Thaioil looks for expansion opportunities

As reports of a possible merger between PTT Plc’s various business units continue to circulate in the market, subsidiary Thai Oil Plc, the country’s largest refiner, says it will continue to look for both domestic and international opportunities. “Look at the region and you will see a lot of dead capacity. This offers us good opportunities for expansion,” said Surong Bulakul, Thaioil’s chief executive. “We’re thinking about acquiring new capacity, not starting from greenfield, as some smaller refineries are slowing down their production or on the verge of shutting down,” he said. Most oil and related businesses in Thailand are controlled by Thaioil’s parent PTT, which is now looking at merging its four subsidiaries–IRPC, PTT Chemical, PTT Aromatics and Refining and Thaioil–in the near future. (December 20, 2010)