PTT Pcl announced that it is cutting their 2013 investment budget by 46% to 54.6 billion baht or US$1.75 billion.

This decision was made in response to the slower-than-expected global economic growth in Asia.

Most of the cutback affected most of PTT's planned foreign investments.

Projects based locally like Thailand and in other Asian countries delays are expected since due to the time it takes to complete mandatory environmental and health impact assessments.

PTT set a working budget of 100.9 billion baht for this year.

The forecasted five-year investment budget remains unchanged which is set at 366 billion baht.

Newly appointed chairman Parnpree Bahiddha-Nukara said that adding PTT's board would review the 2013-2017 budget at a meeting which is set on Aug 3.

PTT Public Company Limited is a Thailand state owned oil and gas company. It owns extensive extensive submarine gas pipelines in the Gulf of Thailand. It also owns a network of LPG terminals throughout the Kingdom. PTT is currently involved in electricity generation, gasoline retailing businesses and oil and gas exploration and production.