement said.
Last year PTTEP expanded its investment in Egypt, Bahrain, New Zealand and Australia, as energy-hungry Thailand looks ever farther afield to satisfy the needs of its own growing economy.
"These new partnerships will give us new connections which will in the end help us to further expand our business to new frontiers," Maroot said.
Story from AFP
AFP 071005 GMT 01 08
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