Thai minister seeking energy ties with Russia,Indonesia
Thai minister seeking energy ties with Russia,Indonesia
Dow Jones,Bangkok
Thailand's Energy Ministry is pursuing cooperation with Russia
and Indonesia that will pave the way for Thai companies to invest
in petroleum exploration and power plant construction, Minister
Prommin Lertsuridej said on Wednesday.
The collaboration also aims to boost trading in petroleum
products between Thailand and the two countries, Prommin added.
"Thailand and Russia have agreed to set up a committee to
study possibilities on petroleum trading as well as investment in
petroleum exploration and pipeline network construction," Prommin
told a press conference on Wednesday after meeting with Vladimir
Karastin, deputy minister of Russia's Economic Development and
Trade Ministry.
"If it's feasible, we may import oil from Russia to reduce
dependency on the Middle East," he added.
Prommin said Russian companies have expertise in oil pipeline
network installation. He said Russia may get involved with
Thailand's trans-peninsular pipeline project to link the Andaman
Sea and Gulf of Thailand, which would serve as an alternative
route between the Indian Ocean and South China Sea.
In addition, Thailand will seek opportunities to develop gas
fields in Indonesia and to construct power plants at coal mines
in Indonesia, said Prommin.
Indonesia, which has shortage of power supply, has asked the
Electricity Generating Authority of Thailand, or EGAT, to invest
in power plant construction, he added.
State-owned PTT PCL, the country's oil and gas conglomerate,
its unit PTT Exploration & Production PCL, and EGAT will take the
lead in seeking business opportunities in the two countries,
Prommin said.
According to Prommin, the Singapore government has expressed
an interest to jointly invest in the Thailand's land bridge
project, which includes petroleum terminals and trans-peninsular
pipelines. The project involves an investment of US$700 million.
Prommin said he will hold talks with Japan's Bank of
International Cooperation, or JBIC, Itochu Corp. and Mitsui Oil
Exploration Co. to seek collaboration and investment in the
project.
PTT, in which Thailand's Finance Ministry holds a 69 percent
stake, also entered into a memorandum of understanding with China
National Chemical Import & Export Corp., or Sinochem, to seek
business opportunities in petroleum trading and investments in
energy infrastructure.
"The collaboration with our alliances will lead to the success
of the land bridge project and to secure the energy supply in the
region," Prommin said.