Thai Oil to spend up to US$1 billion in next 5 years

Thailand’s top oil refiner, Thai Oil Pcl , aims to spend between US$500 million and US$1 billion from 2011 to 2015, mainly on expansion and new machinery, a company executive said. The company also said it expects better performance of its refinery and petrochemical businesses in the fourth quarter of 2010, compared with the previous quarter, Assistant President for Finance Virat Ueanaruemit said. Under the plan, the company will spend between US$300 million and US$400 million next year, mainly to upgrade its paraxylene plant and upgrade its refinery to meet Euro 4 pollution standards, he said. (November 18, 2010)