Major trading house Marubeni Corp. announced June 14 that it will work with a Thai company to develop new independent power producer (IPP) projects in Thailand and neighboring countries such as Laos, Myanmar and Cambodia.
Marubeni executed a memorandum of understanding on June 13 with Global Power Synergy Co., a subsidiary of PTT Public Co., the largest oil and gas company listed in Security Exchange Thailand.
GPSC was established in January to consolidate the power business of PTT Group and increase its competitiveness. It currently owns approximately 1,040 megawatts of IPP projects and co-generation plants, and aims to increase that capacity to 6,000 MW by 2022, mainly in Thailand and neighboring countries.
Marubeni and GPSC will cooperate to identify and develop IPP projects and expand its business in the region.