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2013
Jun. 14. 2013
Marubeni Corporation
On June 13th 2013, Marubeni Corporation (hereinafter Marubeni) executed a Memorandum of Understanding
(MOU) with PTT Group subsidiary Global Power Synergy Company Limited (GPSC), to jointly develop new
IPP projects in Thailand and neighboring countries such as Laos, Myanmar and Cambodia (Target Countries).
GPSC is one of the strategic subsidiary companies of PTT Public Company Limited (PTT) which is
the largest oil and gas company listed in Security Exchange Thailand and mainly owned by PTT
(30.1%) and PTT Global Chemical Public Company Limited (30.3%). It was established in January
2013, for the purpose of consolidating the power business of PTT Group, and increasing
competitiveness of its power business. It currently owns approximately 1,040MW of IPP and
cogeneration plants, and aims to increase that number to 6,000MW by 2022, mainly in Target
Countries, as a steady economic and power demand growth is expected in the area.
Marubeni has built a close business relationship with PTT Group, mainly through trading of
petrochemical products, gas and various equipment. In power business, Marubeni was awarded as
EPC contractor for IRPC Public Companys Cogeneration project, and successfully supplied the plant
in 2011. Based on these close business relationships, and also expected synergy between the two
companies, stemming from GPSCs vast experience in Target Countries and Marubenis vast
knowledge of IPP development, both companies agreed to execute the MOU.
From now on, Marubeni and GPSC will cooperate to identify and develop good quality IPP projects,
and expand its business in the region.
Under the Global Challenge 2015 mid-term management plan, Marubeni designates IPP business
as one of the most focused businesses, and aims to increase more IPP assets by good quality
projects.
<Description of GPSC>
Name: Global Power Synergy Company Limited
Location:
555/2 Energy Complex Building B, 14th Floor, Vibhvadi
Rangsit Road, Kwaeng Chatuchak, Khet Chatuchak, Bangkok 10900
Shareholders:
PTT Public Company Limited 30.10%
PTT Global Chemical Public Company Limited 30.31%
Thai Oil Power Company Limited 27.71%
Thai Oil Public Company Limited 11.88%
Total: 100%
Date of Establishment: January 2013
Category of Business: Power/Steam/Water Generation
Management: Mr. Jakchai Barlee(President)
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Memorandum of Understanding between Marubeni and Global Power
Synergy Company for Joint Development of IPP Projects
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Page 2 of 2 Memorandum of Understanding between Marubeni and Global Power Synergy Comp...
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