Shearman & Sterling advised PTT Exploration and Production Pcl (PTTEP), Thailand’s national oil and gas firm, on its acquisition of Partex Holding B.V. (Partex) from Lisbon-based Calouste Gulbenkian Foundation for $622 million. The transaction is subject to antitrust and regulatory approvals and is expected to close in Q4 2019.

PTTEP is listed on the Bangkok stock exchange but is majority owned by the Thai state. The acquisition of Partex marks an important step in PTTEP’s stated aim to gain exposure to larger oil and gas fields, particularly in the Middle East. Partex will add sales of 16,000 barrels of oil equivalent per day to the PTTEP Group’s output. The deal will also add proved and probable reserves of approximately 65 million barrels of oil equivalent according to PTTEP’s working interest.

Partex was founded by Calouste Gulbenkian in 1938. The company owns upstream and midstream oil and gas assets in Oman, UAE, Kazakhstan, Angola and Brazil.

The Calouste Gulbenkian Foundation is a private philanthropic entity, which finances arts, education and science.

The Shearman & Sterling team below was supported by associates Joe Freeman and Anna Lam.

The Team