Thailand’s largest energy firm PTT PCL is keen to sell a 25 percent stake in Egyptian gas pipeline company East Mediterranean Gas (EMG), which has stopped operations in recent years, chief financial officer Wirat Uanarumit announced on Thursday.
“We are looking at an option to sell the stake. Some (investors) have approached us, but there is no progress so far,” Wirat told Reuters. PTT has already written off the investment in Egypt, he said.
PTT, which is also in the process of selling its palm business in Indonesia, bought the stake in EMG for $487 million in December 2007.
EMG is a company registered in Egypt that owns and operates a cross-border gas pipeline that receives Egyptian gas from an exporting terminal at Al-Arish in Egypt and transports it to a receiving terminal at Ashqelon in Israel.
