Thai Oil to invest US$2 billion to acquire new assets and build new businesses

Thai Oil, Thailand’s largest refiner, is considering investing up to US$2 billion to acquire new assets and establish new businesses, including investing in specialized products such as wax, in Indonesia, The Nation reported. President and CEO Surong Bulakol said the company has developed three scenarios of its rolling five-year investment plan. Thai Oil’s business in both Vietnam and Indonesia will be focused on marketing, not investing in new facilities. It is marketing solvents in Vietnam and will continue strengthening its business there. The opportunity for the company in China is downstream, as it is looking to market lubricants in that country. “Refining from now on will be a small but beautiful business. We have to look for other refinery-related businesses, particularly marketing, which is downstream,” Surong said. (April 6, 2012)