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PTT to separate gas pipeline units this year
PTT to separate gas pipeline units this yearYUTHANA PRAIWAN
Fearing that it will face the same fate as Egat Plc, PTT Plc has pledged to separate its gas pipeline operations this year and has reiterated that there were no conflicts of interest regarding its privatisation.
PTT's president Prasert Bunsumpun said the company would separate its gas pipeline operations this year, adding that the accounting system of its assets and performances had already been separated.
The next step for PTT will be to seek approval from the board and shareholders for the separation of gas pipeline operations.
PTT will work with state agencies to ensure that consumers won't bear the brunt of the separation and that pipeline expansion to support gas demand won't be interrupted.
Although gas pipeline operations had not yet been separated, Mr Prasert said the government and the general public would not be affected because pipeline fees and costs had not changed when the company was privatised and therefore had no effect on power costs.
In addition, he said, PTT's privatisation had not been tainted by conflicts of interest because the panel members involved in every part of the process were legitimately qualified.
After discussing the legal aspects to privatisation with consultants, Mr Prasert said that he was confident that the process had been transparent and every step had been in line with corporatisation law.
"The privatisation was not a sale of national assets but an instance of actually increasing added-value and enhancing the security of a national asset by making PTT self-reliant, rather than allowing it to needlessly become a burden of the state." said Mr Prasert.
Today, state holding in PTT is 68%, or 500 billion baht of total capital.
PTT contributes to state coffers in the form of corporate income tax and dividends, which have amounted to 140 billion baht since 2002.
PTT forecast another 250 billion baht in revenue contributions to the government over the next four years.
Anon Sirisaengtaksin, a senior executive vice-president of PTT, said new corporate entities would be established this year to oversee the gas pipeline operations and gas separation plants. But the gas pipeline operations have not yet been registered. Nor have their assets estimated.
PTT's business in the future would be split into four groups _ natural gas, oil, refineries and petrochemicals. The division would give a clearer pictures of the performance of each group.
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