Thailand’s PTTEP is emulating its regional compatriots in betting on Mideast upstream assets. The state firm returned to the Gulf in January, snagging two exploration blocks in Abu Dhabi alongside Italy’s Eni, and is now broadening its footprint with the purchase of the storied, albeit minor, firm Partex.

PTTEP announced on 17 June that it will pay $622mn to the Lisbon-based Calouste Gulbenkian Foundation for 100% of Partex in a deal slated for Q4 completion. Established in 1938 by ‘Mr Five Percent’, Mideast oil pioneer Calouste Gulbenkian, Partex played a notable role in developing the region’s oil sector. While its regional holdings have shrunk in recent years, Partex still holds small stakes in major assets. (CONTINUED - 914 WORDS)