Thai Oil Plc raises stake in ethanol producer Sapthip

Thai Oil Plc (TOP), Thailand’s largest oil refinery, acquired a 50% stake in a local ethanol producer to diversify its investments and secure its ethanol feedstock, says Chief Executive Officer Surong Bulakul, the Bangkok Post reported. The 680-million-baht (US$20.97 million) acquisition of 4 million shares of Sapthip Co. was made through TOP’s wholly owned subsidiary Thai Oil Ethanol. Sapthip Chairman Liang Srisathaporn said Thai Oil was a good strategic partner as it could supply technology and marketing for Sapthip, whose expertise is in producing cassava, a raw material. Sapthip has a production capacity of 200,000 liters of ethanol per day. (June 25, 2010)