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PTT to appeal Thai court decision to enforce arbitral award

PTT PCL said it will file an appeal at Thailand's Supreme Court following a civil court order to enforce an arbitral award to refiner RPCG Public Co. Ltd.

A tribunal rendered the award in March 2016 that required PTT to pay 390 million Thai baht per year from Feb. 1, 2012, to March 25, 2016 for damages to RPCG for the termination of a sale contract.

The award has an interest of 7.5% per year accrued from the arbitral award date until full payment, PTT said in a Sept. 19 letter to the Thailand Stock Exchange.

RPCG said in its 2018 annual report that its oil refinery operations stopped in 2012 due to a lack of condensate supply from PTT.

As of Sept. 18, US$1 was equivalent to 30.52 Thai baht.