Thai Oil plans to acquire 50% stake in ethanol firm

Refiner Thai Oil PCL said its board has approved a plan to spend 680 million baht (US$20.99 million) to acquire a 50% stake in a Thai ethanol-blended fuel producer to expand its ethanol business. The company, through its subsidiary Thaioil Ethanol, expects to sign the purchasing agreement with Sapthip Ltd. on May 17 and complete the share transfer transaction by June 1, it said in a filing with the Stock Exchange of Thailand. Sapthip, a subsidiary of tapioca producer and exporter Sapsathaporn Ltd., has a production capacity of 200,000 liters per day, or 66 million liters a year, the statement said. (May 12, 2010)