(MENAFN - Kuwait News Agency (KUNA)) KUALA LUMPUR, June 18 (KUNA) -- Thailand's PTT Exploration and Production Public Company Limited announced the acquisition of Portugal's Partex Oil and Gas Holdings Corporation for USD 622 million.
This step will increase the company's income, production and reserves, said PPT's President and CEO Phongsthorn Thavisin in a press release on Tuesday.
The acquisition will also allow the company to create new commercial partnerships with national oil companies in the UAE and Oman, he added.
The CEO noted that Partex, which is fully owned by Calouste Gulbenkian Foundation, will add 16,000 barrels of oil equivalent from projects in Oman, UAE and Kazakhstan.
The deal will also add about 65 million barrels of oil equivalent to the company's reserves, said Thavisin, adding that the acquisition is expected to be completed by Q4 2019.
PTT had acquired the assets of Malaysia's Murphy Oil Corp for USD 2.13 billion last March.
According to data released by the company, PPT's sales operations reached 319,230 barrels of oil equivalent on a daily basis in the first three months of 2019. (end)