Thaioil gears up for AEC

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BANGKOK, 15 June 2012  – Thaioil Public Company Limited has announced its 5-year invesment plan in preparation for the ASEAN Economic Community (AEC).

Thaioil Chief Executive Officer Weerasak Kositpaisan has disclosed the company’s 5-year investment plan for the Asian region with aims to brace itself for the upcoming AEC liberalization. Mr. Weerasak pointed out that the company is keen on establishing a land connection within the region, with Thailand as the hub of oil transportation. The company’s main focus will rest on Myanmar, Cambodia, Laos, Vietnam and Indonesia.

According to the plan, the company will support the construction and improvement of regional refineries, trade and investment, logistics infrastructure, such as marine transportation, as well as improving the quality and standards of Thaioil product and services. The five-year plan will be carried out under a grand budget of 1.5 billion dollars, or an annual sum of 300 million dollars.

Mr. Weerasak also predicted that the global fuel price during the second half of the year will once again bounce back to 100-110 dollars per barrel on the condition that the European Union finds a concrete solution to its debt crisis and that Greece remains a member of the EU. Additionally, the approaching winter season and the higher demand for fuel after the embargo on fuel import from Iran is implemented on 1st July will contribute to the adjustment in oil price.