Reuters-Thai PTT to name Citibank b

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Subject: Reuters-Thai PTT to name Citibank bond issue underwriter

Thursday April 8, 5:20 am Eastern Time
Thai PTT to name Citibank bond issue underwriter
BANGKOK, April 8 (Reuters) - State-run Petroleum Authority of Thailand (PTT)
will sign a contract on Friday to name Citibank as an underwriter of its
yen-denominated bonds worth $240 million.

Pala Sukawesh, PTT governor, said on Thursday that the bond would be
guaranteed by Japan's Ministry of International Trade and Industry (MITI).
PTT had announced in March that it would float the bonds.

He said the proceeds from the issue would be used to finance natural gas
pipeline projects linking offshore Pailin field in the Gulf of Thailand to
the shore, and for linking gas from the Ratchaburi power plant which takes
gas from Myanmar's Yadana project to central Ayudhya province.

The yen-denominated bond issue is a part of PTT's total planned debt issue
worth $350 million.

Pala said the agency had yet to finalise the plan to issue the rest of the
bonds. Part of the proceeds from the remaining bonds to be issued will be
used to finance the construction of a paraxylene project by its unit Thai
Oil.

Thai Oil has suspended construction of a $250 million paraxylene plant
jointly owned with Mitsubishi Oil due to financial problems.