Thai Oil, Thailand’s leading refining and petrochemical company, is preparing for investments in ASEAN to welcome the coming ASEAN Economic Community (AEC) to take effect next year.
Veerasak Kositpaisal, Thai Oil Group’s Director/Secretary to the Board, said the company is targeting Myanmar and Indonesia for its investments.
The Myanmar government has invited the PTT Group to visit the country, while Thai Oil offered a bid to modernize two aging oil refineries near Yangon with a production capacity of 40,000 barrels/day. Myanmar is announcing its selection of the bid winner within this year.
Regarding Indonesia, Thai Oil has signed an initial collaboration agreement with Pertamina, Indonesia’s state oil and natural gas mining company owning all refineries in the country with a total production capacity of 1.2 million barrels.
Thai Oil will decide this year whether it will invest with Pertamina.
Dubai crude oil prices in 2014 are projected at US$102/barrel, lower than the price last year at US$104/barrel.
Thailand’s demand for oil this year is expected to grow only 0.8 percent due to the country’s decelerating economy, or 139 million liters/day, most of which is diesel, at 57 million liters/day.