Thailand's state-owned oil major PTT PCL's board approved the promotion of COO Auttapol Rerkpiboon to president and CEO, the Nikkei Asian Review reported.

Rerkpiboon, who was selected from six candidates, will replace Chansin Treenuchagron, who will retire in May 2020.

The new chief will oversee the government's efforts to establish the country as an LNG trading hub for Southeast Asia, the report said citing the Bangkok Post.

In November, PTT reported a third-quarter net profit of 20.26 billion Thai baht, down 33.2% from the 30.33 billion baht posted for the third quarter of 2018.

As of Dec. 20, US$1 was equivalent to 30.20 Thai baht.