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Reuters-Thai government allows PTT



Subject: Reuters-Thai government allows PTT to pay for Yadana gas

Tuesday August 24, 5:48 am Eastern Time
Thai government allows PTT to pay for Yadana gas
BANGKOK, Aug 24 (Reuters) - State-owned Petroleum Authority of Thailand
(PTT) received approval from the government on Tuesday to make a payment of
$50.5 million to Yadana gas producers.

The payment covers the first tranche of a take-or-pay agreement it has with
a Total -led consortium which produces natural gas at the gas project in
Myanmar.

The amount is a discount from $62 million originally charged to PTT,
Thailand's gas monopoly.

PTT did not pay the first bill, which has been due since March, on the
grounds that the energy content in the gas from Yadana was lower than agreed
in the 30-year contract.

The Yadana field is operated by a consortium led by Total and includes PTT
Exploration and Production and U.S.-based Unocal (NYSE:UCL - news).