Thai Oil to invest in Myanmar, Vietnam

Thai Oil Pcl, Thailand’s top refiner, is looking for investment opportunities in refinery and petrochemical businesses in several fast-growing Southeast Asian countries, including Myanmar and Vietnam.
After almost 50 years of military rule, Myanmar is beginning to welcome foreign investments. On the other hand, Vietnam has proven to be one of the hottest emerging markets, although various problems, including high inflation, have kept investors at bay.
In an interview with Reuters, the company’s Chief Executive, Veerasak Kositpaisal, said that the company would instead focus on value-added aromatic products. “We have strength in the refinery and related refining businesses. This will be our focus in the future,” he explained. Thai Oil has no refining business outside Thailand, although it has a solvent business in Vietnam. Due to an excess in domestic capacity, Thai Oil has no plans to expand refining capacity in Thailand in the next three or four years. (August 23, 2012)