RP, Thailand to set up regional 'petroleum hub'

RP, Thailand to set up regional 'petroleum hub'

Associated Press
Manila

The Philippines and Thailand are to begin talks this week in
establishing a Southeast Asian "petroleum hub" to boost energy
supply in the region, Manila's energy department said on Monday.

A 22-member delegation led by Thai energy minister Prommin
Lertsuridej and senior officials of state Petroleum Energy of
Thailand are to arrive on Tuesday and meet with his counterpart
Vicente Perez and President Gloria Arroyo.

Both sides are to create a "technical working group" to
explore areas of cooperation "in the utilization of existing
storage facilities," the department said in a statement.

Discussions will also focus on investment opportunities in the
upstream and downstream oil and gas sectors, with the two
ministers expected to discuss a joint bid to "establish regional
petroleum hub that will bolster energy supply" in Southeast Asia,
China, Japan and South Korea.

"The Philippines and Thailand have strongly pushed for the
creation of a petroleum hub that will be used as strategic
locations for stockpiling and distribution points in Southeast
Asia," Perez said.

Prommin's visit, the first of a Thai energy minister here,
came after he and Perez agreed at the sidelines of the Asia
Pacific Economic Cooperation (APEC) forum in Bangkok last year to
boost energy cooperation.