Thailand’s largest coal producer, Banpu Public Company Limited (BANPU), is set to boost its investment in the shale gas industry in the United States. Moreover, it plans to list its affiliates on the New York Stock Exchange (NYSE) later this year. Banpu’s Chief Executive Officer said the company would accelerate investment in the US while reducing its dependence on coal.
In recent years, other Thai energy companies, such as Gulf Energy Development (GULF) and PTT Global Chemical Public Company Limited (PTTGC), have also sought to expand overseas investments as the demand and growth in Thailand started to slow down. Banpu has started talks to acquire additional energy assets in Texas, following its investment in a 700 MW power plant in the state in 2021.
Furthermore, Banpu intends to invest in the solar rooftop business in China and renewable energy in Japan and Australia. The company currently has various solar power plants in those countries, including Vietnam.
Banpu plans to bring its natural gas subsidiary, BKV Corp, into the project and list it on the NYSE this year. However, Banpu is still weighing the right time to do so and is waiting for the investment climate to become more robust. The price of natural gas in the US futures market has fallen by over 40% this year, and gas prices have been volatile in the past.
Banpu’s increased investment in shale gas, along with its renewable energy ventures, demonstrates the company’s commitment to a diversified and sustainable energy portfolio. Listing its affiliates on the NYSE will enable the company to access a broader market and provide new opportunities for growth.