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Investment Budget Cut
World Economy

Investment Budget Cut

PTT PCL, Thailand’s largest energy firm, has reviewed its strategy and spending for this year and will cut its 2015 investment plan by 28% to reflect changes in global economic conditions, Reuters reported. State-controlled PTT said in a filing to Thailand’s stock exchange it has reassessed its investments, which have been hit by declining oil prices and losses from fuel subsidies. PTT reported its steepest quarterly loss on record in the fourth quarter last year. PTT has cut 2015 investment to 55.66 billion baht ($1.65 billion) from 77.28 billion baht in March, a reduction that comes largely from “the uncommitted overseas investment projects of upstream and natural gas business”, chief executive officer and president Pailin Chuchottaworn said in a statement.

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