Investor Relations

PTTEP 13061/00-9957/2020                                                                                     

30 December 2020

 

President

The Stock Exchange of Thailand

93 Ratchadapisek Road, Din Daeng

Bangkok 10400

 

Dear Sir,

 

Subject:           The Receiving of an Exclusive Right for Development of the Integrated Domestic Gas to Power Project in Myanmar

 

PTT Exploration and Production Public Company Limited, or PTTEP, would like to inform that PTTEP has received an exclusive right to develop the Integrated Domestic Gas to Power Project in Myanmar and signed the Notice to Proceed with Ministry of Electricity and Energy (MOEE) on 30 December 2020.

 

PTTEP’s Integrated Domestic Gas to Power Project is an integrated energy project from Exploration and Production, Gas Transportation System, and a gas-fired power plant aim to provide energy security to Myanmar. This marks PTTEP’s first step to diversify and expand along the gas value chain, aligned with the company’s long-term strategy towards sustainable growth.

 

The investment worth approximately 2 billion US Dollars, including upstream development projects, a 600-megawatt combined cycle power plant located in Kyaiklat in Ayeyarwady Region, new offshore and onshore gas pipeline route from Kanbauk – Daw Nyein – Kyaiklat for approximately 370 kilometers, and Transmission line from Kyaiklat to Hlaingtharyar in Yangon Region. The project will promote the utilization of domestic gas supplied from PTTEP’s producing and exploring projects in the Gulf of Moattama starting from Zawtika and Myanmar M3 project. The generated power will be sold to the Electric Power Generation Enterprise (“EPGE”), a state-owned enterprise under MOEE, over a 20-year term with 5-year extension from the Commercial Operation Date (COD). PTTEP expects to make a Final Investment Decision (FID) of the Integrated Gas to Power Project in 2022. The electricity generation from this project is expected to generate the equivalent of around 10% of Myanmar’s existing installed power plant capacity.

 

Please be informed accordingly.

 

 

Sincerely yours,

 

 

Phongsthorn Thavisin

Chief Executive Officer