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PTT Exploration snaps up stake in Malaysia LNG project

Thai resource developer eyes new sources for fuel as reserves dry up at home

BANGKOK -- Thailand's PTT Exploration & Production will invest $500 million in a Malaysian liquefied natural gas production base, seeking new sources of the fuel as Thai reserves become depleted.

In the company's first foray into LNG production, a PTTEP subsidiary will acquire a 10% stake in the operator of the site from Malaysian state-owned oil company Petroliam Nasional, or Petronas. The facility, which started operating in January, has an annual output capacity of 3.6 million tons.

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