The doubtful process in 4 PTT Plc’s affiliates merger of PTT Aromatics and Refinery Plc (PTTAR), PTT Chemical Plc (PTTCH), Thai Oil Plc (TOP) and IRPC Plc (IRPC) may become clearer in April 2010 as the Group waits and sees resolution for the Map Ta Put project in order to maximize shareholder profits from the process.

Chainoi Pheunkosum, president of PTTAR, said the Group has hired Mackenzie as their financial advisory for assets valuation, which will take around 1 to 2 months to complete.

“The merger will support PTT expansion scheme into the neighboring countries and beyond,” Mr. Chainoi commented.

He said the Group also plans to invest around $200-$300 million to upgrade their products to EURO IV standard in 2010.

KGI Securities analysts commented that shares of the four companies shall remain stayed on top of speculators’ list after the merger, which will be benefited from production cost reduction due to utilizing the same source of materials.

However, the Map Ta Put project problem remains looming as risk.