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Thailand's PTT not bidding for Shell's petrol stations in Australia -official

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(Credit: Wall Street Journal) Image shows two workers behind a PTT PCL logo. PTT PCL
January 9
12:53 AM 2014

Thailand's top energy firm PTT PCL on Thursday  denied a media report saying that the company was bidding for Royal Dutch Shell PLC's service stations in Australia.

A senior official from PTT told Reuters that the state-owned oil and gas company is not getting involved in the deal and is doing nothing.

The Australian Financial Review earlier reported that PPT was among three constoria bidding for Shell's petrol stations in Australia in a A$3 billion ($2.67 billion) auction, the report said.

Private equity firm TPG Capital LP is bidding with pension fund Ontario Teachers' Pension Plan and sovereign wealth fund Kuwait Investment Authority for Shell's Australian assets. Swiss-based oil trader Vitol Group is working with the Abu Dhabi Investment Council, while Australian bank Macquarie Group is bidding with PTT, AFR previously said.

According to the AFR report, Shell was in talks with several parties over the A$3 billion sale of 900 petrol stations and its oil refinery in Geelong City. The petroleum major is exiting its Australian assets to generate cash for its energy production business segment.

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