Thailand-based TRC to form JV with China’s Sinopec to tap into ASEAN

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By Chalida Ekvitthayavechnukul

June 4, 2015

Thailand’s oil and gas turnkey TRC Construction is in talks with Chinese oil and gas firm Sinopec Limited to form a joint venture firm to get more construction projects in ASEAN.

TRC’s chief executive officer Pasit Leesakul said the companies could conclude the deal by the end of this year.

“ASEAN has grown rapidly and has good potential for construction projects. If we and Sinopec boost the cooperation, we will be a strong player in the industry,” he said.

So far, the companies are waiting for the result of two bidding projects, which should be announced in the second half of this year. The projects are a 3-billion-baht gas pipeline of PTT Exploration and Production PCL and a 1-billion-baht oil pipeline.

He said that it expected to win 25 per cent of total value of the projects. In the second half, it plans to bid for more government projects, which have a total value of 10 billion baht, including the double-track train and other construction projects.

He is confident that the company’s revenue and net profit will grow by 20 per cent from 3.13 billion baht and 214.92 million baht last year.

Currently, it has a backlog of 6.62 billion baht, which will start to generate the revenue by 2017.

The company plans to issue the debentures of 500 million baht in July. The proceeds will go toward buying new machines and maintenance in order to support more projects over the next three years.

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