PTTGC share price drops
PTT Global Chemical's share price further slid today, following the potentially huge damage compensation for the oil spill in the Gulf of Thailand.
The stock closed at Bt70 on Tuesday, down by Bt3.25 or 4.44 per cent. Yesterday, it lost only Bt0.75 or 1.01 per cent, following the oil leak last weekend.
The Marine Department today filed a complaint against the company, to hold it responsible for the clean-up as well as compensation.
In a filing to the Stock Exchange of Thailand yesterday, PTTGC said that it has insurance coverage under Property Damage and Business Interruption, Marine Cargo, and Third Party Liability. PTTGC and the insurer are currently in the process of appraising the claim value.
On July 27, the company found leakage in the flexible hose (size 16 inches) at the Single Point Mooring (SPM) while discharging crude oil from a vessel to the Refinery, 20 kilometers Southeast of Map Ta Phut seaport. The leakage resulted in oil spill for approximately 50,000 litres or equivalent to 316 barrels.
