PTT Exploration and Production Pcl, a Thai oil and gas subsidiary of PTT Public Co. Ltd., announced that the company will acquire Portuguese rival Partex Holding B.V. for $622 million.
PTT Exploration said in a statement that the proposed acquisition of Partex Holding will immediately boost the company's revenue stream, production and reserves.
The company added that the transaction will enable it to create a new business partnership with both national oil companies of Oman and UAE.
More so, PTT Exploration will buy Partex from Portugal-based Calouste Gulbenkian Foundation in a deal expected to close in the fourth quarter of 2019.