Thai Oil to invest in product upgrades

Thai Oil PCL, Thailand’s largest refiner by capacity, has set an initial investment target of US$2 billion to US$3 billion over the next five years. It plans to upgrade the quality of its refined products to meet Euro 4 emission standards and invest in residue upgrading technology to produce more refined oil products. Part of its investment will be for acquiring solvent businesses majority-owned by Royal Dutch Shell PLC in Thailand and Vietnam. Other projects Thai Oil will invest in include aromatic upgrading technology for its Thai Paraxylene unit, an ethanol production plant, and an expansion of its petroleum transportation fleet. (January 15, 2009)