The proposed plans are part of the company’s review of its investments in response to unstable global oil prices.

In December 2007, the company acquired the stake in EGM for $487m.

EGM operates a natural gas pipeline, which had ceased operations after it was attacked by militants in the Sinai peninsula. The pipeline transported gas from Egypt to Israel.

PTT chief financial officer Wirat Uanarumit was quoted by Reuters as saying that the company had written-off investment in EGM as the pipeline had been shut down.

"We are looking at an option to sell the stake. Some investors have approached us, but there is no progress so far.

"PTT has a representative in EMG’s board, but the company has already stopped operations, while we are assessing the situation."

The company is also considering sale of its palm oil business in Indonesia, and a 12% stake in Bangchak Petroleum.

PTT reduced its five-year budget by 11% to $8.9bn and intends to reduce 2015 budget by around 15% from its previous target of THB85.5bn ($2.63bn).