Thaioil prepares to invest in ASEAN

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BANGKOK, Feb 12 – Thaioil, 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, Thaioil 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 Thaioil offered a bid to modernise 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, Thaioil 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.

Thaioil will decide this year whether it will invest with Pertamina.

Dubai crude oil prices in 2014 is 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 per cent due to the country’s decelerating economy, or 139 million litres/day, most of which is diesel, at 57 million litres/day.